Interested in learning the ins and outs of managing money? Consider yourself an excellent problem-solver with strong interpersonal skills? If so, an online finance degree can take you to new heights in your career. Pursuing finance education online will give you a foundational knowledge of stocks, bonds, marketing trends, and managing funds for individuals, organizations, institutions, and other entities.Graduates holding finance degrees will be prepared to work in business-oriented professions, performing tasks including — but not limited to — underwriting, investment banking, and portfolio management. The field of finance is both highly lucrative and growing every day. According to the Bureau of Labor Statistics (BLS), jobs openings in areas such as personal financial advising are growing at a rate of 30%. Median salaries in finance range from around $80,310 for financial analysts to $117,990 for financial managers.Many projects require teamwork, and advanced positions involve managing subordinates. Self-motivation and time management are other skills needed to succeed in the field. If you are interested in pursuing a career in finance, hone your collaboration and leadership skills while you earn your degree through an online finance program. Read on to learn about online finance programs and get started on your new career today.
Online Finance Degree Overview
| Degree Level | Average Cost | Loan Default Rate | Time Commitment | Early Career Pay | Mid-Career Pay | Unemployment Rate |
|---|---|---|---|---|---|---|
| Associate | $11,664 | 13.8% | 2 years | $40,700 | $50,000 | 6.9% |
| Bachelor's | $17,175 | 10% | 4 years | $47,000 | $83,000 | 4.4% |
| Master's | $18,673 | 7.8% | 1+ years | $75,000 | $107,000 | 3.5% |
While online finance degrees are available at the associate level, the majority of financial professions require more comprehensive education. A bachelor's in finance online qualifies students for a number of careers, such as budget analyst, financial services sales agent, and financial advisor. In addition to a bachelor's in finance online, students can also pursue a master's in business administration (MBA), which often leads to higher level positions, hefty signing bonuses, and larger overall compensation.
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Online Finance Choose Your Career
| Career | Median Salary | Projected Growth | 2014 Employment |
|---|---|---|---|
| Financial Analyst | $80,310 | 12% | 227600 |
| Financial Advisor | $89,160 | 30% | 249400 |
| Financial Manager | $117,990 | 7% | 555900 |
| Budget Analyst | $71,590 | 3% | 60800 |
| Financial Services Sales Agent | $71,550 | 10% | 341500 |
Online Finance Professional Requirements
Chartered Financial Analyst (CFA)
The Chartered Financial Analyst (CFA) credential is one of the most prestigious and universally recognized certifications for investment management. This is required for those looking to enter a number of finance-oriented professions, such as consultant, research analyst, or risk manager.Candidates must pass three exams sequentially. Level I tests comprehension of professional and ethical standards, while Level 2 focuses on the application of said standards in real-world situations. Level 3 tests a candidate's knowledge of compliance context and portfolio management. To enroll in the CFA program, applicants will need a working passport along with either an undergraduate degree, four years of professional experience, or a combination of the two.
Certified Financial Planner (CFP)
The CFP certification serves as proof of a professional's extensive financial planning knowledge. It is required for those who want to become certified financial planners.Those wishing to take the exam must hold a degree (such as an online bachelor's in finance) from an accredited university, though students without a degree may be qualified if they complete university-level coursework through a CFP Board-certified program. The exam consists of three five-day testing windows, with one each in March, July, and November.
Financial Risk Manager (FRM)
Individuals working in risk management can pursue the FRM credential. The exam has no prerequisites; candidates do not need academic or professional experience to register. In order to obtain this certification, candidates must sit for a pair of multiple-choice exams and complete two years of relevant work experience. Though not required, it is highly recommended that certified FRMs earn at least 40 hours of Continuing Professional Development (CPD) every two years to remain current on risk management practices.
GMAT
Used as a primary consideration in the admissions process of online finance programs, the GMAT exam tests a student's reasoning capabilities, with sections devoted to verbal, quantitative, and integrated reasoning. The GMAT has no mandatory prerequisites outside of a scheduling fee, but the exam does assume knowledge of business concepts, and students are strongly encouraged to complete a preparatory program before taking the exam.