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Guide to Majors

Guide to College Majors in Financial Management


What is Financial Management?

A finance degree is a specialized one - ideal if you're interested in advancing your current career in financial services or in working at a management level with a financial focus. It is more function-driven than a general business degree.

Finance managers commonly focus on systems integration, business strategies, e-commerce, technology consulting, and human resources. Candidates for financial management positions need a broad range of skills. You should be a creative thinker and problem-solver. Interpersonal and communication skills are critical, because these jobs involve managing people and fostering teamwork to solve financial problems.

You will need to be comfortable with the latest computer technology. And as financial operations are increasingly affected by the global economy, successful managers must have knowledge of international finance. Proficiency in a foreign language can be an advantage.

Almost every organization requires professional financial management, and this increasing need will prompt a steady growth in demand for financial management graduates. From CFO to cash controller, there are a wide range of career choices available. Effective financial management is critical for efficient business operations, so well-trained, experienced financial managers with a strong grasp of the operations of all departments within their organization are valued for promotion to top management positions.

Career Education in Financial Management

Online College Courses, Master of Finance Programs, and More

Continuing education is vital for financial managers. Online college classes in financial management are continually improving in scope and offering more and more finance professionals the chance to advance their careers without sacrificing their current jobs or personal obligations.

Careers in financial management generally require a master's degree, which develops analytical skills and provides knowledge of the latest financial analysis methods and technology. The demand for graduate-level credentials reflects the growing complexity of global trade, shifting federal and state laws and regulations, and a proliferation of new and complex financial instruments. A bachelor's degree in accounting, finance, or economics, a good GMAT score, and work experience are standard prerequisites for graduate studies.

If you're not ready for an advanced degree program, a bachelor's degree with a financial management focus can be sufficient for entry-level positions or general management positions.

Financial firms often invest in their employees by paying for the graduate courses related to their specialty (this is becoming more common with the proliferation of online degrees, since the company does not have to lose the employee's work time). Obtaining a master's degree in finance is commonly done while working full time, in conjunction with certification as a CPA (Certified Public Accountant), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA). A master's degree in financial management takes about two years to complete.

Graduate certificates in financial management are suitable for specialized management career paths such as operations, strategic and organizational management. The time requirement is about two semesters or one year, depending on how quickly you take your courses and how extensive your academic background is.

What can you do with a College Major in Financial Management?

Career options for aspiring financial managers

There are over 650,000 financial management jobs in the U.S. These managers are found in almost every known industry, but more than one quarter work in service industries like business, health, social, and management services. About 30% are employed by financial or related institutions, such as banks, savings and credit unions, finance companies, insurance companies, securities dealers, and real estate firms.

Employment in financial management is expected to see average growth through 2010. Candidates with expertise in finance and a master's degree should enjoy the best job prospects. As technology has reduced the time and staff required to produce financial reports and compile data, financial managers who are familiar with computer software and applications are spending more time on developing strategies and implementing the long-term goals of their organization - forecasting earnings, profits, and costs, and developing ways to increase profitability.

The securities and commodities industry will hire more financial managers to handle increasingly complex financial transactions and manage assets and investments, handle mergers and acquisitions, raise capital, and assess global financial transactions. Risk managers, who analyze finances for insurance and investment purposes, are in high demand. Financial managers can transfer their skills to closely related positions in other industries or use their experience and capital to start their own consulting firms.

Median salaries in 2004 were about $81,000. The middle 50% earned between $59,000 and $112,000. According to a 2001 survey, directors of finance earned between $70,750 and $202,750, and corporate controllers earned between $53,500 and $150,250. Financial officers' average total compensation was $122,170.

Here are a few other examples of careers open to financial management graduates:

Pursue your Financial Management major today.

Virginia College

Earn your associate's, bachelor's or master's degree from Virginia College. Our extensive programs are offered 100% online, so you can launch the career of your choice from the comfort of your own home.

Learn more about programs at Virginia College


Virginia College

Strayer University

Get the right foundation for your future with a degree from Strayer University. Evening, weekend and online classes are all available to meet the needs of busy adults.

Learn more about programs at Strayer University.


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