How Different Types of Finance Degrees Impact Your Career Path

Even the smallest organizations rely on financial expertise to operate efficiently and grow strategically. According to the Bureau of Labor Statistics, approximately 942,500 business and finance job openings are projected each year, as employers seek professionals who can help support effective financial management and decision-making.¹

If you’re interested in helping individuals or organizations achieve their financial goals, several types of finance degrees can put you on the right trajectory—but selecting the right one for your specific career aspirations is key.

A Ph.D. in Finance, for instance, can prepare you for a career in academia or policy analysis, while a bachelor’s degree in finance or accounting may be ideal if your goal is to become a financial advisor.

This blog explores various finance degrees and the career opportunities they can unlock, helping you determine which path best aligns with your ambitions.

Types of Finance Degrees

Some finance degrees support broad, versatile career paths, while others can prepare you for more specialized roles. Common options include the following:²

• Bachelor’s of Science in Finance (BSF): An entry-level degree that provides a foundation in financial principles, investment strategies and critical thinking
• Master’s of Science in Finance (MSF): A more advanced program emphasizing technical and analytical expertise for roles such as portfolio management and trading
• Master of Business Administration (MBA) with a Finance Concentration: A degree designed for current or aspiring business leaders that blends management training with financial theory and places more emphasis on leadership and soft skills than a traditional MSF
• Ph.D. in Finance: A research-focused degree that prepares students for academic and analytical roles

Many finance professionals also pursue certifications to complement their degrees. These credentials provide specialized knowledge that may go beyond what’s covered in formal coursework. For example, the Financial Risk Manager (FRM) certification validates expertise in assessing and managing risks such as cybersecurity threats and economic volatility.³ Meanwhile, the Chartered Financial Analyst (CFA) credential focuses on investment analysis and wealth management.⁴ Certifications like these often take considerably less time than formal degree programs and can open new career pathways if you’re looking to shift your professional focus.

Curriculum and Skills Learned

The coursework in a finance program varies depending on the degree level. A first-year finance undergraduate may take courses on introductory accounting or corporate finance, for example, while a Ph.D. student might develop predictive learning models. Though both are in the same field, their learning outcomes differ significantly.

While curricula vary by program, the following list provides an overview of the subjects typically covered in different finance degrees:

• BSF: Focuses on foundational topics such as corporate financial strategy, accounting and investments
• MSF: Targets more technical dimensions of finance, such as quantitative analysis and financial modeling
• MBA with a Finance Concentration: Emphasizes managerial and soft skills, including leadership, critical thinking and conflict resolution   
• Ph.D. in Finance: Concentrates on advanced research, theory and data analytics, with students focusing on specialized research areas of their own choosing
• Certifications: Address specific areas like risk management or investment analysis

Career Paths by Degree Type

While advanced degrees can broaden your opportunities, they don’t always guarantee access to more roles. Each degree supports distinct career paths:²

• BSF: Entry-level and junior roles, such as budget analyst and financial advisor 
• MSF: Investment banking roles, asset management positions and other specialized finance careers
• MBA with a Finance Concentration: Consulting roles, executive positions and entrepreneurship 
• Ph.D. in Finance: Teaching, research, think tank and policy development roles
• Certifications: Specialized or senior-level roles, such as wealth manager (CFA) or risk analyst (FRM)

Salary and ROI Outlook

Generally, higher levels of education correlate with greater earning potential, though salary depends on multiple factors, including position, experience and location. For example, financial analysts in Chicago earn an average annual salary of $90,836,⁵ while those in Birmingham average $82,576.⁶

When evaluating degrees and relevant roles, consider not only available salary information but also return on investment (ROI), including tuition, materials and potential income loss while studying, weighed against long-term earning potential.

For instance, an MBA may require a significant upfront cost, but the long-term career advancement and salary gains can make it worthwhile. Conversely, a high-cost certification might have a lower ROI if it only modestly enhances your current role.

Which Degree Is Right for You?

As you explore different finance programs, consider factors such as the following:

• Career goals: Identify your professional objectives for the next five to ten years and align your education accordingly.
• Duration: Decide how much time you’re willing to invest. A certificate may only take a month, while a BSF or Ph.D. takes years.
• Cost: Evaluate tuition, available aid, and long-term financial payoff. Some advanced programs may offer assistantships or stipends.
• Skills: Analyze job listings for your target roles to determine which skills you need to develop, and select a program that builds those competencies.

Pick the Right Finance Degree for Your Career Goals

With multiple degree levels and certifications available, there’s a finance program suited to nearly every career ambition. Ultimately, it is essential to choose a program that aligns with your long-term vision. With William & Mary’s Online Master of Science in Finance, you can prepare for a broad range of technical and leadership roles. Taught by expert faculty, our rigorous curriculum will help you build key knowledge and skills for bolstering the financial success of any organization and leading strategic initiatives as the field of finance continues to evolve.

To learn more, explore our admissions requirements and schedule an appointment with an admissions outreach advisor today.