What is a Financial Management Degree?
A classroom-based or online Financial Management degree prepares students for a career in the planning and maintenance of finances for individuals or businesses. Financial management professionals use the knowledge acquired during college to decide how an individual or a business should utilize available funds to mitigate risk and maximize future returns. Students focusing on the business aspect of financial management will learn the role of shareholders and the responsibility a business has to properly manage finances because of shareholders.
How do I Qualify for a Financial Management Degree?
The first qualification for an online Financial Management degree is a high school diploma or GED. Colleges often require applicants to complete the SAT or ACT.
The exact requirements at a specific college vary, but many colleges require a student to take approximately one year of core or elective classes before declaring a financial management major. Completing courses with a minimum overall grade point average (GPA) may be required prior to admission to the major.
What’s the Time to Completion for this Degree?
Becoming a financial manager requires a person to complete a four-year degree at an accredited university. While a bachelor’s degree is the standard requirement, students may opt for a master’s degree to boost their earning and hiring potential in the field. The amount of time needed to completed a Master’s of Business Administration (MBA) program depends on the university. The Wall Street Journal notes that there are accelerated MBA programs that can take as little at 10 months to complete. Working professionals may need to to opt for a part time program like the two to five-year part-time MBA.
What Jobs Can I Qualify for with a Financial Management Degree?
The U.S. Bureau of Labor Statistics verifies that a four-year degree in Financial Management can lead to employment as a financial manager. A person seeking to be hired in this position often needs to work in another field related to finance before achieving the title of financial manager. People with a degree in financial management may find employment as a business analyst, financial analyst or personal financial advisor directly after graduation.
Financial managers have approximately five years of experience in a field related to finance prior to achieving the financial manager title. Once you have reached this level, the BLS reports that your average salary is $103,910 per year.
What Courses Will I Take in this Program?
While much of a financial management student’s time is filled with finance classes, a comprehensive knowledge of business is essential to success in the field. Most colleges offering a major in Financial Management require students to take core business classes in accounting, business law, marketing, and general management. General education classes related to arts and humanities may be required for the completion of a four-year degree.
Financial Management Degree Options
Master of Science in Banking and Financial Services Management
Master's of Accounting and Financial Management
Ph.D. in Management - Finance
Ph.D. in Management - Finance - Course-based