The outlook for job growth in finance is exceptionally bright. The U.S. Bureau of Labor Statistics (BLS) reports that many of the positions for which graduates of an online Master of Business Administration (MBA) in finance program qualify are projected to significantly outpace the national average job growth between 2021 and 2031, as outlined below. Many of these positions also offer excellent salaries and benefits, as well as a multitude of career paths and leadership opportunities.
Monster continues to confirm that finance is one of the best-paying MBA specializations, noting that finance is “an MBA-heavy field, even at the junior level.” This assessment has held true for years, and it is expected to continue as demographic trends drive demand for financial professionals.
Other drivers for finance industry growth are emerging economies, multinational organizations, an increasing number of startups around the world, continuous digital transformation in financial services and changing domestic and international finance regulations.
Graduates of MBA in finance programs can choose from a broad range of careers, with positions suited to a wide range of natural aptitudes and interests. The keys to finding your greatest potential for success are to match your aptitudes with the following financial industry career paths.
Corporate Financial Management
A career in financial management might be the most direct application of what students learn in programs like the University of South Carolina Aiken’s online MBA in Finance. BLS projects job growth for financial manager positions at 17% between 2021 and 2031, adding 123,100 new jobs with 71,300 job openings expected each year. This job growth is much faster than the average of all occupations.
Financial management is also a high-paying career option. BLS reports that median pay for financial managers in 2021 was $131,710. And, more specific to corporate financial management, financial managers who work in the management of companies and enterprises earned a median salary of $158,820 in 2021.
Corporate financial managers are involved in sourcing and managing the capital it takes to run and grow a business enterprise. They are responsible for the financial health of an organization, whether it is a corporation, small- or medium-sized business or insurance company.
Financial managers produce financial reports, oversee investment activities, forecast profits and losses, negotiate for lines of credit and develop investment strategies and plans for the long-term financial goals of their organizations. Their challenge is to balance potential gains in corporate value against the need to minimize financial risk.
The following are several finance positions that are closely tied to financial managers, whether subordinate roles, specialized roles, top-level executive roles or jobs with similar functions outside of the organizational finance realm. The salary figures provided are median 2021 earnings according to BLS.
- Financial Analyst: $95,570 — Analyzes financial data such as investment opportunities to guide clients and employers in financial activities
- Financial Examiner: $81,410 — Works in various environments, monitoring and evaluating activities of institutions that deal in monetary transactions to ensure compliance with relevant laws
- Personal Financial Advisor: $94,170 — Helps individuals manage finances, investment activities and future financial planning
- Chief Financial Officer: $179,520 (median salary for all chief executives) — Among many responsibilities, oversees all financial activities of an organization such as mergers and acquisitions analysis, planning, financial policy development, long-term strategy and execution
Banking and Investing
There is a broad range of careers available within commercial banks, which provide various financial services to individuals and businesses. Services include accepting deposits and issuing loans, as well as offering a range of investment products including certificates of deposit. Career roles available for MBA graduates with a focus on finance include loan officers, as well as operations, marketing and branch managers or management and executive-level positions in the corporate office.
Investment banking firms issue corporate securities and make these available to investors. They also enable the trading of securities, including stocks and bonds, while providing financial advice to corporations and individual investors. Graduates can work in hedge funds as financial analysts, traders and portfolio managers. They can work in private equity and venture capital, with functions including interim management at struggling companies or evaluating pitches of companies for potential initial public offerings (IPOs).
There are numerous positions in this industry that offer substantial salaries. Here are three such positions, with average salaries according to December 2022 data from ZipRecruiter:
- Business Banking Relationship Manager: $111,500 — Manages relationships with business banking clients by providing service and support, with responsibilities that include overseeing maintenance of client accounts and ensuring clients’ needs are met
- Loan Operations Manager: $87,960 — Manages loan processes and loan support staff for financial institutions to build commercial loan business within a designated market
- Mergers and Acquisitions Manager: $131,680 — Manages all aspects of an organization’s policies toward achieving growth through mergers, acquisitions and divestitures
Insurance
Demographics are also leading to many strong growth areas within the highly diverse insurance industry. MBA in finance graduates often find great career prospects where they work with individuals or businesses to plan for potential risks and protect against losses. Functions include sales, managing teams and actuarial work, including computing risks and premium rates.
The following positions may be pursued in the insurance industry, with average salaries as of December 2022, according to ZipRecruiter:
- Appraiser (Commercial Real Estate): $63,206 — Examines and evaluates commercial property to assess value for insurance companies
- Actuary: $127,849 — Conducts analysis, pricing and risk assessment to estimate financial outcomes
- Insurance Risk Manager: $85,553 — Analyzes risk involved in insuring individuals and corporations and develops strategies to reduce risk
You can spend hours researching the countless jobs within any of these financial industry sectors and barely scratch the surface. Few degrees offer the versatility and potential for financial and career fulfillment as an MBA in finance.
Learn more about USC Aiken’s online MBA in Finance program.
