Should I Get A Master’s Degree In Finance?
There are a number of professions that one can go into with a finance degree. Accountants, auditors, financial analysts, financial planners, real estate brokers and insurance agents are just some of the careers that are possible with a finance degree. These careers can be challenging and stressful but they also pay well, especially for those who are already holding supervisory and managerial positions.
The decision to pursue a master’s degree in finance depends on what your career plans are and how much specialized knowledge you want to have in your line of work. In many industries, a bachelor’s degree in finance, accounting or similar fields are enough to get entry-level positions. However, as you advance in your career, you will find that roles which require more responsibility and consequently, higher pay are impossible to get without a master’s degree. In fact, if you ever aspire to be promoted in your department, the added technical knowledge which you can earn with postgraduate studies is going to count as much as your performance in the office. So if you want to move up in rank, a master’s degree in finance is going to be a good investment.
What about if you are still not a part of the workforce and are contemplating on whether you should look for a job right away or proceed with a master’s degree? The bottom line is that although a bachelor’s degree is going to qualify you for many entry level jobs, a master’s degree in finance is going to lead to the best job prospects in the field. This is because you already possess that body of knowledge and skills that will equip you to perform challenging tasks. Thus, with all things being equal between you and another applicant and you already hold a master’s degree in finance, there is a very good chance that you will get the job offer.
Pursuing a master’s degree in finance is also a good idea if you are thinking of expanding your knowledge and focusing on a different aspect of business. For example, if your undergraduate degree is in marketing and you want to have more exposure in financial theory, accounting and quantitative financial analysis in preparation for a career shift to the world of corporate finance then a master’s degree in finance would be recommended.
No matter what your reasons are for pursuing further studies in finance, you should always have a plan on what you intend to do after you have obtained your master’s degree to make it truly useful. You can earn your master’s degree in as short as one year so you need to know what you intend to do afterwards. This might be not be a problem if you plan to stay with the same company and attempt to be considered for a promotion but if you have intentions of changing firms or moving to another area which offers more opportunities for you then you need to start making these plans beforehand so that you can put that to action after earning your master’s degree in finance.