In recent years, the salary earned by a finance major has improved to a great extent, thanks to the immense opportunities in this field.
Finance has always been a field that has consistently offered scope and opportunities for lucrative pay. Given the growth and career opportunities in this field, a finance major has decent chances of commanding very good salaries. A person, given the depth and vastness of this field, can work in numerous areas in the core financial sector or similar other areas related to it. By taking additional certifications and diploma courses, an individual can increase the scope of his earnings.
Many students who’re pursuing it or related degrees, are usually worried about the earning potential in this field. Students must understand that any finance job can become a source of earning good salaries and excellent employment benefits, but the first few years can be struggling. Moreover, students must make efforts to seek proper degrees in subjects related to finance. The value of training and work experience, certainly can’t be neglected.
Students, after completion of their degrees can enter in fields like financial planning, investment banking, and in similar other fields. The pay scale will totally depend on the type of employer, private or public; work experience and educational qualifications of the candidate, and the state of economy in general. Salary is mostly a function of many parameters. Here, financial planners are at the lower end of earning potential, chiefly because financial planning is a relatively new field and as more people become aware of its importance, there will be growth opportunities.
So, when it comes to the lower end of the earning potential, it is around $67,000. This is also true for those, who have just a few years of work experience or who’re completely new to the job. After a year or two, the earnings will increase. With further growth and development in the industry, the salaries cross $100,000 and can go as high as $158,000.
One must remember that, these are approximate figures and they may vary significantly depending on numerous factors. Professionals working in investment banking have the opportunity to earn decent pay, thanks to the growth opportunities in this arena. For a person with degrees in financial analysis, financial controlling, earning opportunities can shoot up depending on growth and performance of the market.
When it comes to work location, those living in areas with high cost of living (California, NY, etc.) earn more than others. Also, since there is hardly any limit to the maximum salary as it depends on success attained, planners who have big individual and corporate clients can even earn $166,000 plus. Similarly, those who’re in corporate financing field, can also earn decent salaries.