Versatility is one of the most valuable aspects of an online degree in finance, and that’s exactly what you want to hear when you’re a college student in search of a sustainable career. Finance is a fundamental aspect of every business, in every industry – in good economic times and bad.
With a bachelor’s degree in finance, you can write your own ticket when it comes to the career path that you want to take. And when you begin your job search, you’ll see that roles requiring your expertise often have the same job title and can be found in multiple industries and companies.
In this article, we will explore the benefits of a bachelor’s degree in finance and six careers that you might be able to consider.
What Is a Bachelor’s in Finance?
A bachelor’s degree in finance will challenge you to master the fundamentals of money and money management, as well as financial strategies, markets, analysis, and risk management.
What Can You Do with a Bachelor’s in Finance?
The biggest benefit of a finance degree is that it could open up career opportunities across the spectrum. The industry you choose to work in may depend on your personal and professional passion, and with your degree, you’ll be prepared to consider many roles and more. Here are six careers you may be able to consider once you earn a bachelor’s degree in finance.
Credit Administration Manager
The job title credit administration manager is often interchangeable with financial manager, according to job research database O*Net, and it can also be referred to as financial systems manager, credit manager, and business banking manager.
A credit administration manager is responsible for overseeing financial operations within a branch, office, or department. The role often involves coordinating accounting, investment, banking, insurance, securities, and other financial activities.
What Does a Credit Administration Manager Do?
Day-to-day responsibilities of a credit administration manager fall under several categories including:
- Customer relationship management:
-Establishing and maintaining relationships with individual or business customers
- Financial oversight:
- Overseeing the flow of cash or financial instruments
- Establishing procedures for custody or control of assets, records, loan collateral, or securities
- Management and recruitment:
- Planning, directing, or coordinating activities of workers in branches, offices, or departments - Financial analysis and decision-making:
- Evaluating data pertaining to costs to plan budgets
- Approving, rejecting, or coordinating the approval or rejection of lines of credit or loans - Risk Management and Reporting:
- Planning, directing, and coordinating risk and insurance programsLoan Officer
Loan officers, also referred to as loan counselors, commercial loan officers, and mortgage loan officers, are responsible for assessing, authorizing, and providing recommendations for approval of credit, real estate, or commercial loans. Their expertise is used to offer guidance to borrowers regarding their financial status and payment methods.
What Does a Loan Officer Do?
Day-to-day responsibilities of a loan officer fall under several categories including:
- Customer interaction and information gathering:
- Meeting with applicants to obtain information for loan applications
- Financial analysis and feasibility assessment:
- Analyzing applicants' financial status, credit, and property evaluations to determine loan feasibility - Loan explanation and customer education:
- Explaining different types of loans and credit options available to customers
- Educating customers about the terms and conditions of loan services - Application processing and documentation:
- Submitting applications to credit analysts for verification and recommendation
- Reviewing loan agreements to ensure completeness and accuracy according to policy - Customer service and issue resolution:
- Working with clients to identify financial goals and finding ways to achieve those goals
- Financial Risk Specialist
The title financial risk specialist falls under a job category that often includes risk specialist, risk analyst, and securities analyst, according to O*Net. Financial risk specialists are responsible for evaluating and quantifying potential exposure to credit and market risks that pose threats to a company’s finances.
What Does a Financial Risk Specialist Do?
Day-to-day responsibilities of a financial risk specialist fall under several categories including:
- Risk analysis
- Analyzing potential risks to the assets, earning capacity, or success of organizations
- Conducting comprehensive evaluations to identify and understand areas of vulnerability - Legislation impact
- Examining new legislation and assessing its impact on risk exposure
- Ensuring that risk management strategies align with legal and regulatory requirements - Statistical analysis
- Conducting statistical analyses using advanced software and econometric models to quantify risks - Communication with stakeholders
- Conferring with traders to identify and effectively communicate risks associated with specific trading strategies or positions - Contribution to risk management systems
- Playing a pivotal role in the development and implementation of robust risk management systems
- Contributing to the creation of risk-assessment models, contingency plans, and processes to monitor and validate risk assessments
- Financial risk analyst
According to the U.S. Bureau of Labor Statistics (BLS), financial risk analysts play a critical role in advising businesses and individuals on strategic financial decisions with the goal of maximizing profitability. They specialize in evaluating the performance of diverse investments, including stocks and bonds to make decisions.
The role of financial risk analyst falls under the category financial analyst, the BLS reports, and can also include the titles fund manager, portfolio manager, and investment analyst.
What Does a Financial Risk Analyst Do?
Day-to-day responsibilities of a financial risk analyst fall under several categories including:
- Investment recommendations
- Providing guidance on individual investments and portfolios to optimize financial returns - Financial data analysis
- Evaluating both current and historical financial data to identify trends and patterns - Economic and business trend analysis
- Studying broader economic and business trends to anticipate potential impacts on investments - Financial statement examination
- Analyzing company financial statements to assess overall value and financial health - Company assessment and reporting
- Meeting with company officials, assessing management strength, and preparing comprehensive written reports to communicate insights and recommendations
- Budget analyst
A budget analyst, also called a budget coordinator, policy analyst, or financial services officer, according to O*Net, is responsible for reviewing budget estimates to ensure they are complete, accurate, and compliant.
What Does a Budget Analyst Do?
Day-to-day responsibilities of a budget analyst fall under several categories including:
- Budget recommendations
- Summarizing budgets and present recommendations for the approval or disapproval of funds - Expenditure control
- Analyzing monthly department budgeting and accounting reports to maintain effective expenditure controls - Budget compliance
- Examining budget estimates for completeness, accuracy, and adherence to established procedures and regulations - Reporting oversight
- Directing the preparation of regular and special budget reports, ensuring accuracy and relevance - Financial guidance
- Providing advice and technical assistance related to cost analysis, fiscal allocation, and the preparation of budgets, while contributing to effective financial management
- Personal Financial Advisor
Personal financial advisors develop comprehensive financial plans for clients by leveraging their education and expertise in tax and investment strategies, securities, insurance, pension plans, and real estate, according to O*Net. They must be able to evaluate a client’s assets, liabilities, cash flow, insurance coverage, tax status, and financial goals.
The role of personal financial advisor can also be known as financial consultant, financial counselor, financial planner, and investment advisor, O*Net reports.
What Does a Personal Financial Advisor Do?
Day-to-day responsibilities of a personal financial advisor fall under several categories including:
- Providing financial guidance
- Advising clients on various financial aspects, including tax strategies, investment plans, insurance, pension options, and real estate - Conducting financial assessments
- Evaluating client financial profiles, assessing assets, liabilities, cash flow, insurance coverage, and tax status - Developing and implementing financial plans
- Collaborating with clients to create personalized financial plans aligned with their objectives - Executing financial transactions
- Facilitating the buying and selling of financial assets on behalf of clients, ensuring alignment with their financial goals - Client education
- Staying updated on market trends, investment options, and financial regulations to provide informed advice to clients
Summary: What Can You Do with an Online Bachelor’s In Finance?
A bachelor's degree in finance provides a versatile foundation for a range of careers. As finance is fundamental to every industry, you can prepare yourself for a number of unique opportunities upon graduation, including credit administration manager, loan officer, financial risk specialist, financial risk analyst, budget analyst, or personal financial advisor.