Opportunities in Finance
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A career in Finance offers many rewards: the opportunity to achieve financial success, a challenging and interesting business environment, and the satisfaction of a meaningful role in a dynamic field. Finance encompasses a broad spectrum of positions, including real estate, corporate financial management, investments, banking, insurance, and personal financial planning. The demand for well-qualified persons is growing, and the job outlook is strong .
From Main Street to Wall Street, the finance function is central to the purpose of the organization and its goals. Corporate financial management encompasses several important functions, such as treasury, capital budgeting, acquisitions and mergers, and long-term financing. Security analysis and portfolio management are key factors in today's complex investment environment. Personal financial planning is a rapidly expanding field.
Successful financial managers are analytical, creative, goal-oriented, and adaptable. Good communication skills are necessary, as well as a solid grounding in economics, accounting, and computer applications. The Finance Department at MSU Denver assists its students in developing these skills to the level required in the ever-changing economy, both domestically and internationally.
Finance majors who graduated in 2010 could expect a starting salary of over $50,000. (Source: Summer 2010 Salary Survey press release by the National Association of Colleges and Employers.)
From the Bureau of Labor Statistics
Median annual wages, excluding annual bonuses and stock options, of wage and salary financial managers were $99,330 in May 2008. The middle 50 percent earned between $72,030 and $135,070. Median annual wages in the industries employing the largest numbers of financial managers were:
|Securities and commodity contracts intermediation and brokerage||$134,940|
|Management of companies and enterprises||$115,520|
|Depository credit intermediation||$77,280|
Large organizations often pay more than small ones, and salary levels also can depend on the type of industry and location. Many financial managers in both public and private industry receive additional compensation in the form of bonuses which, like salaries, vary substantially by size of firm. Deferred compensation in the form of stock options is common, especially for senior-level executives.
Median annual wages, excluding bonuses, of wage and salary financial analysts were $73,150 in May 2008, which is more than double the national median wage. The middle 50 percent earned between $54,930 and $99,100. The lowest 10 percent earned less than $43,440, and the highest 10 percent earned more than $141,070. Annual performance bonuses are quite common and can be a significant part of their total earnings.
Median annual wages of wage and salary personal financial advisors were $69,050 in May 2008. The middle 50 percent earned between $46,390 and $119,290. Personal financial advisors who work for financial services firms are often paid a salary plus bonus. Bonuses are not included in the wage data listed here. Advisors who work for financial investment or planning firms or who are self-employed typically earn their money by charging a percentage of the clients’ assets under management. They may also earn money by charging hourly fees for their services or through fees on stock and insurance purchases. Advisors generally receive commissions for financial products they sell, in addition to charging a fee. Wages of self-employed workers are not included in the earnings given here.
See also the Bureau of Labor Statistics.
If you think that you may be interested in majoring in finance, please make an appointment with the department chair. You may call (303) 556-3776, or stop by WC 247. Also, be sure to check the MSU Denver Career Services web site for Finance.