Finance — the study and management of money — covers topics like investments, borrowing, budgeting, and forecasting. Students can pursue finance programs to develop the math and financial literacy skills they need for careers in the field. Schools offer these degrees at the associate, bachelor's, master's, and Ph.D. levels.
Individuals interested in managing money, accounting, and corporate finance can pursue multiple business-adjacent degrees, including finance, economics, and business administration, to develop expertise in these areas. This guide explores finance programs and professional certifications.
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What Is Finance?
Basic financial principles date back to ancient civilizations, who developed currency and banking systems. Complex financial topics, including option pricing and modern portfolio theory, were only created within the last century. Finance students learn the history of finance, modern theories, and how to implement these concepts into real-life cases.
Online finance degrees teach different principles depending on the degree level. For example, bachelor's students may focus on business, marketing, and financial concepts. In contrast, master's enrollees often focus on quantitative skills, econometrics, and investment models.
What Kinds of Finance Degrees Are There?
There are several degree levels for aspiring finance professionals, each of which qualifies graduates for different careers. For example, an associate degree prepares students for entry-level roles like bank teller and financial clerk, while graduate programs can qualify workers for executive roles, academic positions, and consulting careers.
We explore the degree levels for finance programs below.
Associate Degree in Finance
Finance degrees at the associate level come in several varieties, including associate of arts, associate of science, and associate of applied science. Full-time students complete finance associate degrees in two years, while part-time learners usually take 3-4 years.
Associate degree enrollees acquire fundamental knowledge of business, financial institutions and markets, and financial statement analysis. In addition to general education classes, coursework typically covers accounting, management, and economics.
During an associate in finance program, learners develop the communication and technology skills they need for entry-level positions in banks and investment firms. Graduates can also find employment as loan processors, sales assistants, and financial clerks.
Bachelor's Degree in Finance
A bachelor's in finance integrates foundational coursework in economics, business, and management with more advanced financial principles and practices. Students learn about financial terminology, models, and assessment methods. Upper-level courses cover investments, applications of managerial finance, and bank management. Program curricula can also include internships, which help students gain practical experience.
Full-time learners typically complete a bachelor's in finance in four years, while part-time enrollees usually take 5-6 years. This degree prepares students for roles as financial analysts, budget specialists, and financial services sales agents.
Master's Degree in Finance
Students typically earn master's degrees in finance in 1-2 years of full-time study. Curricula vary, but core coursework commonly emphasizes advanced concepts related to investments and financial accounting while exploring qualitative methods of financial analysis. Learners can further personalize their degree through concentrations like international finance, wealth management, and corporate finance.
A master's degree in finance may also include practicum or internship requirements, which enrollees can use to gain professional experience. Master's graduates often qualify for advanced roles like financial manager, compliance officer, and commercial banker.
What's the Difference Between a Master's Degree in Finance and an MBA in Finance?
A master's degree in finance emphasizes financial principles and practice, offering only generalized coursework in business and management. This prepares students to work in finance-specific roles, like investment manager, financial advisor, or risk management professional. It also qualifies graduates to seek Ph.D.s or careers in academia.
Meanwhile, an MBA in finance is fundamentally a business degree, requiring classes in management, entrepreneurship, and economics alongside finance coursework. An MBA allows for advancement to managerial positions within corporations and organizations, including roles as financial directors and chief financial officers.
Doctoral Degree in Finance
A Ph.D. in finance focuses on theoretical frameworks and empirical methods that assess the economic sector. Learners explore asset pricing, banking and financial institutions, and investment valuation. Doctoral students can pursue focus areas like corporate finance, portfolio management, or accounting. They also propose and prepare dissertations.
Doctorates in finance vary in length, often requiring a heavy research component which can extend graduation timelines. Learners typically graduate in 3-4 years. Doctoral degrees in finance prepare learners for careers as chief executives, financial auditors, and personal financial advisors. Degree-holders can also teach at colleges and universities, work in research, or consult on economic policy within government agencies.
Accreditation for Finance Programs
When exploring online finance degrees, research accreditation status for each institution and program. Colleges and universities in the United States hold institutional accreditation, which verifies that a school meets standards of academic excellence. Individual programs and departments can also receive optional, discipline-specific programmatic accreditation.
The major accrediting bodies for finance-related programs are AACSB International and the Accreditation Council of Business Schools and Programs (ACBSP), which accredit business and business-adjacent degrees across the world. Accreditation through AACSB or ACBSP indicates that a finance program's coursework adequately prepares graduates for field-specific careers.
Finance Certifications and Licensure
Finance workers can earn certifications from professional organizations to enhance their credentials and expand their practical knowledge. For example, individuals interested in honing their skills as personal or corporate financial planners can pursue certification through the CFP Board, while the American College of Financial Services® offers a credential for financial consultants.
Some finance roles require professionals to hold licensure, though the rules vary by jurisdiction. Licenses may require a particular degree or certification as a prerequisite.
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Certified Financial Planner™
Finance professionals with four-year degrees and requisite experience can earn financial planning credentials from the CFP Board in 12-18 months. The certification process includes coursework, an exam, and a background check. To maintain the credential, candidates must pay an annual fee, complete continuing education requirements every two years, and reassert their adherence to the CFP Board's code of ethics and standards.
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Chartered Financial Analyst ®
The CFA Institute's chartered financial analyst (CFA) program offers credentials for investment managers. Professionals with backgrounds in finance, economics, business, or accounting can become CFAs by completing a sequence of three exams. These tests cover topics like investments, ethical and professional standards, financial statement analysis, and portfolio management. To maintain the validity of their CFA credentials, professionals must maintain membership to the CFA Institute, which requires an annual fee.
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Certified Public Accountant
To become a CPA, candidates must complete 150 credits of college-level coursework, including a state-mandated number of accounting-related credits. Most states also require test-takers to have 1-2 years of experience working under CPA supervision. Students who meet these qualifications can take the Uniform CPA Exam.
The exam consists of four sections, including auditing and attestation, financial accounting and reporting, and taxation and regulation. For the fourth section, prospective CPAs choose from one of three disciplines: business analysis and reporting, tax compliance and planning, or information systems and control. Candidates who complete the exam and additional state requirements can then obtain CPA licensure. Each state maintains its own continuing education requirements.
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Chartered Financial Consultant ®
The American College of Financial Services offers an advanced financial consultant certification for practicing financial planners. The chartered financial consultant (ChFC) certification program includes eight classes on topics like income taxation, retirement, and estate planning. Applicants need at least three years of professional experience to use the designation. For recertification, ChFCs must pay an annual fee and complete continuing education requirements every two years.
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Chartered Life Underwriter ®
The American College of Financial Services designed the chartered life underwriter credential for financial professionals in the insurance industry. The certification indicates advanced expertise in issuing insurance underwriting agreements. Candidates need at least three years of professional experience to use the designation.
Required courses include tools and techniques of life insurance planning, legal aspects of life insurance, and planning for business owners and professionals. Learners choose an additional three classes from electives in topics like investments, planning for retirement needs, or income taxation. Maintaining the credential requires an annual fee and continuing education credits every two years.
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Credit Risk Certification
The credit risk certification (CRC) from RMA is a credential for credit and lending professionals. Candidates need at least three years of professional experience and must demonstrate expertise in seven areas of credit risk through a comprehensive exam. CRC credentials remain valid for three years, during which candidates must complete 45 credits of continuing education coursework.
Is Finance Better As an Undergrad or Graduate Degree?
Undergraduate finance degrees can help students pursue entry-level jobs in the financial field. Because finance programs can offer broad career applications, students who have not determined a specific career path yet may benefit from a bachelor's program and the possibilities it offers.
Though master's in finance degrees typically explore advanced concepts, many programs do not require applicants to hold a related bachelor's degree. Thus, earning a master's can be a good way to transition to finance careers for professionals in other fields. Workers looking to qualify for upper-level roles can also benefit from a finance master's.
Professionals with online finance bachelor's degrees can also consider a graduate certificate instead of a master's program. Certificates can sharpen knowledge and skills in specific areas like financial planning, financial analysis, and funds. These certificates may be cheaper and take less time to complete than a full master's degree.
Common Questions About Finance Degrees
Is finance a good career?
Finance careers include budget analyst, financial analyst, and financial manager. The U.S. Bureau of Labor Statistics projects many of these jobs will grow faster than average from 2022 to 2032. Multiple finance careers offer higher-than-average wages, and roles like financial manager have a median annual salary above $100,000.
Is it possible to get a finance degree online?
Yes, many schools offer online finance degrees. Online programs may benefit individuals who require flexibility, as distance education degrees often include asynchronous coursework that does not require enrollees to attend classes at set times. Research course offerings and concentrations to ensure online programs align with your career goals.
How fast can I get a finance degree?
Full-time learners can complete an associate degree in finance in two years. More advanced degrees can take longer — bachelor's programs generally require four years of full-time study, and master's degrees take an additional 1-2 years.
Are online finance degrees worth it?
Yes, online finance degrees can be worthwhile. Online programs provide the same curricula and degrees as on-campus programs. Because many finance careers offer higher-than-average wages, earning a degree in this field can offer a positive return on investment.
