When pursuing any type of college degree, it’s important to combine passion with practicality. Students with a brain for numbers and an interest in finance may wonder which colleges can help them succeed most in their careers and financial lives. Finding a college with an excellent finance program is not enough — earning potential matters.
Let’s take a look at some of the top colleges for high-paying jobs in finance to help students find the right collegiate fit for their goals.
Table of Contents
Key Points
• When choosing where to study a finance degree, it’s a good idea to research a school’s graduation rates and salary outcomes.
• Private universities are often associated with higher salary outcomes for finance graduates.
• While public schools may offer lower median salaries than private schools, there are still public colleges that offer competitive finance programs.
• High-paying finance roles include financial manager, financial analyst, and personal financial advisor.
• Students may be able to fund a finance degree through scholarships, grants, work-study programs, and federal or private student loans.
What Makes a Top Finance College?
When looking for a top college for finance, it’s helpful for prospective students to set their sights on a college that has a strong reputation for finance degrees. From there, they can see what the average annual salary is for graduates of that school. Ideally, they will find a school that has a solid number of finance majors so they can get a better idea of their earning potential.
They might also consider whether a school is accredited, affordable, and meets their personal standards (such as location and program offerings) to determine if it’s the best fit for them.
Best Colleges for Finance Majors
When choosing a college for a finance degree, it’s important to pay attention to earning potential. After all, pursuing a higher education is very expensive. College gets even more expensive once student loans are involved, too.
To help potential students speed up their college search and find the best colleges for finance majors, we’re sharing some helpful research from Niche. The data highlights the earning potential of graduates from some of the best universities for finance to show how much your choice of school can impact your earning potential.
As a comparison, note that the national median salary for graduates one year after graduation is $36,427, and the national average graduation rate is 53%, according to Niche. All of the schools listed here are private colleges.
1. Carnegie Mellon University
Median graduate salary after one year: $88,268
Graduation rate: 93%
2. University of Pennsylvania
Median graduate salary after one year: $86,069
Graduation rate: 97%
3. Georgetown University
Median graduate salary after one year: $76,027
Graduation rate: 94%
4. Bentley University
Median graduate salary after one year: $71,978
Graduation rate: 88%
5. Lehigh University
Median graduate salary after one year: $71,597
Graduation rate: 89%
Unfortunately, none of the top public schools have graduates earning as much as those from private schools.
However, if someone wants to attend a public college, there are some great options available. According to Niche, top public schools for finance with high median salaries one year after graduation include Virginia Tech ($59,604), the University of Maryland, College Park ($56,509), and University of Illinois Urbana-Champaign ($53,513).
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High-Paying Entry-Level Finance Jobs
While current finance students have many years of career building to look forward to, they can hit the ground running by finding the right entry-level finance job. The following are some of the most lucrative jobs in the financial industry that new graduates may be able to land, as well as their median annual salaries, according to the U.S. Bureau of Labor Statistics:
| Job Title | Median Salary | Job Outlook |
|---|---|---|
| Financial Manager | $161,700 | 15% growth (much faster than average) |
| Personal Finance Advisor | $102,140 | 10% growth (much faster than average) |
| Management Analyst | $101,190 | 9% growth (much faster than average) |
| Financial Analyst | $101,910 | 6% growth (faster than average) |
| Financial Examiner | $90,400 | 19% growth (much faster than average) |
| Budget Analyst | $87,930 | 1% growth (slower than average) |
| Accountant | $81,680 | 5% growth (faster than average) |
Paying for a Finance Degree From a Top College
It’s no secret that higher education comes with a very steep price tag. It’s easy to see why so many students worry about how they will finance their education. The good news is they have several options when it comes to paying for college:
• Grants and scholarships: Gift aid in the form of college grants and scholarships don’t have to be repaid — it’s simply free money for college. While grants are often need-based, scholarships are typically awarded for merit. Applying for a wide variety of grants and scholarships can help students alleviate some of the financial burdens of attending college.
• Work-study programs: Students looking to limit how much they need to borrow for college may want to consider a work-study program. Federal work-study programs provide part-time jobs to help students cover their education expenses. These jobs are typically available to both undergraduate and graduate students (eligibility focuses on financial need). The money is typically paid to you directly, so you can use it for any education-related expenses.
• Student loans: If you still need additional financial support after applying for gift aid or work-study programs, you may need to turn to federal or private student loans. Federal student loans often have lower fixed interest rates and offer flexible repayment plans, including income-driven repayment. They also allow for temporary payment deferments in times of financial hardship. Private student loans, on the other hand, tend to have variable interest rates and less flexible repayment terms. Ideally, students will exhaust their federal loan options first.
• Income Share Agreements (ISAs): With an ISA, students receive funds to pay for their education in exchange for a percentage of their future income over a set period. ISAs can be a flexible alternative to loans, but they come with potential risks — including the possibility of paying more over time than with traditional student loans. It’s recommended to prioritize grants, scholarships, and federal loans before considering an ISA.
Recommended: Examining the Different Types of Student Loans
The Takeaway
There’s no single school or major that can define someone’s earning potential. At the end of the day, work ethic and career choices play a major factor in how much someone stands to earn after they graduate with a finance degree. That being said, choosing a school that is known to have an excellent finance program and high-earning graduates never hurts and can help put students on the path to success. To help cover the cost of a finance degree, students can pay with cash savings, scholarships, grants, and federal and private student loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
FAQ
Which field of finance pays the most?
Working as a personal financial advisor or financial manager is a great way to earn an impressive living while working in the financial field. Advisor roles earn a median annual salary of $102,140, while manager roles earn $161,700. Both can offer very stable career paths.
What are the highest-paying entry-level finance jobs?
The highest-paying entry-level finance jobs include investment banking analysts, financial analysts, and personal finance advisors. These roles often provide strong compensation due to the demanding nature of the work and the high stakes in managing investments, corporate finances, and business strategies. Financial planners also offer competitive salaries.
How important are college internships for finance jobs?
Students who don’t have college internship experience can still qualify for a finance job, but they may have a more difficult job search than other graduates with a few internships under their belts. Finding ways to improve their resume before graduating can help them start their careers off on the right foot.
About the author
Jacqueline DeMarco
Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.
photocredits: iStock/LaylaBird
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