Education plays an important role in planning a career in finance. How much education you have can impact your career path, your ability to get interview requests, and your ability to compete with other candidates.
After working to get your undergraduate degree in accounting or finance, you will come to a crossroads – more school or enter the workforce?
It may be tempting to start working and making money, but an extra year could help you make more money long term. Do you start working right away after you get your bachelor’s degree? Do you opt to work on getting certification or perhaps a postgraduate diploma? Or do you commit to getting your master’s degree?
While your need for a master’s degree will vary based on your career path and goals, it can have a big impact on your overall earning potential.
“It’s no secret that a master’s degree is a big investment. On top of the out-of-pocket expense, you’ll forego income if you attend full time. But it can also be an excellent way to accelerate your current track or change careers,” says Jeff Kauflin on Forbes.
Does It Pay to Get a Finance Master’s Degree?
PayScale recently compared the master’s degrees that led to the highest earning potential for new and mid-career levels. Finance and accounting-related degrees took 3 of the top 10 spots on the list. They include:
- Corporate Finance: Ranking number 9 on the list, you can expect an early career salary of about $67,800 and a mid-career salary of up to $126,000.
- Mathematics and Statistics: Ranking number 5 on the list, you can expect an early career salary of about $72,700 and a mid-career salary of up to $129,000.
- Finance and Economics: Ranking number 3 on the list, you can expect an early career salary of about $68,700 and a mid-career salary of up to $134,000.
In the above cases, it does pay to stay in school the extra year or two and invest your time and resources into getting a master’s degree.
More Finance and Accounting Career Tips
Navigating your career in accounting and finance can be a challenge. Check out these additional blog posts to gain some valuable insights:
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