Graduates from UMC’s major in Finance will have the skills and experience to compete effectively for entry-level employment positions such as financial analysts, personal financial advisors, actuaries, and other positions in securities, commodities, and financial services.
Employment prospects for UMC graduates with a finance degree look very good. According to U.S. Bureau of Labor Statistics employment projections, it is expected that the finance and insurance industry will increase the number of jobs by 9% from 2010 to 2020. This will result in the creation of 505,100 new positions. Opportunities that exist for positions in securities, commodity contracts, and other financial investments and related activities are expected to grow by a staggering 25% by 2020. The growth in this case is driven by the retirement of baby boomers who will seek advice on retirement options, as well as the globalization of securities markets. Employment in banks and other credit related institutions is projected to grow by about 3%. Employment in insurance carriers is expected to grow by 9%, adding 194,800 new jobs by 2020.
According to the U.S. Department of Labor, the average annual salary for a financial analyst is $86,040, while a personal financial advisor can earn an average of $91,220. Graduates who want to work in securities, commodities, and financial services sales can expect an average salary of $70,190 per year.
It should be noted that there are multiple certificating bodies for financial professionals. They include; Financial Industry Regulatory Authority (FINRA), Securities Industry and Financial Markets Association, American Academy of Financial Management, and CFA Institute. Each of these associations has a qualifying examination and codes of ethics that regulate their members.