Here is a quiz for those of you considering an online degree in finance
If a baker makes bread, does a financier make money?
Looking at the Numbers
If you look at the statistics provided by the United States Department of Labor, the answer to that quiz question would be yes. According to the Department of Labor, those in the finance industry make more than the average U.S. worker a finance degree can lead to one of the highest paying jobs with an online degree. Here are some salary samples of finance-industry wages:
· Accountants/Auditors - $70,310
· Loan Officers - $65,590
· Securities, Commodities and Financial Services Sales Agents - $94,700
· Tellers - $24,930
Recent reports indicate that the average wage of a U.S. worker in any private industry is approximately $58.510. All of the finance jobs previously mentioned surpassed that average except tellers. (That example was provided to indicate the difference been jobs require a degree and those that typically dont.) Your potential earnings with an online degree in finance are optimistic.
But as an employee, your compensation doesnt just include your salary. About 70% of your actual compensation is comprised of your salary. The remaining portion comes in the form of benefits such as insurance (8.1%) retirement contributions (3.7%), paid leave (6.7%), supplemental pay (2.8%) and legally required benefits (such as social security and medicare) (8.3%).
Additional benefits that are offered by larger companies include:
· Tuition Assistance
· Child Adoption Funds
· Wellness Facility Memberships
· Product Discounts
While not everyone partakes in these types of benefits, those that do can really bump up their total compensation. For example, an online master degree in finance can cost $20,000 and up. If your employer reimburses you for that cost, and it takes you two years to complete the degree, that equals an additional $10,000 per year. And remember to consider that a master online degree in finance can qualify you for a better paying position within the company.
How Can You Make More
If you are in it for the money, you will want to do everything you can to maximize your earning potential. Here are a few suggestions for increasing your wage:
· Get the online degree in finance while an associate degree can lead you to a few finance positions, a bachelor degree will qualify you for a decent entry-level job and a master degree puts you on the leadership track
· Join a finance association industry associations help you build your network, continue your education, and keep you informed of industry trends; all factors that improve your marketability
· Achieve and maintain certification if your profession benefits from a certification, get it; your earning potential can increase with additional credentials
· Get the most experience from the best resources that you can during school, get internships; get ideas from the teachers of your online degree in finance; find a mentor (your association can hook you up with one); take on extra projects at work; go to lunch with the boss; learn to golf if potential employers are golfers; do whatever you can to get face time with experienced and influential people
Tell others what you have learned along the way.