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 the top colleges for high-paying jobs in finance to help students find the right collegiate fit for their goals.
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 is known for two things. To start, they want to ensure a decent percentage of the graduates from that school are finance majors. 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.
The college also needs to be accredited, affordable, and meet the applicant’s personal standards (such as location, program offerings, etc.) in order to be the best fit for them.
Best Colleges for Finance Majors
When it comes time to choose a college for a finance degree, paying attention to earning potential is an important factor. 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 The Burning Glass Institute. The data highlights the earning potential of graduates from both private and public universities, and how much school choice impacts that earning potential.
Below is a list of 10 top colleges for high-paying jobs in finance (based on the annual salary premium for a median B.A. graduate). All of the schools that made the top 10 are private colleges.
Note that those who graduate from one of the top colleges mentioned below earn an annual salary premium on top of the average salary for finance grads, which is $96,751, according to Burning Glass.
1. Massachusetts Institute of Technology
Annual salary premium: $48,051
Average MIT graduate salary: $144,802
Finance graduates: 4.09%
2. Harvard University
Annual salary premium: $39,879
Average Harvard graduate salary: $136,630
Finance graduates: 8.84%
3. Princeton University
Annual salary premium: $39,094
Average Princeton graduate salary: $135,845
Finance graduates: 9.75%
4. University of Pennsylvania
Annual salary premium: $39,092
Average University of Pennsylvania graduate salary: $135,843
Finance graduates: 12.65%
5. Dartmouth College
Annual salary premium: $37,768
Average Dartmouth graduate salary: $134,519
Finance graduates: 9.02%
6. Yale University
Annual salary premium: $34,148
Average Yale graduate salary: $130,899
Finance graduates: 8.58%
7. Columbia University in the City of New York
Annual salary premium: $33,354
Average Columbia graduate salary: $130,105
Finance graduates: 10.22%
8. Duke University
Annual salary premium: $32,568
Average Duke graduate salary: $129,319
Finance graduates: 7.80%
9. Middlebury College
Annual salary premium: $32,326
Average Middlebury graduate salary: $129,077
Finance graduates: 6.68%
10. University of Chicago
Annual salary premium: $31,833
Average University of Chicago graduate salary: $128,584
Finance graduates: 7.69%
Unfortunately, none of the top public schools have graduates earning as much as the private schools.
However, if someone wants to attend a public college, there are some great options available. The top three public schools for finance majors are the University of Virginia – Main Campus (salary premium of $19,676), the University of Michigan – Ann Arbor (salary premium of $18,818), and Binghamton University (salary premium of $18,268).
Recommended: What Is the Cost of Attendance in College?
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. These are some of the most lucrative jobs in the financial industry that new graduates may be able to land once they have a degree in hand, according to the U.S. Bureau of Labor Statistics.
| Job Title | Median Salary | Job Outlook |
|---|---|---|
| Financial Manager | $156,100 | 17% growth (Much faster than average) |
| Personal Finance Advisor | $99,580 | 17% growth (Much faster than average) |
| Management Analyst | $99,410 | 11% growth (Much faster than average) |
| Financial Analyst | $99,890 | 9% growth (Faster than average) |
| Financial Examiner | $84,300 | 21% growth (Much faster than average) |
| Budget Analyst | $84,940 | 4% growth (Slower than average) |
| Accountant | $79,880 | 6% growth (As fast as average) |
| Budget Analyst | $69,990 | 1% growth (Slower 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 options when it comes to paying for college. From gift aid to student loans, students can make their higher education dreams come true.
• 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). However, it’s important to keep in mind that work-study earnings are often intended for general expenses and may not be used to directly pay for tuition or housing costs.
• 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 is 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.
Students can pay for their college degree 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 manager is a great way to earn an impressive living while working in the financial field. On average, the advisor role earns $99,580 and the manager role earns $156,100 per year. 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, personal finance advisors, and management consultants. 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 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.
SoFi Private Student Loans
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