Strong earnings trajectory, but the job pool splits sharply by credential
Finance pays well and pays early. College Scorecard puts bachelor's graduates at $55,420 in year one and $80,909 by year four, and Census PSEO shows median earnings climbing to $97,984 at year ten — with the 75th percentile clearing $137,568. Debt is manageable at an institution-level $21,009 average, producing a 0.38 debt-to-income ratio at the bachelor's level, inside the 0.40 healthy threshold. BLS projects ~570k annual openings through 2034 and weighted employment growth of +4.4%, fractionally above the all-occupations baseline of +4.0%. The honest caveats: field-level debt data is sparse, the bachelor's population is 73.4% male (sharpest gender skew of the business majors we track), and the clerk-level destinations — tellers (-12.9%), bill collectors (-10.5%), loan clerks (-2.3%) — are contracting. Students aiming at financial managers (+14.8%), financial advisors (+9.6%), or financial analysts (+5.7%) land in the growth lanes. Students stopping at a teller or clerk role don't.
- ROI A
- Employment B+
- Debt burden A
- Projected demand A−
Finance is one of the strongest ROI stories in the business category — and one of the most uneven. The headline 10-year median from Census PSEO is $97,984, with the 75th percentile hitting $137,568. Against an institution-level median debt of $21,009, that produces a debt-to-income ratio of 0.38 at the bachelor's level, inside the 0.40 healthy threshold. The market is deep: BLS projects ~570k annual openings across the finance-adjacent occupational crosswalk through 2034, with weighted employment growth of +4.4%, fractionally above the all-occupations baseline of +4.0%.
That's the top-line picture. Underneath it, the occupational map splits sharply. Financial managers grow +14.8% at a $161,700 median wage — nearly four times the all-occupations rate. At the other end, tellers shrink -12.9%, bill and account collectors -10.5%, and loan interviewers and clerks -2.3%. The credential a student earns largely determines which of those destinations is reachable. That's the thing to understand before enrolling.
Two data gaps to flag upfront. First, College Scorecard publishes no field-level debt figures for finance at any credential tier — every debt number in this analysis is the institution-level average across 953 schools that produce finance credentials. Second, completions are slightly declining: 53,740 in 2023 to 53,607 in 2024. Not a collapse, but the field isn't growing the way its earnings suggest it should be.
- ✓ Census PSEO median earnings climb from $50,773 at year 1 to $97,984 at year 10 — a 93% increase — with the 75th percentile reaching $137,568.
- ✓ BLS projects ~570k annual job openings across finance-adjacent occupations through 2034 — one of the deepest labor markets we track.
- ✓ Financial managers — a natural 8–12 year destination for finance graduates — are projected to grow +14.8% (2024–2034) at a $161,700 median wage.
- ✓ Bachelor's debt-to-income ratio is 0.38 (debt $21,009 vs. $55,420 year-1 earnings) — inside the healthy 0.40 threshold.
- ✓ Three-year loan default rate across 953 finance-producing institutions is 0.002% — essentially zero, far below the ~3% Scorecard-wide average.
- ! Tellers (-12.9%), bill and account collectors (-10.5%), and loan interviewers and clerks (-2.3%) are all contracting through 2034 per BLS projections.
- ! College Scorecard publishes no field-level debt figures for finance at any credential tier; the $21,009 figure is the institution-level average across 953 schools.
- ! The bachelor's path is 73.4% male — the sharpest gender skew among business majors — signaling persistent access and pipeline issues for women entering the field.
- ! The 10-year earnings spread is wide — p25 at $70,022 versus p75 at $137,568. Outcomes vary sharply by employer, specialty, and metro area.
- ! Associate's debt-to-income ratio is 0.52 ($21,009 debt vs. $40,070 year-1 earnings), above the 0.40 healthy threshold — and the tier produces just 341 completions nationally.
Where finance graduates actually land
Census Post-Secondary Employment Outcomes (PSEO)
Earnings by credential level
College Scorecard field-level earnings (years 1–4 post-grad, aggregated across institutions)
What it costs, what you earn, what's left over
Field-level debt data isn't available for finance in College Scorecard at any credential tier — bachelor's, master's, associate's, or certificate. The $21,009 figure used throughout this page is the institution-level average across the 953 schools producing finance credentials. That means a student at a community college and a student at an out-of-state flagship are collapsed into the same debt number, which matters when interpreting the ratios.
That said, the ratios tell a consistent story. At the bachelor's level — the path 43,343 graduates took in 2024 — $21,009 in debt against $55,420 in year-1 earnings produces a debt-to-income ratio of 0.38, inside the healthy 0.40 threshold. The master's path is cleaner: the same debt against $84,204 in year-1 earnings produces a 0.25 ratio, the best of any credential tier. The associate's flips the arithmetic the other way — $21,009 against $40,070 pushes the ratio to 0.52, above the healthy threshold and tight enough that a bad year of earnings creates real repayment pressure.
The professional credential (two institutions, $98,928 year-1 earnings) produces a 0.21 ratio, though the tiny sample size makes that more curiosity than signal. The doctoral path has too few graduates with reported earnings to compute.
Repayment behavior is exceptionally clean. The 3-year loan default rate across finance-producing institutions is 0.002% — essentially zero, and several orders of magnitude below the roughly 3% Scorecard-wide average for 4-year institutions. Finance graduates repay.
The credential paths that actually produce graduates
Scorecard field-level earnings + completions_by_program (most recent year) aggregated by credential tier
Associate's in Finance
A two-year program covering financial principles, basic accounting, and introductory investments. Typically feeds into teller, loan clerk, or junior banking roles. Year-1 earnings are $40,070, rising to $52,208 by year four per College Scorecard — but institution-level debt of $21,009 pushes the debt-to-income ratio to 0.52, above the healthy 0.40 threshold.
- Completions / yr 341
- Year-1 earnings $40,070
- Year-4 earnings $52,208
- Median debt $12,000
- % women 56.0%
- Schools 99
Works best as a transfer credential — most finance employers recruit at the bachelor's level, and the associate's-feeding occupations (tellers, loan clerks) are the ones BLS projects to shrink.
Bachelor's in Finance (BS/BBA)
The dominant credential, with 43,343 completions in 2024. Covers corporate finance, investments, financial markets, and risk management, and serves as the standard prerequisite for analyst, advisor, and loan officer roles. Year-1 median earnings are $55,420, rising to $80,909 by year four per College Scorecard. Debt-to-income at 0.38 is inside the healthy threshold.
- Completions / yr 43,343
- Year-1 earnings $55,420
- Year-4 earnings $80,909
- Median debt $21,732
- % women 26.6%
- Schools 768
The default choice — this is the credential the finance job market hires around, and it's the minimum on-ramp to the growth lanes (financial managers, advisors, analysts).
Master's in Finance (MSF/MFin)
A one-to-two-year graduate program deepening quantitative finance, portfolio management, or corporate-finance specialization. Year-1 earnings jump to $84,204 — a $28,784 premium over the bachelor's — reaching $118,133 by year four per College Scorecard. Debt-to-income drops to 0.25.
- Completions / yr 3,206
- Year-1 earnings $84,204
- Year-4 earnings $118,133
- Median debt $42,259
- % women 34.7%
- Schools 269
High-value for students targeting investment banking, quantitative roles, or corporate-finance leadership. Less essential for generalist advisor or analyst paths where experience and CFA progress tend to matter more than the extra degree.
Doctoral
- Completions / yr 30
- Year-1 earnings —
- Year-4 earnings —
- Median debt $21,009
- % women 40.0%
- Schools 26
The bachelor's is the center of gravity — 43,343 completions versus 341 for the associate's — and it's where the hiring market actually lives. The master's pays a real premium (+$28,784 at year one) and is worth layering on for students aiming at specialized or quantitative roles. The associate's path carries meaningful automation risk and should be treated as a transfer stepping stone, not a destination credential.
The bachelor's is overwhelmingly the path finance students take. 43,343 completions in 2024 — 81% of all finance credentials awarded that year. The master's adds another 3,206, and the associate's produces just 341. Doctoral finance is a research niche with 30 completions nationally. The certificate tiers collectively produce roughly 6,700 graduates, most of them post-baccalaureate students adding a credential on top of an existing bachelor's or master's.
The earnings gap between the associate's and bachelor's is meaningful and widens with time. At year one, bachelor's graduates earn $55,420 versus $40,070 for associate's graduates — a $15,350 gap. By year four, that gap grows to $80,909 versus $52,208, a $28,701 spread. The associate's path lands in teller, loan-clerk, and bookkeeping-adjacent territory — not in the analyst, advisor, or corporate-finance tracks where the earnings and growth actually live.
The master's premium is the largest of any business major we track. Year-1 master's earnings are $84,204 versus $55,420 at the bachelor's — a $28,784 premium — and the gap persists: $118,133 at year four for master's graduates versus $80,909 for bachelor's. That's a $37,224 spread four years out. The master's pays back cleanly if the target job is investment banking, quantitative finance, or corporate-finance leadership. For generalist analyst or advisor roles, the bachelor's plus CFA progress typically competes.
One demographic pattern to flag: the gender split shifts dramatically by credential. The bachelor's is 26.6% women — a sharper male skew than accounting (50.9% women at the bachelor's) or business as a whole. The master's tier is 34.7% women. The associate's tier flips to 56% women, tracking with the teller and clerk destinations that BLS projects to shrink. Underrepresentation at the bachelor's level routes directly into underrepresentation in the growth occupations.
Who completes these degrees
IPEDS completions_by_program, most recent year, first-major only
- 2023 53,740
- 2024 53,607
Where graduates land professionally
BLS 2024–2034 Employment Projections via CIP-to-SOC crosswalk
| SOC | Occupation | Employed '24 | Growth | Openings/yr | Median wage | Entry |
|---|---|---|---|---|---|---|
| 11-1021 | General and operations managers | 3.7M | +4.4% | 309k | $102,950 | Bachelor's degree |
| 11-3031 | Financial managers | 869k | +14.8% | 75k | $161,700 | Bachelor's degree |
| 41-3031 | Securities, commodities, and financial services sales agents | 515k | +3.3% | 38k | $78,140 | Bachelor's degree |
| 13-2051 | Financial and investment analysts | 369k | +5.7% | 25k | $101,350 | Bachelor's degree |
| 43-3071 | Tellers | 347k | -12.9% | 30k | $39,340 | High school diploma or equivalent |
| 13-2052 | Personal financial advisors | 326k | +9.6% | 24k | $102,140 | Bachelor's degree |
| 11-1011 | Chief executives | 309k | +4.3% | 22k | $206,420 | Bachelor's degree |
| 13-2072 | Loan officers | 301k | +1.7% | 20k | $74,180 | Bachelor's degree |
| 43-4131 | Loan interviewers and clerks | 178k | -2.3% | 13k | $48,950 | High school diploma or equivalent |
| 43-3011 | Bill and account collectors | 167k | -10.5% | 14k | $46,040 | High school diploma or equivalent |
Finance graduates fan out across a notably broad occupational map. The largest destination is General and Operations Managers (SOC 11-1021) at 3,712.9k employed — by far the biggest landing spot, growing +4.4% with a $102,950 median wage and 308.7k annual openings. It's the generalist manager track that absorbs business graduates of all stripes, and finance majors compete for it against accounting, marketing, and management graduates.
The finance-specific growth stories sit further down the employment ranking but significantly higher on the wage curve. Financial Managers (SOC 11-3031) employ 868.6k and are projected to grow +14.8% — nearly four times the all-occupations rate — at a $161,700 median wage. That's the highest-paying high-growth destination in this crosswalk and a common 8–12 year trajectory for finance graduates who accumulate experience and move into leadership. Personal Financial Advisors (SOC 13-2052) employ 326k, grow +9.6%, and pay $102,140 — attractive middle-career work, though the role is increasingly pressured on fees by roboadvisors. Financial and Investment Analysts (SOC 13-2051) employ 368.5k, grow +5.7%, and pay $101,350 — the entry point into the analyst-track careers that the bachelor's degree is engineered around.
Securities, Commodities, and Financial Services Sales Agents (SOC 41-3031) employ 514.5k, grow only +3.3%, and pay $78,140 — respectable but trailing the broader analyst track. Chief Executives (SOC 11-1011) employ 309.4k at $206,420 — the highest wage in this crosswalk and a meaningful long-run destination, though the bachelor's degree alone doesn't get anyone there.
The shrinking lanes matter. Tellers (SOC 43-3071) employ 347.4k today, pay $39,340, and are contracting -12.9% through 2034. Bill and Account Collectors (SOC 43-3011) employ 166.9k, pay $46,040, and shrink -10.5%. Loan Interviewers and Clerks (SOC 43-4131) employ 177.6k, pay $48,950, and decline -2.3%. All three require only a high school diploma per BLS — finance graduates landing there are typically underemployed, and the pool is shrinking fast.
Where demand is growing
State workforce agencies publish their own 10-year projections for general and operations managers — growth varies sharply by state, and where you plan to live changes the calculus.
| Utah | +26.7% | 6,860 openings/yr |
| Texas | +18.5% | 44,420 openings/yr |
| Tennessee | +18.3% | 6,920 openings/yr |
| Wyoming | +17.3% | 740 openings/yr |
| Idaho | +16.7% | 1,640 openings/yr |
| GU | +16.1% | 160 openings/yr |
| Arizona | +15.7% | 9,670 openings/yr |
| Washington | +14.9% | 5,820 openings/yr |
| Texas | 44,420/yr | +18.5% growth |
| California | 24,800/yr | +8.3% growth |
| Florida | 18,110/yr | +13.9% growth |
| Illinois | 16,380/yr | +4.6% growth |
| Ohio | 10,940/yr | +2.9% growth |
Where general and operations managers need a license
21 states and territories license general and operations managers. The degree alone isn't the finish line — plan for the credential your state requires before you can practice.
Schools producing the most graduates
Volume, not quality — completion counts across all credentials. See our rankings pages for outcome-weighted school scores.
- 4,609
- 893
- 827
- 627
- 563
- 6533
- 533
- 491
- 490
- 490
Pursue finance at the bachelor's level. The numbers make the case directly: bachelor's graduates earn $55,420 at year one and $80,909 by year four, and the Census PSEO 10-year median reaches $97,984, with the 75th percentile clearing $137,568. Institution-level debt of $21,009 produces a debt-to-income ratio of 0.38 — inside the healthy 0.40 threshold. The bachelor's is the credential the finance job market hires around, and it's the minimum on-ramp to financial manager (+14.8%), financial advisor (+9.6%), and financial analyst (+5.7%) roles.
Add the master's on top if the target is investment banking, quantitative finance, or corporate-finance leadership — the $28,784 year-1 earnings premium is the largest of any business major in our dataset, and the debt-to-income ratio at 0.25 is the cleanest across credential tiers. Skip it if the target is generalist analyst or advisor work — the bachelor's plus CFA progress typically competes on a three-to-five year horizon, and the master's debt premium isn't justified.
The recommendation flips in two cases. First: anyone whose path ends at the teller, loan clerk, or bill-collector level. BLS projections show all three occupations shrinking — tellers -12.9%, collectors -10.5%, clerks -2.3% — at wages below $50,000. A finance bachelor's overshoots those roles; an associate's lands in them but at a 0.52 debt-to-income ratio that's already above the healthy threshold. Second: anyone drawn to finance purely by the headline earnings figures. The 10-year earnings spread is wide — p25 at $70,022, p75 at $137,568 — and outcomes depend heavily on program prestige, internships, and the first three post-graduation employer choices. Students who don't have a realistic path to a strong internship pipeline should look at the 25th-percentile figure, not the median, when planning.
Informed inquiries
Is a finance degree worth it given how much of the industry is automating?
Automation is concentrated at the bottom of the credential ladder. BLS projects tellers to lose 12.9% of jobs, bill and account collectors 10.5%, and loan interviewers and clerks 2.3% through 2034. The roles tied to a bachelor's degree — financial managers (+14.8%), personal financial advisors (+9.6%), financial and investment analysts (+5.7%), and general and operations managers (+4.4%) — are all growing, with financial managers growing nearly four times the all-occupations rate. Complex judgment, client relationships, and fiduciary decision-making remain hard to automate. Students aiming below the bachelor's level face the automation headwinds directly.
How does finance earnings growth compare to other business majors over time?
Finance outpaces most business peers on earnings trajectory. Census PSEO shows the median finance graduate earns $50,773 at year one, $75,081 at year five, and $97,984 at year ten — a 93% increase across the first decade. By comparison, accounting's 10-year median is $79,946. The 75th-percentile finance graduate hits $137,568 at year ten, versus $106,736 in accounting. The trade-off: finance's 25th percentile at year ten is $70,022, meaning the bottom quartile earns less than accounting's median — outcomes are more dispersed, with higher upside and a real lower tail.
Do I need a master's in finance to work in investment banking or quantitative finance?
For generalist finance roles — analyst, advisor, corporate finance, commercial banking — a bachelor's is the standard credential, and the CFA program often substitutes for graduate coursework. For investment banking, quantitative roles, and hedge-fund/asset-management positions, a master's in finance (MSF/MFin) or MBA is increasingly expected, especially from candidates not coming out of a target undergraduate program. The earnings data supports the premium: year-1 master's earnings are $84,204 versus $55,420 for bachelor's graduates, with debt-to-income at 0.25 — the cleanest ratio of any credential tier. Whether the extra tuition pays back depends heavily on which master's program and which target job.
How reasonable is the debt load for a finance degree?
At the bachelor's level, yes — with a caveat. College Scorecard publishes no field-level debt figures for finance; the $21,009 figure throughout this analysis is the institution-level average across 953 producing schools. Against bachelor's year-1 earnings of $55,420, that produces a debt-to-income ratio of 0.38 — inside the 0.40 healthy threshold. The master's path is cleaner at 0.25 ($21,009 debt vs. $84,204 earnings), though graduate debt typically exceeds the institution-level average. The associate's path is tighter at 0.52 — above the healthy threshold. The three-year loan default rate across finance-producing institutions is 0.002% — essentially zero — suggesting graduates across the field repay their loans without distress.
Which finance jobs are actually growing, and which should I avoid planning around?
Financial managers lead growth at +14.8% through 2034 with a $161,700 median wage — the highest-paying occupation in the crosswalk. Personal financial advisors grow +9.6% at $102,140, and financial and investment analysts grow +5.7% at $101,350. General and operations managers — the largest destination at 3.7 million employed — grow +4.4% at $102,950. Avoid planning a career around tellers (-12.9%, $39,340 median), bill and account collectors (-10.5%, $46,040), and loan interviewers and clerks (-2.3%, $48,950) — all three are contracting, and all three pay below $50,000. These aren't fringe occupations: tellers alone employ 347,000 people today, and that number is shrinking.
Why is the bachelor's program so male-dominated, and does it matter?
The finance bachelor's is 73.4% male — the sharpest gender skew among the business majors we track. At the master's level the skew narrows to 65.3% male, and at the associate's level it flips to 56% female, tracking with female-dominated teller and clerk roles. That credential-by-credential pattern mirrors the occupational split: male students concentrate in the high-earning managerial and analyst lanes, female students in the clerk-level roles that BLS projects to shrink. For prospective students, it matters as a signal — finance programs, employers, and networks have demonstrable access issues, and the roles at the growth end of the field are where that under-representation compounds. It's a reason to look carefully at a program's career-services outcomes and internship pipelines, not just the headline earnings data.
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