How To Pay For a Finance Degree

Paying for a college degree can be tough if you're unsure how to cover tuition and other school costs. Fortunately, financial aid options are available for students who want to earn a degree, including a finance degree.

So, how can finance majors cover the cost of a finance program? You can get help paying for a finance degree through FAFSA, scholarships, private student loans, and other financial assistance options.

Below, we'll examine the typical cost of earning an associate, bachelor's, and master's degree in finance. We'll also explore tips for paying for a finance degree.

How Much Does a Finance Degree Cost?

The cost of a finance degree depends on numerous factors, including the type of degree you earn. Let's look at the average cost of a finance degree based on degree level.

Associate Degree

An associate degree in finance teaches the principles of financial services, investment, and corporate finance. You might also learn to develop financial plans, forecast, and make sound financial decisions.

The National Center for Education Statistics (NCES) estimated the average cost of attending a two-year public institution during the 2022-2023 academic year was $10,200. However, actual costs can vary by school.

For instance, the Associate of Science (AS) in Finance from Southern New Hampshire University costs $330 per credit hour. Cambridge College charges $502 per credit for its AS in Business with a finance concentration.

Bachelor's Degree

A bachelor's degree in finance is typically a four-year program that prepares students to perform financial analyses and examine financial risk. Students also learn about portfolio management and personal finance.

At Purdue Global, the Bachelor of Science (BS) in Finance costs $371 per credit. Capella University's Bachelor of Science in Business, Finance degree costs $365 or $415 per credit depending on the course level. According to the NCES, the average cost of attending a four-year public institution during the 2022-2023 academic year was $15,700.

Master's Degree

A master's degree in finance prepares you for leadership roles. These programs cover financial markets, corporate finance, and financial institutions. Students also learn about risk management and financial data analysis.

The NCES revealed that the average tuition and fees for full-time graduate students in the 2022-2023 academic was just over $11,550 for public postsecondary institutions. Graduate tuition for the Master of Science (MS) in Finance at Webster University is $752 per credit hour. At Walsh College, graduate students earning an MS in Finance pay $924 per credit hour.

Tips for Paying for a Finance Degree

Earning a finance degree helps you qualify for numerous finance jobs whether you want to become an investment banker, personal financial advisor, budget analyst, or certified financial planner (CFP). Below are some steps you can take to pay for your degree.

1. Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) helps students qualify for different types of financial aid. Some include:

• federal grants
• student loans
• work-study funds

States and colleges determine federal and state aid eligibility based on factors like family income and available funds. Private aid providers might also use the FAFSA to determine eligibility.

2. Explore Scholarships for Finance Majors

College scholarships are also great ways for finance majors to cover the cost of their degree. Here are some to consider.

HEEF: Wells Fargo Scholarship

The Hispanic Education Endowment Fund (HEEF) Wells Fargo Scholarship offers funds to help with the academic cost of a business, finance, or related major. High school seniors and community college transfers are eligible for this award.

GreenPal Business Scholarship

The GreenPal Business Scholarship is a $2,000 award for students who run a small business or have a small business idea. Applicants must be high school seniors with a 3.5 or higher GPA. They should have a declared major or minor in business, finance, or economics.

Women in Finance Scholarship

The Numeriz Women in Finance Scholarship awards $20,000 to one eligible woman studying finance at the graduate level. Preference is given to women pursuing finance careers in market risk management, fixed-income, and derivatives finance within the capital markets.

3. Discover Finance Degree Fellowships

A fellowship is a funded professional or academic development opportunity typically sponsored by an institution, association, or organization. The following are fellowships for individuals in finance.

MSF Fellows Program

The Master of Science in Finance (MSF) Fellows program from Villanova University is a graduate assistantship for incoming MSF degree seekers. Awardees receive a 50% tuition discount and living stipend. In return, they work 10 supervised hours with a finance faculty member.

ProInspire Fellowship in Digital Finance

The ProInspire Fellowship in Digital Finance is a one-year program for financial professionals with at least seven years of experience in fintech, digital finance, or financial inclusion. Fellows work full-time with a federal government agency and receive a $110,000/year stipend, $1,000 per month for health insurance, and a relocation reimbursement.

DASNY Public Finance Fellowship

The Dormitory Authority of the State of New York (DASNY) Public Finance Diversity Fellowship offers undergraduates a $65,000 salary and benefits to work for DASNY as an analyst. Fellows also work with a DASNY investment bank partner in NYC.

4. Look for Student Loans

A student loan is money you borrow and pay back with interest. The federal government offers federal student loans, which include:

• Direct Subsidized Loan
• Direct Unsubsidized Loan
• Direct PLUS Loans

Students also have access to private student loans. They are typically available from banks, credit unions, and other private organizations.

5. Consider a Work-Study Program

The Federal Work-Study Program offers part-time jobs for undergraduate and graduate students demonstrating financial need. Participants can work on campus for the school or off campus for a nonprofit or public agency at the current federal minimum wage or more. Students must fill out the FAFSA to qualify.

Is a Finance Degree Worth It?

Yes, earning a finance degree is worth it. Finance is typically categorized as a business administration degree, which means you have numerous career paths to consider after graduating. Finance professionals can find work in the following roles:

• Certified Public Accountant (CPA)
• financial consultant
• insurance underwriter
• financial examiner
• chief financial officer (CFO)

Financial careers have great employment prospects. The U.S. Bureau of Labor Statistics (BLS) projects that business and financial occupations will grow faster than the average for all occupations from 2022 to 2032.

Is Finance a High-Paying Degree?

The amount a financial professional earns depends on their specific role. For example, a financial analyst typically earns a higher average salary than a real estate property appraiser. However, the median annual wage for business and financial occupations was higher than for all occupations in May 2023.

What Can You Do With a Finance Degree?

After graduating with a finance degree, you'll have many great career paths to select. Here are a few to consider.

Financial Analyst

A financial analyst helps businesses and people decide how to expend money to gain a profit. Some duties include:

• recommending stocks, bonds, and other investments
• determining a company's value through financial statements
• evaluating financial data

Financial analysts with certification from the CFA Institute are classified as Chartered Financial Analysts. This role requires a bachelor's degree and years of work experience.

Financial Advisor

Financial advisors advise clients on estate planning, investments, taxes, and retirement. Responsibilities include:

• discussing financial goals
• educating clients on investment options
• recommending and selecting investments

Financial advisors typically need a bachelor's degree. Earning a master's degree and certification could offer more opportunities.

Financial Manager

A financial manager takes charge of an organization's financial health. Duties include:

• determining long-term financial goals
• preparing financial statements
• supervising employees who do financial reporting

Entering this field typically requires a bachelor's degree from an accredited institution. You might also need five or more years of experience in business, finance, or a related field.