Douglas Olsen
Finance is a popular academic subject that provides an understanding of how the world economy functions and how individuals and organizations manage their funds. A degree in finance is versatile and profitable, making it a great option for international students. Finance majors can lead to some of the highest salaries in the job market, with graduates earning between $30,000–$50,000 USD annually in entry-level positions in the US, and have access to a wide range of jobs and internships across various sectors. However, international students pursuing finance degrees may face challenges related to visas, work permits, and competition with American candidates. Nonetheless, with the growing overseas financial market, international finance careers offer exciting opportunities for those willing to travel and live in foreign countries.
| Characteristics | Values |
|---|---|
| Salary | Finance majors enjoy some of the highest salaries in the job market, with starting salaries between $30,000–$50,000 USD in the US, and can advance to earn between $45,000–$65,000 USD annually with a few years of experience. According to the National Association of Colleges and Employers First Destination survey, finance majors make approximately $62,163 after graduation, 5% higher than the average graduate salary ($58,862). |
| Scholarships | Many scholarships are available for finance students, including those offered by groups on websites like IEFA.org. |
| Job opportunities | Finance graduates have access to a wide range of jobs and internships across various organizations and sectors, including real estate, risk management and insurance, banking, and nonprofits. |
| Skills | Finance students develop skills in economics, statistics, accounting, business, math, quantitative data analysis, computer software, and creative problem-solving. |
| Competition | Finance is a competitive field, and it can be challenging for international students to secure jobs in the US due to visa requirements and competition from American candidates. |
| Study locations | Top financial hubs in the US include New York City, Washington DC, Chicago, Boston, and San Francisco, with top finance schools located in these cities. |
| Specializations | Finance students can specialize in various areas, including entrepreneurial finance, emerging technology, energy finance, urban fiscal policy, venture capital, and investment portfolio management. |
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What You'll Learn
Lucrative career prospects
For international students, a degree in finance can be a smart investment with lucrative career prospects. Finance is a competitive field that offers some of the highest salaries in the job market. In the US, starting salaries for finance graduates range from $30,000 to $50,000 per year, and with a few years of experience, they can expect to earn between $45,000 and $65,000 annually. According to the National Association of Colleges and Employers, finance majors earn approximately $62,163 after graduation, 5% higher than the average graduate salary.
The versatility of a finance degree is another advantage, as it opens doors to a wide range of jobs across various sectors. Finance professionals are in demand not only in traditional banking and investment firms but also in fintech startups, non-profits, and other industries. Every type of organisation needs financial expertise, providing graduates with diverse career options.
International students can also benefit from the global nature of finance. The United States, in particular, is home to many top finance schools and influential financial capitals, such as New York City, Chicago, Boston, and San Francisco. These financial hubs offer unique educational and professional opportunities, with internships, entry-level jobs, and prestigious financial institutions within reach.
Additionally, finance programs often provide marketable skills that are valuable to organisations. Courses cover a range of topics, including economics, statistics, accounting, business, and mathematics. Students learn about risk and reward, investment strategies, financial planning, and cost control. These skills are highly sought after by employers, and graduates can leverage their expertise to pursue internships and careers in their areas of interest.
However, it is important to note that the job market in certain financial hubs, like Boston, may be less stable, and competition for jobs in finance is intense. International students may also face additional challenges, as some employers have been reluctant to accept applications from non-citizens. Nevertheless, with the right qualifications, a strong skill set, and strategic career planning, international students with a finance degree can certainly access lucrative career prospects.
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Scholarships and financial aid
International students may encounter challenges when seeking scholarships and financial aid for their studies in the United States, as funding opportunities are relatively limited for this group. Most international students self-fund their tuition fees and costs of study. However, there are still scholarships and other forms of financial aid available for international students pursuing a finance major in the US. Here are some options to consider:
Scholarships
Scholarships are the primary means of funding studies in the US for international students. While they are highly competitive, international students with impressive achievements and a strong application have a good chance of securing a scholarship. Scholarships are offered by universities, private organisations, and government bodies.
When searching for scholarships, international students should start early and look for opportunities that align with their specific profiles. Some scholarships are reserved for students from developing countries, while others are aimed at promoting diversity and inclusion by supporting underrepresented groups in the finance industry. Scholarships may also be targeted at students with exceptional financial need or talent.
It is worth noting that some scholarships provide more than just financial support. They may offer access to networking events, mentorship programs, or internship opportunities, which can be invaluable for a career in finance.
Loans
International students can also consider taking out private loans to fund their studies, although financial aid experts generally advise against taking on excessive debt. Several private legal lenders in the US offer loans to international students, but these usually require a creditworthy co-signer who is a US citizen or permanent resident.
Work-Study Programmes
Work-study programmes can provide international students with financial assistance while studying in the US. On-campus employment opportunities, such as resident assistant positions, can help offset the cost of attendance.
Institutional Aid
Some US institutions offer financial incentives for students to attend their schools, although this aid is typically reserved for graduate study in the form of assistantships and fellowships. International students may also find that both private and public institutions waive application fees in certain situations.
Federal Loans (FAFSA)
While international students do not typically qualify for federal aid, in rare cases, a school may require them to fill out the Free Application for Federal Student Aid (FAFSA). However, as a Social Security number is required for the online FAFSA form, international students would need to submit a paper application to be considered for institutional aid.
Databases and Resources
International students can utilise scholarship databases and resources to identify funding opportunities. Some useful platforms include International Student, EduPASS, Fastweb, Buddy4Study, and the College Board. These platforms offer searchable databases of scholarships, grants, loans, and other financial information.
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Internships and jobs
Internships are a great way for international students to gain experience and insight into their future career paths. They can help students determine if a particular career path is right for them, and also help them develop the skills and knowledge needed to succeed in the finance industry. Internships can also be a great way to build a professional network, which can be beneficial when looking for a job after graduation.
There are many prestigious finance internships for international students, such as those at Goldman Sachs or J.P. Morgan. However, it is important to note that these internships are extremely rigorous and demanding. Students should carefully consider their goals and priorities before deciding whether to pursue such an internship.
There are also many other valuable internship options for international students in finance, including summer internships with local, national, and international governments, as well as groups in the public sector like the United Nations, the International Monetary Fund, or the World Bank. These internships can provide students with a great deal of experience and exposure to different company cultures and working environments.
In addition to internships with specific companies, international students can also consider internships with specific job roles in mind. For example, internships in financial analysis, accounting, or investment banking can provide students with specialized training and experience in these areas.
It is also worth noting that internships are not always necessary for finance majors. Some students may be able to gain similar experience through part-time jobs or coursework. However, internships can provide a competitive edge when looking for a job after graduation, as they are often valued by employers as a form of experience.
International students should also be aware that finding a job in the finance industry may be more challenging due to visa requirements and sponsorship. Networking early and maintaining a high GPA can help increase the chances of finding a job in the finance industry as an international student.
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Visa and immigration
For international students considering a major in finance, there are several visa and immigration factors to consider. Firstly, it is important to understand the visa requirements for studying in your desired country. Most countries, including the United States, require international students to obtain a student visa before commencing their studies. In the US, this is known as an F or M visa, and students must apply for this visa at a US embassy or consulate after being accepted by a Student and Exchange Visitor Program (SEVP)-approved school. During the visa application process, international students may be required to demonstrate their financial ability to support their studies. This can be done through bank statements or scholarship offers, as in the case of Egyptian national Habiba Aly, who received a full scholarship to study in the US.
Additionally, visa requirements may differ based on the specific program and its duration. For instance, some countries may offer visa waivers or exceptions for short-term or recreational study as part of a tourist visit. It is also important to consider post-graduation plans, as some student visas may provide a pathway to employment or permanent residence. In the US, for example, students on an F-1 visa who are authorised for Optional Practical Training (OPT) must apply for an Employment Authorization Document (EAD) to work temporarily in their field of study. However, transitioning from a student visa to a work visa can be challenging, as competition is high and only a limited number of visas are available each year. The H1-B visa, for instance, is a non-immigrant visa that allows international students to work in the US, but it is typically favoured by larger companies and is more likely to be granted to those with higher degrees.
Furthermore, it is worth noting that visa and immigration policies can change over time, and it is important for international students to stay informed about the latest requirements and regulations. Changes in personal circumstances, such as marriage to a citizen, may also impact visa status and require additional applications or requests for changes. Overall, while pursuing a major in finance as an international student can offer valuable career opportunities, it is crucial to carefully navigate the visa and immigration processes to ensure compliance with the host country's regulations.
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Course structure and specialisations
The course structure for a finance major typically includes foundational courses in finance, accounting, economics, and mathematics. Students then have the option to specialise in advanced topics as they progress, such as financial technology (FinTech), behavioural finance, business tax laws, bond markets, derivatives markets, and portfolio management.
At the undergraduate level, students will likely spend the first two years of their degree program taking general education courses in the social sciences, literature, and humanities. In the junior and senior years, students typically spend more time taking courses related to their major. An undergraduate finance degree typically requires four years of study or about 120 credit hours.
At the postgraduate level, a Master's in Finance tends to cover more advanced topics in greater depth. These programs usually require around 30 credit hours, which can be completed in one to two years. An MBA in Finance is another postgraduate option, which is a two-year degree split into four semesters.
Finance courses are designed to provide students with the knowledge and skills to understand financial markets, analyse financial data, make informed investment decisions, manage risk, and plan for the future. The three core branches of finance include public finance, personal finance, and corporate finance.
Specialisations in finance allow students to focus on one key area of interest. Some of the main specialisation options include:
- Corporate finance: This focuses on how companies manage their financial resources to achieve strategic goals, including financial evaluation, capital budgeting, and capital structure.
- International finance: This explores how capital markets, financial institutions, and foreign exchange operate on a global scale, covering topics such as foreign exchange markets, international trade, and international taxation.
- Investment banking: This specialisation prepares students for careers in wealth management, risk management, consulting, and portfolio management.
- Financial technology (FinTech): This rapidly growing field focuses on the intersection of finance and cutting-edge technology.
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Frequently asked questions
Finance is the second-most-popular area of study for undergraduate students in the United States. Finance majors enjoy some of the highest salaries in the job market, have many scholarship opportunities, and will have access to a wide range of jobs and internships. Finance is a versatile and profitable degree, and every type of organisation needs financial assistance and oversight.
Finance is a competitive field, and it can be challenging to secure internships and jobs in certain locations. For example, New York City is regarded as the finance capital of the world, but it also has a very high cost of living. Additionally, some employers have started to avoid accepting applications from international students.
The United States holds about half of the top finance schools globally, and some of the most influential finance capitals of the world. Top finance schools, including the University of Pennsylvania, Columbia, Yale, and New York University, are in and nearby New York City. Other major financial hubs in the US include Washington DC, Chicago, Boston, and San Francisco.
