Career and Academic Paths
With a B.S. degree in Financial Economics you will be prepared for entry level positions in the private sector or in government, for work and study leading to professional certification, and for graduate study.
Career Opportunities in the Private Sector. Information on career opportunities in finance can be found at the website Careers in Finance. Some typical job titles in the private sector are:
- Banking: Lending Officer, Management Trainee, Foreign Exchange Manager, Foreign Exchange Trader, Trust Officer.
- Money Management: Portfolio Analyst, Portfolio Manager, Fund Accountant.
- Investment Banking: Equity Security Analyst, Fixed Income Analyst, Bond Trader, Stock Trader, Commodity Trader, Futures Trader, Options Trader, Stock Broker, Investment Banker.
- Insurance Firm: Life Underwriter, Property and Casualty Underwriter, Claims Analyst-Adjuster, Agent.
- Nonfinancial Firms: Financial Analyst, Inventory Analyst, Pension Fund Administrator, Financial Accountant, Economic Analyst, Economic Forecaster.
Career Opportunities in Government. The B.S. degree in Financial Economics prepares you for a number of entry level positions in federal, state, and local government. Some examples of jobs you will be qualified for include Bank Examiner, Budget Analyst, Compliance Officer, Economist, Financial Analyst, Internal Revenue Agent, Management Analyst, Statistician, and Statistician-Economist. If you are interested in positions such as these, you should apply directly to the personnel office of an agency such as those listed below:
- Department of Commerce
- Department of Energy
- Department of Health and Human Services
- Department of Labor
- Department of Transportation
- Department of the Treasury
- Department of Defense
- Department of Housing and Urban Development
- Department of Justice
- Department of State
Professional Certifications Related to Financial Economics. Many of the professional positions listed above require certification beyond your bachelor’s degree. Typically, your employer will “sponsor” you to take the required exams. The B.S. in Financial Economics provides a solid foundation of knowledge that will aid in preparation for these exams. Some examples of common professional certifications are listed below.
Securities Licensing. If you choose to work with a stock brokerage firm, you will be required to complete a series of licensing examinations offered through the National Association of Securities Dealers. For example, to sell mutual funds, you must pass the Series 6 exam. To sell securities of all types as an agent of the NASD or a NYSE member company, you must pass the Series 7 exam. Other exams are required before you may work as a brokerage supervisor, a provider of limited partnerships, or an investment advisor.
Financial Analyst Certifications. The most prestigious, and also most rigorous, professional certification related to money management, financial analysis, and portfolio management is the Chartered Financial Analyst (CFA). The CFA is awarded by the Institute for Chartered Financial Analysts, a subsidiary of the Association for Investment Management and Research (AIMR). To become a CFA requires a substantial committment. A candidate must pass exams at Levels I, II, and III, and show a satisfactory record of professional experience. Your major in Financial Economics provides excellent background for the CFA, and you may be able to take the CFA Level I examination at the end of your senior year and receive a scholarship that will pay the examination fee. Other professional certifications related to investment advising and financial planning include the Certified Financial Planner (CFP) and Certified Financial Manager (CFM).
Insurance, Banking, and Real Estate Certifications. If you choose to work in the insurance industry, several professional certifications are available. The most important are the Chartered Life Underwriter (CLU) and the Certified Property and Casualty Underwriter (CPCU). If you enter the field of banking, the American Bankers Association offers a number of certifications related to banking management. If you decide to join the real estate industry a leading professional organization is the Appraisal Institute. The Institute offers professional certifications leading to the MAI designation for appraisers experienced in valuation of commerical, industrial, residential, and other properites and who advise clients on real estate investment decisions. An SRPA designation is offered for appraisers who are experienced in real estate valuation and analysis and advise clients on real estate investment decisions.
Accounting Certifications. The B.S. in Financial Economics includes requirements and options for several accounting courses. If you wish to become a public accountant, you must complete the professional certification of the Certified Public Accountant (CPA). To sit for the CPA exam requires 150 college credits. This means that coursework at the college level beyond a typical bachelor’s degree is required. Some of this additional coursework can be completed at UMBC. Master’s degrees in accounting are offered at the University of Maryland College Park, the University of Baltimore, and Loyola College. If you choose to become certified as a Certified Management Accountant (CMA), the Financial Economics major provides a complete background and UMBC offers courses in all subjects covered by the examination.
Opportunities for Professional and Graduate Study. The B.S. in Financial Economics is good preparation for graduate study in a number of fields. A few examples are listed below:
MBA or MS in Finance. The content of MBA and MS in Finance programs is based largely on economics and finance. The B.S. degree in Financial Economics therefore provides excellent preparation for the pursuit of either of these advanced degrees.
Law school. Many law schools consider an undergraduate major in economics good preparation because it provides a logical and rigorous approach to problem solving. Furthermore, the B.S. in Financial Economics provides particular information relevant to corporate, antitrust, and securities law.
Public Policy M.A. Programs. A B.S. in Financial Economics with the public policy concentration provides preparation for graduate study in programs such as the department’s Master of Arts in Economic Policy Analysis. The BA/MA program offers undergraduates the opportunity to pursue an accelerated five-year program of study leading to a terminal Master’s degree.
Ph.D. Programs. With its strong quantitative orientation, the B.S. in Financial Economics provides excellent preparation to pursue doctoral study in Economics, Business, Finance or Public Policy. Students interested in a Ph.D. in Economics or Finance should complete the mathematics sequence identified in the B.A. degree in Economics program description.