Finance Programs in Maryland
Despite being one of the smaller states in the United States, Maryland has 15 colleges that offer degrees in finance. Seven of those schools offer an Associate's degree in finance. A Bachelor's degree in finance is available at 11 different schools. Eleven schools have Master's programs in finance, and eight schools have PhD programs in finance.
Tuition at Maryland finance schools is slightly higher than many other states, with an average tuition cost of $15,906. However, there are many scholarships available to Maryland finance students. The American Society of Military Comptrollers has a business scholarship for those in a finance degree, and the American Trust Bank Scholarship also has scholarships for full-time Maryland finance students.
The top three finance programs in Maryland are at the University of Maryland – College Park, Salisbury University, and Loyola University Maryland. These schools are fairly competitive, ranging from 46% - 60% acceptance rates.
The type of education you receive at a Maryland finance program depends on what degree level you choose to pursue. An Associate's degree will take you two years to complete, and it encompasses about 60 credits. These types of degrees include classes like Business Finance, Federal Income Tax Accounting, and Principles of Microeconomics. General education classes required include Speech Communication, Writing for the Web, and Composition.
There are also many types of Bachelor's degrees in finance. Mount St. Mary's University offers a finance concentration within their business major. Students get an education in both finance and business, preparing them for a variety of careers.
Salisbury University has a Bachelor's degree in finance that permits students to choose from four different specialties: Financial Management, Financial Markets and Institutions, Investments, and Financial Planning. Students take specific classes related to their concentration, preparing them for a more specific career path.
A Master's degree in finance will take the average student two years of full-time study to complete. Morgan State University offers a Master's degree in Business Administration that allows students to narrow their study in finance.
Many finance professionals that have a Bachelor's or Master's degree in finance need further examination or licensing to be able to start a career. The main careers that require licensing are investment advisors, stockbrokers, and life insurance producers.
To become an investment advisor in Maryland, you must take the Series 65 Uniform Investment Advisor Law Examination. After that, you can register with the Maryland Attorney General's Securities Division.
Working as a stockbroker in Maryland has specific licensing requirements. Stockbrokers must take the Series 6 Investment Company Products/Variable Contracts Limited Representative Exam or the Series 7 General Securities Representative exam. There are ongoing education requirements for stockbrokers. After completing two years of work after licensure, they must finish a training program. They must take the training program every three years after that exam.
To sell life insurance and annuities in Maryland, you have to register to with the Maryland Insurance Administration. Prior to licensure, you have to complete a 60-hour course that teaches you about fixed annuities and life insurance. The last step is completing the General Life Insurance Producer exam. To stay licensed, you must complete 24 hours of ongoing education every two years.
Salaries for finance professionals in Maryland are higher than the national average. Some of the fastest growing finance careers in Maryland are financial examiners, insurance underwriters, and tax preparers. Average salaries range from $35,220 for tax preparers to $84,800 for personal financial advisors.
Career prospects for Associate's degree holders are also very good. Many people with an Associate's degree in finance can start a career as a bookkeeper, payroll clerk, or financial clerk. Salaries for these careers range from $36,780 to $49,460.
Some of the largest finance employers in Maryland are Susquehanna Bancshares Inc., Wells Fargo, Exeter Finance Corp, and Morgan Stanley Wealth Management.