If you are looking for a leadership role in finance or financial services, a master’s degree in finance offers direct preparation and training. This degree allows students to specialize in areas like portfolio and risk management, financial data analytics, commercial bank management, new venture finance, and mergers and acquisitions.
William Paterson University (WP) offers an online Master of Science in Finance and Financial Services – Finance Track program. The program allows students to specialize in finance and aligns with the Chartered Financial Analyst (CFA) exam.
Current Challenges in a Finance Career
Making money, making smart investments, building accurate forecasts and analyzing financial data are just some of the traditional demands of financial leaders. They must also account for new technologies and deal with economic challenges, supply chain disruptions and other external factors.
CFOs will face several pain points and challenges in the coming years. The trend of using new technologies to automate tasks and inform financial decisions requires CFOs and financial leaders to transform, adapt and evolve. Gartner reports that over 250 CFOs ranked data, metrics and analytics as the top priority for 2025, followed by efficient growth.
Leading transformation in companies that want to keep pace with competition is a significant responsibility that requires collaboration to foster buy-in. Introducing or updating technology is becoming a core requirement. Financial technology, or FinTech, can help identify areas to cut costs and investments with growth potential.
FinTech allows companies to evaluate market trends, monitor competition, analyze growth, build financial models and manage risk. Accurate forecasting and predictions are challenging in an environment of fluctuating economic conditions, disruptions to the supply chain and evolving consumer preferences. Gathering the correct data, exploring possible scenarios and adapting to changes improves forecasting.
The Impact of AI on the Financial Industry
The introduction of artificial intelligence (AI) into the field of finance “has the potential to both replace certain finance roles and create new opportunities.” AI algorithms enable routine tasks like financial planning, data collection and analysis to operate efficiently and accurately. AI frees leaders to focus on higher-level tasks like strategic decision-making and building relationships.
In finance, AI has been used successfully in algorithmic trading by analyzing large amounts of data in real time and making informed trading decisions. AI has also helped identify patterns and anomalies in financial transactions to aid in fraud detection.
There are limitations to the usefulness of AI, especially in the analysis of unstructured data. AI algorithms also lack understanding of human behavior. Finance professionals must understand psychology, market dynamics and human interactions to make decisions regarding financial markets.
Technology like AI is integral in automating workflows, managing data, reporting and other low-impact tasks. However, leadership roles in finance are still human-driven. Critical finance roles resistant to AI automation include financial planners/advisors, investment bankers, risk managers, financial analysts, compliance officers, relationship managers and CFOs.
Finance Leaders as Strategic Advisors
Finance leaders are increasingly in demand to help organizations face turbulent markets and utilize data-led strategies. The role of a financial leader is shifting from manual, administrative and data consolidation tasks to analyzing financial data and predicting the future needs of an organization.
It is increasingly difficult to assess financial plans, budgets and allocated resources rapidly, which creates challenges for strategic adjustments. This level of agility and flexibility requires strategic advisors to collaborate with digital enterprise resource management (ERP) systems and other digital solutions.
Prepare to Gain In-demand Credentials to Advance Your Finance Career
The online MS in Finance and Financial Services – Finance Track program from WP prepares graduates to identify financial scenarios, problems, relevant data, regulations and strategies. Coursework addresses tools, techniques, methods and models to build solutions for a variety of financial situations.
Students take courses in investment analysis, financial and economic global strategy, risk management and data analytics. Electives include new venture finance for those who work in entrepreneurship, investment policy, ethics and portfolio management and commercial bank management. Career opportunities with this Finance and Financial Services degree include roles such as chief financial officer, financial risk manager, investment manager, credit risk analyst and financial advisor.
Learn more about William Paterson University’s online Master of Science in Finance and Financial Services – Finance Track program.
