Finance Programs and Careers in Michigan

This guide provides information on degrees in finance in Michigan. Michigan’s schools host both undergraduate and graduate programs with opportunities to major, specialize, or concentrate in finance. Some schools offer formal Master of Finance (MFIN) programs, which may allow students to focus on particular areas of finance such as real estate or investments. Students who need flexible or part-time programs can pursue their finance degree online or on nights and weekends through select schools. The guide also offers useful information on the different types of finance degrees in Michigan and career outlooks for individuals with degrees in finance.

Quick Facts

• There are 33 colleges and universities with finance degree programs in Michigan.¹
• 2 schools offer a certificate in finance.¹
• 3 schools offer an associate’s degree in finance.¹
• 31 schools offer a bachelor’s degree in finance.¹
• 12 schools offer a master’s or advanced degree in finance.¹
• 2 schools ranked in Forbes’ Best Business Schools 2019.²
• 3 schools ranked in Princeton Review’s Great Schools for Business and Finance Majors 2020.³
• 2 schools ranked in US News & World Report’s Best Undergraduate Finance Programs 2021.⁴
• 1 school ranked in US News & World Report’s Best Graduate Finance Programs 2021.⁵

For not-for-profit colleges and universities with finance degree programs.

Table of Contents

• Comparison of Finance Programs
• Top-Ranked Schools with Finance Programs in Michigan
• Select Schools in Michigan with Finance Degrees
• Michigan Finance Careers and Salary Outlook
• Finance Associations in Michigan

Michigan Finance Program Comparison

We have developed the following table to help you compare all of the finance programs in Michigan from not-for-profit schools that offer programs with a concentration in finance. In addition to allowing you to compare the business school’s accreditation, finance degrees that appear in bold are Chartered Financial Analyst (CFA) Institute University Affiliation Programs, those that have been recognized for curricula aligned to preparing for the CFA Exam.

• — indicates none.
• N.Av. indicates no data available.

Top-Ranked Schools with Finance Programs in Michigan

Forbes’ Best Business Schools 2019

• University of Michigan (#10)
• Michigan State University (#27)

Georgetown CEW’s ROI Ranking by Long-Term Net Present Value 2019

The Georgetown University Center on Education and the Workforce (CEW) has compared 4,500 colleges and universities on graduates’ return on investment (ROI). We use their net present value (NPV) ranking, which is the current dollar value of earning a four-year degree from the school over a 40-year horizon.

• Michigan Technological University (#67; $1,430,000)
• University of Michigan-Ann Arbor (#89; $1,364,000)
• Lawrence Technological University (#284; $1,124,000)
• Cleary University (#289; $1,122,000)
• Michigan State University (#289; $1,122,000)
• University of Michigan-Dearborn (#436; $1,041,000)
• Northwood University (#576; $995,000)
• University of Detroit Mercy (#598; $989,000)
• Albion College (#622; $983,000)
• Ferris State University; (#765; $949,000)⁷

Princeton Review’s Great Schools for Business and Finance Majors 2020

• Calvin University
• Michigan State University
• University of Michigan-Ann Arbor

US News & World Report’s Best Undergraduate Finance Programs 2021

• University of Michigan-Ann Arbor (#3)
• Michigan State University (#35 tie)

US News & World Report’s Best Graduate Finance Programs 2021

• University of Michigan-Ann Arbor (#9)

Select Schools in Michigan with Finance Degrees

Traditional Undergraduate Programs

Aquinas College

Aquinas College offers a Bachelor of Business Administration (BSBA) with a Finance Concentration. Students in this program complete 42 semester hours of business administration courses plus 15 semester hours of courses in finance. Core courses such as Principles of Accounting; Financial Management; Ethical Application in Business; and Elementary Statistics are required of all students. Finance concentration courses offered include International Finance; Insurance & Risk Management; and Econometrics. Students are encouraged to take advantage of opportunities such as membership in Sigma Beta Delta (the International Honor Society in Business, Management, and Administration) and Aquinas College’s Leadership Development Program. The school also offers short-term “study away” opportunities, a version of study abroad in which students take two- to four-week rotations at partner universities in Europe and Japan.

Spring Arbor University

At Spring Arbor University, students can earn a Bachelor of Science (BS) in Finance. Students gain an understanding of the major aspects of personal financial planning, corporate finance, and investments through academic and experiential learning that includes training in the latest methods of financial analysis and international arbitrage. Students may choose to add an emphasis in Series 7 preparation, which prepares students for the Securities and Exchange Commission Qualification Examination for General Securities Registered Representative (note that prospective exam-takers must be currently employed by a recognized financial firm in order to sit for the exam). The Finance major comprises 74 credit hours in courses such as Foundations of Leadership and Ethics; Business Law; Statistical Application for Business; and Business Forecasting and Analytics. Students also complete a capstone course in finance.

Traditional Master’s Programs

Eastern Michigan University

At Eastern Michigan University’s (EMU) College of Business, students can earn a Master of Science in Finance (MSF) that can be completed in 30 credit hours. This Association to Advance Collegiate Schools of Business (AACSB)-accredited program welcomes both new graduates and working professionals. EMU graduates are prepared to sit for all three levels of the Chartered Financial Analyst (CFA) exams offered by the CFA Institute. During the cohort-based program of study, students will take such courses as Quantitative Methods in Finance, Securities Analysis, Financial Markets and Institutions, and Risk Management/Derivatives. In select courses and activities, students will use a state-of-the-art investment trading lab with Bloomberg terminals. An additional six-credit thesis option is available that is recommended for students who may continue on to a PhD program after completing the MSF.

The College of Business also offers a Master of Business Administration (MBA) program that focuses on applied knowledge, national and global contexts, and corporate ethics. Students take two-and-a-half years, on average, to finish the 36-credit program, with many classes available in the evening or online. Students learn about communication strategies, analytical critical thinking, innovative problem-solving, and tools for ethical leadership. After completing a foundational curriculum, students can choose one of 14 areas of specialization, such as Entrepreneurship, Finance, International Business Management, and Supply Chain Management.

Michigan State University

The Master of Science in Finance (MSF) degree at Michigan State University’s (MSU) Eli Broad College of Business is a challenging, accelerated one-year program that comprises 30 credit hours. The MSF degree is meant for students looking to specialize in the financial field in areas such as financial analysis, asset management, corporate governance, or sales and trading. With small class sizes and a widely-recognized faculty, students receive individualized attention and work collaboratively with their peers. Courses offered include Managerial Finance; Financial Modeling and Simulation; Financial Derivatives; and Corporate Strategy Valuation. Prospective students should have either an undergraduate degree in finance or career experience in the finance field. For those interested in more general management education, MSU also offers a two-year MBA program.

University of Michigan-Ann Arbor

The Ross School of Business at the University of Michigan in Ann Arbor offers a two-year Master of Business Administration (MBA) program with an internationally-oriented curriculum. In the first year, students focus on core courses and complete a seven-week, full-time project with a real company. This immersive project challenges students to create innovative solutions to problems for organizations in the United States and around the world. In the second year of the MBA program, students customize their courses, with options like the Fast Track in Finance program, a Healthcare or Sustainability Concentration, and a Real Estate Development Certificate. Evening, weekend, and online study options are offered as well as full-time and accelerated options. The Ross Business School also houses student investment funds and student finance clubs, as well as an active Career Development Office for post-graduation planning.

Online and Hybrid Programs

Davenport University

Davenport University offers an online Master of Business Administration (MBA) with a Finance concentration. This 39-credit finance program is suitable for those just starting their business careers as well as mid- to senior-level managers looking to develop their professional skills. Davenport’s business school develops business leaders who can think strategically and analyze operations. MBA students study topics such as financial analysis, investment planning, and evaluation of financial strategies. Recommended electives to complement the core curriculum include Graduate Management Study Abroad; Graduate Management Internship; and courses from the related Master of Management program. Approximately 42% of students pursuing the MBA at Davenport University complete all of their coursework via the online global campus.

University of Michigan-Dearborn

The University of Michigan-Dearborn offers a dual Master of Business Administration (MBA)/Master of Science in Finance (MSF) which can be completed entirely on campus, online, or through a hybrid format. This flexible program allows for full- or part-time enrollment, and some summer courses are available. The MBA courses focus on managing organizations and effective communication, while the MSF classes emphasize analytical skills. The MSF portion of the degree offers two concentrations, in Corporate Finance or Investments. With an MBA and an MSF, students gain both a broad managerial education and specialized training in the financial field. The joint program requires a minimum of 57-66 credit hours to complete, depending on the student’s area of concentration. The school also offers a joint MS in Accounting/MSF program that may be of interest to accounting and finance professionals.

Michigan Finance Careers and Salary Outlook

Michigan has many opportunities for those with advanced degrees in finance as the state economy is competitive and growing. Many of America’s largest auto companies, such as General Motors and Ford, are headquartered in Michigan, as are related automotive technology groups such as ZF North America and Cooper-Standard Automotive. Michigan also hosts industrial companies like the Dow Chemical Company and Whirlpool. These large, growing businesses offer many corporate finance opportunities, from analyst positions to account management positions. Large metropolitan areas such as Detroit, Grand Rapids, and Lansing are home to local investment firms, financial consultants, and banks such as Ilitch Holdings, Quicken Loans, Ally Financial, and Acument Global Technologies.

Projected opportunities in finance in the state of Michigan are lower than national industry averages. Job growth for personal financial advisors in Michigan is expected to be just under 2% through 2028, compared to 7% nationally.⁸ Similarly, job growth for Michigan financial analysts is expected to be just under 1%, compared to 6.2% nationally during the same time period.⁸ Financial managers have a more positive outlook, with 11% job growth projected in Michigan, though this is still lower than the national projection of 16% job growth for this occupation.⁸

Salaries in Michigan for finance professionals are generally competitive. Personal financial advisors earn a statewide average of $100,380 annually in Michigan (less than the national average of $119,290).⁹ However, in the Jackson metro area, the average salary for personal financial advisors is $119,860, and in the Midland metro, the average is $130,910.⁹ Michigan financial managers earn an average of $129,380, while the national average for this occupation is $147,530.¹⁰ Similarly to personal financial planners, select metro areas offer higher averages. For example, the average salary in the Detroit-Warren-Dearborn metro for financial managers is $142,190.¹⁰

Michigan Finance Salary Information

Finance Associations in Michigan

• Michigan Government Finance Officers Association (MGFOA): MGFOA connects public officials and finance professionals to promote quality in government finance.
• West Michigan Association of Financial Professionals (WMPFP): A regional affiliate of the national Association for Financial Professionals, this organization is a resource for keeping up to date with industry trends as well as enabling networking between local finance professionals.

References:
1. National Center for Education Statistics College Navigator: https://nces.ed.gov/collegenavigator/
2. Forbes Best Business Schools 2019: https://www.forbes.com/business-schools/list/
3. The Princeton Review. The Best 382 Colleges, 2020 Edition. The Princeton Review, 2019.
4. US News & World Report Best Undergraduate Finance Schools 2021: https://www.usnews.com/best-colleges/rankings/business-finance
5. US News & World Report Best Graduate Finance Schools 2021: https://www.usnews.com/best-graduate-schools/top-business-schools/finance-rankings
6. US News & World Report Best Business Schools 2021: https://www.usnews.com/best-graduate-schools/top-business-schools
7. Georgetown University Center on Education and the Workforce, Ranking ROI of 4,500 US Colleges and Universities: https://cew.georgetown.edu/cew-reports/CollegeROI/
8. Projections Central, Long Term Occupational Projections: https://projectionscentral.org/projections/longterm
9. Bureau of Labor Statistics Occupational Employment and Wages, May 2019, Personal Financial Advisors: https://www.bls.gov/oes/current/oes132052.htm
10. Bureau of Labor Statistics, Occupational Employment and Wages, May 2019, Financial Managers: https://www.bls.gov/oes/current/oes113031.htm
11. Bureau of Labor Statistics Occupational Employment Statistics, May 2019 State Occupational Employment and Wage Estimates, Michigan: https://www.bls.gov/oes/current/oes_mi.htm