Education pathways – What to study to work in the financial sector?
The financial sector employs a wide range of experts across various fields. There is no single education path into the industry: different roles require different skill sets.
Studies in business, law, technology, mathematics and fields such as hospitality, tourism and service management all provide strong educational backgrounds for careers in the financial sector.
The increasingly digital financial sector has a growing demand for IT expertise. The customer service expertise of tourism and hospitality industry professionals is highly valued in the sector, and a background in mathematics provides a solid foundation for many roles in insurance and finance. The sector has always had a steady need for legal expertise, but the growing volume of regulation in the banking sector has further increased the demand for legal professionals.
Studies preparing for a career in the financial sector often include extensive business studies. Direct specialisations include the Vocational Qualification in Business (2–3 years), the Bachelor of Business Administration (3.5 years) and the Master of Science in Economics and Business Administration (5 years).
Vocational Qualification in Business at a vocational upper secondary institution
From basic education, the quickest path to a career in the financial sector is to pursue the Vocational Qualification in Business. The study programme leading to this qualification is offered at a number of Finnish vocational upper secondary institutions. It has a scope of 180 competence points and is designed to be completed in three years.
Holders of the Vocational Qualification in Business have a good general knowledge of business economics and more specialised knowledge in a sector of their choice. They also have good communication and interpersonal skills, IT skills and the ability to work in a digital operating environment.
The study programme involves a great deal of on-the-job learning. The qualification or parts of it can even be completed as a competence-based qualification.
The qualification includes the compulsory units ‘Working in a business environment’ (25 competence points) and ‘Customer service’ (15 competence points). In addition, students select enough optional vocational units to achieve the full 180 competence points.
Students pursuing this qualification can specialise in the financial sector by including sector-related units in their qualification. Such units include ‘Financial services’, ‘Managing customer relationships’, ‘Service design’ and ‘Working in a project’.
Students can include parts of further and specialist vocational qualifications or studies at a university of applied sciences in the qualification.
Students who have completed the Vocational Qualification in Business are eligible for further studies at all educational levels.
Studies leading to this qualification are offered by the following Financial Academy partners:
Bachelor of Business Administration at a university of applied sciences
Business degree programmes offered by universities of applied sciences open a direct path to the financial sector. The degree programme in business leads to the Bachelor of Business Administration (BBA) degree.
Almost all Finnish universities of applied sciences offer BBA programmes, and some even have BBA programmes that allow students to specialise in the financial sector. Specialisation studies in financial services are typically linked to study tracks in accounting and finance or marketing and sales. They prepare students for specialist and managerial positions in the sector.
The BBA programme includes studies in business administration, accounting, finance, sales, people management, marketing, law and professional competencies.
The BBA degree has a scope of 210 ECTS credits and usually takes about 3.5 years to complete. The studies are carried out in collaboration with the business sector, and a work placement is an integral part of the studies.
The BBA programmes with a financial services specialisation have slightly different focus areas depending on the university of applied sciences offering it.
The requirement for BBA studies is upper secondary education. BBA graduates can continue their studies by pursuing a master’s degree in business administration, for example.
BBA programmes are offered by the following Financial Academy partners:
Master of Science in Economics and Business Administration at a university
At the university level, master’s degree programmes in business and economics provide a direct pathway to the heart of financial sector operations. Almost all Finnish universities offer master’s degree programmes in business and economics. To be eligible for university studies, candidates must have completed upper secondary education. Candidates who already hold a bachelor’s or master’s degree may be eligible to apply directly into the two-year master’s degree programmes.
Business and economics programmes often have several different majors to choose from. Common majors include finance, accounting, leadership, economics and marketing. Tampere University also offers a major in insurance and risk management, which is one of a kind in Finland. This major is focused on work in the financial sector.
University studies in business and economics lead to the Bachelor of Science in Economics and Business Administration and Master of Science in Economics and Business Administration degrees. The bachelor’s degree is a first-cycle degree comparable to a bachelor’s degree from a university of applied sciences. Its scope is 180 ECTS credits and duration three years. The master’s degree is a second-cycle degree with a scope of 120 ECTS credits and a duration of two years. In practice, however, students can take very different times to graduate.
Students who graduate with a master’s degree and wish to pursue an academic career can move on to a doctoral programme to earn a PhD.
Students who already hold either a bachelor’s degree from a university or a bachelor’s or master’s degree from a university of applied sciences can apply directly to a master’s degree programme if they have completed a certain amount of business studies relevant for the master’s programme in question. University studies in business and economics prepare students for specialist and managerial positions in the financial sector.
Several Finnish universities offer degree programmes in business and economics, including the following Financial Academy partners:
The University of Oulu and Åbo Akademi University also offer degree programmes in business and economics, but these universities are not part of the Financial Academy network.