Cost Of A Finance Degree

If you are considering going to college and becoming a finance major, one factor that is probably weighing very heavily in your decision is the cost—and it should. Any way you look at it, acquiring a degree in finance is an expensive proposition. Your costs can vary widely, however, depending on the institutions you attend. Here are some of the major expenses you will incur during your course of study:

  • Tuition. This is without question the largest expense you will incur. It is also the expense that can have the widest variance by institution. Public universities in your state of residence will have some of your least expensive options, but you can still expect to pay about $9,000 to $15,000 a year in tuition expenses, depending where you live. Private schools can be considerably more expensive, up to $35,000 a year for Ivy League institutions.
  • Room and board. This is one expense you can dramatically reduce or even eliminate by living at home; however, if you choose to live at home, your school choices could be drastically reduced, depending on where you live. If you choose to live on campus, expect to incur between $7,500 and $15,000 a year in additional expenses.
  • Books. In college, you buy your books rather than renting them. They are yours to keep if you choose, even after the class is over, but it is another expense to budget for. Books typically run between $1,000 and $3,000 a year. Most campus bookstores offer used books and there may be online resources available to you, such as ecampus.com, where you may be able to obtain books at a reduced rate.
  • Travel and personal expenses. This is another expense that can be all over the map, depending on your personal circumstances. Do you live on campus or off campus? How far are you from home? How often do you plan to go home? Do you live in on-campus housing, an off-campus apartment, or at home? Depending on your situation, budget anywhere from $2,500 to $7,000 a year for travel and personal expenses.
  • Miscellaneous fees assessed by your school. Again, these expenses will vary widely depending on your school. Common fees are student services fees, technology fees, and health services fees. Some schools require that you purchase health insurance through the university if you are not already enrolled in another plan. Depending on where you attend, you can pay up to $3,000 a year for miscellaneous expenses.

When it comes to fees, all schools are definitely not created equal. Once you have narrowed down your options to a handful of schools that might be right for you, do careful research to determine the true cost of attending your schools of choice.

Last Updated: 06/08/2014

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