Finance Programs and Careers in Maine

Those interested in a finance degree can find a variety of programs in Maine. Some universities offer business administration degrees with finance concentrations, while others offer bachelor’s degrees or graduate certificates specific to finance. Students can choose between full-time programs, part-time or evening courses designed for working professionals, and fully online degrees. Finance graduates may find opportunities to work in a variety of industries in the state. The page below offers details on different types of finance degrees, program options, and potential career opportunities in Maine.

Quick Facts

• There are 6 colleges and universities with finance degree programs in Maine.¹
• 2 schools offer a certificate in finance.¹
• No schools offer an associate’s degree in finance.¹
• 6 schools offer a bachelor’s degree in finance.¹
• 3 schools offer a master’s or advanced degree in finance.¹
• No schools ranked in Forbes’ Best Business Schools 2019.²
• No schools ranked in Princeton Review’s Great Schools for Business and Finance Majors 2020.³
• No school ranked in US News & World Report’s Best Undergraduate Finance Programs 2021.⁴
• No schools 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 Maine
• Select Schools in Maine with Finance Degrees
• Maine Finance Careers and Salary Outlook
• Finance Associations in Maine

Maine Finance Program Comparison

We have developed the following table to help you compare all of the finance programs in Maine 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 Maine

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.

• University of Maine (#1,114; $880,000)
• Saint Joseph’s College of Maine (#1,126; $877,000)
• University of Southern Maine (#1,474; $826,000)
• Thomas College (#1,955; $758,000)
• University of Maine at Fort Kent (#2,364; $710,000)⁷

Select Schools in Maine with Finance Degrees

Traditional Undergraduate Programs

Thomas College

The H. Allen Ryan School of Business at Thomas College offers a Bachelor of Science (BS) in Finance that can help prepare students for careers in finance, business, or economics. The Finance degree can be completed on either a three-year or four-year schedule, with an optional concentration in Financial Analytics that will help prepare students to take the Chartered Financial Analyst (CFA) exam. BS in Finance students must complete 122 credit hours with a minimum GPA of 2.0 to graduate. The curriculum requires 36 credits of business core courses, 31 credits of Finance major courses, and 15 credits of electives. Finance courses cover subjects such as Personal Financial Planning, Investment Management, and Financial Statement Analysis. Thomas requires applicants to have a high school diploma or its equivalent but does not require the ACT or SAT. A BS in Accounting and Financial Analysis is also available through the H. Allen Ryan School of Business.

University of Maine at Fort Kent

The University of Maine at Fort Kent (UMFK) offers a Bachelor of Science (BS) in Business Administration with a concentration in Finance with the goal of helping students become well-rounded business professionals. The four-year program requires 120 credit hours to complete, including a minimum of 45 credits of upper-level courses. The coursework is divided between business classes, general education requirements, and 18 credits towards the Finance concentration. Finance coursework encompasses investment management, international trade, and corporate finance. Graduation from the BS in Business Management requires students to maintain a minimum 2.0 GPA across core and concentration courses and achieve a “C” or better in all required courses. UMFK applicants will need a high school diploma or equivalent. Completing a college preparatory high school curriculum and either the ACT or SAT are recommended but not required.

University of Southern Maine

The University of Southern Maine (USM) offers a Bachelor of Science (BS) in Business Administration with a Finance major that blends theoretical and practical concepts and will help teach students to apply that knowledge to real-world settings. The Finance curriculum requires students to choose a further emphasis in Advanced Accounting; Entrepreneurship; International Business; Operations and Supply Chain Management; Professional Selling; Risk Management and Insurance; or Sustainable Business. The 120-credit hour program’s business coursework is divided into pre-business, business, thematic, and Finance major courses, as well as a Global Business course. Finance course offerings include Financial Engineering, Personal Financial Planning, and Financial Modeling. To graduate, students must receive a “C-” or better in pre-business courses and a “C” or better in all business coursework. Applicants to the BS in Business Management must have graduated high school and completed the necessary high school curriculum. USM also offers students a Certificate and a Minor in Risk Management and Insurance.

Traditional Master’s Programs

Husson University

Husson University offers a Master of Business Administration (MBA) with a Risk Management concentration that focuses on traditional business knowledge and emphasizes interpersonal skills and effective leadership strategies. The 36-credit hour program is available through evening, weekend, and online classes. Part-time students can complete the program in two years. In-person courses are available at the main Husson campus in Bangor as well as the Southern Maine and Northern Maine campuses. Core courses make up 24 credits of the curriculum. The other 12 courses are Risk Management electives such as Strategic Selling, Corporate Risk Management, and Employee Benefits. Students with no prior business coursework will need to take the one-credit course MBA Fundamentals. Applicants to Husson’s MBA program must have a bachelor’s degree. Husson also offers a Graduate Certificate in Risk Management.

University of Maine

The University of Maine’s (UMaine) School of Economics offers a Master of Arts in Financial Economics (MAFIE) that will help prepare students for careers in the financial services sector through a foundation in economic theory and financial management. The 30-credit hour MAFIE can be completed in under two years. Courses are drawn from both the School of Economics and the Maine Business School, with six economics courses and four courses in finance. Finance courses include Financial Management; Management of Financial Institutions; and Futures and Options Markets. An undergraduate degree in economics is recommended but not required for admission to the MAFIE; however, students without a degree in economics will need to complete prerequisite courses before entering the program. Applicants will need an undergraduate degree with a satisfactory GPA and a sufficient score on the GRE.

Online and Hybrid Programs

Saint Joseph’s College of Maine

Saint Joseph’s College of Maine (SJC) hosts an online Bachelor of Science in Business Administration (BSBA) with a Banking major created in conjunction with the Center for Financial Training and Education Alliance (CFTEA) that is available online for students currently employed in the banking industry. The 120-credit hour program is explicitly designed to help students gain the skills necessary to assume management roles in the banking industry. In addition to 42 credits of general education courses, students will take 36 hours of business core courses, 30 credits of Banking major courses, and 10 electives. Commercial Lending, Principles of Banking, and Real Estate Lending are among the major courses available to BSBA Banking majors. Up to 90 credits may be transferred into the program. Applicants to the Banking major will need either a high school diploma with a “C” average or a GED with a minimum 2.0 GPA. Graduates of the BSBA may be interested in continuing on to SJC’s online Master of Business Administration (MBA) program.

Saint Joseph’s College of Maine

Saint Joseph’s College of Maine (SJC) offers the Emerging Leaders Master of Business Administration (MBA) with a curriculum that can be customized to a focus on financial management for students beginning careers in business. The 39-credit hour curriculum is delivered online semi-asynchronously, with a mix of independent study and discussion-based classes. A focus on financial management requires 30 credits of core coursework, including finance courses like Financial Principles and Policy as well as management-oriented courses like Leadership and Lifelong Learning, plus elective courses such as Statistical Thinking or Corporate Financial Management. To graduate from the Emerging Leaders MBA, students must achieve a cumulative GPA of 3.0 or higher. Applicants to the program will need a bachelor’s degree with a minimum GPA of 2.5. For students with established careers, SJC offers the Leadership MBA program.

University of Maine

The Maine Business School at the University of Maine (UMaine) offers an online Master of Business Administration (MBA) degree with a concentration in FInance that focuses on creative and strategic thinking and the tools for leading, managing, and communicating in organizations. The 30-credit hour curriculum consists of seven required courses and three Finance electives, including Futures and Options Markets; Financial Modeling; and Management of Financial Institutions. Students can also choose experiential learning options through an internship or an International Field Study course to study business practices in a different part of the world. Students without previous business coursework may be required to complete a series of foundational courses. Admission to the MBA in Finance requires a bachelor’s degree with a 3.0 or higher GPA and a GMAT score of at least 500. A GMAT waiver may be available for students with an advanced degree or at least five years of professional business experience.

Maine Finance Careers and Salary Outlook

Maine presents a variety of potential opportunities for finance graduates. Local and regional banks and financial services companies, such as Partners Bank, Camden National Corporation, and Northeast Bancorp, are based in the state. The apparel company L.L.Bean is headquartered in Maine. Technology companies such as IDEXX Laboratories and the alternative energy company Maine Energy Systems can also be found in Maine. The state’s major cities include Portland, Lewiston, Bangor, and Auburn, with many local and statewide companies based in these population centers.

The Bureau of Labor Statistics (BLS) reports that the highest annual salary levels among Maine’s finance professionals are among personal financial advisors, at an average of $135,000 per year.⁸ The southwest nonmetropolitan area of Maine ranks third among nonmetropolitan areas in the US for average personal financial advisor salaries at $137,150 per year.⁹ Financial managers have the highest employment of financial occupations in the state, with 2,400 financial managers working in Maine and earning an average of $118,350 annually, though this is below the national average salary for financial managers of $147,530.^8,10 Maine’s loan officers earn an average salary higher than the US average, making $78,450 annually compared to the national average of $76,200 annually.^8,11 Financial occupations in Maine are predicted to grow at a slower rate than the national average through 2028.¹² The highest growth rate among finance professions in Maine is expected for financial examiners, for whom jobs are expected to grow by 4.5% through 2028.¹²

Maine Finance Salary Information

Finance Associations in Maine

• New England States Government Finance Officers Association (NESGFOA): Organization of professionals working in financial management at all levels of government in New England that organizes educational opportunities, and advocates for legislation and policy that strengthens quality government administration.
• Maine Bankers Association (MBA): Provides a forum for industry information, organizes policy and regulatory advocacy, and provides educational training opportunities to members.
• Chartered Financial Analyst Society Maine (CFA Society Maine): For professionals working in the investment industry, promotes ethical and professional standards in the industry, encourages professional development, and provides networking events.

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. Bureau of Labor Statistics Occupational Employment Statistics, State Occupational Employment and Wage Estimates, Maine: https://www.bls.gov/oes/current/oes_me.htm
9. Bureau of Labor Statistics Occupational Employment and Wages, Personal Financial Advisors: https://www.bls.gov/oes/current/oes132052.htm
10. Bureau of Labor Statistics Occupational Employment and Wages, Financial Managers: https://www.bls.gov/oes/current/oes113031.htm
11. Bureau of Labor Statistics Occupational Employment and Wages, Loan Officers: https://www.bls.gov/oes/current/oes132072.htm
12. Projections Central Long Term Occupational Projections: https://projectionscentral.org/projections/longterm