The fast-paced finance industry includes everything from banking and asset management to insurance, venture capital, and private equity. In 2018, these sectors combined to form 7.4%, or $1.5 trillion, of the U.S. gross domestic product (GDP).
As such a large part of our economy, the finance industry creates high demand for jobs. It also promotes intense competition.
For individuals with the right training and education, there is a multitude of rewarding career paths. But do you really need a finance degree to succeed, or will any degree do? If you choose to pursue a degree in finance, how do you know which one is right? It depends on the career you want—now and in the long term.
This article will break down the different types of finance degrees and jobs, making it easier for you to decide if a finance degree is worth it.
Is Finance A Good Major?
What Traits Should I Possess?
When dealing with finances, it is extremely important to be detail-oriented, organized, analytical and a good communicator. It is also important to embrace an open, curious, entrepreneurial and innovative spirit while obtaining strong leadership skills so that you may understand how business decisions affect financial goals and objectives. You will need strong mathematical and statistical skills in order to understand and analyze the financial data.
What Are My Job Prospects?
As a graduate of the Bachelor of Science in Finance, you may explore a career in any enterprise where money is the medium of exchange. Typical examples include corporate finance, banking, insurance or investment management. However, all businesses, including nonprofit and government organizations require the use of money and an understanding of the economy. Here are some of the career options to consider:
You can also consider enhancing your knowledge by applying for a master’s degree in finance. Earning an MBA in Finance degree will prepare you to work in business management positions, often in investment banking and corporate finance. Alternatively, pursuing a master’s degree may offer students more of an opportunity to integrate mathematics, economics, accounting and associated disciplines with the theories and application of finance.
Financial planning, investment decisions and analyzing/limiting expenses are all various aspects of what you can and will learn as a finance major. As a finance major, you will study how companies have performed in the past to predict how they will perform in the future, and learn how to communicate information that will drive strategic changes. Many of your assignments will be project driven, whether they be individual case studies to enhance your problem-solving ability, or group presentations to practice the way you interact with others. Typical classes in this major include accounting, economics, math and psychology.
Are you intrigued by the mathematics or statistics courses that you’ve taken in the past? Do you feel like you solve problems in creative ways, with a numbers-driven approach? Would you be interested in helping companies plan for how to grow their revenue or maintain profitability in both the short and long term? If so, a finance major might just be for you.
Finance is an exciting major with plenty of career opportunities. Contrary to popular belief, it’s also a major that requires both analytical skills and a healthy dose of creativity. Above all, it will help you develop multiple skill sets at once, offering you a great chance of success in several industries after graduation.
If you’re interested in how companies should allocate financial resources, corporate finance may be your calling. If you’re more fascinated by financial markets, how people construct investment portfolios, wealth creation and preservation, investment management could be the route for you. And if you want to learn about probability and statistics and how they correlate to business decisions, then risk management might be the right path to pursue.
How do I know if I should major in finance?
What should I major in if I like finance?
Is finance a worthless degree?
Is finance a fun major?