In deciding which career to take, that question always pops out. What major should I take in college?
For sure most people want to build their wealth and you can only do it when you have sound financial knowledge.
If you find this interesting, you can consider a career in the financial industry.
So, are you thinking why not get a career in finance to get rich?
Why finance is a good major?
First off, you must know what to expect when you get into the program. A financial degree can help you understand more about financial management. It also involves a great deal of using analysis and problem-solving techniques.
Unlike what most people think, it’s not all about money. In the same way, as it does not guarantee your ultimate success. But, it will open you up to a lot of opportunities and possibilities.
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What Does a Finance Major Do?
A finance major creates a long term financial plan for a company by analyzing its financial history. They also deal with analyzing market trends and provides advice on investments for personal or business.
Before deciding whether to go or not, you want to know what classes and courses you will be studying.
A finance major is offered through various programs. It is either offered under a bachelor’s or master’s degree. In addition, it is also offered within the business administration program.
Finance major classes are designed to prepare students to handle real-world business scenarios.
You will deepen your understanding of market trends, learn different tools and strategies. These are important in helping businesses in their decision making.
7 BIG Reasons Why Finance is a Good Major.
1. Acquire Useful Skills
Since a finance major is more focused, it allows you to develop a wide range of skills. You will be dealing with figures and numbers. These help you to further build your problem solving and analytical skills.
Taking up finance is not just about Math, calculations, and markets. By possessing these skills, you go beyond just your line of future work. Another valuable skill you can learn is financial reporting. This also allows you to develop your communication and interpersonal skills.
This skillset is a great asset. So, it gives you flexibility and you will not be confined to just one type of work or industry.
2. Real-Life Application
From budgeting to investing, having sound knowledge in finance could help you save and make money personally. With the right training and experience, you can easily create an in-depth savings plan, budget for travel, or even manage your finances in marriage.
3. Constant Innovation
If you always look forward to something new, getting finance as a major is definitely right for you.
The finance industry keeps on evolving. Current practices over the years may not be applicable anymore. Therefore, financial professionals need to learn new and innovative methods. From using new software & developing new strategies, this program will train you to adapt to the changing needs of the time.
4. Increase Competitiveness
The job market has become competitive more than ever. With a finance background, you can definitely increase your chance of landing on a job.
For example, with the skills you develop in finance, you make your credentials stand out. It gives you a competitive edge over the others who let’s say may not have the same background.
From an employer’s perspective, it is always an asset to have someone who has a major in finance. All the more if you will further invest in your knowledge and skills as a financial professional.
5. Great Job Prospects
With the different skills that you can get, it also follows that you get to have great job prospects. Every business will need a financial professional. This is where you can have your opportunity. Not everyone has a finance major so this makes you a highly desirable candidate.
Why major in finance? Get to have great job prospects that will not limit your potential and career growth. Whether you want to work in the banking industry or even in IT, you get to choose. These industries will always need people with financial backgrounds.
Take it from the point of view of the employer.
You get to apply what you have learned. Plus, you also get to work for various industries.
6. A Rewarding Career
A rewarding career awaits you once you finish the program. Not only you can apply what you have learned at work, but also on a personal level.
As you build your expertise, you can further deepen your analysis in market trends. You can develop your own strategies to build personal wealth. Given the options, you can identify which choice will give you the highest return.
In some cases, there are finance majors who apart from working also invest. Some also establish their own businesses.
This explains why most people who come from a finance background get rich. It is because they are trained for it.
On top of that, as a financial professional you can definitely expect a good salary package.
Why finance is a good major? It is a rewarding career that pays well. It can help you achieve your personal financial goals.
7. Various Career Options
With a finance degree, you can do so many things given the different areas of specialization. These include the following:
Investment banking: Considered to be a profitable career, the recruitment process is competitive. To get to the field, a finance degree from a reputable school is necessary.
Management consulting: You may also want to do consultancy work. Management consulting requires expertise as you will evaluate and give recommendations to help businesses.
Investment management: Same with investment banking, investment management is also a desirable career. You have the potential to earn a lot. This involves not only buying and selling financial assets but also managing portfolios.
Corporate Finance: Most finance graduates get into the corporate sector. In this field, finance professionals work on funding, managing resources, capital, and investment decisions.
Accounting: There are finance majors with accounting credentials. This is a very formidable combination. You can either take the board for accountants as CPA and work in an accounting firm. Another option is you can take a finance and accounting role in the industry of your choice.
Risk management: Another good career option is work in risk management. This deals with identifying and minimizing risks and threats to a firm’s earnings and capital.
Jobs for Finance Graduates
Finance graduates are in demand across different industries. Depending on where you want to take your career, you never have to worry as several jobs await you.
Here are some job outlooks available:
Analyst Positions: This major enables you to apply for analyst positions. You can work as a credit analyst or a financial analyst.
Loan Officer: Various financial institutions are also in need of a loan officer. These companies need individuals who have a finance background.
Investment Banker: A finance major combined with the economic background can land you a better prospect. Not only do you get to have a fat paycheck, but in most cases, you also have a commission depending on the deals you have closed.
Financial Manager: A managerial position will land you a financial manager position where you will be responsible for managing and distributing the resources of the company. This requires a solid financial background and experience as you will be offering insights and advice for the organization to make the best decision.
General and Operations Manager: This position requires not just an extensive experience in finance but as well as formulating policies.
Apart from the positions listed above, there are hundreds of other job roles available for finance graduates. From entry-level to top executive positions, it will all just depend on your qualifications.
What is the Average Salary for Finance Majors?
At first glance, the average salary for finance majors is not that much. That is just for entry-level positions. The average salary for a bachelor’s degree in finance is $63,844 a year. However, if you are going to compare this amount to the average salary of other majors, you can easily see that a major in finance still pays better.
For those with a master’s degree, the average salary according to Payscale is $78,926. The starting salary is good and as you climb up the corporate ladder, you get to have a higher pay scale. In addition, there are also jobs where you can have commissions aside from your salary which can increase your earnings more.
According to career expert Zippia, finance major is included in the highest paying jobs for 2019 as seen in the image below.
Why finance is a good major? It can definitely give you higher potential earnings compared to other jobs.
Is a Career in Finance Right for Me?
After knowing more about major in finance as well as its advantages and job prospects, is a career in finance right for you?
This actually would depend on your interests, career plan in the future, and a few other considerations.
As a course itself, finance is an exciting one. Contrary to what many think, it also involves creativity and analysis.
To help you decide whether a career in finance is right for you. Try to ponder on the following questions. If most of your answers are yes then major in finance is definitely the right career for you.
● Am I comfortable and interested in statistics and math?
● Do I get challenged when presented with financial related problems?
● Am I interested in business?
● Am I a good and effective communicator?
Taking up a finance major can surely open you to so many opportunities. As the financial industry is constantly changing and evolving, the need for individuals who are up to the challenge will always be in demand. If you want to have a rewarding and challenging career, a major in finance paves the way for you.
Then again, it does not mean that just because you are a finance graduate you will get a high paying job right away. As with any other profession, you will have to build up your credentials and skills. You will have to invest in yourself. However, one thing is for sure. Having a finance degree can surely give you a due advantage.
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