People typically drawn to a finance degree tend to have analytical minds, a knack for numbers, and are motivated by the possibility of helping businesses grow. However, with the rising costs of college and the massive amount of student debt they generate, choosing a major isn’t easy.
If you’re asking yourself, “Should I major in finance?” we’re here to help bring you clarity. Read on as we address the state of finance majors in 2019 and the career prospects you can look forward to.
Benefits of a Finance Degree
If you know you want to be in a business profession after you graduate, then finance may be the right degree for you. With this major, you’ll learn all about assets and liabilities in the business field. You’ll become an expert at managing money in order to help a business grow, along with becoming a major decision-maker when it comes to investment possibilities.
Your core coursework will include other business subjects, such as:
- Core Business Courses
- Corporate Finance
- Portfolio Management
- Individual Investment
- Financial Reporting
- Government Finance
- Monetary Institutions and Policy
Remember that depending on the institution, the courses can vary. Colleges and universities also give Finance majors the ability to specialize. Some specialization are:
- Business Operations Support and Assistant Services
- Entrepreneurial and Small Business Operations
- Executive Assistant
- Finance and Financial Management Services
- Franchising and Franchise Operations
- International Finance
- Investments and Securities
- Public Finance
You have the option of getting an associate’s degree, which will open up positions in administrative support roles, such as bank tellers or financial clerks. According to Study.com, the average starting salary for finance majors depends on the position and employer. In 2014, The National Association of Colleges and Employers (NACE) reported the average to be $55,400.
Here are some common jobs and their average salaries in the United States:
- Financial Analyst: $55,170
- Business Consultant – $72,755
- Financial Advisor – $87,508
- Product Manager – $64,031
With certain jobs, all you need is a bachelor’s degree in finance. These jobs include:
Financial analysts focus on investments. They help banks, mutual funds, pensions funds, insurance companies, and more to make sound investment decisions. According to the United States Bureau of Labor Statistics (BLS), it’s growing at a faster rate than average and will have 32,200 new jobs available in a decade.
Personal Financial Advisor
If you don’t like the idea of working with massive banks or corporations, you can hone your skills to work with individuals. You’ll be a major part of clients’ lives as you help them plan and meet their financial goals. This can include planning college funds, retirement savings, and buying a home.
If you have an entrepreneurial drive, this job can provide the salary and freedom you desire as you build up your client base.
This is one of the smallest careers – the BLS reports that it’s employed 52,500 Americans. You’ll be predominantly working in the credit intermediation industry. Your job is to examine businesses’ finances and ensure that they’re complying with laws and regulations.
If you want to work in a managerial role, it’s recommended to get a Master’s degree, as many employers will be looking for it. A Master’s degree can help you get on the fast track for these careers:
- Financial Controller
- Finance Officer
- Cash Manager
- Credit Manager
- Insurance Manager
- Risk Manager
Many of these occupations will provide a boost in income with a master’s degree. Stockbrokers see the highest increase of all.
According to the BLS, the median wage with a master’s degree is $80,000 more than the median salary for those with only an undergraduate degree. You’ll also be able to attain a professional certification, such as the Chartered Financial Analyst (CFA) certification or the Certified Financial Planner (CFP).
These certifications act as testaments to your experience, knowledge, and authority in the field. Employers will look at this favorably and more doors will open.
Be sure to look into financial sector information to consider the way the industry is changing and adapting.
Day in the Life
Now that you have an idea of the coursework involved with a finance degree, the career options, and overall outlook, what is it like to be in finance day-to-day?
Although the majority of companies will still require you to come into the office, some are embracing remote work. Through Google Hangout, Skype, or FaceTime, you can attend meetings or work with clients across the world.
You’ll be checking your email frequently to connect with clients and answer their questions. If you’re in the accounting industry, you’ll have multiple deadlines – some for the same client. You’ll need to know how to prioritize your workload so you don’t get behind.
However, part of the charm in a finance career is taking numbers and plans that are disorderly and creating order.
Should I Major in Finance? Making a Commitment
The truth is, you can replace “should I major in finance” with any other industry. The trouble with deciding on what degree to choose is the feeling of finality. You don’t want to make a mistake and lose time and money in the process.
However, you can’t predict the future. If the idea of working with numbers, growing businesses, and making impactful financial decisions excites you, then this could be the degree for you. Commit to it 100 percent; that’s the only way to know if a degree or career is for you and windows 7 not genuine 7600! career is for you!