Is a Finance Degree Worth It? 5 Benefits To Consider
Date – 26/10/2022
Banking and asset management, as well as insurance, venture capital, and private equity, are all part of the fast-paced finance business. In 2018, these sectors accounted for 7.4% of the US gross domestic product, or $1.5 trillion (GDP).
The banking business generates a lot of work opportunities because it is such a big element of our economy. It also encourages fierce competitiveness.
There are numerous rewarding career choices available to persons with the appropriate training and education. But, in order to thrive, do you truly need a financial degree, or would any degree suffice? How can you determine which degree in finance is best for you if you decide to pursue one? It all depends on the type of job you want today and in the future.
Five Important Advantages of a Finance Degree
That is why obtaining a financial degree is highly beneficial
Learn skills that will help you succeed in your future employment.
Finance, as opposed to more comprehensive degrees such as business administration, teaches you in-demand skills such as data analytics, risk management, capital allocation, and investment strategy.
Work for a variety of employers.
A finance degree will provide you with the core information you need to begin your career, whether you want to work on Wall Street, for the SEC, or for a financial planning company.
Create a foundation for obtaining professional credentials.
The vast majority of financial professionals obtain at least one professional qualification. The most prevalent certification for financial planners is the Certified Financial Planner (CFP), which establishes high ethical and skill criteria for these professionals. Financial management professionals may opt to specialize their knowledge by pursuing certifications such as the Chartered Financial Analyst (CFA) or the Financial Risk Manager (FRM).
Prepare for a financially rewarding career.
According to the National Association of Colleges and Employers (NACE), the average starting pay for finance majors in 2021 will be $71,464, while management, director, and executive jobs will easily exceed six figures.
Join a popular industry that is expected to grow steadily.
According to the BLS, employment in all business and financial operations occupations is expected to expand 7% by 2028, faster than the overall average, producing around 591,800 new positions.
What Jobs Are Available with a Finance Degree?
As the finance business expands, technology evolves, and the regulatory landscape becomes more complex, the number of finance jobs available expands. Let’s take a look at some of the most promising employment opportunities for finance graduates.
Loan Officer
Loan officers evaluate, authorize, and recommend loan approval for individuals and enterprises. They gather and verify the required financial records before evaluating the information to establish the applicant’s need for a loan and ability to repay the loan.
Personal Consultant of Financial
Personal financial counselors assist individuals in managing their resources and planning for the future. They advise and handle investments, insurance, and mortgages, as well as education savings, estate plans, and retirement.
Financial Examiner
Financial examiners verify that financial institutions follow the regulations that govern them. They examine balance sheets, assess loan risk, and evaluate bank management to ensure that risk is adequately managed and borrowers are treated fairly.
Financial Analyst
Financial analysts review investment prospects for companies and individuals, assisting in the evaluation of the performance of stocks, bonds, and other types of assets. They typically specialize in a single industry, geographical region, or product kind.
Manager of Finance
Financial managers prepare financial reports, manage investment operations, and formulate plans for their organization’s long-term financial goals. With technological advancements, financial managers today spend the majority of their time analyzing data to advise management on how to optimize earnings.
CONCLUSION
It takes time, dedication, and hard work to earn a finance degree. However, earning a degree is merely the first step. There are three things you should know about differentiating yourself from the competition. The greatest way to learn is to do / Keep an eye on the broader picture / Apply your studies in the actual world Remember that finance is a very competitive industry, so do everything you can to stand out. Keeping these factors in mind as you finish your degree can assist you in becoming a well-rounded professional with job-ready abilities.