Is Finance a Good Major?

Finance is a complex field dealing with money and asset management. A degree in finance equips students with specialized skills and knowledge for rewarding careers in investments, financial advising, data analysis, budget preparation, and more.

In-demand expertise

Finance degrees provide targeted training beyond general business programs. Coursework focuses on highly sought-after competencies, including:

Data Analytics
Risk management
Capital allocation
Investment strategy

Students also build critical soft skills like collaboration, communication, and adaptability through group projects, presentations, and internships.

Unlike broader disciplines, finance degree programs offer the meticulous technical grounding required for the field’s demands. Hands-on learning with modern tools and real-world scenarios prepares students for careers in the industry.

Attractive career prospects

Additionally, with intensive training and economic insights, finance graduates qualify for well-compensated roles across diverse employers, including:

Banks
Investment firms
Insurance companies
Government agencies
Non-profits

Occupations like financial analyst, advisor, manager, and examiner typically mandate a bachelor’s degree minimum.

The Bureau of Labor Statistics forecasts strong growth in business and finance jobs over the next decade. Specialized skills and training are musts in this competitive, complex industry.

Also Read: What is EBITDA in Finance?

Financial prosperity

The financial rewards of a finance degree are substantial. In 2019, the National Association of Colleges and Employers (NACE) reported an average starting salary of $58,464 for finance majors.

Also, as professionals progress in their careers, the financial returns are even more enticing. Management, director, and executive positions in finance often command six-figure salaries, reaffirming that a degree is a path to financial prosperity.

Joining a thriving industry

The finance industry is not only lucrative but also promises stability and growth. The Bureau of Labor Statistics (BLS) predicts that employment in all business and financial operations occupations will grow by 7% by 2028, surpassing the average for all occupations.

This growth is expected to add approximately 591,800 new jobs, ensuring that the finance industry remains a magnet for career seekers.

High earning potential

Salaries for finance positions tend to exceed averages. Financial managers earn over $127,000 per year on average. Even entry-level jobs like a loan officer or analyst pay $60,000 to $85,000.

Furthermore, advanced degrees and certifications like the CFA or CFP increase earnings further and open senior leadership roles. Ambitious finance graduates can potentially reach six figures in manager, director, and executive positions.

Also Read: What is Principal in Finance?

Diverse career paths

A finance degree qualifies graduates for varied, well-compensated roles, including:

Personal Financial Advisor: Advise clients on investments, taxes, retirement planning, mortgages, and more. Median salary: $94,170
Credit Analyst: Assess lending risks and make recommendations. Median salary: $77,440
Loan Officer: Review applications and approve business or individual loans. Median salary: $63,380
Investment Banker: Recruit clients, buy/sell securities, monitor markets. Median salary: $62,910
Financial Manager: Oversee budgets, forecasts, cost reduction, and profits. Median salary: $131,710

Steps for success

Additionally, maximizing career readiness as a finance student requires:

Immersive hands-on learning
Staying current on financial news
Gaining real-world experience

Joining professional associations, securing mentorships, and completing internships build valuable networks and resumes alongside your degree. Demonstrating passion and drive is key in this competitive field.