What is a Finance Major and is it Right for Me?
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.
What is a finance major?
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.
Is it right for me?
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.
Here are some questions to ask yourself when deciding if a finance major is right for you:
- Am I interested in math and statistics?
- Am I a creative problem-solver who is able to overcome challenges by coming up with innovative solutions?
- Am I interested in figuring out how to help companies increase their revenue?
- Am I a good communicator who is able to express my ideas clearly and effectively?
If you responded “Yes” to all of the above, then being a finance major might just be for you.
What can I do with a finance degree?
Finance as an area of study is fairly broad and offers plenty of career options. These include:
- Investment banking
- Management consulting
- Investment management
- Corporate Finance
- Risk management
- And more…
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.
What do finance majors earn?
The salaries of finance majors vary widely depending on the careers they choose to pursue. While accountants earn an average salary of $63,000 per year, management consultants earn an average of $86,000 and investment bankers can earn upwards of $250,000.