Accountant calculating finances. Over the shoulder view. Photo courtesy of Shutterstock.
Jobs in finance are on the rise, and finance majors can look forward to a career full of diverse challenges and options. By 2022, financial management careers are expected to grow by 14 percent, financial analyst careers by 23 percent and careers in financial advisement by 32 percent, according to the Bureau of Labor Statistics. Here’s a look at some of the reasons why this field is one of the most exciting out there today.
A degree in finance offers grads an opportunity to explore the realm of corporate management and to plan financial strategy within a corporation and with its board of directors. This includes helping to determine a project or product’s profitability, pricing and marketing. Many firms hire recent finance grads to evaluate their company’s current standing in their markets and to study government policies that could affect them. Finance majors can also find themselves working in sales, management and advisement.
Such positions require the people who hold them stay abreast of multiple complicated changes and developments in the field, so expect to increase your skills and knowledge with periodic training from outside organizations. Moody’s Analytics, for example, offers a variety of public seminars designed to help finance workers stay on top of trends and achieve their career goals. And while the hours in the corporate world can get long, the value you have to a corporation translates to excellent job security.
The skill set developed by finance majors is also of great use to city, state and the federal governments. Finance majors learn to analyze and collate data, which makes them well-suited to jobs in the government sector. When working with the government on a federal level, financial majors are often tasked with the preparation of policies and are called in to offer advise to regulatory agencies that manage national economic issues. Those looking to enter the government sector would do well to further their education by majoring in finance.
Finance majors have a solid future ahead of them after receiving their degree. The pay can be quite nice; according to U.S. News & World Report, financial analysts earned an average income of more than $78,000 in 2013, with the highest rate of pay for the profession coming in at $152,420. In a field that is constantly growing, these pay rates will only grow.
The personal benefits for financial majors don’t end with a healthy paycheck. One of the best elements of majoring in finance is that you can really make your own money work for you. Since the very nature of a financial education concerns the growth of wealth, it only stands to reason that you will have the knowledge to invest your money creatively and intelligently. With an intimate knowledge of tax law and financial policies, finance majors have a leg up on other professionals when it comes to getting the best breaks. While other careers may bring in a larger paycheck, financial majors have the knowledge to turn less cash into more wealth — and know what the difference is, too.