Will Studying Finance Help You? Is Finance a Good Major?

Students with business majors have the chance to put their academic knowledge to use in practical settings. After graduation, many students choose to work in consulting or investment banking, however some may choose to pursue careers in marketing or sales. A bachelor’s degree in history typically covers different civilizations and eras. Students develop critical thinking, research and writing skills through consideration of primary sources, historiography. In addition to doing plenty of reading and writing, history majors are often asked to reflect on the sources and biases of historical documents, which can translate directly to law school. Financial planning, investment decisions and analyzing/limiting expenses are all various aspects of what you can and will learn as a finance major.

Double Majors: Did anyone major in accounting and finance?

Among many other topics, a student could choose to study accounting, marketing, or management. Finance majors often delve into topics such as economics, accounting and cost analysis, knowledge that may be useful for future tax or real estate attorneys. Like econ majors, finance students tend to develop logical reasoning skills that can help with the LSAT. Building connections with professionals in the industry can lead to mentorship, job opportunities, and insights into market trends. Attending industry events, joining professional organizations, and engaging in online platforms like LinkedIn help establish a robust professional network.

What Happened to the Finance Career Path Between 1980 and 2020?

• To determine the best major for pre-law, we spoke to an expert who is a practicing lawyer and professor, and has founded a company dedicated to helping students get into law school.
• Arts and humanities degrees are often broad in nature, and may include literature, performing arts, history, philosophy and the social sciences.
• If you’re interested in fintech, gaining some business operations or data analysis experience can give you a competitive edge.
• If you have an undergraduate degree in finance or accounting and pass the CFA exam, your salary can increase dramatically.
• Studying finance can lead to careers with significant financial rewards, but that’s not the only draw.

Analytical skills are honed through financial modeling to create forecasts and evaluate financial scenarios. The Bureau of Labor Statistics (BLS) is the government agency that researches, analyzes, and publishes statistical data on the U.S. labor market and makes employment growth projections based on this data. The BLS predicts that overall employment in business and financial occupations will grow faster than the average for all occupations from 2022 to 2032, adding about 911,400 new jobs to the U.S. economy. According to Cooper, more than rote memorization or pure grit, you need resilience, consistency, adaptability, critical thinking and time management skills to succeed in law school.

A political science bachelor’s degree typically covers government and judicial systems, material that serves as a strong primer for law school. Philosophy requires deep thinking and discussion surrounding complex topics such as ethics, logic, metaphysics and existentialism. Philosophy majors do a lot of reading and writing, and also must be able to articulate their thoughts and positions. Students develop strong quantitative abilities, applying mathematical and statistical methods to financial data. Critical thinking and problem-solving are emphasized, enabling graduates to analyze complex financial situations and devise effective solutions. The curriculum fosters data analysis skills, allowing them to interpret financial reports and identify trends.

Forbes Advisor’s education editors are committed to producing unbiased rankings and informative articles covering online colleges, tech bootcamps and career paths. Our ranking methodologies use data from the National Center for Education Statistics, education providers, and reputable educational and professional organizations. An advisory board of educators and other subject matter experts reviews and verifies our content to bring you trustworthy, up-to-date information. To maximize career prospects, finance students often pursue practical experiences and additional credentials. Internships provide hands-on experience, connecting classroom knowledge with real-world applications. These opportunities allow students to polish professional skills, explore different areas of finance, and confirm their career interests before graduation.

A Master of Finance (MF) provides deep, specialized knowledge in finance-related topics such as financial theory, quantitative finance, and financial analysis. This degree is suitable for individuals seeking highly specialized finance roles like financial analysts or portfolio managers. The choice between an MF and an MBA often depends on individual career goals and prior work experience. Pursuing relevant certifications can enhance a finance degree by demonstrating specialized expertise.

• By planning and analyzing their financial resources, finance professionals assist businesses in expanding and prospering.
• As a financial analyst, you’ll study big-picture phenomena like market trends and competitor movement and devise models to predict sales or the results of business decisions.
• Undergraduate coursework generally includes introductory courses in accounting, microeconomics, macroeconomics, and statistics.
• If finance jobs pay a % premium to normal jobs today, but that falls to 20-30% in 10 years – as your career advances – that’s an important little detail.
• Students with business majors have the chance to put their academic knowledge to use in practical settings.

Is a Career in Finance Right for You?

Fortunately, finance is still a good career path for building up that nest egg. If you are at a top university or business school, have the qualifications, and start early, that’s fine. The bottom line is that I don’t think the finance industry will “crash,” but I also don’t think its prospects will improve over the next years. All these factors mean less business visibility, lower growth potential worldwide, and more difficulty investing and executing deals. 5) Technology and Automation – Automation in this period mostly affected jobs in industries like manufacturing is finance a good major that did not require university degrees.

Americans Need Better Financial Education

Arts and humanities degrees are often broad in nature, and may include literature, performing arts, history, philosophy and the social sciences. This breadth can help students develop critical thinking skills across disciplines. A shifting landscape in finance has created several new career paths in the sector. Whether you choose a more innovative or traditional path to pursue, a career in finance can be rewarding and, yes, even help make the world a better place. Personal finance advising can be a rewarding career, with ample opportunity for face-to-face interactions and the chance to help people navigate what can be an opaque industry. The outlooks for the job are solid; employment for personal financial advisors in the United States is expected to grow by 17 percent—much faster than average—from 2023 to 2033, according to the BLS 13.

You will take all the required courses for your finance degree plus additional elective courses. These courses will help you broaden your perspective, increase your knowledge of different subjects, teach you critical thinking and communication skills and advance cultural diversity in society. You will also have the opportunity to choose an elective course that interests you. It can be challenging to get a degree in finance, but it also depends on the university you attend. Finance classes are not very difficult, but they do require some basic arithmetic and analytical skills.

Some pre-law majors are more popular than others and can play into the holistic impression that you create when applying to law school. Real estate finance involves the financial aspects of property acquisition, development, and investment. Professionals may work as mortgage brokers, real estate analysts, or in real estate investment firms, dealing with financing structures and market analysis. Earning potential varies based on experience, specialization, and market conditions.

Most students will struggle initially with the unfamiliar terms and maths involved in a finance degree. However, after a while, most students can develop a basic understanding of finance and through constant revision, they can do well. Due to the mathematical and analytical nature of the courses, economics and accounting are a little more difficult to enter than finance.

No matter what you major in during your undergraduate experience, there are several steps you can take and various skills you can develop to succeed in law school. Sociology majors might take courses in areas like human behavior, social theory, statistics and race. A broad understanding of different types of people is essential for lawyers, especially immigration lawyers, family lawyers and public defenders. Nevertheless, if you have aptitude and interest in it, political science is a strong pre-law major.

Interest and aptitude are two strong factors to consider in choosing your major, not what you think will impress a law school. To determine the best major for pre-law, we spoke to an expert who is a practicing lawyer and professor, and has founded a company dedicated to helping students get into law school. The main difference now is that it’s more important to diversify because the finance career path will be less predictable in the future. If you consider just investment banking jobs, it might be more like a ~50% to ~200% increase. Most people have traditionally viewed finance careers as high-cost but high-reward. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.

These acquired skills are widely transferable, preparing graduates for diverse roles across various industries. Finance involves the management of money and assets, driving economic growth and stability. It influences decisions from individual savings to multinational corporate strategies.

Frequently Asked Questions (FAQs) About Pre-Law Majors

“I’ve worked with successful law school applicants who majored in fields as diverse as engineering, philosophy, English, nursing and the performing arts. Pick the major that pushes you intellectually and that you’ll enjoy enough to do well in. Interest and aptitude are two strong factors to consider in choosing your major, not what you think will impress a law school,” he says. “There’s no magic major for law school,” says Ben Cooper, Forbes Advisor Educational Advisory Board Member, lawyer and founder of PreLawPro, a business that provides admissions counseling for law school. Wealth management and financial planning focus on helping individuals and families manage their financial assets and achieve long-term goals.