Finance is the analysis and management of fiscal assets and decisions. Those who study finance learn how to generate income, how to invest money and how to distribute it among employees or debtors, making them invaluable assets to those who require financial management assistance. They learn the basics of accounting, analysis and economics, giving them a multidisciplinary edge on those who study only one aspect of the field.
What Occupations Might a Finance Major Hold?
A finance graduate may work with corporations, small businesses or individuals with great wealth. Due to the broad education that comes with the course, finance graduates enjoy a wide range of career opportunities, including positions within financial institutions, investment brokerages and large corporations. Financial planning, corporate finance, banking, real estate, banking and insurance are among the many areas in which a finance graduate is qualified to work.
Recent Job History for Finance Majors
Normally, finance is a great choice of major, and it can yield high pay for a graduate in the first year of work. Finance is considered the proving ground for those who advance in high-level corporations, as well. However, more than 330,000 bank jobs have been lost worldwide due to the recent financial crisis, and the cuts may not be finished. Meredith Whitney, a former analyst for Oppenheimer & Co., suggests that the slow growth of revenue will mean the end of an additional 80,000 jobs. The outlook for finance graduates may seem grim, but some experts believe that the financial turmoil will give birth to new enterprises and opportunities that will place these fiscal professionals back in demand during the reformation period.
Reaction from Students
Still, students across the country are keeping a close eye on economic signals. The number of students pursuing a baccalaureate degree in finance decreases each year. From 2008 to 2010, the Stern School of Business at New York University, which is known for placing its graduates directly on Wall Street, saw a five percent decrease in the finance major. Those that remain in financial studies are shifting their focus. Many expect to hold nontraditional finance careers, including those in risk management, financial regulation and emerging economies.
Many undergraduates feel frustrated with the job market: Just as those with other degrees, finance majors discover that a single baccalaureate degree is no longer enticing for most employers. Indeed, competition for jobs in finance is fierce. Experience and qualifications are keys to job-market success.? For this reason students must distinguish themselves to be considered for open positions and are pairing finance studies with a second major, usually accounting or marketing. Some seek additional qualifications that make them more appealing candidates for jobs in investment, including chartered financial analyst certification. Meanwhile, the cost of higher education is escalating, and the U.S. Congress is currently considering raising student loan interest rates, compounding difficulties in financing the qualifying education.
From Bust to Boon Opportunities
Despite the downturn in both employees and students, the finance major still generates interest. Many colleges and universities are implementing new finance programs, which they expect to be among their most popular course offerings. The mindset of faithful students can be summed up easily: Humans have always found ways to generate wealth, and there will always be a need for those who know how to manage it.
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by Jaye Ryan, a freelance writer who enjoys writing about finance, finance education and finance matters for Octopus Loans.
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