5 Majors to Consider for a Career in Finance – BigFuture (2024)

FAQs

What major is best for finance? ›

There are four main areas of finance: banks, institutions, public accounting and corporate. Courses within the finance major provide a solid background in many subjects including: Financial markets and intermediaries. Measuring the risk and return of investments.

You will get to learn all about data analysis, capital allocation, investment strategy, and risk management. The fun doesn't stop at technical skills, though. By being part of such a program, you will also get to cultivate soft skills like collaboration, adaptability, communication, and many others.

A finance degree offers students a thorough understanding of banking, trading, and economics. Finance is the study, acquisition, and management of money and investments. The field includes banking, credit, debt, and capital markets activities, which are all driven by economic principles and practices.

Finance is a somewhat difficult major. The difficulty with finance comes down to its concepts that students would not have experienced before in their lives, the financial lingo in the field, and the concentration of math in the subject.

The U.S. Bureau of Labor Statistics (BLS) projects that business and finance jobs will be in demand from 2022 to 2032, with 911,400 openings on average each year. Certain roles within finance, like financial examiner, are expected to grow over six times faster than the rate for all occupations nationwide.

The core areas of managing personal finance include income, spending, savings, investments, and protection. Smart personal finance involves developing strategies that include budgeting, creating an emergency fund, paying off debt, using credit cards wisely, saving for retirement, and much more.

The finance professionals' basic activities are the 5 A's - assemble, analyse, advise, apply and accumen.

Finance Career Character Traits

If on the other hand, you love numbers, are good at math and Excel spreadsheets, and relish delving into the financials of a public company, then you might want to be an analyst. If you have both skill sets, a position as a financial advisor could suit you best.

High earning potential: Many jobs in finance offer high salaries and growth potential, making it a lucrative career choice. Diverse career opportunities: With a finance degree, you can work in various roles and industries, from investment banking to risk management to financial planning.

Is finance a prestigious major? ›

The short, simple answer is: Yes, finance is still a good career path, but it will probably not be as good relative to other careers as it has been over the past few decades. If you are at a top university or business school, have the qualifications, and start early, that's fine.

Most finance programs require a minimum cumulative GPA of 2.0-3.0. Some schools also require minimum SAT or ACT scores.

Many companies say your major does not matter, claiming they hire people from all backgrounds, including art majors. No doubt they do, but it is certainly better to apply for finance jobs with a finance-related degree.

Some of the main math-related skills that the financial industry requires are: mental arithmetic (“fast math”), algebra, trigonometry, and statistics and probability. A basic understanding of these skills should be good enough and can qualify you for most finance jobs.

That said, the average starting salary is slightly higher for finance vs accounting degrees. In 2023, the National Association of Colleges and Employers (NACE)¹ reported that the medium starting salary for finance majors was $61,456, while the medium starting salary for accounting majors was $53,444.