How the Finance Major Prepares You for the Job Market
The business major is one of the most widely-accepted and applicable majors available. Every industry, from health care to non-profits, has a business aspect that demands attention. For this reason, business students are highly likely to find employment in a variety of fields. This may account for the popularity of the business degree. In 2006-2007, approximately 21 percent of the 1,524,000 degrees conferred were given in the field of business, according to the National Center for Education Statistics. Finance majors in particular focus on the monetary aspect of businesses, especially with the raising of capital, expenditures, and allocation of resources. To prepare for a future working with both large and small businesses, finance majors take courses in accounting, investments, short-term financial management, financial modeling and forecasting, and other topics related to how to best handle a companyís finances to guarantee return. This educational background prepares finance majors for a successful career after graduation, as the majors already possess the valuable knowledge needed in the field.
Best Career Paths for Finance Majors
As the country recovers from the recession, businesses across the nation have learned to keep a more focused eye on their finances. Finance majors can find work in a variety of settings and industries, keeping them financially healthy and prosperous. The best career paths for finance majors to take are:
- Financial Management. Financial managers look after the major financial work of a company. They are responsible for preparing reports, developing plans for future expenditures, investments, and savings strategies, analyze financial risks that should or should not be taken, establish budgets, and handle many other business aspects of the company. Financial managers make an average salary of $90,970 annually, according to the Bureau of Labor Statistics.
- Personal Financial Advisor. Personal financial advisors work with individuals instead of companies to analyze where money can be spent and where money should be saved. These individuals typically have financial goals that must be met, such as planning for a childís college education fund or buying a new home. They make an average salary of $66,120 annually, according to the Bureau.
Both of these positions utilize the business skills and industry knowledge that finance majors possess.
How to Market Your Finance Degree
Earning a finance degree is an important step towards starting your career. However, you will also need to know how to market your degree to potential employers in order to prove that your education makes you an excellent candidate for the position. To do this, be specific about the skills you learned in class. For example, mention how you learned to best determine the pros and cons of any investment possibility. Be sure to mention the challenging projects you tackled and how those projects helped you hone your skills in the field. Reassuring employers and clients that your educational background helped you develop real-world skills is the most effective way of marketing your finance degree.
