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One of the most important things to think about when choosing a major in college is the kind of career you’ll have after you graduate. Sure, your degree needs to fit your skills and interests, but a degree which doesn’t lead to a career isn’t much use in the modern world, unfortunately. Degrees that are highly useful both in your career and personal life are ideal, then, especially if they can bridge that gap between “interesting” and “in-demand.” Finance degrees, as it turns out, are the perfect fit for many, and here’s why.
Check out the 3 reasons below
1. Finance Degrees Have Surprising Utility
When people think of finance, they often confuse it with accounting, which has a reputation as a rather dull career. This is a major mistake, however, as despite some overlap, the category of finance has a far greater range of jobs. Finance careers can relate to real estate, insurance, corporate finance, and personal investment, just to name a few. And beyond that, the kinds of skills you’ll learn and pick up during a finance degree program have uses beyond just work. Your personal finances, for example, are similar enough to those of businesses and other organizations that many of the budgeting and investing techniques can be put to use in everyday life just as easily.
2. Finance Careers Pay Very Well
While many degrees may not lead directly into a career, a BS in finance can lead you to some high-paying jobs right off the bat. Take a look at financial analysts, for example; even though a bachelor’s in finance is the main requirement for getting started in the career, they have a median annual income of $85,660 per year in 2018, according to the Bureau of Labor statistics. The same could be said for personal financial advisers, which require a bachelor’s and on-the-job training for a median annual salary of $87,850 per year in 2019. Careers in science, medicine, and even education often demand a graduate degree for far lower median salaries than these, and that means entering these jobs with possibly substantial school debt on day one. While master’s degrees can help to advance to higher positions in finance, they’re hardly mandatory; even financial managers, with a median salary of $129,890 in 2019, are listed as having a bachelor’s as the typical entry level education. When it comes to maximizing salary while minimizing education costs, there are few degrees that can compare to finance.
3. Finance is a Growing Industry
Although the baby boomer generation is aging, they haven’t been retiring at the rates that might previously have been expected. One unintended side effect of this is that in many industries with slow or no growth in employment, positions aren’t opening up for fresh-out-of-college workers, delaying the start of their careers in a way that can have lasting impacts on lifetime earnings. Finance, however, is one of the few industries that doesn’t have this problem. The BLS reported that overall growth of business and financial positions was projected to be in the area of 7% between 2018 and 2028, faster than the national average. And that’s just the industry as a whole; there are specific careers, such as the aforementioned financial managers, which are projected to see growth of up to 16% over that same period. There’s no doubt about it—finance remains a booming industry, in spite of recent economic difficulties.
So, as you get ready for college, keep these points in mind while mulling over possible majors. If you’re looking for a degree that’s useful both in your work life and your personal life, leads to interesting and high paying careers, and has plenty of room to grow, look no further than finance. The jobs are out there waiting for you, so don’t hesitate to seize the opportunity.