If you’re interested in pursuing a degree in finance, you’ve probably done some preliminary research into why earning a degree in this field is so intriguing. The goal of earning consistent income and a significant amountofmoney are often the two main reasons people pursue finance as their career. Although you can potentially make a handsome salary with finance, there are some things to consider along the way.
Here are five things to know when you’re looking to study finance.
1. University Costs Are High
The finance jobs you will most commonly see include finance manager or product manager, personal finance advisor, financial analyst, and business consultant. These finance jobs range in average salaries between $55k-$88k, with finance management and business consultant earning the most out of the other three professions.
Given that the earning potential for a career in finance is so vast, going to school to study finance as your secondary education is expensive. Although there are tuition programs and financial assistance services that can link you to the best undergraduate finance programs and make attending school more affordable, it depends where you study. It is not a guarantee that these options will be available to you or that they will be enough to support you through school.
2. Your Income Will Depend On Your Area Of Expertise
A lot of aspiring finance students assume that if they pursue finance, they are set for life. While it is certainly possible to make a reliable income with finance, the amount you earn depends on your chosen career path. Studying finance is a broad concept that is broken down into a few different finance jobs.
3. Prepare To Climb The Ladder
While the salaries for finance jobs are appealing, you don’t start out making your dream salary right away. When it is time to pursue employment, expect employers to look more at your experience than your educational background. If you spend most of your time studying and less time acquiring work experience, you’ll likely be placed for an entry-level position. Be prepared to climb up the ladder of success to build the career in finance that you want.
4. The Credential Requirements Are Steep
Given that all jobs in finance have to do with handling money, it’s not surprising that you need an undergraduate degree to get a job in this field. However, the good news is that you can choose from many different avenues to pursue your degree, including accounting, economics, and business management.
With such an abundance of career options, there are ways to change course in your career planning if you decide that pursuing a traditional career in finance isn’t for you. You automatically earn credits that set you up for reliable backup plans in other fields by pursuing finance. If you’re interested in finance but aren’t sure about the direction to take, general finance is a great way to consider your options.
5. Green Accounting Is Becoming Popular
If you are environmentally conscious, keep in mind that green accounting is becoming a popular profession in the finance industry. In this role, you take care of environmental accounting and look for strategies to make financial choices that are more secure for the environment.
The Bottom Line
Pursuing a degree in finance is a smart move for the sake of financial security and the abundance of job opportunities. Achieving a degree in finance is potentially more complicated than it may be for other career paths, but there are pros and cons to any career move you make. Review the above list of things to know as you pursue finance professionally.
