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

FAQs

5 Majors to Consider for a Career in Finance – BigFuture? ›

A: In most cases, a bachelor's degree in finance or a closely related field such as accounting or economics is sufficient for a top-earning job in the financial sector.

A: In most cases, a bachelor's degree in finance or a closely related field such as accounting or economics is sufficient for a top-earning job in the financial sector.

Finance is the management of money which includes investing, borrowing, lending, budgeting, saving and forecasting. There are four main areas of finance: banks, institutions, public accounting and corporate.

Finance degrees are in much demand worldwide, with many different career path options and great monetary benefits. The Bureau of Labor Statistics forecasts finance-related jobs to grow 7% from 2021 to 2031, with an expected increase of about 715,100 new jobs and about 980,200 openings from growth and replacement needs.

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.

The top 5 highest paying jobs in finance are investment banking, hedge fund management, CFO roles, private equity, and actuarial positions. These careers typically offer substantial salaries and the potential for significant bonuses.

The four fundamental pillars of finance are Corporate finance, Investments, Financial institutions and International finance.

Is Finance a Hard Major? 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.

Both finance and economics are excellent choices for someone interested in a career in the financial sector, but they do differ in focus and potential job opportunities.

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.

Can I major in finance if I am bad at math? ›

Believe it or not, mastery of advanced math skills is not necessary to have a career in finance.

Yes, GPA matters! Bulge bracket banks and almost all other investment banks will look at your GPA when applying for a job and you should include it in your resume. Typically banks screen resumes based on GPA and will often remove anyone below 3.5.

Finance majors typically work toward a Bachelor of Science in Finance (BS), but some schools offer a Bachelor of Arts in Finance (BA) degree. Since a BS curriculum tends to emphasize science and math, it may seem like an obvious choice for a finance major.

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.