Is a finance degree worth it in 2018?….YES…And here is why…
Choosing a career path is really tough these days. It is great to make a lot of money, but you don’t want to be miserable your whole career. It honestly took me two full years of college to find out what I was really good at, but was also very interested in. By no means is college going to guarantee you a job after graduation, but certain degrees are worth it. Still in 2017, we are still recovering from the recession that took place almost 7 years ago! In order to get a good paying job, you must stand out anyway you can. Is a finance, or any other degree, worth it?
Is a Finance Degree Worth It?
So is a finance degree worth it? I would say yes. A finance degree is math based, but the degree consists of a wide range of classes such as business management and accounting. You don’t have to want to be a stock broker to major in finance, there are many different directions you can go after you graduate. Banking is probably the most common career path finance degrees take after graduation. Banking is very complex, so you might be working in investments, loans, or banking regulations. These jobs all pay about $50,000 a year median salary, but you gain a ton of experience that will help you move up in your company if you work hard enough.
The best advice I could give a recent finance graduate would be to get out and meet people. Once you get your foot in the door at a bank or investment firm, the harder you work, the more money you will make. After graduation, do not be scared to accept a lower-paying position to learn.
Also See my post: Is a Business Degree worth it?
What jobs will you be qualified for?
There are a lot of degrees that just train you for a certain job. For example, what else besides being a nurse are you remotely qualified for if you have a degree in nursing? Obtaining a finance degree makes you a well rounded candidate for a lot of positions. You will learn a little about accounting, a little about management, and of course, finance. I would highly suggest going for your MBA after graduation after you work for a year or two to gain experience. This will help set you a part from most undergraduates. In 2016, colleges degrees are very common thanks to the availability of student loans, so do everything you can to stand out from the crowd.
The unemployment rate of individuals with a finance degree is lower than most other fields. This number is a little misleading due to the fact that the majority of jobs out there are sales jobs. The good thing about commissioned-based jobs, is that your income is unlimited. You actually won’t use any of your finance knowledge selling life insurance, so if that’s what you’re after, don’t go into the industry.
Probably the highest paying position right out of college for a finance major is a financial analyst for a large corporation. Financial analysts try to save companies money. Every industry, from oil companies to government contractors, have financial analysts behind the scenes analyzing contracts or trying to save the company money. Graduates with a more analytical mind set will be most successful in this field.
Is a College Degree Worth Going into Debt For?
In 2016, anyone can get a student loan. The majority of student loans are deferred, which means that you do not start paying for them until after you have graduated. I personally know people that owe $100,000 in student loans, but only make $40,000 a year. Do yourself a favor and really think through going into debt over a degree. For starters, be sure the degree you are borrowing money to get will be worth it when you graduate. Before borrowing money to attend college, always check the unemployment rate of that particular field. Never borrow money to get an art degree!
Borrowing money to obtain a degree in finance is well worth it. The unemployment rate of people with a finance degree is much lower that most fields of study. My advice to anyone that is going into debt to go to college is to work very hard on every assignment and every class. The job market is very competitive today, so you must stand out!
Is a finance degree worth it?
Nothing in life is guaranteed. Don’t expect a great job right out of school. In college, you will learn about accounting principles, stocks, management, the list goes on and on. If you want a great job right out of college, I would say that accounting is a better major for you, but if you want to learn more, stick with a finance degree. Finish at the top of your class and accept any and every finance internship opportunity you get. Remember, there are no perfect degrees. It all depends on how well you sell yourself in interviews. Good luck.