November 14, 2023in [ ]
Choosing a college major isn’t always easy. If you have a knack for numbers, you might consider pursuing a bachelor’s degree in finance.
Why study finance? Is a finance degree worth it? What does a finance degree teach you? A finance degree can be worthwhile, as it’s a versatile degree that can equip you to pursue a range of positions across different industries and sectors. Additionally, you will be taught skills that may be used to your own financial benefit.
Here’s a quick look at five reasons many students decide that majoring in finance is the right choice for them.
In This Article:
- Enhance Your Own Financial Health
- Finance Job Opportunities
- Finance Degrees Can Be Utilized in a Variety of Sectors
- Help Others Attain Financial Freedom
- Studying Finance May Help You Launch a Business
- How To Study Finance
1. Enhance Your Own Financial Health
First, what does a finance degree teach you? Finance students are taught key knowledge that is both broad in scope and in-depth in nature. A finance degree can teach you important topics to potentially enhance your own financial health, such as:
- Portfolio theory, management and application for business and individual investment decisions
- Infrastructure of the modern monetary system
- Market forces of supply and demand, consumption and production
- Risks and rewards of investing in residential and commercial real estate
You'll also learn about investment strategies, risk management, financing, credit reporting and lending. All of these topics can enhance your understanding of your own financial health, both presently and far into the future.
Financial literacy is very important for everyone to have, yet a significant number of Americans seem to face a deficit in this area. It’s been estimated that in 2020, Americans lost $415 billion dollars due to a lack of financial literacy.1 Furthermore, 87% of teenagers have stated they do not understand their finances.1 Clearly, greater financial education is needed in the U.S.
By majoring in finance, you have the opportunity to potentially lay the foundation for your own financial health. You will be taught how to make wise, forward-thinking decisions that can potentially pay dividends now and in the future.
2. Finance Job Opportunities
Of course, a finance degree can offer much more than knowledge for your own personal use. You may also decide to use your financial knowledge to pursue a diverse range of job opportunities.
Although a finance degree may seem like a specialized qualification, it is quite versatile. In addition to jobs in the banking industry, you might consider working in financial planning or government financial management.
The U.S. Bureau of Labor Statistics (BLS) Occupational Outlook Handbook estimates job growth for business and financial operations occupations is projected to grow faster than average from 2022 to 2032, accounting for an average 911,400 job openings in this field each year due to employment growth and the need to replace workers who leave the occupations permanently.2
Here’s a look at some of the jobs that you may apply for if you choose to study finance:
- Personal financial advisor
- Financial examiner
- Financial analyst
- Treasurer or controller
- Loan officer
- Market research analyst
Many jobs in finance are experiencing robust growth right now. According to the BLS, the job growth rate for financial managers is projected to be about 16% from 2022 to 2032, much faster than average. This indicates that employers will hire about 126,600 new financial managers during this time.3
Other finance-related jobs are also experiencing a positive growth rate. According to the BLS, the job growth for personal financial advisors from 2022 through 2032 is expected to be 13%, much faster than average,4 and the job growth rate for financial examiners from 2022 to 2032 is expected to be 20%.5
3. Finance Degrees Can be Utilized in a Variety of Sectors
Earning a finance degree doesn’t just offer a wide range of job opportunities; it can also enable graduates to set themselves up to pursue positions in different sectors at varying types of organizations.
Finance majors may pursue work at privately and publicly held corporations. For example, financial majors may work at small, mid-size or large corporations. Some graduates may choose to work for government agencies, where they can work toward gaining satisfaction from serving the public. Others may decide to go into the nonprofit sector, where they can support charities that serve those in need.
4. Help Others Attain Financial Freedom
In many finance jobs, professionals may work directly with people to help them achieve better financial health.
For example, stockbrokers typically assist their clients in developing a diversified portfolio that can help them establish financial security. Financial advisors may work directly with clients to provide financial education, investment advice and guidance on achieving financial goals, such as saving for retirement or a child’s college education.
Some may find this career field to be rewarding and may fulfill a ‘higher purpose’ of helping others prepare and plan for their financial future.
5. Studying Finance May Help You Launch a Business
Some students decide to work toward a finance degree because they have entrepreneurial aspirations. With a finance degree, you may choose to launch your own financial services business and become an independent financial advisor, for example.
However, a degree in finance can also help you even if you have dreams of starting a completely different type of business. Whether you want to open a retail store or your own restaurant, the fiscal knowledge that you’ll be taught during your degree program can help you position yourself for possible career advancement.
How To Study Finance
If you’ve decided that the answer to the question, Is a finance degree worth it? is a resounding “Yes!” then it’s time to take a look at the next steps. If you’re still in high school, consider talking to your school counselor about your career plans and the path to get there. Ask if you can adjust your course schedule to better reflect your professional aspirations, such as by taking more math classes, as well as courses in finance, microeconomics and macroeconomics.
Next, look for relevant part-time jobs, internships and job shadowing opportunities in your area. Job shadowing and internships, in particular, may help you narrow down your list of career possibilities in the finance field. You’ll also want to begin looking for a finance degree program at an institutionally accredited university.
Delve into the question why study finance? and embark on your financial education journey with Grand Canyon University. Apply for enrollment in the Bachelor of Science in Finance degree available from the Colangelo College of Business. Complete the form on this page to speak with a university counselor today.
1 Radic, D. (2023, Feb. 27). Astonishing financial literacy statistics for 2023. Moneyzine. Retrieved Sept. 12, 2023.
2 COVID-19 has adversely affected the global economy and data from 2020 to 2022 may be atypical compared to prior years. Accordingly, data shown is effective September 2023, which can be found here: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Business and Financial Operations Occupations, retrieved on Oct. 24, 2023.
3 COVID-19 has adversely affected the global economy and data from 2020 to 2022 may be atypical compared to prior years. Accordingly, data shown is effective September 2023, which can be found here: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Managers, retrieved on Oct. 24, 2023.
4 COVID-19 has adversely affected the global economy and data from 2020 to 2022 may be atypical compared to prior years. Accordingly, data shown is effective September 2023, which can be found here: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Personal Financial Advisors, retrieved on Oct. 24, 2023.
5 COVID-19 has adversely affected the global economy and data from 2020 to 2022 may be atypical compared to prior years. Accordingly, data shown is effective September 2023, which can be found here: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Examiners, retrieved on Oct. 24, 2023.
Approved by the director of academic operations of the Colangelo College of Business on Oct. 30, 2023.
The views and opinions expressed in this article are those of the author’s and do notnecessarily reflect the official policy or position of Grand Canyon University. Any sources cited wereaccurate as of the publish date.
