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Finance is one of the most popular college majors, with around 57,000 people graduating college with a finance degree in the US every year. A big reason for the subjects popularity is the real-world financial skills that it teaches. People who study finance develop valuable knowledge to help them thrive both personally and professionally.
Here are three ways that a finance degree could help you prepare for the real world.
1. A finance degree will help you make smart decisions about your personal finances
The finance and economics knowledge you develop throughout a finance degree cannot only be helpful for your career, but can also be applied to your personal finances. You’ll become a skilled financial planner who is capable of budgeting, saving, and investing wisely. When it comes to taking on and repaying debt, you’ll be capable of assessing risks and managing lines of credit responsibly. You’ll also have a strong understanding of the ever-evolving world economy so that you can make smart decisions about your money in response to global financial matters. As a result, finance degrees can dramatically increase an individual’s financial literacy and set them up for lifelong success when it comes to money management.
2. A finance degree will open up a wide range of career opportunities
Finance degrees focus on the study of money and economics, but there’s a vast array of subjects within these broad topics that you can expect to get to grips with during your time at college. You’ll learn about business policy and ethics, management accounting, business IT, financial management, investment strategy, risk analysis, and macroeconomics. This broad range of subjects will give you the knowledge necessary for a career within the financial sector, such as banking, accountancy, investment, and insurance. It will also make you a suitable candidate for a huge variety of roles in other industries, such as data analytics, corporate sales, business management, marketing, and risk management. This is ideal if you’re yet to settle on a career path and want to keep your options open.
3. A finance degree will prepare you to start your own business
Many people dream of becoming their own boss in order to give themselves as much financial freedom as possible. However, the unfortunate reality is that 20% of businesses fail during the first two years of operations, and 45% fail within the first five years. Inadequate investment, poor money management and weak business planning are all key reasons for small business failures. Fortunately, the knowledge you gain from a finance degree can help you avoid these problems when you start your own business. Plus, the leadership, communication, negotiation, and networking skills you’ll develop throughout your degree will be incredibly useful for running a business.
Consider a finance degree to set yourself up for success
Studying finance has important real-world benefits that can set you up for a successful career and personal life. If you’re trying to decide which subject to major in, be sure to consider finance.
