What is finance major?
What are the main fields of study in finance major?
What majors are related to finance major?
What are the requirements in joining a finance major course?
What are the main career paths for finance major?
What is the significance of finance major in the economy?
What is the relevance of the writing class to finance major?
What is finance major?
Finance major at MichiganState University
Background information 3
Reasons why student choosefinance major
Fields of study in financemajor
Other courses related tofinance major
Careers and career paths forfinance majors
Finance and writing class 7
What is finance major?
Finance major is one of theprofessional courses that are business oriented. Management offinancial resources is necessary in all aspects of life, whether itis individual, business, non profit organizations or government.Transfer and use of wealth or money are daily aspects of daily life.Finance major involves professionally oriented studies that aredesigned to equip individuals with financial management skills.Managing financial is both a science and an art (Singh 2012). AtMichigan State University (MSU), finance major includes severalcourses in finance such as “business financialadministration, management of financial institutions, investments,financial markets, and the management of risk”. It also includessome intermediate accounting studies. The Michigan State Universityhas designed the cause to ensure that upon graduation finance majorare able to fit in employment opportunities available in the modernjob market (MSU, nd).
There are several reasons whystudents chose to study finance major in colleges and universities.Among the most important reasons are potential rewarding careers infinance. Despite the economic downtown as a result of financialcrisis, there is a relatively higher guarantee among finance studentscompared to other fields. Additionally, finance major is one of thebusiness courses that have a relatively narrow focus while allowing astudent to explore opportunities in different sectors of the economy(Singh 2012). Statistics in the job market indicates that there is asteady growth in finance related jobs prospects. This is due to theincreased financial products in the economy for both individuals andcorporate. A student can also be motivated to take finance majorbecause it is personality driven. Although there are otherprerequisite educational and intelligence requirements, individualswith inquisitive and outgoing personality opt for finance major. Everyone would like to be in a profession that is financialrewarding. Finance related jobs are very rewarding, especially if theindividual has accumulated experience and excellent job performance(Singh 2012). Some of these reasons explain why there are a hugenumber of students enrolling for finance related courses in collegesand universities. However, with a degree in finance major, success isnot in guaranteed in a silver platter. This is due to the sensitivityof finance management in the economy. Thus, finance majors should beaware of the current situation and emerging trends in finance andfinancial management around the world. For example, the recentfinancial crisis in the world had huge impacts in financial careerssince a good number of financial experts lost their jobs (Singh2012). On the other hand, the financial crisis emphasized theimportant role of finance experts in the economy.
There are several fields ofstudy that finance majors are expected to study. Being a businessoriented course, general introduction to other aspects of businessenvironment such as economics, corporate governance and ethics andstrategic management. However, the core finance courses includeaccounting, banking and investment, budgeting and forecasting,statistical analysis as well as management of assets and liabilities(FirstGenerationStudent.com 2013). Finance major student is expectedto learn numerous issues about money and management, such as stockand bond markets and the factors affecting the stock market. Also,the student will be equipped with knowledge in assets management.This involves being able to calculate the fraction of organization’sasset in a particular investment with an aim of optimizing the returnon investment and minimizing the risks to justifiable levels.Depending on the institutions in which an individual seeks to study,before the completion of the course, a student is expected to havestudies some general courses such that equip the finance majorstudent with basic skills in writing and communication or law amongothers.
However, finance major shouldnot be confused with a degree in accounting or other accountingprofessional courses. This is because an accounting degree is morediverse covering several business functions associated with accounts.Finance major is relatively narrower. Additionally, although they arealso closely related, financial accounting is a slightly different,although it is also a general accounting and finance managementcourse (Singh 2012). It is important to note although there is aslight divergence, finance major and financial accounting mainly leadto same career path, while accounting has a different career path.
There are specificqualification and personal skills that are prerequisite for a coursein finance major. Outgoing and inquisitive individuals with uniqueset of skills are ideally suited for a successful career in finance.A career in finance is very sensitive since it deals with themanagement of money. In addition to being a core function inmanagement, there are numerous ethical issues associated withfinancial management, which include embezzlement of funds, taxationissues and corruption. To qualify to be admitted for finance majorcourse in majority of universities and colleges, excellentmathematical and analytical skills are required (Blaylock &Lacewell 2008). This is because finance management experts rely onthe mathematical aptitude to ensure that the financial resources areused to further the goals of an organization. Thus, a good GPA incollege or university as well as success in previous professionalengagement will influence the career opportunities available to anindividual.
Financial management is avery competitive and sensitive career. As a result, a bachelor degreein finance major or a related course is the general minimum entrylevel in the many finance careers. However, in less developedcountries where the level of education is relatively low, a goodnumber of financial management professionals start their career atrelatively low educational level. Finance major curriculum equipsthe student with the basic tools in financial management. Financemajor finalist should be able to analyze situations and executemanagerial functions in financial aspects of management (AlfredLerner College of Business & Economics nd). However, on jobexperience is very essential in making major management decisions.Advance careers in financial management will require a moreexperienced financial expert. In addition to experience, a master’sdegree in a relevant field of study is increasingly becomingimportant for senior management in finance. For example, majority oforganizations require financial analysts to have at least a Master ofBusiness Administration (MBA) degree (Nich 2015). Today, obtaining amasters degree in business related field has become very easy.Majority of people are studying for their degree courses whileworking fulltime. This has enabled finance major to further theircareers by advancing their professional credentials. A good number offinance majors have also enrolled in professional accountingcertification examinations such as CPA, CMA and CFA. With theincreased popularity of online classes and other flexible learningmodules, prospects of accomplishing one’s goals have increasedsignificantly (Alfred Lerner College of Business & Economics nd).
The biggest question would bewhat the career prospects of finance major are. There are numerousfinance careers finance majors can pursue after completing theircourses. One of the most competitive careers for finance majors isfinancial analysts. The career plays an important role in the moderncompetitive and dynamic economy (Peter 2007). The increased andcomplexity of investment options in the modern world has madefinancial analysts some of the most sought finance profession in themodern world. A degree in finance major will provide the basicsrequirement for a financial analyst’s career. Finance major canalso opt for a career in financial consultancy. These are experts inadvising investors and business entities on financial forecast,financial analysis, business valuation, securities management andmaximizing of shareholders value (Alfred Lerner College of Business &Economics nd). Finance managers in major organizations are alsofinance majors. However, this is a senior management level whichrequires finance major to have advanced degree in finance or relatedprofessional qualification backed with a wide range of experience. Finance major also plays a major role in the insurance industry. Theinsurance industry is a trillion dollar industry which requires soundfinancial management and forecast to protect wealth from catastrophiclosses (Nich 2015).Other major career paths followed by financemajors include careers in commercial banking, corporate finance,investment, financial planning and real estate management (AlfredLerner College of Business & Economics nd).
Finance and writing class
Writing skills are veryessential to a finance major student during his student life as wellas professional life. As a student, the writing skills will beessential in the completion of assignment and research papers whichinvolves extensive research and writing. The successful completionof the course is dependent on successful completion of course essays,assignments and research papers. Writing skills gained in the writingclass will also be essential in a finance career. The flow ofinformation from one person or institution to another is dependent oncommunication skills. They are essential communication skillsespecially when writing reports. For example, in the modern businessenvironment writing emails and memos internally and externally is adaily routine. An effective communication is essential in promotingproductivity and maintaining good working relationships. It isimportant to note that some of the professions in finance major suchas financial analysts involve analysis of the markets and businessenvironment from a finance perspective. The financial analysis isexpected to write a comprehensive report on his findings. The successof a financial analysis is dependent on his writing skills.
Alfred Lerner College ofBusiness & Economics (nd). Finance,University of Delaware.http://www.lerner.udel.edu/sites/default/files/pdfs/What_is_the_Finance_Major.pdf
Blaylock, A. & Lacewell,S. (2008). “Assessing Prerequisites as a Measure of Success in aPrinciples of Finance Course”, Academyof Educational Leadership Journal,12(1),p 51
FirstGenerationStudent.com(2013). Choosing aCollege Major: Tips from a Professor,http://www.firstgenerationstudent.com/blog/choosing-a-college-major-tips-from-a-professor/
MSU (nd). UndergraduateDegree – Finance,https://reg.msu.edu/AcademicPrograms/ProgramDetail.asp?Program=1267
Nich, C. (2015). Guidefor Finance Majors,http://www.worldwidelearn.com/online-education-guide/business/finance-major.htm
Peter, V. (2007). CareerWisdom for College Students.New York: Infobase Pub.
Singh, D. (2012). Finance101: The Whiz Kid`s Perfect Credit Guide.ISBN 1481767704, AuthorHouse.