Posted on March 8, 2022

When we think of finance, we may imagine black-suited businesspeople sitting behind a large mahogany desk on Wall Street, speaking in what can feel like an alien language. But the reality is that Wall Street only represents a tiny portion of the world of finance and the people who work in it.

In reality, anyone who works in activities associated with capital markets, banking, credit, leverage or debt, investments, and any sort of money management, in general, has some background in finance.

So why study finance? With the world moving into digital spaces and cryptocurrencies taking a main stage on the global platforms, the world economy is sailing into uncharted territory. Businesses are seeking professionals who are knowledgeable in the latest trends, developments, and innovations in the finance world.

Here are the top five reasons why you should study finance in today’s business world.

#1 Finance jobs are in high demand

With pandemics and global crises rocking markets worldwide, small businesses and large corporations alike are seeking competent employees to join their ranks.

In fact, according to Indeed.com, jobs in finance ranked in the top ten most-requested categories in multiple countries across Europe and South America. By choosing to study finance, you are securing a stable professional future.

#2 The finance industry continues to evolve

Financial literacy is imperative to understand some of the most recent technology coming out in the field.

Financial technology, referred to as Fintech, is described by Investopedia as, “new tech that seeks to improve and automate the delivery and use of financial services.”

The term encompasses a variety of financial activities, ranging from raising money online for start-ups, to digital money transfers and managing investments without the need of a physical person behind the screen. As these types of software and algorithm-based solutions continue to develop, businesses will need professionals with up-to-date knowledge of the current financial atmosphere.

#3 Degrees in finance are widely applicable

The number of career possibilities for those with finance degrees is quite vast. Opportunities for finance majors can be defined into some of the following sub-categories:

Accounting

An accountant is the primary contact for all internal fiscal records. Accountants are responsible for a wide range of finance-related tasks, either for individual entities or for larger businesses and corporations. They assist businesses and individuals alike keep fiscal records, stay in fiscal compliance with supervisory agencies, and manage budgets and spending.

Financial Advising

Advisors guide and educate their clients towards the appropriate financial plan for their futures. They are the primary point of reference for topics such as the best way to plan for retirement, how to appropriately categorise your earnings, and ways to manage risk. They are essentially responsible for all aspects of financial life.

Investor

Investors devote capital to various types of stocks, bonds, and other financial accounts with the expectation of receiving a return on their investment. Financial professionals who work in investments can work either individually for personal earnings, or within a larger firm for a series of different corporate and individual accounts. They help choose the best short, medium, and long-term investment strategies for accumulating wealth.

Corporate Jobs

A degree in finance also lends itself to many positions within the corporate sector. These positions can range from strategist to executive, from resource management to CEO. A person who studies finance has the opportunity to work in a corporate environment for enterprise businesses, both public and private.

#4 An education in finance is useful in your daily life, too

According to the OECD/INFE 2020 international survey of adult financial literacy, about half of the EU adult population does not have an adequate understanding of basic financial concepts.

In other words, they are not financially literate. Gaining knowledge in the finance sector will not only open up a host of potential possibilities from a professional standpoint, but will also appropriately prepare you for the financial complexities of the world in general.

#5 Finance degrees are profitable

A degree in finance has the potential to lead to a career in the finance sector, which is very profitable. Here are some of the top-paying positions in the finance industry making up to €115,000 per year according to Indeed:

Investment banker

Information technology auditor

Compliance analyst

Financial advisor

Insurance advisor

Financial analyst

Senior accountant

Hedge fund manager

Financial software developer

Private equity associate

Chief financial officer

Chief compliance officer

Source: https://online.edhec.edu/en/blog/why-study-finance/

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