Finance is one of the most fruitful subjects for people who want to get good job prospects and want to be in a high earning bracket. A report by the U.S. Bureau of Labor Statistics states that financial analysts earn an average of $84,300 per year, while financial managers earn more than $125,080 per year.
This indicates that finance is a suitable choice for you if you want to have a highly successful career.
Having a degree is necessary if you want to move up the corporate ladder at your company, as it is the pre-requirement for most of the jobs at the managerial level. If you are good with numbers and calculation, then you have a chance to land a lucrative job.
There are numerous advantages of holding access to a Finance degree, some of which are mentioned below:
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1. A Wide Diversity of Career Possibilities
One benefit of having a Finance degree is that it gives you a lot of options regarding which career you want to work on in the financial world. With the number of options available, you can choose one that fits your relevant skills and that you are passionate about.
Examples of career path in Finance include commercial and investment banking, insurance, hedge and mutual funds, financial planning and so on. One of the best aspects of this is that you can switch among the jobs if you do not like your current job and get relevant experience in the other.
This would be valuable to you if you have experience working in different job aspects since, it would make you look like a financial expert within the financial world. Finance is a global phenomenon, so you will have the chance to work on the current trends in the global market, prepare financial reports for individuals and researching various corporate related tax laws.
One thing to note is that you constantly need to remain alert regarding the new trends in the financial markets so that you can polish your skills undertaking cacs paper or doing CFA.
2. Earn a Competitive Salary
Earning a high salary is an attractive prospect for those who are in the early stage of their careers. There are not many fields available that can get you the right package that you are expecting from your company. Luckily, finance is one of those careers that comes with a lucrative salary, even at entry-level jobs.
The average salary at the entry level lies between $55000 to $73000 for different kinds of jobs. Your salary may rise drastically as you get experience in your field. According to Forbes, Finance has one of the highest salaries for recent graduates and it rises along with the continual learning in the field which would ensure you a stable future financially.
3. Moderate to Quick Job Growth
Holding a finance degree will not only provide you a huge variety of career options in the financial world, but will also ensure that you have a high probability of finding a new job if you have to quit the current job for some reason. This is because finance is still one of the few fields which have constantly experienced growth and the number of jobs increases every year.
Managing their financial data is crucial if any company wants to be successful. You can rest assure knowing that financial experts will always be in demand for those firms which face an enormous amount of financial inflows and outflows every year.
By utilizing your degree effectively, you will face no threat to your job security in the financial world for many years. This is a major advantage since this field will always need manual operators as opposed to other sectors where technology is decreasing the number of employees required.
Organizations will always need a financially apt person to operate the system.
4. Potential to Work in Other Fields
Although having a finance degree would lead you to have a successful career in any financial institution, you can always choose to work in any other sector if you wish to do so. Some of the fields where you can utilize your financial knowledge are real estate, non-profit organizations, entrepreneurship, etc.
If you feel that working in a financial institution is not the best thing to do, you have the option to work anywhere else, which is a choice that is not offered by every other career major.
For example, if you cannot find a job in the company you desired, you can temporarily work in any other field and wait for a vacancy instead of sitting at home unemployed. You can work at any organization that shares your belief and principles or start your own business.
5. Managing Your Income as A Benefit for Financial Skills
Although there are several professional benefits due to the degree that you hold, there are other benefits too. Developing the skills required to effectively budget your money and invest it wisely so that you can increase your wealth is not as easy as it sounds. Not everyone who earns has the required skills to do proper budgeting.
Instead of hiring any professional to handle your money, you will have all the suitable financial skills required to manage your money efficiently. You will also be aware of the latest financial tools available to improve and diversify your investment portfolio to invest in.
Saving money and investing in the right instruments will significantly raise your wealth. You’d know better which insurance plans are good to go for family or which stocks will repay more dividends.
6. High Networking Potential
The potential of establishing a quality network is relatively high if you have a finance degree, as it would provide you with useful contacts that would be beneficial for you in advancing your business. They would also help you to have access to information that cannot be available otherwise.
Networking is highly recommended if you want to have a successful career, especially in finance. This is because people will only advise you if they believe that you are credible and have firm knowledge in your respective field, which, in this case, is finance.
The Wrap Up
There are numerous benefits, both professional and personal, if you hold a finance degree as you will be entering a profession that will provide you with numerous opportunities to be successful and have a comfortable career.
By entering the financial world, you will constantly be exposed to experience endless growth in your job, have a chance to earn a lot of money, and be in a competitive environment where you feel your skills level is judged on merit.
You will also get the chance to work in a variety of other fields from where you can get relevant experience, which will help you later in your career and significantly increase your wealth. Although it is difficult to choose a degree which would be beneficial for you, but a focus on finance will surely come a long way to help you have a prosperous career and a comfortable lifestyle.
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