Suppose you always had a knack for understanding and making budgets as a growing child. In that case, finance can be an attractive career choice for you. A finance degree is an excellent option allowing you to explore your number-crunching skills and enjoy the challenges different fields have to offer. But earning a degree is just the start of your journey. You have to understand all of your career options and choose the one your skills align with the most. Keeping your skills and interests in mind is the most critical factor in choosing a career. Let’s see which skills are necessary to succeed as a finance major in your studies and career.
Skills That a Finance Major Has
A major in finance will develop analytical and critical thinking skills that will help you understand essential entities. It will teach you how to analyze financial statements, reports, etc. Through necessary thinking skills, you can make qualitative and quantitative assessments about different business problems. Your analysis will help you evaluate the results and implications of various actions.
Your finance degree will also teach you communication and leadership skills.
Finance fields for successful careers
The soft and analytical skills we mentioned above are necessary to become successful in a finance career. So let us now explore some finance fields to utilize these skills and have a successful career.
The responsibility of an accounting department is to overlook and supervise the accounts of a client or company. They create systems and detailed processes to evaluate and convey all the accounts’ information. These systems and processes help analyze the account details. It is done because it is the accounting manager’s responsibility to ensure that the company follows all the legal requirements. You will need masters in accounting online to become an accounting manager or accounts and finance analyst.
2. Financial Planning
A financial planner helps clients make plans regarding their present and future finances. A financial planner provides these services to either clients or corporations. Typically, a planner reviews the company or client’s economic aims and goals and then plans to achieve these goals. The plans include directions about savings and investment and tax planning. The financial planners either work as small groups for designated companies or large corporations for multiple entities.
You will need a bachelor’s degree in finance, economics, statistics, business, etc., to become a financial planner.
3. Corporate finance
Corporate financing jobs involve having to manage the capital that a company needs to keep working. The management goal is to increase corporate value and reduce all financial risks. So the corporate finance department has the responsibility to make financial strategies, predict losses and profits, make financial statements, and coordinate with the auditors. This field also includes jobs like financial analysts, auditors, and treasurers, etc.
4. Commercial banking
The role of the commercial banking department is to support and provide services to local and large corporations. Their services include keeping and checking accounts for preparing accounts and giving loans. Different positions in commercial banking include jobs like loan officers, branch managers, bank tellers, etc. You will need a bachelor’s in commerce, business administration, or finance to join the commercial banking sector.
5. Investment banking
The purpose of investment baking is to aid the issuance of corporate securities and present them to suitable investors for their investment and purchase. The investment banking department also holds the responsibility of advising the corporations and the investors about their decisions. Investment banking has a colorful combination of different jobs and divisions. You will find positions at the trading desk, stocks and bond trading, and various securities’ trade in the market. You can also seek the role of a research analyst of the stock market and investment securities.
6. Private equity, venture capital
The professionals working with the responsibility of private equity hold the responsibility of finding capital for the company. They arrange for capital for working operations and the growth and expansion of the company. They also provide financing services for different business-related transactions.
Venture capital professionals almost always work with small-medium enterprises. Their responsibility is to evaluate the business pitches and determine the financial needs and returns of the pitch. Then, these evaluations help the firm decide if they will or will not invest.
The insurance department helps businesses and people analyze their risks and make preparations to deal with those risks. The aim is to protect the individual or the company from different types of losses. It means that insurance companies work with other large companies as well as the local population. You can find positions like a sales representative or a customer service representative to aid its existing customers. You can also hold the responsibility to analyze and calculate risks according to the quantitative data available to you.
Suppose you want to enter a career that will provide you the most return. In that case, you must understand the demand and growth ratios for that position in the market. You must analyze your skills and research ways to utilize your degree to work in different career options. If you spend your time researching, you will find many exciting opportunities for you in various fields of finance and accounting. But be sure that the job requirements match your skillset. You should be able to achieve your career and lifestyle goals by working in that position while utilizing your skills to the best of your ability. Once you have your assessments in place, you can easily choose between the numerous fields mentioned above.