Are you intrigued by finance jobs and want to embark on a journey to obtain a degree in Finance as a major? You might be wondering about the complexity of choosing Finance as a major. However, there is no straightforward answer to the question; is Finance a hard major?
Like any other degree, Finance also has its own set of challenges, and you might find it easy or hard depending on your skills. Essentially, Finance requires at least a little bit of accounting, math, and communications, so if you are good at these, Finance will not be a hard major for you. Similarly, it might be harder if you are not good at math, so let’s analyze the factors that might add to the complexity of Finance as a major.
Finance as a major teaches students everything about managing and acquiring investments and money. Likewise, it enables the students to thrive in the fields like trading, banking, and economics. So, as a student of Finance, you must have information on social, entrepreneurial, and economic strategies to guide and advise your clients when they need help.
Additionally, before majoring in Finance, you need to understand the different skills you would need during your degree, especially for a successful career in Finance. For instance, you will need to have problem-solving skills, investing, budgeting, and financial planning to work with different organizations and businesses and benefit them with your skills.
Furthermore, as a Finance major, you study risk and rewards and learn to make capital-based decisions for institutions and organizations. Moreover, a Finance major should be capable enough to recognize a good investment and how capital, property, and equipment can be put to use to increase economic growth.
Who Finds Finance Major Harder?
Finding a Finance major harder is rather a personal and subjective experience. Therefore, I cannot make a generalized statement; however, we can dissect the curriculum and skills required for this degree, making it easier for you to figure out if this degree is right for you. Similarly, it mostly depends on your analytical thinking capabilities.
You need to understand that a Finance degree requires you to study economics and accounting, which requires math. So, you must know basic math and general financial and accounting skills. Furthermore, suppose you are good at math and can do a little bit of it; a Finance degree will not be harder for you.
On the other hand, if you have no idea about mathematics and hate it, a Finance major will definitely be harder to pursue. Moreover, if you have the skills, aptitude, and interest in it, go for it because you will enjoy every bit of learning during the whole tenure of your degree.
Finance Major Curriculum
Finance Major covers a variety of different areas like accounting, economics, statistics, investment strategies, ethics, and international Finance. Furthermore, you must learn to analyze financial data and statements and make decisions based on them. These will be some of the topics and subjects you will encounter in the Finance major, along with learning skills like problem-solving, Critical thinking, and analytical skills.
Unique Skills Set Requirement for Finance Major
Learning all of these requires dedication, commitment, and hard work. Likewise, along with math, you will be learning some skills that will help you during your major and in practical life. So, let’s look at some of these skill set.
The most important skill that will help you through the whole tenure of a Finance major is your ability to think analytically. Suppose you are naturally good at dissecting and interpreting information, data, and complex situations logically and systematically.
In that case, you will be best in your field and Finance major classes. However, if you struggle with it, you might need to reconsider choosing Finance as a major.
Finance professionals are always critical in decision-making and analyze large quantities of data at once to identify intricate patterns and make decisions about various important areas like budget, investment, and financial strategies. Therefore, analytical thinking skills are of foremost importance to people taking Finance as a major because it helps them find out the problem, its solution, and a wise decision based on it.
Liquidity management refers to the ability to monitor, optimize, and control the inflow and outflow of cash within a business, investment, or even in a personal financial context. It is obvious enough that a Finance student needs to master cash flow management skills. Moreover, you can assess yourself based on your financial balance management; if you are good with financial planning and budgeting, you can excel in Finance.
Any business or organization that hires you will need you to keep track of its funds and manage, monitor, optimize, and analyze the organization’s cash receipts after subtracting the expenses. Furthermore, good liquidity management skills will help you and your organization keep the cash flow and avoid financial loss.
During your Finance degree, you need to work on your decision-making skills because, as a professional in Finance, most of your jobs will require you to make finance-related decisions for your clients. Your decisions should be smart; after weighing all of the options, you should be able to make the decision of when and how much to save or spend. Furthermore, this can be very stressful as you are making decisions for someone else, and it might take a toll on some people, and that is why Finance is not for weak hearts.
Financial Planning Skills
The whole point of a Finance major is to be able to make smart and wise financial planning. So, if you think you are good at it, you will thrive in your career. Similarly, you will be looking at your client’s goals, aims, current financial situation, income, and investments and creating a thorough plan for them to achieve those goals.
Problem-solving skill is at the core of Finance because no matter how much you learn during your degree, you will come across a client with a unique problem now and then. So, it would be best to be skilled in this area because you will have to find a creative solution to your client’s tax problem or help the company with various problems.
How Well Do I Have to Be in Mathematics for a Finance Major?
No matter what your business major is, you will need at least minimal math skills. However, in Finance, you will need a slightly stronger foundation in math because it is a heavily quantitative field. Moreover, you will be analyzing and assessing investment performance which requires math.
However, a Finance major does not include complex mathematical equations, so basic math skills will probably be enough. You will need basic-level algebra, calculus, and statistics to be able to pass Finance classes. Moreover, as a Finance professional, you will only need the practical application of math, not the complex theoretical equations.
The United States Bureau of Labor Statistics (BLS) has stated that math skills are essential for business and Finance careers like financial examiners, personal financial advisors, cost analysts, financial analysts, and budget analysts. Furthermore, a more math-focused business degree like Finance has benefits because it has better income potential and a higher employment rate.
Does a Finance Major pay well?
Yes, if you get a Finance major degree, you will have a very good chance of getting employed, and it has various job opportunities. You can be an insurance agent, investment banker, financial analyst, real estate agent, accountant, equity researcher, commercial banker, risk manager, and more. The salaries of all these jobs vary; however, you will be getting a decent amount of money in every field.
Investment banking is one of the highest-paying Finance jobs; you can make a lot of money in this area. For Instance, the average pay of a recent graduate is around $100,000 to $120,000. So, if you want to pursue a degree in financial aspects, a Finance Major is the one for you.
How much do Finance majors make in the USA?
The median salary of a Finance major in the USA is around $93,664. However, it can be different based on the field and job type you get.
What is the toughest course in Finance?
Many students have reported The Chartered Financial Analyst (CFA) program as the hardest. It needs a lot of hard work to pass this course, and its passing rate is very low.
Which subject is best for Finance?
If you want to go for Finance, it is suggested to study mathematics and statistics because it will be of great advantage during your degree.
In brief, a Finance major can be hard for people lacking interest in math, accounting, and economics skills. It is still an easier degree as compared to sciences, technology, engineering, and math. Moreover, it is completely subjective, and everyone has different skill sets, so there is no specific straightforward answer to the question; is Finance a harder major?
Everything aside, if you have determination and passion, nothing is hard, and you can ace this major with shining stars. So, choose your major wisely after proper research.