The world runs on money. That makes pursuing a finance degree one of the best decisions a student can make. Or is it?
A finance degree helps you to understand banking, economics, and trading. You will also learn about accounting and money flow. Since all organizations operate based on liquidity, you have enough work opportunities. However, there are also challenges you should expect when pursuing a career in finance.
Here are the pros and cons of pursuing a finance career in 2023.
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Pros of a finance degree
One of the most lucrative
The exposure, experience, and skills of a finance graduate place him way above many others in any work environment. This arises from the fact that all businesses are anchored on money. If you are a person who understands money, you have a bigger say in any work environment.
Finance graduates also learn more than handling money. They understand regulations in different areas and how money works around the world. Their understanding of economics will help an organization or institution to operate safely in a national as well as international environment. Such high regard for finance graduates makes the degree one of the most lucrative. It means that your reward will also be pleased with the end of the month.
Opens the door for entrepreneurship
Entrepreneurship is one of the channels through which individuals can make a fortune. You open and run your business, growing it to become a multinational. Every professional harbors such a dream because of the control they offer and the handsome rewards of entrepreneurship.
Finance skills will open numerous opportunities to start personal ventures. You can start a business alone or with friends. Most finance-based businesses offer services as consultants. However, the incorporation of technology during finance training has opened the path of tech-preneurship.
Entrepreneurship may also take the format of freelancing. You can consult for businesses during your free time even as you work on an 8-5 job. Such opportunities increase your earnings from the finance degree.
Gives you an international working opportunity
The world is looking for the best finance graduates. As you rise through the ranks at your local market, international companies will spot you. You have a chance to work for international organizations in different countries around the world.
An international career raises your potential several folds. You get the chance to network with future employers and global leaders in the finance world. As you enrich your network, your professional potential grows.
It is also enjoyable to work in different countries. Your outlook on life changes. It is also a chance to enhance your personality. The exposure will enhance your thinking and make you a more dependable finance professional.
You can work in diverse fields
A finance degree allows you to work in different areas. You can be deployed in a factory to manage their finances, institutions, government officials, or work as a consultant. It is not unlike teaching or medicine where you are restricted to the hospital.
Such diversity of opportunities safeguards your income. You can easily transition to another field and carry your skills in case your fortunes change. Such adaptability is one of the best attributes of future workers in different areas.
You have a chance to rise through the ranks
You begin at the entry-level but have a better chance than many employees to become a manager, executive, and even CEO. Financial knowledge gives you unique privileges because you understand wider issues.
Your performance and dependability also prepare you for executive and managerial roles. Such rise and roles come with financial fortune. Get a pro essay writer to handle your college assignments as you begin your journey into the lucrative finance field.
Cons of a finance degree
The field is saturated
A lot of people have studied finance and business-related fields. The nature of skills you earn also takes you away from many entry-level jobs. As a result, you might struggle to get your first job.
In other cases, the skills do not apply to small businesses that would give you the necessary experience. Such struggles could cause you to apply your skills elsewhere. While your skills are prestigious, you could be depending on luck to maximize your potential.
Technology is replacing some of the roles
Some of the work performed by finance graduates is being taken over by technology. It results in a reduced need for finance graduates. You also have to learn other skills to boost your already acquired financial skills. It is expensive and could reduce your competitiveness.
For instance, market analysis was done by individuals. The most experienced financial analysts earned a fortune for their insights. Today, a lot of the analytical work is done using the software. Consequently, the number of finance graduates needed in the market reduces. At the same time, you are forced to acquire other skills to fit in the industry.
Places you at a manager level
Finance skills come with fewer entry-level jobs. You need to have worked in the industry for a while to be trusted with lucrative finance jobs. It results in the misapplication of skills at the beginning. Some graduates might not be comfortable with this approach.
You work in offices and dull environments
A lot of the finance work happens in the office. You will be watching global markets and analyzing trends. You will also be in board meetings making presentations. This might not be your ideal work environment if you are an outdoor person.
Too much time indoors could also affect your emotional and social stability. Even when working from home, you are tied to your computer. Such a work environment could be stressful and take a toll on your health, family, mental, and physical health.
It comes with tough busy seasons
Some seasons in the year will be busy and tough. You have to keep up with huge shifts in financial positions and regulations. You might end up spending the entire day and night in the office. Such is not the ideal work for some people.
A finance degree remains one of the most lucrative and rewarding professions. It allows you to choose a field of deployment. The chance to work in the global workplace and enjoy the fortunes as well as exposure that comes with it also makes the degree attractive. It remains one of the most rewarding career paths.
Alex is fascinated with “understanding” people. It’s actually what drives everything he does. He believes in a thoughtful exploration of how you shape your thoughts, experience of the world.