Is Finance A Good Major? #Finance

what’s happening guys it’s shane here your friendly success satellite based radio navigation system with another CashNews.co this time we’re going to be talking about is a text-decoration: none;">Finance degree worth it we’re going to go over the degree itself what it entails how much you get paid for jobs that you might get after getting the degree what the job market’s like what your job satisfaction is going to be like and all those

related things that you’re going to want to know about at the end of this CashNews.co you’re going to have a much better understanding of whether this degree is worth it for you or not now if you’ve seen my CashNews.co titled is an Accounting degree worth it you

might be wondering what is the difference between an Accounting and a Finance degree i get this question in the comments all the time

Accounting focuses more on the daily management of records and reports in order to measure the company’s performance in Finance you’re going to

be using a lot of the same information but you’re going to use it in order to forecast future performance and future growth now of course this information can be used for a lot of different things but mainly it’s going to be focused on planning company strategy and growth simply put

Accounting is more backward looking whereas Finance is more forward looking and now that we have that comparison out of the way let’s proceed to the

comparison between clicking the like button now and clicking it later there’s really not that much difference so go ahead and just click it now so you can make my financial advisor stop telling me to tell you to click the like button so first we’re going to start off with salary and

i’m going to be grading each one of these from 1 to 10. so we’re going to be going over four main things in this CashNews.co that are very important when it comes to evaluating degrees first of all we’re going to be talking about salary of different jobs that you might get after

graduating with this degree we’re also going to go over the satisfaction that you might have in these different jobs then we’re going to go on to the demand and then lastly we’re going to talk about certain x factors that might make it better or worse so first let’s talk

about salary now very similar to Accounting you do have a lot of flexibility when it comes to what types of jobs and careers you can go into after you get your degree now some of the common careers that you’re going to see over and over again when you do research are going to

be personal financial advisor financial manager and then also financial analyst now just overall with Finance as a degree one would expect to make around 55 000 a year in the

first five years after graduating and then nearly a hundred thousand about ninety eight thousand six hundred dollars a year after ten years or more on average but that’s just in general what people who graduated with a color: #1a73e8; text-decoration: none;">Finance degree reported there’s going to be a huge variation depending on what career that you go into so financial analysts for instance are going to make 81 000 a year there’s 487 000 jobs available and it’s growing at five

percent for personal financial advisors they’re going to make 87 000 a year there are a lot of things that aren’t mentioned when it comes to these majors a lot of the time you’re going to be getting bonuses sometimes you might even be getting Stock Options on top

of this you could work with a company or you could start your own business where you’d make quite a bit more because of the commission based structure in these careers the money that you earn is going to depend quite a bit on how much you work and how hard you work now out of the common jobs

that you’re going to see people with Finance majors get the highest paying one is definitely going to be a financial manager they make around 129 000 a year now another

thing and this is something that i talked about in the CashNews.co where i talked about the careers that make the most millionaires Finance related careers made up a

significant portion of both the top 10 of earners as well as the top one percent of earners and beyond that they made up a significant portion of the top point 99.5 percentile of earners so the top top top earners in the united states of america so this is what you would call a high risk high

reward degree and the careers that you go into with this degree a lot of the time are going to be the same now one thing i always like to mention is people who get business degrees and get some experience in the business world are going to be much more likely to be successful as entrepreneurs i did

a CashNews.co on the degrees that create the most millionaires and in that CashNews.co Finance was one of the top 10 degrees and a lot of the time it’s not just because

of the fact that you can get really good jobs but it’s also because of the fact that it teaches you how to invest at a young age and later on you’re much more likely to become an entrepreneur which is going to give you a much better chance of becoming a millionaire so for all these

reasons i’m going to go ahead and give Finance a 9.5 out of 10 rating when it comes to salary next let’s go ahead and talk about satisfaction no not that type of

satisfaction that’s not what i’m talking about with satisfaction what i mean is the percentage of employees that are satisfied with their job of course and also i like to add in there the percentage of employees that think that their job has a lot of meaning aka it gives a lot of value

to the world a high paying career doesn’t necessarily mean you’re going to be satisfied with your job it also doesn’t mean you’re going to have much value in your job just because of the fact that you earn a lot now according to payscale.com jobs related to

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance like personal financial advisor financial manager etc are going to have a average or below average score when it comes to meaning personal Financial Planning

aka personal financial advisor is going to have the highest meaning score when it comes to all the Finance related careers however as you can see most of them have a score of

50 or even below 50 now this is really low when you compare it to health care related degrees or education degrees however meaning isn’t the end-all be-all everybody’s different and meaning and job satisfaction are going to be different for everyone out there there are many careers out

there that are extremely meaningful for instance medical doctors for instance where there’s a lot of people who are absolutely miserable doing it just because they’re not a good fit for the job so that’s why we don’t just look at meaning we also want to look at overall job

satisfaction out of the three careers that we mentioned a higher than average percentage of them would say that they’re overall satisfied with their job now this could be because a bunch of different reasons but one of them for instance would be that the high salary sometimes can compensate

for the lack of meaning in someone’s career it could also mean that although the career itself doesn’t have very much meaning they enjoy doing the job and this makes sense i mean if somebody paid me to play CashNews.co games all day long i would really enjoy doing it even though i

wouldn’t necessarily be helping the rest of the world so for some it might not be enough to say that their job’s perfect but it’s one that they can overall be happy with with a lot of text-decoration: none;">Finance related careers you’re going to be in a very competitive environment and you’re going to be working extremely long hours and so for that reason i highly recommend that you’re probably the type of person who’s very competitive and

you’re probably like an a type personality again this one is a high risk high reward career a lot of it is going to be commission or incentive based so people who are really competitive and they’re extremely driven are going to probably excel so overall i’m going to go ahead and

give this one a 7 for satisfaction next we’re going to go ahead and talk about demand so we found out that it’s possible for the right person to be extremely happy with none;">Finance related careers but is there enough happiness to go around or will you need to look all over the country just to be able to find your first job now none;">Finance does have one of the lowest unemployment rates out of all the different degrees and so you’re probably going to be able to find a job pretty much wherever you live now talking more specifically about some of the common careers you would get with the

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance degree that we were discussing before for financial analysts there’s going to be around 487 000 jobs available and the average growth rate for this occupation is 5 which

is faster than average over the next 10 years for personal financial advisor there’s 263 000 jobs available and it’s growing at 4 which is about average so there’s less than half the amount of jobs available compared to the financial analyst and it’s growing a little bit

slower however for financial managers there’s 697 000 jobs available and it’s growing at a ridiculous 15 which is much faster than average now when it comes to none;">Finance if you’re gonna aim make sure you aim high now to become a financial manager you would only need a bachelor degree however some say that getting a master’s is going to improve your chances now business degrees in general are pretty great because of the fact

that they’re extremely flexible so just because you get a degree in Finance doesn’t necessarily mean you have to work in one of these three careers there’s

actually a ton of options out there for you you can work in any number of other positions within a company for instance you could be a product manager for certain people moving up a ladder in a company trying to get to those executive positions like vice president president ceo cfo etc is

what’s going to make them happy now on top of that i’ve mentioned this before but business degrees are much more likely to be successful when it comes to opening their own business later on down the line so there’s a ton of flexibility here it really doesn’t matter what

industry you go into or what business you try to work for pretty much everyone is going to be hiring business majors and pretty much everyone is going to be hiring people who have none;">Finance skills so overall it might be a little bit difficult for you to get your very first job that’s always the toughest part once you get your foot in the door you get your first job you get your first two years of experience after that it’s going to be relatively

smooth sailing but i would give this one an overall score of 8 for demand now let’s talk about x factors now having a degree in Finance working in

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance in general can come with a lot of financial freedom first of all if you major in text-decoration: none;">Finance you’re very likely going to be someone who is going to be investing at a young age most people don’t start investing until their 30s sometimes even 40s they don’t even start thinking about retirement and thinking about saving their

money and investing it instead of just spending it so if you start investing in your 20s you’re way way way ahead of the curve on top of this you’re going to be looking at financial none;">Markets all the time and so there’s a very good chance that you’re going to recognize certain opportunities and that might lead you to starting a business or just getting a job in a certain industry that you think is going to do really well so the diversity of knowledge and

expertise is one of the things that makes this degree very interesting you see all these different investing and Finance related channels popping up on youtube and so a lot

more people are getting interested in this subject you’re probably not going to become the super cool super rich jordan belfort wolf of wall street making it rain uh 10 million dollars a day so before you go diving right in if you don’t have a passion for some of these subjects like

personal Finance investing you definitely don’t want to go into this one just for the money you’re going to get worked super hard it’s going to be an

extremely competitive environment you probably are not going to have a life especially when you’re starting off at the beginning when it comes to working in like an Investment Banking for instance a lot of people say that they’re basically just selling their 20s

you’re going to be working around the clock in your 20s and then your 30s you might move into a position where you can have a more normal life or you might have made enough money by then that you could actually just retire with a lot of the other stuff it’s relatively objective

i’m giving you the stats and the figures but when it comes to x factors it is just my opinion so keep that in mind the Finance industry in general i think is a very

very good industry to get into it’s my favorite industry other than technology and i talk about this a lot on the channel if you’re a salesman or a sales saleswoman for instance you don’t want to work in a dying industry if you’re in sales you want to work in technology

Finance you want to be selling maybe life Insurance something along those lines because there’s just so much more opportunity and

href="https://cashnews.co/industries" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Industries that are booming if you go into a dying industry just about everything is going to be worse your salary is going to be lower you’re going to be worked really hard and

you’re not going to be properly compensated for it your job satisfaction is also going to be very low just because of the fact that the company is constantly going to be trying to find ways to cut money so overall going into the

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance industry is fantastic so that’s going to factor into this score a little bit another thing i always like to think about is whether something is future proof or not so everybody knows ai is coming automation

is coming streamlining of processes in general that are getting rid of jobs left and right is coming you really want to think about what degrees what skills what careers are going to be future proof when this inevitably happens now business related degrees in my opinion are one of the most future

proof degrees the reason for this is because it really doesn’t matter how many individual jobs get automated you’re always going to have to have people with business skills people who make decisions in companies people who look at the numbers people who analyze the data etc and as i

mentioned before business related degrees are extremely flexible in fact i’d say they’re probably the most flexible out of all the different types of degrees so if by chance your job does end up getting automated there’s a very good chance that the skills that you learned from

that job will be able to transfer over to another job that maybe doesn’t even exist right now i also mentioned before how Finance was one of the degrees that created

the most millionaires and that could be for so many different reasons and it could have happened in so many different ways but that’s kind of the point when it comes to none;">Finance it could have been that they got a really good high-paying job like they became an executive for instance it could have been that they ended up starting their own business it also could have been that they were just extremely smart when it comes to investing they started

investing at a young age and so therefore they were easily able to become a millionaire so overall i’m going to go ahead and give Finance a 10 for x factor so i’m

going to go over the pros and cons really quickly so some of the pros there’s a ton of money when it comes to Finance they make high salaries in general and

there’s an opportunity to make ridiculously high salaries if you’re an extremely competitive kind of a type personality who can make it that far it’s just a fact you make a lot of money when it comes to dealing with matters that are related to money then after you acquire more

experience and you get a few years under your belt you might find yourself making even more money than that this is one of those rare careers that’s incentive based and so you’re not really exchanging your time for money you’re actually exchanging your work for money so the harder

you work in some cases probably the luckier you get the more money you can make the second thing is flexibility i talked about this before an extremely flexible degree so many different career paths you can take so many #1a73e8; text-decoration: none;">Industries you can work in so many different occupations you can go into and a lot of them are going to be high paying and in demand another thing is the demand there’s pretty high demand for this degree there’s going to be a lot of opportunities out

there and unlike a lot of degrees out there you’re probably not going to even have to leave your own city although if you want to go for the really high paying jobs you’re probably going to have to move to somewhere like new york and the projected growth for

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance related careers is either as fast as average or at the very least average now the cons there’s going to be a really big one and that is going to be stress i was looking

this up online and as you guys know i’ve done hundreds of hundreds if not thousands of hours of research by now on different careers and different degrees and i always look on different forums for instance just to see what people are saying and i noticed that out of a lot of careers and a lot

of degrees i look at this is one of the more stressful ones a lot of the time you’re going to be working like 80 hours a week you’re not going to have a life especially if you’re going for the really high paying jobs so if you’re someone who wants more of a work-life balance

which is totally okay i’m somebody who likes having a work-life balance for instance i would much rather have that than make like twice as much if you’re in that category none;">Finance might not be the best degree for you although there are some careers out there in Finance that aren’t as heavy when it comes to the workload

another con here is there’s going to be years of continuing education depending on what career you go into so for instance if you’re going for a cfa this is a really difficult exam that a lot of people have to go into if they’re financial analysts people are going to dedicate

hundreds and hundreds of hours in order to pass this exam it’s extremely difficult then once you pass the exams guess what there’s going to be a lot more continuing education and a lot more things that you have to learn the learning is never going to end the market is always going to be

changing continuously and so you are going to have to change with the market itself you’re going gonna have to be very adaptable and willing to learn new skills now this might be positive for some and negative for others definitely a negative for me that’s why i put in the negative

column right don’t get me wrong i like learning new stuff but i don’t want to be forced into a situation where i have to constantly be studying and not be getting paid for that studying in my hours that i have off i want that to be an option not something that i have to do now

considering everything that i said in this CashNews.co adding all of the scores up and dividing by four i would give Finance an overall score of about 8.6 out of 10. so a lot

of advantages to getting a degree in Finance it’s not always going to be an easy road everything is subjective for some people this might be like a one out of ten it

might be the worst degree the worst careers that you could ever get into and for some people this might be like an 11 out of 10 best career ever you love that super competitive environment where you get to work 80 to 100 hours a week that’s why it’s so important that you always do your

research look into it for yourself if you’re interested in a certain career for instance i would really recommend contacting people who are currently doing that career you can do that on facebook linkedin you can reach out through your own personal network you can even cold call people just

open up your you know local phone book always be really nice always be very respectful of their time because everybody’s really busy especially people who went into the none;">Finance industry not everybody is going to want to talk to but if you do enough you’re going to find somebody who will talk to you and you will be able to get a really good idea what the career is like and they’ll be able to give you good advice then at that point

you can reverse engineer it and figure out what steps that you would have to take in order to get to that career sometimes that will involve getting a Finance degree

sometimes it will involve getting a Finance degree and then maybe an mba sometimes it will involve going to a certain school instead of another school there’s a lot of

different variations there and that’s why it’s so important that you do your research up front so consider the pros and cons that i mentioned think about other things that i talked about in the CashNews.co do your own research and then figure out whether it’s a good fit for you or

not as always don’t forget to smash the like button hit the subscribe button ring the notification bell comment down below any thoughts comments criticisms etc that you have on the CashNews.co and before you go make sure to check out my other CashNews.cos right here i made them just for

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