Anyone working toward a degree in finance will need to take additional business courses in other areas as well. Employers who hire someone with a financial degree expect them to have a good general business background overall. In addition, many fields are interrelated in business and will give you a deeper understanding of financial theory. Following are some of the additional courses you can expect to take in college that are beneficial for students working toward a financial degree.
Resource: 50 Great Small Colleges for an Accounting and Finance Degree 2017
Accounting
Everyone should expect to take at least 2 semesters of accounting. You need to know how businesses keep track of their cash flow, interest rates, payments made and received, and more accounting issues. In addition, you need to be able to read a balance sheet, income statement, and a profit and loss statement. Two semesters of accounting will give you a good general exposure to the basics without going into too much detail.
Economics
Economics is another field that is closely related to a financial degree. Macroeconomics is a broad overview of the economy in general. This branch of economics focuses on the country’s overall economic profile. Things such as unemployment or shifts in the interest rate are all topics that someone in a financial department needs to understand because they can have a direct influence on some of the financial decisions that companies must make.
Microeconomics is the study of economics on a smaller scale, such as a company, group, or individual level. This branch of economics focuses on the decision making process that companies or individuals must go through when trying to allocate finite resources. Obviously, economics is tied very closely to the financial welfare of a company and no business degree would be complete without at least one full semester in each of these branches of economics.
Management
Anyone in the business world needs at least 1 full semester of management. Business management skills are an important part of any financial position. Strong business management skills help you to develop financial strategies that keep your company on track with their financial goals. In addition, management skills are important for everyone to be able to work together with other departments in order for the company to move ahead as one entity and achieve their common goals.
Marketing
While marketing and finance seem like two completely different career paths, there is some overlap in the business world. It is important for people in the financial field to understand how marketing can drive a business. A general overview of the marketing function in any business setting can be achieved with one semester of basic marketing.
Computer Skills
Like most areas in the business world, technology plays a critical role in the success or failure of every company. Financial departments especially can make use of advanced digital technology in forecasting, tracking progress, and reporting results to upper management. Technology can bring fast and accurate information to the company and play a major role in risk management.
A broad overall understanding of different aspect of the business world is not only beneficial to finance students, it is critical to their future success in their chosen career. A strong financial degree will incorporate additional courses in all areas of business.
