Students pursuing a degree in finance may also decide to minor in another area of study for a well-rounded education. While electives can broaden an education, a minor provides more in-depth study.
Accounting
Finance and accounting are complementary endeavors. Pursuing a double major in finance and accounting typically requires that a student lengthen his or her time in school. A minor may provide a sufficient accounting foundation for finance majors. Accounting is vital to many areas of business and finance. Why? Because the skills are usually connected to those required in a finance career. Courses in accounting teach quantitative skills that help students understand, analyze and quantify data in support of business decisions. They also develop critical thinking that enables students to evaluate and interpret information to solve problems and make better business decisions.
Economics
Students pursuing this minor will develop an understanding of existing economic theories and concepts. The knowledge will help graduates analyze, quantify and explain current economic issues. Economics is not an occupation-specific field of study. According to the American Economic Association, the coursework in economics provides students with a big picture perspective of business and the economy. This deeper understanding helps you comprehend how economics affects your business or industry. This makes an economics minor beneficial for individuals who plan to pursue a career as a financial analyst. The statistical skills acquired when studying economics complement a range of other disciplines.
Math
Finance is a math-centered career field. Having advanced math skills in areas like statistics or calculus could boost your overall finance skill set. Statistical analysis is required in many disciplines. The ability to reason mathematically while evaluating data quantitatively is useful when performing financial analysis. A math minor may also provide insight when collaborating with coworkers in:
- science
- engineering
- other technical fields
As a result, math is a popular minor for several other majors. The number of math courses required by a finance degree may make it easier to complete the requirements to earn a minor in math.
Business
A minor in business administration is also a strong complement for a degree in finance. Many financial analysts work in some capacity for businesses. A business minor provides the skills that may qualify you for higher-level positions in the company. It may also be advantageous for entry-level finance majors to have a business background. The coursework may address knowledge deficiencies that studying only finance may create. While finance courses provide specific skills, a business minor can be used to provide general knowledge and pertinent talents, such as effective management skills and the ability to analyze a company’s strengths and weaknesses.
Foreign Language
Globalization is having a significant impact on business. About one-third of corporations are either owned or based overseas. Many U.S. companies have overseas offices. Employees are often transferred to these locations or must discuss business operations with their overseas counterparts on a regular basis. Studying a foreign language will help you to gain insight into the customs and culture of another country. Recent surveys have shown that many business leaders feel that their companies could increase sales if their employees had international expertise. Research also shows that people learning a foreign language have higher cognitive skills in areas like math.
Conclusion
The right minor can add versatility to your finance degree and make you a more desirable candidate. The additional study can also help you in your future career.
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