Undergrad Degrees For Finance Careers
For students with ambitions to enter the business world, a Master’s in Finance has become a strategic route. Twenty years ago, employers had eyes only for graduates with MBAs. But lately, the business world has favored people with a greater depth of knowledge in a more specialized field. Graduates from these master’s programs go on to work in fields such as:
- accounting
- banking
- consulting
Many also become analysts. It is possible to enter a graduate program from many different majors, but these five undergraduate majors are among the best choices to prepare students for the master’s programs.
Related Resource: 20 Best Online Master of Finance Degree Programs
Finance
For students who know by the time they have to declare their majors that they want to enter a graduate program, studying the same subject as an undergraduate is the best option. This major covers all the bases that will be expanded on in the graduate program, including:
- law and regulations
- microeconomics and macroeconomics
- business
Students will enter the master’s program with a solid foundation in mathematics and computer methods. They will be at an advantage compared to other students coming from majors less directly related.
Accounting
Accounting is also an excellent choice that will thoroughly prepare students for the graduate program. It covers many of the same topics. Accounting majors will also be well-versed in microeconomics and macroeconomics. They’ll have a good understanding of the relationship between the business world and personal actors. They will enter the master’s program with plenty of practice using complex mathematics. Most accounting programs put an emphasis on real world experience, lending students a practical perspective to approach their graduate work.
Business Administration
Students who choose to study business administration as undergraduates will be well placed to succeed in a graduate program. At most colleges, the major is designed to cover a wide range of topics so that its students have many different options after they graduate. Business administration programs attempt to address all facets of a modern company, including:
- accounting
- economics
- quantitative methods
- marketing
Students coming from a business administration background will have a small amount of catching up to do compared with their peers who studied more directly relevant topics. But they will still be more than adequately prepared for the graduate coursework.
Mathematics
Much of the work graduate students will be required to do involves mathematical modeling of financial systems. Students who major in mathematics will not have direct experience with the exact equations and financial theory that the modeling is based on. However, they will be at a significant advantage when it comes to understanding the quantitative methods used. A program in mathematics teaches students to understand the connection between the calculations themselves and the concepts they represent. Although the material is new, the processes will be familiar to students coming from a background in mathematics.
Computer Science
Students who study computer science as undergraduates will have a similar background to those who studied mathematics. But having had direct experience with computer modeling, computer science students will pick up financial modeling with ease. Graduate programs often expect students to use programming languages like MATLAB and Mathematica. Many computer science programs actually use these languages, and all computer science students are used to learning new languages and using them for novel purposes. They will face a learning curve at the beginning of the graduate program, but will likely have an even easier time with the quantitative methods than their peers who studied more obviously relevant topics.
Concluding Thoughts
Master’s programs look for students with a wide variety of backgrounds. Any undergraduate major with an emphasis on quantitative methods will prepare students adequately. But for those serious about entering a Master’s in Finance program, these five are the best options.
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