Finance degrees are an excellent choice for students who want to understand how the world economy functions and what are the secrets behind money, investments, and financial independence.
Although it is one of the oldest disciplines in the world, Finance remains one of the most popular academic subjects because not a single day goes by without us making big or small financial decisions.
That being said, is a Finance degree still worth in 2020? If yes, why should you study Finance?
Let’s find out!
1. Finance jobs are well paid and in-demand
In today’s world and economy, everybody depends on financial strategies and principles. From small start-ups to large corporations, from corner shops to international supermarket chains, from law firms to insurance companies — they all need Finance and are willing to pay top-dollar for experts in this field.
In the US, for example, data from the Bureau of Labor Statistics shows a 5% growth in the demand for financial analysts and a 15% growth in the demand for financial managers in the next 9–10 years. Median salaries are also impressive, ranging between 81,000 and 129,000 USD per year depending on the type of finance job and work experience.
2. Financial education is essential for a successful life
Let’s face it: knowledge is power, and in a capitalist world, the more financial knowledge you have, the better. At least in theory.
Because understanding Finance, money, and investments is one thing. But applying this knowledge, taking risks, being willing to make mistakes, lose money, and start all over again – these make the difference between success and failure when it comes to personal finances.
As a Finance student, you will explore all sorts of courses and principles that will help you to:
- Understand that money have a way of making every decision emotional
- Understand the difference between assets (which put money into your pocket) and liabilities (which take money out of your pocket)
- Learn how to save money and have separate budgets for emergencies, children’s education, travelling, retirement, etc.
- Learn how to invest and in what to invest
By mastering these financial concepts and applying them in your life, it will become a lot easier to keep track of money, reduce unnecessary expenses, and slowly work towards financial independence — a dream that very few people can afford to live.
3. Finance teaches you the difference between price and value
“Price is what you pay; value is what you get” — a wise quote from Warren Buffett that teaches us an important lesson: just because something is discounted, or part of a deal, it doesn’t mean it’s worth the asking price.
This is actually one of the strategies used by so many retail shops. Because it works. People are more likely to buy something if they think they’re saving money on it. Even if that thing is not worth the so-called “discounted price”.
By allowing ourselves to be a bit philosophical, this lesson — like most financial principles — also applies to life in general. Just because you can do something easily or something which doesn’t involve a high price, it doesn’t mean it’s worth it. At the same time, small risks can trigger serious consequences.
By drawing wisdom from Finance, you can also learn:
- How to invest your time in things that bring you value, joy, and fulfilment
- How to be disciplined and postpone short-term gains for long-term success
- How to prepare for emergencies and tragedies and not wait for them to happen
- Why you shouldn’t put all your eggs in the same basket
- Why the only way to earn value is by offering true value to others
4. Finance is anything but boring
The financial industry is constantly developing and changing in ways nobody could have predicted even a decade ago.
Right now, for example, the latest trend is financial technology or fintech. A few years ago, cryptocurrencies were all the rage. And they’re still used and backed by numerous people, in spite of losing from their initial hype and popularity.
Whether the next financial innovation will be a universal basic income, a global digital currency, or something no one has created yet, one thing is clear: you won’t get bored while studying and working in Finance. It is one of the areas of our society whose evolution is strongly connected to the development of new technologies, and that means improvements are inevitable.
5. Find affordable Finance degrees
Although Finance is all about money and investment, this doesn’t mean you need to sell an arm and a leg to get a quality financial education. On the contrary, you can find cheap Bachelor’s and Master’s degrees in Finance for under 5,000 EUR per academic year.
In fact, you can even study a free Finance degree at public universities in the following countries:
- Norway: free Masters in Finance for all international students
- Germany: free Masters in Finance for all international students
- Denmark: free Masters in Finance for EU/EEA students
- Finland: free Masters in Finance for EU/EEA students
- Sweden: free Masters in Finance for EU/EEA students
In some of the countries listed above, you can apply for a free degree even if you’re not from the EU (European Union) or the EEA (European Economic Area). For example, students from Switzerland also enjoy free degrees. In Sweden, students from other Nordic countries (e.g. Iceland, Norway, Denmark, Sweden) can also study for free.
6. Online Finance degrees make studying easier
“I want to study Finance, but I already have a career and other full-time responsibilities. What can I do?”
In this case, you should look for online Bachelors and Masters in Finance. You can study them at your own pace without putting your career or personal life on hold. It is also a great way to avoid spending money on travelling, moving abroad, health insurance in another country, and so on.
As long as you have a reliable device (computer, laptop, tablet, even smartphone) and a stable internet connection, an online degree in Finance can be the best of both worlds. The main benefits are:
- flexible schedule: study when you want, as long as you meet the deadlines for exams and assignments
- lower costs: many online Finance degrees are cheaper because they require fewer resources to organise
- study from anywhere: you can watch courses at home, or at your friends’ place, even during your daily commute to work with a good pair of headphones
- excellent support: chats, discussion forums, Q&As, Facebook or WhatsApp groups, you name it, all the necessary support is there
7. Plenty of Finance specialisations to choose from
A general Finance degree is great for a well-rounded education. But to specialise even further, you can choose from other branches of Finance:
- Master’s degrees in Corporate Finance
- Master’s degrees in Quantitative Finance
- Master’s degrees in (Personal) Financial Planning
- Master’s degrees in Finance and Investment
- Master’s degrees in Banking and Finance
Are you ready to understand money, transactions, and become the master of your personal finances?