It's easy to be dazzled by a career in finance: the tall skyscrapers, sharp suits, power meetings, business trips, and opulent restaurants. Of course, there is the promise of a high salary, benefits, and having the capacity to know how to make your money grow. While the dream of a lucrative career in business and finance can seem far away when you are an undergraduate student trying to succeed in your courses, you can certainly achieve your goals with the right qualifications, mindset, skills and drive.
Students that pursue careers in finance are among the most bright, ambitious and organized people you will find. It takes discipline to learn the complex language of money: assets, derivatives, securities, EBITDA, hedge funds, and the dozens of terms that you will encounter in the different branches that make up the subject. Finance and business majors also understand the importance of networking and connecting with other like-minded individuals who are also on track for success. It also helps to have strong mathematical thinking skills, a fascination with wealth and growth, and an appreciation for the need to hustle when it's time to get work done. Many students of business and finance also have family members and parents that have pursued similar pathways and can offer some mentorship and guidance early on in their careers.
Getting started on a pathway toward finance is no easy feat. It requires a strong foundation of academic learning that starts in the institution and program you choose to study in. Getting good grades is important, as you may choose to complete a master's degree, and will have to submit your transcript to graduate business schools. When you graduate from school, you must break into a workforce that is highly competitive and lucrative. It is not uncommon to spend the early part of your career working long hours or even interning for little or no salary at all. As you gain experience and credentials, however, you will be able to command a much larger salary and become a candidate for higher level leadership positions.
All of this is to say that while a career in finance may not always be easy, it will certainly pay off in the long run. If you make the right moves, you can earn a salary that is well above the average and enjoy everything that comes along with it: an upper middle class lifestyle and the ability to afford finer things. Beyond material and financial rewards, you also get the unique pleasure that comes with being challenged mentally every day, working in teams, building your leadership skills, and having access to an elite job market.
Still not convinced that finance is right for you? This article will explore in detail some of the best reasons for pursuing an academic and professional career in finance. We will review some the best career pathways, and what you can expect to be doing in those roles.
What kind of academic background and professional experience will you need to navigate a successful finance career in Canada? Learn more.
Why Study Finance or Business in University or College?
Studying finance is a sound decision to make as you start to select the majors you will pursue in postsecondary institutions. Prospective students that are deciding between university and college programs may want to keep in mind that many top employers require job candidates to have a related degree at a minimum, in addition to work experience. However, if a degree is not in the cards, or you have already completed a degree in another area and want to obtain finance qualifications through a college or school of continuing education, you can still be successful with the right network or life experiences.
Here are the top reasons to study finance.
1. Find a Real-Life Application for your Math Skills
If you love mathematics and problem-solving, a career in finance could possibly the best way to make the most of your valuable skills. Math is a subject that too many people often struggle with, and if you have been clever enough to develop your mathematical problem solving skills to an advanced level you certainly deserve a career where your abilities will be highly valued and compensated for. As a finance or business student, you will use your math skills to make forecasts, assess risk, and apply complex algorithms in a variety of practical scenarios. The work you do can be used to make major business decisions!
2. Develop your Leadership Capacity
Finance courses are well complemented by many business and management courses, which often focus on topics like organizational behaviour, management and leadership. You will have the opportunity to study different organizational structures and develop your capacity to lead and motivate others at an accelerated pace. These skills will serve you well in your professional life, whether you are working in a large banking institution or an innovative tech company.
3. Learn a Broad and Dynamic Field
Finance is ubiquitous: because money is involved in nearly every industry and sector, the study of finance is vast and far reaching. You can choose to focus on managing the financial data of a company with an emphasis on accounting, or emphasize your learning on investment banking and taking an advisory role. Perhaps you like the excitement of making deals and facilitating growth: you can delve into an area like Mergers and Acquisitions, or learn about the hustle of the trading floor. Undecided? Choose a few courses and see what you discover!
4. Start a Lifelong Learning Journey
Finance and finance-related learning will go far beyond the courses you take in college or university. Finance is a constantly evolving field, with so many possibilities for growth and new certifications and qualifications you can take even after you graduate. You will likely never run out of new things to learn!
There are so many career pathways you can take in finance. Learn all about the finance careers Canadian graduates are choosing.
What are the Best Finance Courses?
There are a number of areas you can choose to study in the area of finance. Actuarial studies and statistics, accounting, corporate finance, economics and money, banking, investing, and law are just a few of the areas you might find in the course catalog at a university. The following list provides some examples of some undergraduate courses you'll see in a finance program.
- Management Accounting
- Financial Market Trading
- Global Corporate Finance
- Sustainable Finance
- Business Finance
- Investments
- Portfolio Management
- Fixed Income
- Derivatives
- Financial Information and Valuation
- Financial Modeling
- Markets and Trading
- Financial Economics for Engineers
- Foundations of Financial Planning
Most Canadian universities will offer undergraduate programs in finance, where you can focus exclusively on the topic or combine your study with another discipline. At the University of Toronto or University of British Columbia, for example, you can take finance courses to work toward a Bachelor of Science or a Bachelor of Commerce. Colleges will also offer diploma programs in finance, or you can earn a certificate at a school of continuing studies.
Many large universities also have business schools where you can find graduate programs such as a Master's in Business Administration. The Rotman School of Management (University of Toronto), Schulich School of Business (York), Desautels School of Management (McGill), and the Alberta School of Business (University of Alberta) are just a handful of schools across Canada where you can pursue graduate studies and access some of the best courses in business and finance.
What is an Investing Course?
Investing courses Canadian finance programs typically focus on the stock market and investment strategies you can use to grow the wealth of individuals and companies.
Stock Market Investing courses will teach you all about how the stock market functions, how to evaluate and analyze stocks, and strategies for making a personal asset mix profile. You will learn about the range of investment products available for investors, and what the risks are in each. Terms like mutual funds, ETFs, stocks, bonds, and options will be covered. In addition to fundamentals courses, you can also find advanced courses in stock market investing that will teach you how to invest as a portfolio manager. Topics like day trading, international diversification, tax implications, and risk management are addressed.
In addition to stock markets, you may also find courses that teach your personal investment strategies and what strategies work best when managing your personal portfolio. There are also investing courses that will help you to plan retirement for yourself or your clients. In a retirement course, you will learn how to prepare a budget and project your cash flow, as well as how the Canadian personal tax system works.
If you do want to work in an investment advisory role, there are a number of professional designations essentials that you can achieve that will certify your knowledge and expertise. They include Certified Financial Planner, Wealth Management Essentials, Canadian Securities Course, Chartered Investment Manager, Registered Financial Planner, and Chartered Financial Analyst.
What kind of salary can you expect to make as a finance major? The answer might surprise you.
Where Can I Get Tutoring for Finance Courses?
Let's face it, business school is expensive with tuition costing tens of thousands of dollars, and once you are in a program it can feel challenging to keep up with your courses and keep up with a cohort of bright and ambitious classmates. While many courses will offer tutorial sections with a teaching assistant, you may still not get the small group attention you need. To get the most from your programs, and ensure you are successful in your courses, you will definitely want to consider hiring a private tutor to help you with your coursework.
What can a finance tutor do for you? A tutor can explain new and challenging concepts after every week of learning, and work with you to ensure that your readings and lectures are 'sticking'. They can provide valuable feedback on your assignments, and help you plan and rehearse big presentations. If math isn't your strongest suit, a tutor can be instrumental in helping you to close learning gaps and get additional practice applying different problem solving strategies. Many finance tutors bring experience as former students and as industry professionals, meaning that you will also get useful guidance in terms of understanding the industry.
Finding a finance tutor is easy thanks to Superprof Canada. Superprof is a site that connects tutors with students. As a student, you can browse the profiles of dozens of tutors across Canada that could possibly support you in your learning. These profiles will give the individual background for each tutor, their education, work experiences, and rates of pay. You can message them easily through the site, and see if their schedule and rates work for you. Start getting the most from your learning and find a tutor on Superprof today!
Why Should I Pursue Finance Jobs and Careers?
Pursuing a career in finance can be a lot of hard work, especially in the beginning: long hours at the office and stress are just a couple things you can expect. However, once you establish yourself in the field you will find it much easier to figure out a work-life balance. You also will likely find that working in the finance sector is rewarding, enjoyable, and stimulating. The first and most important thing is to choose an area of finance that meets your interests and needs.
If you like working in a highly structured, corporate setting, you may want to consider applying for jobs in large institutions like banks, government agencies, insurance, healthcare, or education. In established industries such as this, you will find lots of stability and security, not to mention great salaries and benefits. These workplaces are excellent if you like working in teams, and prefer the idea of working in an organization with clear pathways to promotions and roles.
Those that enjoy a fast-paced, cutting edge work environment should look into areas like technology, cryptocurrency, mergers and acquisitions, or smaller boutique investment firms. These companies may operate leaner, but you will be surrounded by driven individuals who want to innovate and transform the industry and take more lucrative risks. You may also find similar roles in big banks that are taking a more progressive approach to finance.
Prefer to help others and be a support in your community? You can look into careers where you might perform a more advisory role to individuals, helping them to organize their own finances and plan for retirement. Jobs like this may be in local investment groups or companies and bank branches. You will do the rewarding work of helping others carve out a stable, financial future for themselves.
Finance professionals need a unique skill set for success. Find out what it takes to work in the Canadian finance sector.
What are the Best Paying Jobs in Finance?
Getting your first job in finance can be tough: you may be competing with many other qualified candidates who are also similarly driven and ambitious. To be considered for a position, an undergraduate degree is a minimum, and possibly even graduate degrees like a Master of Business Administration. The best paying jobs in finance are typically in corporate finance, banking and financial services, or investment banking.
Having the right skills will also be critical to your success. A strong understanding of statistics and and mathematics will take you a long way, as will the ability to report financial information clearly and concisely. Furthermore, you will want to highlight your interpersonal, problem solving, and communication skills.
One good strategy to prepare yourself for the job market in finance is to work as an intern. Internship programs are available in some of the largest companies like Unilever, Procter and Gamble, TD Bank, Royal Bank of Canada, and so many more. As an intern, you will get hands-on experience working with a finance professional. You will get valuable work experience, albeit for a much lower rate of pay than an actual finance job.
Here are some descriptions of the top paying jobs in finance.
Portfolio Manager
Portfolio managers, or money managers, oversee their clients' investments and suggest strategies and investment opportunities. To excel in this role, it is important to know your asset classes well and to keep up with all the latest trends. Some examples of asset classes are equities, fixed income, or high-yield bonds. Portfolio managers are usually hired by investment companies and banks, commercial banks, money management firms, and hedge funds. Many professionals in this role will have the Chartered Financial Analyst designation.
Corporate Finance Jobs
Professionals in corporate finance may work in a variety of roles. You might work as a finance manager, for example, taking responsibility in a company for risk management, planning, and reporting. Accounts managers are focused on general accounting for a business and maintaining financial statements. Jobs in risk management monitor potential pit falls and risks, and develop strategies for mitigating risk.
Investment Banking
Investment bankers work with corporations and large institutions to help them raise capital or play and advisory role. They facilitate mergers and acquisitions, invest in new ventures, and buy and sell a range of financial products like stocks and bonds. Investment bankers are employed by asset management companies, venture capital firms, or in divisions of large companies.
Trading Careers
Traders are what often come to mind when we think about Wall Street or Bay Street: hectic trading floors, clanging bells, and constantly changing numbers as people yell. As a trader, your role is to buy and sell securities for profit.
It’s no secret that business professionals and executives spend years in training and getting the right work experience. Learn how many years it takes to get started in the Finance sector.
What do Finance Jobs Pay?
It should come as no surprise that finance professionals have a great potential for earning, despite how competitive the market can be for the best jobs. Your focus as a finance professional is money after all, and as you gain a stronger understanding of how money works and how financial products function, you should certainly use that knowledge to grow your own wealth.
Keep in mind, however, that salaries will vary a great deal based on the company you work for and where you are located. As a new graduate with little or no experience, your starting salary will vary greatly from the one you will have later in your career. Other factors will impact the amount of money you make, such as your own lifestyle choices, the cost of living where you choose to live, and the value of the currency in the country you reside.
Here is a list of the average salaries for some of the most popular finance jobs.
- Finance Manager: $79,700
- Mergers. & Acquisitions Investment Banker: $102,000-$264,000
- Investment Portfolio Manager: $111,764
- Financial Analyst: $75,000-$95,000
- Trader: $91,000
- Chief Financial Officer: $200,743
- Controller: $90,000-$150,000
- Business Analyst: $72,000-$100,000
- Risk Management Analyst: $65,000-$100,000
Should I Choose a Career in Finance?
In summary, a career in finance can be one of the best decisions you make in your life. You will have the potential to earn a salary that is well above that of most Canadians, and have access to some of the most competitive and lucrative career pathways. While it can take extensive training and lots of hard work to get into the field, your work will be well worth it once you gain experience and expertise.
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