Finance programs continue to attract many of the most brightest and ambitious students in Canada. Many students are attracted to the field because it is one of the most practical, exciting and rewarding professions to be in. So what is exactly is finance?
When we think about finance, it is easy to get carried away with the world we see in the movies: slick Wall Street bankers, eccentric investors, wealthy white-collar elites, glamourous lunches, and sharp business suits. While there may be some truth in what we see on the silver screen, the reality is that finance professionals spend years of study in post secondary institutions, often spend hours learning their respective industries, and continue learning well into their careers.
Finance is all about the study of money, currency and capital assets. It encompasses nearly every part of our daily lives, from the businesses we shop at, the salaries and pay and receive, the kinds of bank accounts we choose, the financial products we purchase, and the investments we make. Finance is ubiquitous: it touches nearly every field and industry, making it an area of learning you are sure to find work in.
Choosing to study finance means that you are entering a vast discipline with numerous pathways to different careers. Banking, wealth management, insurance, accounting, advisory, financial services, trading and mutual funds are just a handful of the areas you might choose to work in. Ultimately, the pathway you choose will depend on your personal and lifestyle goals, though you may work a number of jobs before finding an area that suits your passions and interests.
This article is all about understanding careers in finance and the skills and training you need to get into the field. Let's start by taking a closer look at the best reasons to study finance.
Interested in starting a career in finance? Find out what it takes to work in the financial sector in Canada.
Is Finance a Good Career Path?
Finance is an excellent career choice that will open up so many pathways in your career. Taking a major in finance or a related area will show employers that you have the knowledge to work with money and support an organization's bottom line. Keep in mind that you don't always have to work in a bank or a trading floor with a finance degree or background. Money is involved in the operations of every business and organization - having your finance degree on your resume will help you stand out!
Finance is also an excellent career because it is challenging and competitive. Many of the jobs in the field involve working in highly lucrative, international markets where you will be involved in supporting wealth building and acquisition. Finance is multifaceted, meaning that you can also delve into other related areas like law, accounting, technology, and investing. You will constantly find yourself learning new information, adapting to innovation, and will have the option to explore diverse industries.
Finally, finance can be one of the most rewarding careers - many are attracted to the field for the promise of high salaries. Of course, there will be a lot of work involved in getting to those high-paying careers, but if you invest your time strategically and make the right moves you can land yourself in a great position to build wealth for yourself and your family. So what are the best paying careers in finance?
What kind of academic background and professional experience will you need to navigate a successful finance career in Canada? Learn more.
The Best Paying Jobs in Finance
Those that enjoy hustling and living a fast-paced lifestyle will thrive in the finance world. Some of the most challenging and high-paying jobs are as follows.
Mergers and Acquisitions Banker
In this role, your primary focus is to help businesses merge and acquire smaller ones. You will provide strategic advice to clients for getting the best deal, and collaborate with executives to grow and build their companies. In this field you can make anywhere from $68k-$248k.
Private Equity
In the field of private equity, you will be raising money for non-public enterprises and companies. The more money you raise, the more rewarded you will be as you will get to keep a portion of your earnings. A background in investment banking is essential, and you can typically make between $86k-$115k.
Venture Capital
Venture capital is an area in which you will be investing money into emerging companies and developing industries. While many projects may fail, ultimately you will make money for your firm by investing in the early stages of development. Venture capital professionals typically make between $143k-$248k.
What are the Best Skills for Finance Professionals?
As a finance professional you will need a very specific skillset to be successful. First of all, you will need to be adept with numbers and understanding more complex algorithms - after all, money is a numbers game! You will also want to have strong interpersonal skills. Much of your success will be attributed to the trust you build with clients and networking, so you will want to be confident working with others. You should also be skilled in assessing and taking risks, which you will need to do when investing money - and much of that money will belong to other people! Finally, you will want to be knowledgeable in all aspects of the industry you choose to work in, so being a lifelong learner that keeps up with trends, new policies and innovations is key.
How Can I Improve my Finance Skills?
You can improve your finance skills by upgrading your skill set regularly, reading the financial news regularly, and taking courses to achieve new designations and qualifications. As with anything, the more time you spend doing something the better you will get. Immerse yourself in your work, and make it a priority to know who's the most successful in your trade. Find mentors and learn from their advice and mistakes, and learn from your own mistakes! Finally, maintain a strong work-life balance: you will find yourself incredibly stressed, so knowing how to take care of yourself will be critical.
There are so many career pathways you can take in finance. Learn all about the finance careers Canadian graduates are choosing.
What are the Top Business Finance Programs in Canada?
Canada has some of the best business and finance programs in the country thanks to its world class universities. Many of these schools offer undergraduate programs in business and finance, and advanced graduate studies on campus. Here is a list of schools:
- University of Toronto, Rotman School of Business
- York University, Schulich School of Business
- Western University, Ivey School of Business
- Queens' University, Smith School of Business
- Concordia University, John Molson School of Business
- University of Alberta, Alberta School of Business
- University of British Columbia, Sauder School of Business
Where can I get Academic Support for an Investing Course or Course for a Financial Advisor?
It's no secret that courses in finance and business are challenging, especially if you are under pressure to get the best grades. This is why hiring a tutor can be important! A private finance tutor can help you to get the most out of your courses or help you to review the slew of industry specific vocabulary coming your way. If you lack confidence in mathematics, a tutor is the perfect solution for enhancing your work.
A private tutor can work with your busy schedule, and meet you online or safely in person at a mutually convenient time. They can give you that edge you need in your program to thrive, which is important if you are looking to get into a graduate program. Finding a private tutor for finance and mathematics is easy thanks to Superprof Canada. The Superprof site is designed to easily connect students and prospective tutors. You can use the search tool to find a tutor for whatever area of finance you are studying, and contact tutors directly through the site. Find a tutor on Superprof today!
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.
Are Online Finance Courses Worth it?
If you are already working in the financial industry, or full time and want to enhance your professional learning, online courses are an excellent way to obtain a new skillset without much interruption to your daily life. If you live far away from a major university, learning online is also the perfect way to access amenities you don't have otherwise. Many major universities, including top schools like Harvard or MIT, have massive open online courses you can take for low or no cost. If you want live sessions and a smaller group approach, you might also consider a regular credit program that takes place online.
What kind of salary can you expect to make as a finance major? The answer might surprise you.
Did you like this article? Leave a rating!
Loading...
