It used to be the usual that a person could go to college, get a degree in almost any subject, and then be able to find decent career prospects when they had finished. However, this is no longer the case.
The increase in the number of persons seeking higher education has resulted in an increase in the level of competition for occupations that previously required a college degree of any kind.
Because of the rise in hyper-specialization and technical skills in the industry, companies are often searching for extremely particular skill sets, which certain degrees may not be able to give.
Although it is still true that possessing a college degree of any type can put you in a better position in the job market, the correlation between the two is not as strong as it once was.
Those who want to further their education thus need to use a little more discretion when deciding what subjects to concentrate on during their time at the college level.
The United Kingdom is home to some of the most prestigious educational institutions in the world, and the country's educational system has a long history of producing some of the world's most intelligent people. Roughly one-half of the working population has completed at least one year of post-secondary education, and about one-tenth of them have advanced degrees.
For a considerable amount of time, earning a degree in finance has been a popular option in English educational institutions; but, are these degrees really worthwhile? Is it worthwhile to take out student loans in order to get a degree in finance?
Let's have a conversation about the possibilities and obligations that come with majoring in finance, as well as the question of whether or not it's worth it.
What Kind of Salary Can You Expect to Achieve With a Degree in Finance?
Beginning salary for a graduate in finance, on average
In the year 2020, graduates with degrees in finance and accounting might expect to earn a beginning salary of around £23,818 on average. If we take into account the fact that graduates from all types of universities make around £22,200 year, we can deduce that those who majored in finance earn somewhat more than the average pay for recent college grads.
This only accounts for students who have recently just graduated and their average pay of £22,818. The typical sum increases with both the passage of time and the accumulation of experience. At the midpoint of their careers, finance majors typically make between $45,000 and $60,000 annually.
When compared to the average wage at the midpoint of a career, which ranges from £39,000 to £43,000 across all sectors, it is a rather respectable amount.
All of this information is promising for students who are considering majoring in finance. Because the financial sector is so huge and accounts for such a significant share of the nation's GDP, there are a great number of career opportunities available to those who have a background in finance and accounting. Students who study in finance often find employment in settings such as:
Organizing one's finances
Global economics and finance
Analyst of financial markets
Advisory and consulting firms
Personal financial management
The world of investment banking
In the public sector
Owners of businesses
The employment opportunities that are offered are also plentiful. Major companies and organizations will conduct recruitment efforts to find qualified candidates fresh out of college or students majoring in finance who are interested in working for a regional agency that has a particular emphasis.
The field of accounting has a somewhat unfavorable image for being dull and lacking in excitement, yet a degree in accounting and finance can provide you with transferable abilities that can be used nearly anyplace.
The majority of different fields place a premium on effective financial management. As a consequence of this, there are a great number of positions available in the financial sector across a broad variety of businesses.
A degree in accounting or finance may prepare you for a variety of occupations, including those in financial analysis, financial planning or planning, risk management, and chief financial officer, among others.
If you are interested in a more particular breakdown of the industries in which people who study in finance work, here are some numbers:
56.1 percent of respondents worked in business, HR, or finance.
Work in an Administrative Role – 24%
Retail and catering make up 3.8 percent of the economy.
3.2% of the total budget was allocated to marketing, sales, and public relations.
Other (12.3% of the total)
As can be seen, the vast majority of individuals who study accounting and finance go on to get employment in the corporate world, either in accounting or finance-related fields. Although it may seem like a single industry, this really encompasses a wide range of businesses.
What Kinds of Skills Can You Expect to Learn If You Pursue a Degree in Finance?
Earning a degree in finance is all about educating students' analytical and financial abilities in an environment that is relevant to real-world situations.
Students who enroll in degree programs in finance will acquire understanding of business administration and organization, financial ideas and terminology, the capacity to solve problems, analytical and quantitative reasoning abilities, and successful business practices.
A significant number of students who concentrate their studies on finance go on to launch their own companies, where they put the academic and practical skills they gained in school to use.
Students who specialize in finance will acquire valuable professional skills such as time management, project planning, networking, and language abilities throughout their studies.
A degree in finance may serve as a useful venue for developing professional relationships and discovering new commercial prospects. A significant number of individuals develop close relationships with their contemporaries that last throughout their whole professional lives.
To sum it all up, having a degree in finance opens up a wide variety of doors for career opportunities. You would have the opportunity to work in a wide variety of settings while yet maintaining a career that is somewhat secure.
The UK's most popular degree programs provide some of the finest opportunities for mid-career progression, and one of those opportunities is in finance.
In what kinds of classes and units do you plan to enroll?
Courses in finance and accounting often include a wide variety of topics, both academic and practical in nature. The purpose of the bulk of the courses is to provide students with an understanding of the essentials required to work in finance in England after the financial crisis.
In the United Kingdom, finance degree programs are typically either three years long for a Bachelor of Arts (Honors) degree or four years long for a Bachelor of Science (Honors) degree.
The primary distinction between the two is that a BSc degree is more narrowly focused and has a more scientific emphasis, while a BA program emphasizes the liberal arts and has a little broader scope overall. Both kinds of degrees are beneficial and may be molded to fit a wide variety of professional trajectories.
Your precise area of concentration and the kinds of careers you wish to pursue will determine the specific course you enroll in. In light of this, the following is a list of some of the courses and certifications that are available at various establishments located around the UK.
ACCA (Association of Chartered Certified Accountants). This certification requires students to complete courses that are both academic and practical in nature. The majority of these courses concentrate on the principles of business accounting, tax law, corporate finance legislation, and other financial procedures within the framework of a corporation. If you graduate with these credentials, you will be able to find employment in a wide variety of fields within the business and financial industries.
AAT (Association of Accounting Technicians). The AAT certification track consists of courses that cover the essentials, as well as coursework that focuses on a particular area for those who choose to specialize.
ICAEW (Institute of Chartered Accountants in England and Wales). This credential requires three to five years of study, during which time students must complete a combination of academic courses and on-the-job training. This line of study is an excellent way to prepare for a job in finance, both as a personal financial manager and as an accountant for corporate finance.
Students will, in the majority of circumstances, be required to get one of the following credentials in order to operate in an official position in a commercial or financial organization. Although a full degree in finance may not always be required, the completion of any relevant preparatory classes almost always is.
Courses are separated into modules. Including courses that are required as well as those that are optional.
The content of core classes is exactly what one could anticipate. In the context of the study of finance, this refers to subjects such as debt, equities, derivatives, and markets, amongst others.
The electives provide students with the opportunity to choose from a more extensive range of subjects and topics, some of which may not quite fit into the conventional categories of finance.
In addition to these classes and pathways to certification, the majority of bachelor's degrees will provide you with the chance to participate in partner programs that will allow you to get some real-world experience.
These sorts of internships, which are included in a bachelor's degree program, are very helpful since they allow you to develop practical skills on the job while also providing you with contacts that might be useful when looking for work in the financial industry or in financial institutions.
Degree Programs Available at the Postgraduate Level in Finance
Students who are interested in finance and accounting also have the possibility to continue post-graduate studies in order to get credentials for higher degrees.
Students in the UK who are interested in finance and accounting often choose to enroll in the MSc Master of Finance program as one of their postgraduate study choices. To get one of these sorts of master's degrees often requires an additional year of training and instruction in a certain field.
The majority of postgraduate finance programs also provide you with additional options to get job experience in the area of finance via the use of partner programs.
You are required to have an undergraduate degree in finance, accounting, or a field that is closely connected to finance in order to be eligible to apply for a postgraduate degree in finance. There is also the possibility that you may need to complete an admissions test.
Courses in Master of Science in Finance programs are often organized into one of four primary categories, as follows:
Foundation modules: These classes concentrate on the fundamentals of finance and introduce students to fundamental ideas such as debt, equity, capital, efficiency, and so on. In general, these modules also include instruction pertaining to the statistics and mathematics that are required for dealing with financial matters.
Core modules: Core modules include the majority of the professional courses that are included in the curriculum. These professional courses cover topics such as ethics and professional standards, econometrics, investment banking, and portfolio management. Core modules are the foundation of the curriculum.
Electives: Electives allow for more particular and interest-related subject matter, and they are more flexible than required courses, as is the case in undergraduate education. The courses "financial management," "trading techniques," "regulations and monetary policy," "financial planning," "Macroeconomics," and "quantitative investing" are examples of some of the frequent electives offered in master's degree programs in finance.
In addition to classroom instruction, the majority of postgraduate programs require students to complete a capstone or thesis project, as well as internships with local companies.
A Master of Business Administration (MBA) degree is yet another popular post-graduate option in the area of finance.
A master of business administration degree provides students with a comprehensive introduction to business management. This introduction covers topics like as risk management, financial analysis, and other skills that are helpful for management employment in the financial sector.
In the United Kingdom, how much does it cost to get a bachelor's degree in finance?
Each each student in the United Kingdom must pay their own unique tuition rate in England. The amount that you will have to pay will be determined by both where you come from and where you will be attending school.
That being said. Schools in the UK are only allowed to charge English students a maximum annual tuition of £9,250. If you are a resident of Scotland, you are eligible to get free education if you cross the border into neighboring countries. Therefore, the tuition costs for the majority of students are far less than £9,250 each year.
Keep in mind that this total only accounts for the price of your classes. You also need to take into consideration the expenses of living, which include things like rent, food, transportation, equipment, and so on.
The monthly cost of living for a typical college student is roughly 795 pounds. The most costly aspect of living is often the rent, followed by the cost of the food that one consumes. If you choose to remain at home while attending college, you may save these expenditures by a significant amount.
In case you're interested, there's a whole page dedicated to analyzing the cost of renting in the UK.
How much does it cost to get a master's degree in finance?
The cost of earning a master's degree is often higher than that of attending university. The typical price range for an MSc in Finance degree in the UK was between $23,000 and $47,000 in the year 2020. That is a considerable increase compared to the cost of an undergraduate education.
On the other hand, having a master's degree makes it possible to get higher-paying jobs with greater chances.
The average yearly pay of someone who has only earned an Honors degree is much lower than the average annual salary of someone who has earned a Master of Science degree from the University of Limerick (UL).
Is Earning a Degree in Finance Really Worth It?
In general, obtaining a degree in finance is both one of the most popular choices and a great alternative for pursuing throughout one's time at university.
You will learn the principles of how money works if you get a degree in finance, which is a vital set of abilities to have in practically every sector of the business and financial system.
Business degrees, such as those in finance and accounting, are often seen as excellent examples of generalist business degrees. This is due to the fact that these degrees provide students with technical abilities that are beneficial no matter what sector or industry they end up working in.
In addition, beginning and mid-career incomes for finance graduates are often greater than those for graduates of other degrees.
In the grand scheme of things, this degree program is a solid choice that offers a satisfactory rate of return on investment. A degree in finance is one of the better possibilities that you could select if you are searching for a degree that would make up for the expense of college and if this is something that you are looking for.