A finance degree major allows the person to learn more about how money works and how to manage it. With that skill, you can advise institutions on how they can manage their finances and make better decisions.
This degree also prepares a person for a high-paying profession such as corporate finance and financial analysis, among others. While a finance major can get you these professions, pairing it with another major degree better your chances of getting the opportunity in the competitive market.
However, the additional degree means twice the effort in studying since it also requires equal attention. Because finance is your primary major, you can opt for a more related second major.
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Factors to Consider When Choosing the Degree to Combine with Finance
The following are several things to consider when deciding the best degree to pair with finance. They include-
Future Profession
The career you seek to pursue after graduating should determine the major you pair with your finance degree. A finance student who opts to pair with economics gains a better understanding of the economic effects on a business.
The skill prepares them for a profession where they make financial decisions based on the global economy.
Available Time
Some majors require more time to study and comprehend, unlike others that you might pair with finance. You should have a clear plan on how the extra major will affect your time and if it can fit into the four-year graduation.
Cost
The extra major also means more money from your pocket every semester. You should be able to fit the second major within your budget for the four years in the institution.
Since some majors cost less than others, you can base your decision on the budget. Some institutions also offer discounts for students with more majors to make it affordable for them.
Interest
You can opt to pair finance with a major of your liking regardless of its contribution to your career. With that, you can pursue another major you find interesting that you find interesting, and make more of your time.
Though the major may not improve your chances when searching for a job, it can be your backup career.
Best Double Major with Finance
As a general rule of thumb, the second major should complement the first one and vice versa. Without a mutual interest in each other, they may have less impact on your resume regarding career opportunities.
Finance and Computer Information System
With the fast-growing technology, any major related computer, and technology is a worthy option. With a major in CIS, the graduate can utilize technology in the organization to identify and solve financial problems.
CIS is among the few majors you can double with finance and have less impact on the timeline. You can also add the CIS as a double major with the business since it’s still within the school of business.
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Finance and Accounting
Finance and accounting almost go together, though finance is a little more focused on specifics than accounting. Accounting is more detailed, and a finance major graduate with this additional skill can prepare better and more detailed financial reports.
Though accounting can cost you more time in the institution, it can improve your chances considerably. Also, since accounting has more opportunities than finance, it can be a great escape when needed.
Finance and Economics
A Finance major graduate should be able to access a financial market and advise an institution accordingly. To do that, they require a better understanding of the global economy, a skill they can learn in economics.
By pairing the two, the graduate has a better understanding of the world’s economy and its effects on the financial market. Economics can be covered within four years without causing too much stress on the student.
Finance and Marketing
A marketing degree teaches the learner how to advertise and brand their business to reach more potential customers. By pairing the skill with finance, the graduate can utilize marketing for financial gain.
A graduate with both of these skills can become a marketing manager for an organization and have a positive financial impact. While most companies hire a finance manager and marketing manager separately, having both skills make you more valuable.
Finance and Consulting
Financial consulting is a career where the graduate provides an expert opinion to a corporation. To become one the consultant must major in both finance and consulting, which might include sociology or psychology.
Combining the two can also give you a career as a personal financial advisor or a risk manager. Consulting can take time to major, but it’s a worthy major with great career opportunities.
Advantages of a Double Major in Finance
With over 25% of students pursuing double majors, there ought to be something positive about it. Below are some advantages of pairing a finance major with another degree.
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Better Career Opportunity
One advantage of pairing a finance major with another degree is that they make your resume stand out. With the extra skill, you have a better chance of getting picked compared to a graduate with only one major.
Better Skills
Pairing two majors prepare you for multiple careers in various fields. You can tackle challenges from more than one perspective, which gives you a better chance of success. Also, when you open your own business, you have better skills in managing and marketing it.
More Career Opportunities
With the additional major, the two different skills mean two more career opportunities. If you don’t get an opportunity in finance, you can use the other major.
Better Pay
Graduates with double majors have higher chances of better pay right from their first job, compared to those with one. They are considered more valuable due to the extra skill brought into the organization.
Saves You Time
Most extra majors you can pair with finance are also studied within four years. You are able to cover the two majors instead of one at a time, saving time that should have been later used.
Saves You Money
Despite the extra major costing you more than you should have paid for one, it also saves you more. You only pay for housing and other activities once while studying for two majors at the same time.
After sacrificing to pursue a double major with finance, the fruits of your labor will come in the ways above. It’s also possible to enjoy greater benefits we have not highlighted above. But, it’s you’ve to dedicate yourself fully to succeed.
Related: What Matches The Best Double Major With Supply Chain Management?
Disadvantages of Doubling a Major with Finance
Despite having numerous advantages, pairing the two majors also has disadvantages. The disadvantages include:
No time For Extra Curriculum Activities
The extra major takes almost every time for any other activity in the institution. If the student had extra activities, like sports, they might not be able to participate anymore.
The extra degree can end up forcing them to drop these activities if the schedule is not flexible enough to allow it.
Might Give a Chance for Poor Performance
Double majors can be tiring on a person, which can affect their general performance. Unlike when preparing for one major, where you have time to learn and rest, with two, you have less time for both.
This can make the student exhausted, especially during the exam period. This may result in poor performance, not only in the second major but also in the first one.
Might Cost More Time
Depending on the extra major you double finance with, you might end up spending more time in the institution. Some complicated majors, like accounting, can cost you more than four years to complete.
The extra time can cost you more time and money to cover, depending on your learning institution.
The above details help you know what to expect should you choose this career path. But, if you’re determined to go for it, the disadvantages should never weigh you down. With proper planning and management, it is doable.
What Are The Possible Careers After Pairing a Major With Finance?
The effort of pairing is never in vain. You can secure the following career opportunities after pairing finance with another major.
| Majors | Careers |
| Finance and CIS | Financial analyst |
| Budget analyst | |
| Computer system analyst | |
| Finance and Accounting | Commercial banking |
| Public accounting | |
| Accountant | |
| Finance and Economics | Financial planner |
| Investment Banking | |
| Hedge fund manager | |
| Finance and Marketing | Marketing analyst |
| Advertising manager | |
| Marketing Manager | |
| Finance and Consulting | Financial risk manager |
| Finance advisor | |
| Financial Consultant |
Pairing a major with finance will not be easy, but the effort is well worth it. It opens up other career opportunities, impacting your growth. In the same breath, you become more resourceful to the organizations and people you interact with professionally.
Conclusion
Some people opt to major in a particular degree for the best performance and a less stressful learning experience. However, pairing two majors’ gives a student a better chance of success when seeking employment. While the first major determines your career, the second one helps shape it better.
For the best experience while doubling the two, enquire from lecturers. The article shares some options with you best for a double major in finance. It also covers their pros and cons and the career opportunities you can get after pairing with any of them.
