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I think you could view it similarly to marketing. When I was in college, the majority of people in business went into marketing. To me, it was a bit of a cop out. There really is no right or wrong answer in marketing. Economics is more theory. If you like to wax poetic about concepts, that would be a better fit. I chose the finance route. I saw it as a difficult option and I wanted to push myself. I also had a sense that since far fewer women went into it at the time, it would give me and advantage. I never had much trouble finding jobs.
Excellent:
1. Finance is difficult.
2. Congrats for doing well in one of the last strongly male dominated areas. And for seeing as a young person that being different from the crowd can often be fashioned into an advantage. Well done.
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Quote:
Originally Posted by EDS_
Excellent:
1. Finance is difficult.
2. Congrats for doing well in one of the last strongly male dominated areas. And for seeing as a young person that being different from the crowd can often be fashioned into an advantage. Well done.
Agree.
Stepping out and taking risks sharpens your skillset, perception, and chances of survival. There are some very intelligent people in the finance field, so you must be able to "run-with-the-mustangs' / prime movers.
I greatly appreciate legitimate 'creative finance' knowledge. It's a way to move mountains of obstacles (which are plentiful).
There are many females in top financial leadership positions, especially in non-profits, and some are very influential. Such as B&M Gates Foundation and those moving and defining worldwide social health and education initiatives. +/-
Consider line vs. staff career path. In some companies, if you are in either finance or economics, you have a pathway to line management having P&L responsibility. That's good. In other companies, if you are in either finance or economics, you are a staff function with no pathway to P&L responsibility. (BTW, the same is true with the IT function).
So it depends on the core business of the firm you join. If it is, say, an economics consulting company or financial consulting company, then you're part of revenue generation (good). In another company, say a manufacturer, you are nowhere near revenue generation - you have little responsibility and almost no authority.
Every company of size has a finance function, but most of that finance function is focused on management accounting (cost accounting) and GAAP accounting & preparation of the financial statements. A tiny sliver is focused on tax accounting and tax planning which is highly specialized. An even tinier sliver is focused on Treasury (cash management) which also is highly specialized.
So I have an undergrad in economics and an MBA that took me into Corporate Finance (which is the occupation that many Financial Analysts jobs fall under). To me they are not comparable.
Economics is a social science and 'economist jobs' tend to be in the consulting arena. To me an economics degree is just a liberal arts degree that happened to dabble in money and like many people who get a liberal arts degree, you end up going into some other field for a career. So those who become Economic Analysts are probably the exception and not the norm
Financial Analyst roles are generally the bread and butter entry level positions for managing revenues and costs for an organization. That's pretty broad whether its for profit, nonprofit, Fortune 500, some small bank etc. Typically one would go into an industry and stick with that industry (or a comparable one) to advance their career. There are way more career opportunities in the 'financial analyst' world because that's pretty broad. Also the pay can vary widely depending on the industry.
Personally I don't associate 'Financial Analyst' jobs with roles in the Asset management/equity markets. You say you like 'banking' which to me are those equity market roles. Those roles are fine but very different than Financial Analyst jobs.
So I have an undergrad in economics and an MBA that took me into Corporate Finance (which is the occupation that many Financial Analysts jobs fall under). To me they are not comparable.
Economics is a social science and 'economist jobs' tend to be in the consulting arena. To me an economics degree is just a liberal arts degree that happened to dabble in money and like many people who get a liberal arts degree, you end up going into some other field for a career. So those who become Economic Analysts are probably the exception and not the norm
Financial Analyst roles are generally the bread and butter entry level positions for managing revenues and costs for an organization. That's pretty broad whether its for profit, nonprofit, Fortune 500, some small bank etc. Typically one would go into an industry and stick with that industry (or a comparable one) to advance their career. There are way more career opportunities in the 'financial analyst' world because that's pretty broad. Also the pay can vary widely depending on the industry.
Personally I don't associate 'Financial Analyst' jobs with roles in the Asset management/equity markets. You say you like 'banking' which to me are those equity market roles. Those roles are fine but very different than Financial Analyst jobs.
So I have an undergrad in economics and an MBA that took me into Corporate Finance (which is the occupation that many Financial Analysts jobs fall under). To me they are not comparable.
Economics is a social science and 'economist jobs' tend to be in the consulting arena. To me an economics degree is just a liberal arts degree that happened to dabble in money and like many people who get a liberal arts degree, you end up going into some other field for a career. So those who become Economic Analysts are probably the exception and not the norm
Financial Analyst roles are generally the bread and butter entry level positions for managing revenues and costs for an organization. That's pretty broad whether its for profit, nonprofit, Fortune 500, some small bank etc. Typically one would go into an industry and stick with that industry (or a comparable one) to advance their career. There are way more career opportunities in the 'financial analyst' world because that's pretty broad. Also the pay can vary widely depending on the industry.
Personally I don't associate 'Financial Analyst' jobs with roles in the Asset management/equity markets. You say you like 'banking' which to me are those equity market roles. Those roles are fine but very different than Financial Analyst jobs.
Do you believe it’s better idea to work as a financial analyst in Corporate sector or in a financial institution? I mean which field provides better professional prospects??
Do you believe it’s better idea to work as a financial analyst in Corporate sector or in a financial institution? I mean which field provides better professional prospects??
There are large Corps and large Financial institutions. +/-(benefits each way) (I prefer small / nimble / growing / dynamic / responsible positions)
I would choose the position that availed me the most variety / exposure to eventually break out of the box. (of employment)
Each job is free training for your next step. Make purposeful steps until you get to your sweet spot..
Others just bite onto an institutional job and stick with it for 30+ yrs.
No crime in that.
Do what best suits you and your career trajectory.
...which field provides better professional prospects?
need more clarification on what you intend to do with those 'prospects'.
If you like a defined future, go for the secure / predictable positions.
If you prefer 'branching out' / risk, a large employer / back-office job may drive you crazy.
There are large Corps and large Financial institutions. +/-(benefits each way) (I prefer small / nimble / growing / dynamic / responsible positions)
I would choose the position that availed me the most variety / exposure to eventually break out of the box. (of employment)
Each job is free training for your next step. Make purposeful steps until you get to your sweet spot..
Others just bite onto an institutional job and stick with it for 30+ yrs.
No crime in that.
Do what best suits you and your career trajectory.
...which field provides better professional prospects?
need more clarification on what you intend to do with those 'prospects'.
If you like a defined future, go for the secure / predictable positions.
If you prefer 'branching out' / risk, a large employer / back-office job may drive you crazy.
Personally i really like to analyze the financial statements, compute crucial financial ratios, making forecasts about the future financial performance and evaluate loan structure of a company/ financial institution. So i am a little bit confused because i don't know which positions are responsible for these responsibilities
Personally i really like to analyze the financial statements, compute crucial financial ratios, making forecasts about the future financial performance and evaluate loan structure of a company/ financial institution. So i am a little bit confused because i don't know which positions are responsible for these responsibilities
well... I have a good self employed friend who does ONLY Financials for new business plans. (lots of ratios and loan structures), Good variety of projects.
He was making $5000/ week when he was age 23, working from home.
Businesses must employ or consult with financial gurus to present their proposals to banks.
Then the financial gurus at the bank dismantle and destroy that plan.
Another friend works for a top 3 Acct firm and only does forensic accting (creative ways to find hidden money trails) Usually for the IRS and often for the FICA / SEC.
Financial analyst roles are great ways to learn business and build a foundation. Really all they are or should be. Learn how a company generates it's revenues, it's margins and how it keeps costs under control. Think of it as being like an accountant but focused on the future.
Do it for a few years and then look for something else if they aren't promoting you every 2-3 years. I did this role in my mid 20s and it was a great fit for me then to learn but the grind of doing the same analysis every month or every quarter starts to wear on you and the learning curve flattens after you have done two year-end periods. At that point you can start to focus in on the specific areas of the business that interest you and the industry you'd like to be in. The great part of this role is there are endless jobs in almost any market. Can do as I did and relocate to where you want to be and find work.
Economists are not really that common in corporate organizations. Takes certain size and type of company to employ many and easy to just hire consultants when needed. A lot of business econ students become financial analysts or treasury analysts because there are many more jobs. There really isn't a program in the world which teaches you how to be one of these analysts so they will take a lot of different majors and train them on how they do it in their organization.
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