Let's suppose you're thinking about your high school leaving exams. You're trying to decide which subjects to select that will position you for a stable career. English is a given, of course. You might also choose maths and perhaps a science. Beyond that, a few electives. That should be enough to meet Australian Tertiary Admissions Rating (ATAR) requirements. And then, you'll have to choose your university degree program.
If you already know which career path you'd like to follow, you're golden. You're also in the minority. Few students of school-leaving age are prepared to commit to a higher education program without at least investigating a few other courses. But there's one subject you could dedicate your university campus time to that will give you access to a broad range of jobs.
Studying finance sounds dry as twigs. But even the ever-maligned accountant stereotype is a far more exciting career than you might think. And besides, finance isn't only about keeping the books and balancing the budget. In fact, finance is at the cutting edge of economic growth. It lies at the very heart of social stability. Finance is a vital industry that touches on every other man-made concern. Let's learn more about it.
Is It Worth It to Study Finance?
From a philosophical perspective, we'd be hard-pressed to declare any course of study worthless. It doesn't matter what the subject is or your level of interest. From the first semester, you will gain something from every course you take. But we have to wonder: who wouldn't be interested in learning about money's full impact?
Think about how fascinating the concept of money is. Essentially, it boils down to assigning full value to something and then moving that value around. As money flows this way and that, it gains or loses value. And the people who work with money spend a lot of time figuring out new ways to make money even more valuable. That alone makes an education in finance worthwhile.
What of the people that make all of those financial moves? They're generally highly intelligent and very intuitive. They can predict which way the markets are headed by looking at financial and economic data. And they're very quick about making the right moves so their clients, companies or entities retain the full value of their investments.
Finance is an industry in itself but it drives every other human enterprise. Corporate finance covers every aspect of companies' financial dealings. Public finance is government money: taxes, budgets, investments and other assets. Personal finance takes the concept to the individual level. Your credit cards, bank accounts and any money you might borrow for a mortgage or to buy a car all fall under the personal finance definition.
Everything we do gives finance meaning. Because of this industry's far reach, it needs many people to work in every financial sector, at every level. And the demand for finance professionals keeps growing. These are just some of the reasons why finance degrees are worth aiming for. And we haven't even talked about the best reason of all to be a finance student!
Finance Meaning: the Best Courses in Australia
Admittedly, those few paragraphs aren't likely to propel you onto campus for an education in finance or economics. But they might just make you curious enough to apply for a finance-related major for your undergraduate studies at University. Lucky for you, there are plenty to choose from.
Practically every university in Australia offers undergraduates a range of Business degrees. Often, you'll find Finance courses listed as an extra learning initiative attached to Business studies. Some universities, like the University of Adelaide, let you choose a double major. When you enrol in their Bachelor of Commerce degree plan, you gain entry to their corporate finance or accounting units, too.
The University of New South Wales in Sydney (UNSW Sydney) lists both Business and Commerce degrees in their course catalogs. Their Business units don't devote quite as much time to finance studies. Their Commerce programs are far more generous in exploring financial concepts. These entry-level courses prepare you far better for graduate-level finance studies.
In fact, you won't find any degree programs strictly in Finance until you start on your Master's degree. At that level, every Australian university offers a wide range of finance courses for you to major in. You might decide to develop further as an accountant, or spend a semester learning about risk management.
The University of Western Australia (UWA) offers the same degrees - Business and Commerce, each with a possible Finance major. But then, they go a step further. UWA students may choose a combined Bachelor's study program. But unlike the schools mentioned so far, these double-degree initiatives pair unrelated study units together. For instance, you might apply for their Bachelor of Human Rights and Bachelor of Commerce plan.
In all, UWA offers every student seven double-degree study programs; each pairing is more interesting than the last. Imagine the possibilities of a Bachelor of Environmental Science / Bachelor of Commerce! Oddly enough, though, UWA is not listed as one of Australia's top universities for Finance studies. With their double degree programs, doesn't it seem like it should be?
What Kind of Job Can You Get if You Study Finance?
You might not want a career in finance. Still, earning your Bachelor's degree in Finance or a finance-related discipline opens up so many career pathways! With such an education, you'd meet the requirements to teach maths, business, statistics and perhaps even economics. Or you might become a licensed insurance agent or a Chartered Accountant and start your own business.
You don't have to settle for a staid position as a credit analyst or loan officer. Nor are you limited to a career in banking. Investment management might be more your style. Or you could go a step further to become a financial planner. In the private finance realm, that means advising clients about investments to secure their financial future. In the corporate sphere, you'd help plan for growth and innovation. You may even dabble in international finance.
In these shaky economic times, risk specialists are in particularly high demand. Nobody wants their investments to decrease in value. The risk specialist's responsibility lies in ensuring just that. They recommend hedging against short-term instability while projecting long-term probabilities. Corporate risk analysts model every growth initiative to determine where the financial weak points are. They keep their company from poor growth decisions.
Considering their level of responsibility, it's no wonder that risk analysts are some of the highest-paid finance professionals. You'll need a lot of experience to lead a risk analysis team, of course. In fact, you'll need to work your way up in practically any finance job except for stock brokering.
The rich stockbroker myth persists. That's mainly because of films that depict 'Wolf of Wall Street' characters living the high life with their ill-gotten gains. In reality, stockbrokers are among the lowest-paid in the finance industry. And it's one of the most demanding jobs in finance. There's a lot of hustle involved and it could even be a 'round-the-clock proposition because brokers also monitor international markets.
In finance, serious compensation goes to those who work behind the scenes. There's not much glamour in finance work. But who works primarily for glamour, anyway? Before deciding which direction to take your finance education, you need to know about some of the best jobs in finance.
Finance Meaning: Tutoring in Finance
As you progress through your education in finance, you'll likely find that you need occasional help. Some of finance's more complex aspects can be hard to understand just by the way they're described in your study units. So, like many a diligent student, engaging a tutor will be your go-to move. Naturally, you want a mentor who knows about finance and has experience working with financial instruments and systems. Or, at least, someone who has a full understanding of these concepts.
Now, flash forward a few years. You're done with campus life. Now a young finance professional, you're ready to share your skills and experience. It's your turn to help the next generation of finance professionals with their education. Or maybe you're in your final year of undergraduate study and want to help the freshman group. What do you need to get started?
In Australia, you don't need any particular qualifications to tutor in any subject. You may offer lessons in person or online on any subject you're knowledgeable about. For instance, as a finance professional, you probably have better-than-average maths skills. Thus, you could also tutor in maths, statistics, economics and English.
You might not have to present qualifications to tutor, or make any special declarations - except to declare your tutoring income on your taxes. Don't forget to do that! But you will have a few guidelines to follow. And you need to know how to find your first student - or, better yet, how to let students find you. If only there were a guide on how to start tutoring in Finance!
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