Financial Systems and Management
Finance is a wide term for many things concerning the study, development, management, and distribution of financial resources. The field has many branches and includes taxation, public finance, personal and corporate finance, and international finance. In the United States, finance has three main areas: personal finance, business finance, and municipal finance. There are also many specializations within these three areas. In Canada, there is also a broad division into government finance, municipal finance, and private finance.
Finance has many aspects, including credit risk, inflation, risk, productivity, international economics, monetary policy, banking, economic growth, international trade, fiscal policy, and the role of finance in public policy. In these days of global competitive pressure, finance is a relevant and necessary part of our lives. Students who complete their graduate studies in finance can be well prepared for a career in any sector of the financial services industry. They may choose to work in banks, in investment firms, in accounting firms, or in the financial sector as a consultant. Many seek positions in the government, in think tanks, or as employees of finance departments.
Students who specialize in finance must have excellent mathematical skills, analytical skills, attention to detail, and strong computer skills. Graduates will need to be able to write comprehensively and understand financial statements. Finance graduates can also choose to work as managers in financial services companies, banks, or other financial services firms. Many also enter the private sector and become entrepreneurs, helping make financial decisions about businesses.
In addition to the above fields, there are many other fields related to finance that students may wish to consider. Within the public finance field, students can major in finance administration, law and economics, government finance, environmental economics, history and political science, global management, health care, business leadership, and statistics. In addition, there are numerous programs that offer a core curriculum that includes entrepreneurship, small business management, venture capital, global economics, public policy, and personal finance. Some schools require their students to take additional courses in finance so they can focus on specific majors. A student can get a bachelor’s degree in finance with an emphasis in public policy, which allows them to help formulate solutions for increasing taxes and regulations that limit the economic activity of businesses and individuals.
Those who decide to major in business management should take an elective in social finance. This is an excellent choice for those who prefer to be involved in all aspects of business management. The core curriculum for this elective focuses on the causes and effects of social phenomena and how these relate to the business world. Students learn about the concept of behavior finance, what causes people to behave in certain ways, and how these behaviors affect the market and their finances. Some of the topics include the theory of demand, cause and effect analysis, the consumption behavior of the buyer and the seller, forecasting, optimal allocation, externalities, institutional finance, and welfare. Students will have a chance to develop managerial and executive skills while learning about the causes and effects of social behavior and knowledge of budgeting and financing.
Anyone who wants to enter into the financial markets can do so through a bachelor’s degree program at an accredited university or college that offers an associate’s degree or certificate in finance. Some students choose to major in the business or accounting side of finance, while other majors like international relations and statistics take precedence in many of these programs. Whatever financial goal you have in mind, there is sure to be a financial system that is perfectly suited to your needs.