Majors at the University of Connecticut

Finance

Finance is the management of money, banking, investments, and credit. The financial services industry affects virtually every aspect of our lives and includes banks, security firms, insurance companies, and other financial institutions. Majoring in finance prepares students for careers in corporate finance, financial planning, insurance, investments, real estate, public accounting, health systems, money management, and commercial banking.

Academic Department

• UConn's Department of Finance, School of Business Administration

Nature of Work

Finance graduates work in nearly every kind of industry that needs financial planning and analyzing. They may work in a bank as a bank trainee, concentrating in such areas as corporate buyouts, mergers and acquisitions, sales and trading, credit cards, mortgages, and fee-based services. They may research and analyze data, reporting long-term and short-term trends in the economy; and describing investment risks and market influences. They may work for an investment firm on the floor of the New York Stock Exchange filling their own investment firm's buy-and sell orders, or trading securities with other firms. They may help individuals invest private money, plan for their retirement, or save money for a child's college education. Most graduates in finance will find themselves working in an office at a desk or on the floor of a stock exchange. Because enormous amounts of capital are involved, the finance industry is extremely risky, challenging, and therefore, exciting.

Sample Job Titles

Potential Employers

Potential employers for individuals breaking into the field of finance include small businesses, large organizations, banks or other financial institutions, insurance companies, real estate companies, health systems, state and local bank trust departments, credit card companies, government agencies, and non-profit organizations.

Useful Skills

Students entering the field of finance must possess a variety of skills. Most importantly, a student must have the ability to analyze facts and numbers using an aptitude for math and the decision making process. Because much risk is involved in finance, a student should be able to work well under pressure and have the ability to handle heavy responsibility. Also, human relations and communications skills are very important when handling customer requests. Enthusiasm, professionalism, and friendliness will create success with customers.

Getting Experience

Gaining experience in finance is essential to being successful after college. One of the most valuable ways of doing this is to participate in an internship or co-op in an area of finance that interests you. By doing so, you will make important connections and get hands-on experience in the field. Also, you may become familiar with areas that interest you more than others and it will be easier to narrow down education possibilities. Another way to gain experience is to become involved with organizations on campus whether it is through volunteer work or through a work study program. Becoming the treasurer for an on campus group or working in a bookkeeping department will provide valuable experience for the future. Each of these possibilities will make you more marketable to an employer after college because you have skills that they value.

Employment Opportunities

The job market for finance majors has the most potential for growth in small and medium size businesses. Within investment banking, opportunities are the greatest for those who familiarize themselves with the most innovative financing products and who help their clients learn to use them. Money management is a field that is difficult to break into, but once in the door, the possibilities greatly expand. Commercial banking is the largest employer within the industry and remains a very stable opportunity for employment.

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