7 Best Degrees to Help you get into Banking

Banking degrees come in a variety of levels. Each degree provides unique advantages to students preparing for careers in the banking and financial industries. The financial services industry is one of the world’s largest employers. Millions of people work to provide financial products and services to retail customers like us or businesses all over the world. These individuals come from a variety of backgrounds and academic fields. MBAs, for example, typically dominate investment banking. More people with a mathematical or computer science background work in trading. Look around and you’ll see economists, engineers, computer programmers, lawyers, mathematicians, accountants, doctors, and even former air force pilots!

However, just because something is possible does not imply that it is simple. With relevant academic credentials, you are far more likely to land a job in banking or finance. While unusual moves are possible, they are uncommon. Having a bachelor’s or master’s degree that closely matches your preferred banking role’s skill set is still the most likely way to get in. But what is the appropriate degree? Which majors should you pursue? The following is a list of the best degrees/majors for various banking roles and career paths.

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Degrees to Help you get into Banking

Here are the best degrees/majors for various banking roles and career paths are listed below.

1.     Finance

Certain banking positions almost always require a finance degree. Anything that requires a lot of numbers or a lot of analysis would benefit greatly from a finance degree. Treasury management, financial planning, credit analysis, and even more specialized roles in capital markets and investment banking are some examples.

As a business degree, a finance qualification is another requirement for banking. The main distinction is that a finance degree is better suited for roles with a more analytical bent, whereas a business degree is better suited for more sales-oriented roles. This is not an absolute rule, and your skillet and experience are usually more important deciding factors.

More advanced Finance degrees would allow you to pursue more senior positions in more desirable divisions. While a basic degree is ideal if you simply want to gain some experience before pursuing further studies.

2.    Economic

Apparently. This may appear to be the most obvious degree at first glance, but it is also the one that eventually leads to the most banking positions. however, economics is a much broader degree than one that only directs people toward banking.

An economics degree from a reputable university will most likely open many doors in the financial field, from stockbroker positions to statisticians, investment banking to accountancy. If you aren’t sure which path to take, economics may be the best middle-ground option. This article from Essex University provides a good overview of job opportunities with an economics degree. Find the Best Economics Courses in the UK as well.

3. Business

Business is another degree option that probably not surprising to those reading, but one that offers something a little different than economics. While an economics degree provides a more comprehensive picture of the entire economic world, a business degree is much more concerned with what is profitable and feasible. In reality, the two overlap on many topics, but it’s worth remembering.

Entrepreneurs are drawn to business studies courses, which may explain why it has become one of the most popular courses in the UK. A business degree provides you with a comprehensive understanding of the business world, and if you want to open your own business one day, this could be a good option. And the financial aspects of a business degree are a sure-fire way to get the banking industry’s attention.

4.    Banking

Some universities offer business/finance degrees with a focus on banking. This essentially means that certain banking-related courses, such as risk management, accounting, corporate finance, banking regulations, and so on, are added on top. This is also a viable option because such a degree will undoubtedly better prepare you for some retail/commercial banking positions.

The curriculum for such courses is similar to that of business and finance courses, but with a greater emphasis on banking concepts, terminologies, risk management, compliance, financial regulations, and so on. This excellent online Corporate Finance program from Columbia University lays the groundwork for what you need to know. You can also look for Banking programs here.

5.    Accounting

Accounting degrees are better suited to roles in banks that are inward-looking rather than client-facing. Financial reporting, taxation, and auditing, for example, would be ideal roles for accounting degree holders. Accounting and audit roles in banks are generally similar to those in other large corporations. The only difference is that the balance sheet would look very different.

Accounting and audit specialists, on the other hand, can move into a variety of other fields. Risk and treasury management are obvious favorites, but based on your aptitude and experience, you could even work in sales.

6.     STEM

STEM stands for Science, Technology, Engineering, and Mathematics. STEM degrees range from physics to engineering to computer science and chemistry. These are areas that are constantly changing, and studying such topics that appear to be at the cutting edge of so much of what we do today can be a truly exhilarating experience.

Banking may not be the first job that comes to mind when considering a STEM degree, but you’d be surprised how many people choose that path. But the beauty of a STEM degree is that it keeps your options open – wide open!

STEM jobs include biomedical engineering, computer programming, and statistics, to name a few. If you do decide to pursue a career in banking, the math and engineering components of the course will be invaluable. Check out Stem Graduates for more information on your STEM degree options.

7.    Investment Banking and Finance

If you want to work in a bank, this is probably the most specific course you can take. However, when compared to other degrees on this list, the number of available courses is significantly lower. This is also the type that, if you take it, limits your future options.

While a STEM course can prepare you for a wide range of jobs, a degree in Finance and Investment Banking prepares you for a very specific set of jobs. Maybe that’s exactly what you’re looking for. If you want to work in investment banking, why waste your time on courses that include a large number of non-related components? If you know exactly what you want, this is the one for you.

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