Choosing a Major
When choosing a major (and a career) you should always choose something that interests and excites you. That being said, if your ultimate goal is obtaining a position on Wall Street, certain considerations must be taken into account. One of the most important factors is how well you tell your story. Majoring in something other than business, economics, or mathematics with no extracurricular activities or internships in the finance sector may hinder your ability to put a believable story together.
Target and Semi-Target
At a “target” and “semi-target” school, you will have a bit more leeway in choosing a major. Because of the perceived prestige and academic rigor of target and semi-target schools, students may choose a major such as philosophy or political science as long as they are filling up their electives with finance, accounting, and economics courses. It is, however, imperative that when majoring in something other than business, you make sure to take courses relevant to the finance sector (specifically finance, accounting, and economics).
Non-Target
Coming from a "non-target" school, students will usually face an uphill battle for the most competitive front-office positions. Thus, it is imperative that these students are able to clearly display their knowledge and interest of finance. One of the best ways to accomplish this is by actually majoring in a relevant subject. Is it possible to break in from a non-target with a major other than business? Absolutely. But for every “non-traditional” candidate, there are countless others that have a much easier path because their resume clearly displays an interest in the financial world. If a finance degree is an option, you should choose that. If it's not, go with economics. "Hard" majors (maths, physics, chemistry, etc) are acceptable as long as you do well in them.
Bottom Line
Ultimately, a philosophy major at Harvard is capable of securing an interview based on the Harvard brand, whereas a finance major at the University of Colorado is securing an interview based on the finance major brand (as well as a high GPA in that major). You should also keep in mind that whether you are coming from a target, semi-target, or non-target, having a business-related degree will put you a step above your competition for firms that don’t offer structured training programs. On average, your business-related major should (theoretically) help you perform better in the technical interviews while also giving you a strong working knowledge of financial concepts and financial modelling.
Relevant Discussions:
Additional Resources:
- Relevant WSO Guides: A Look Behind the Wall - An Overview of Six Wall Street Career Paths, Internship Guide, and Networking Guide
- Relevant WSO Services: Wall Street Mentors and Career Coaching and Finance Resume Review
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