How do I know if business/finance is right for me?
Hello,
I'm a rising high school senior who will be applying to colleges this fall. I've always had my mind set on medicine (coming from a family of doctors) but recently I've looked at finance and it's attracted me a lot more. I'm very mathematically inclined and the analytical aspects of finance are pretty appealing to me. I've looked into Wharton recently and it looks like a wonderful school.
The problem is: I don't know if my heart is set on business/finance. I still don't understand what things like investment banking, private equity, and hedge funds are, but I've begun to do some research for myself. How do I know if business/finance is right for me? I hear a lot of horror stories about people becoming investment bankers and becoming miserable. And I hear that jobs in finance won't be as lucrative in the future.
Any other advice is appreciated
Thank you all :)
You will learn more about your interests once you start college and actually begin taking finance, economics, math, and pre-med courses. Then, once you have your first internship you will get a better idea of what the work is actually like. There are lists of good reading (use the WSO search function) that will also give you an idea of finance.
I was pre-med for my first two years of college, then switched to econ and math major with the intention of getting a PhD, and now after lots of research experience I've realized finance is where I want to be. Sometimes it takes time.
Right now your focus should be getting into the best school you possibly can, and then go from there. Schools at the level of UPenn and above are good at everything. At the level of U of Illinois some departments are much stronger than others (engineering > econ), but still pretty good across the board. At lower tier schools you will find more variance. I'm from Chicago and here we have Loyola which is great for medicine and DePaul which has a stronger business/finance program.
One thing to be aware of if you're considering a business major is that your grades mean comparatively very little as opposed to other majors. If you're not good with people, it's a losing battle. I really wish someone had told me that before I started school, I would have never even considered going into finance.
@Khansian: Does that mean I should stay away from schools such as Wharton? I don't want to lock myself into business, but I also don't want to potentially miss out on a chance to go to arguably the best undergraduate b-school in the world
No, you could always transfer into UPenn's College of Arts and Sciences if you change your mind. I'm not sure how difficult the transfer process is, but I don't think it is as competitive as Wharton so if you get into Wharton it shouldn't be a problem. Talk to a counselor there for more info. But UPenn is a good school so you wouldn't have to transfer to a different university if you decide to do medicine.
First off, you're in the same situation as me - I'm also a rising senior thinking of econ/finance! (But I've taken macro. in school, which I really liked, so I guess I'm in a different situation...)
Advice: get reading!
Liar's Poker, Monkey Business, etc, etc, read articles, there is plenty of intro to finance/other finance stuff on the web for free (Khanacademy - especially the "Core Finance" course. I've been going through that.)
Thanks guys.
Another question: How is the future job outlook for investment banking?
A few things that will help you: Talk to people in the industry. Look up their profile on Linkedin. Send them an email and they will tell you the pros and cons. This is the best way to know if finance is for you. Also most big companies have an 'internship' or 'boot camp' for freshman and sophomore students. You will learn a lot from these summer boot camps. This is also a good way to get an official summer internship during your junior year. This then helps you to get full time position which every college grad is working toward. Also ask any friends or relatives for any first hand experience.
I hope I answered your question
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