Does my major matter when it comes to getting a finance job?
When choosing a major (and a career) you should always choose something that interests and excites you. However, if your ultimate goal is obtaining a job on Wall Street, majoring in something other than business, finance, economics, or mathematics may make things more difficult come recruiting season. If you top that off with no extracurricular activities or internships in the finance sector, your ability to convince finance recruiters that you are truly interested in Wall Street may be hindered even more.
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 more relevant to finance careers and courses that display strong quantitative aptitude (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 why make life even harder on yourself? If a finance degree is an option, then sign up. If it's not, go with economics. Majors traditionally seen as "hard" (maths, physics, chemistry, engineering type degrees, etc) are also 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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