It’s no secret that finance and economics are two of the most lucrative and in-demand majors out there. But who makes more money doing finance or economics? According to a recent study, finance is the clear winner.
While it’s true that economics can be lucrative too, finance jobs offer a higher salary on average and come with a greater number of opportunities for growth. So if you’re looking to make some serious money, go ahead and major in finance!
Facts About Finance and Economics
Income inequality is a hot topic in the United States. A recent study by the Economic Policy Institute found that the top one percent of earners took in almost half of all total income in 2017, up from 44 percent in 2007.
The study also found that the top 0.1 percent of earners took in nearly 10 percent of all income.
Finance and economics are two important fields that deal with money and economics. Finance professionals help people make financial decisions, while economists study how economies work and how policies can improve them. Here are five facts about finance and economics that might surprise you.
1. Finance is a very old field. The first book on finance was written over 2,000 years ago.
2. Finance is a very important field. According to the World Bank, financial sector services contribute about 11 percent of global GDP and employ about two-thirds of the world’s banking workforce.
3. Finance is a complex field. It involves mathematics, statistics, business theory, and other areas of knowledge.
4. Finance is not just about making money. Many finance professionals also work to help their clients achieve their long-term financial
The Different Types of Jobs in Finance and Economics
There are many different types of jobs in finance and economics. Here is a breakdown of the most common:
•Economist – Economists study how economies work, how markets function, and how economic policies can impact society. They may also research specific issues in financial or economic history.
•Financial Analyst – Financial analysts work in investment banks, hedge funds, and other financial institutions. They help determine which investments to make and how much money to lend to companies.
•Financial Planner – Financial planners help people plan for their financial future by helping them create budgets and invest their money wisely. They may also provide advice on taxation and estate planning.
•Accountant – Accountants are responsible for accounting for a company’s financial transactions. They may also advise management on financial planning and budgeting.
The Skills Required for a Job in Finance and Economics
Most job opportunities in finance and economics require a college degree in either economics or finance. However, not all jobs require a four-year degree. Many jobs in finance and economics, such as financial analysts, traders, and portfolio managers, do not require a college degree but do require strong skills in math and statistics.
In order to be successful in the finance and economics field, you will need to have strong analytical skills. You will also need to be able to understand complex financial concepts and forecasts. Finally, you will need excellent time management skills because finance and economics careers often involve long hours working on complex projects.
How to Become a Financial Analyst
If you’re interested in pursuing a career in finance or economics, you’ll need to be able to analyze financial data. Financial analysts work with a variety of financial data, including company earnings reports, stock prices, and market indicators. In order to become a financial analyst, you’ll need to have a strong background in mathematics and statistics. You’ll also need to have excellent writing skills, as financial analysts often write reports and essays.
How to Become a Stockbroker
If you want to make more money in finance or economics, there are a few things you can do. First, become a registered stockbroker. Stockbrokers are licensed professionals who help people buy and sell stocks. They typically charge a commission for their services. Second, become a financial analyst. Financial analysts work for banks or other financial companies and make recommendations on where to invest money. Finally, become a Money Manager. Money Managers help people save for their long-term goals by investing their money in appropriate securities.
How to Become a Hedge Fund Manager
A hedge fund manager is a financial professional who manages a hedge fund. A hedge fund is a type of pooled investment vehicle that invests in securities and derivatives. Hedge funds have grown in popularity in recent years as investors seek opportunities to gain exposure to a variety of markets while avoiding the risk associated with owning individual securities. The median income for a hedge fund manager was $2.8 million in 2013, according to the Investment Company Institute (ICI). Hedge fund managers typically work for private equity firms, venture capital firms, or other investment banks.
How to Become a Banker
Becoming a banker is a very lucrative career choice. According to the Bureau of Labor Statistics, the median yearly salary for bankers was $106,020 in 2016. This is significantly higher than the median yearly salary for economists, which was $75,590. The reason for this discrepancy is that bankers deal with financial transactions and investments, while economists deal with economic concepts and mathematical models. However, despite the higher pay rate for bankers, the demand for bankers is expected to decline over the next decade. This is because more people are getting educated about financial planning and investment options outside of banking.