I’m nearing the end of my Economics degree and I’m starting to have some doubts and regrets about not pursuing finance from the start. I’d appreciate your thoughts.
Just to give some context, I’m studying in Canada. From what I’ve heard, an Economics degree here doesn’t typically lead to a career in finance unless you have a specialization in statistics or something similar, which I’d prefer to avoid. I’m currently in my third year and could graduate next year with a general BA. However, I’ve been told that doing so might undermine the value of my Economics degree and won’t offer any advantage over a generic BA.
That leads me to my two main questions: Do you think it would be worth it for me to pursue an honors degree and stay for another couple of years? On the surface, it seems like a straightforward decision, but I’m feeling a lot of regret for not heading straight into finance. I’m realizing that I’d really like to carve out a career in financial planning. Given that, would it make sense for me to cut my Economics degree short, obtain a general BA, and then move directly into a Master’s in Finance? The Master’s program at my university prepares you well and also allows you to take the CFA. While I realize that a CFP would probably be more aligned with my goals, I find everything in finance fascinating.
Another option could be to finish my honors in Economics and then either pursue the Master’s in Finance or seek certifications like CFP/CFA while gaining relevant work experience.
I’d love to hear your thoughts! I apologize if I’m rambling or if I have any misunderstandings about this field. I’ve been feeling a lot of regret about my choices, especially since my peers often dismiss Economics, particularly in Canada. I know their opinions shouldn’t sway me, but I can’t help but wonder if they might be right. Economics is intriguing, but I’m not sure it’s the best path toward what I want to do. Any advice or words of encouragement would be greatly appreciated!
One response
It sounds like you’re at a pivotal moment in your academic journey, and it’s completely normal to feel uncertain about the path you’ve chosen. First, it’s important to recognize that an Economics degree does offer valuable skills and insights, even if it doesn’t have the same direct path to finance as other degrees might.
Here are some points to consider:
Honours vs. General BA: Completing an honours degree may provide you with deeper knowledge and critical skills that can enhance your understanding of financial markets and planning. However, if you feel strongly about switching to finance, a general BA followed by a specialized Master’s might allow you to pivot more quickly.
Graduate Studies: If you’re interested in finance, pursuing a Master’s in Finance (MFin) can be a great way to make that shift. Many programs appreciate diverse academic backgrounds, and having an Economics degree can be advantageous as it gives you a foundational understanding of the market forces at play.
Certificates and Designations: If you’re considering a career in financial planning, earning your CFP (Certified Financial Planner) designation could be very beneficial. This could also be a route you pursue along with your graduate studies. The CFA (Chartered Financial Analyst) is highly regarded in investment roles, but it requires a different skill set.
Networking and Experience: No matter what path you choose, gaining practical experience through internships, part-time jobs, or volunteering in finance-related roles can be invaluable. Networking with professionals in the field can also open doors and provide insights that can guide your decisions.
Trust Your Interests: Finally, follow what interests you. If you find financial planning appealing, pursue it! You don’t have to fit into a specific mold that your peers or society dictate. Your unique background in Economics can give you a distinct perspective in finance.
In the end, it’s about aligning your education with your career aspirations. Take the time to reflect on what you enjoy most, and remember that your path doesn’t have to look like everyone else’s. You’re investing in your future, and sometimes that investment requires a few tweaks along the way. Good luck!