I’m nearing the end of my Economics degree in Canada, but I’m grappling with some doubts and regrets about not pursuing finance from the start. I’d love to hear your thoughts on my situation.
As I’m in my third year, I could graduate next year with a general BA in Economics. However, I’ve been told that this type of degree, without any specialization, doesn’t carry much weight in the finance industry. Ideally, I’m interested in a career related to financial planning. My main questions are:
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Should I consider staying an extra two years to complete an honours degree? I feel like this should be the obvious choice, but I deeply regret not going directly into finance.
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Alternatively, would it be better to finish my degree with just the general BA—which would take a year less—and then pursue a Master’s in Finance for better opportunities in the finance field? The Master’s program at my university prepares students for the CFA, which is a bonus. While a CFP certification seems ideal, I’m genuinely interested in various areas within finance.
Another option would be to complete the honours in Economics and then pursue the Master’s in Finance or work on gaining experience to obtain my CFP or CFA.
I apologize if my understanding of these paths isn’t perfect. I’ve been feeling a lot of pressure and regret, especially since many of my peers look down on Economics as a degree, particularly in Canada. Their opinions bother me, even though I know they shouldn’t. I find Economics fascinating, but I’m concerned it may not lead me where I want to go.
Any advice or encouragement would be greatly appreciated!
One response
It sounds like you’re in a bit of a crossroads, and it’s completely normal to have doubts and regrets as you near the end of your degree. First off, try to remember that both Economics and finance can lead to fulfilling careers, and there’s more than one path to your goals.
Evaluate Your Interests: You mentioned that you’re now leaning towards a career in financial planning. It’s worth taking some time to reflect on what aspects of finance excite you the most—whether it’s investment analysis, financial advising, or something else. Understanding this can guide your decision.
Consider the Value of Your Current Degree: An Economics degree can actually provide a strong foundation in understanding market behaviors, economic principles, and analytical skills, which are invaluable in finance. While some might overlook it, many employers appreciate the critical thinking and analytical skills that come with an Economics background.
Honours vs. General BA: If you believe that the additional coursework and depth that an honours program would provide align with your career aspirations and interest in finance, it might be worth considering. However, if the idea of continuing to study economics doesn’t excite you and you feel that it won’t help in your intended career path, then pursuing the general BA and heading to a Master’s in Finance could be a viable option.
Master’s Programs and Professional Designations: The MFin program you mentioned, especially one that allows you to pursue your CFA, can be a robust stepping stone into the finance field. If you’re looking to shift tracks, having the right credentials can significantly enhance your marketability.
Networking and Experience: Regardless of what path you choose, don’t underestimate the power of networking. Connect with professionals in the finance field, seek internships, or even entry-level positions. Gaining experience while you’re studying or right after graduating can provide clarity and direction.
Ignore the Noise: It’s easy to feel discouraged by peers’ opinions, but focus on your own goals and values. Education is a personal journey, and what matters most is what you want to achieve.
Ultimately, choose a path that aligns with your interests and long-term goals. There’s no ‘wrong’ decision, as both Economics and Finance have their benefits. Remember, many successful professionals have non-linear paths—embrace your journey!