Financial Advisor Major
I am a freshmen college student and I want to become a financial advisor/analyst. What should I major?
Since you are a college freshman, then you are already enrolled in a business school taking up a course in finance, accounting or economics.
A good financial advisor/analyst should know how to analyze financial reports; the income and expense, and the balance sheet. Based on these, you can discern whether the fundamentals of that business is sound, therefore worth investing in or not. You usually look for prudent spending, whether revenues justify the company’s expansion programs, etc.
Also these reports provide several ratios like debt to equity where you can learn whether the company has a cash flow problem. A very firm understanding of management accounting, would come in very handy.
Knowledge of economics is also important. Even if a company is worth investing in, but the future market of its major revenue sources looks bleak, then it is wise to stay away from that company. Take a wait and see attitude, and monitor how that company reacts to a crisis before deciding on putting your money in it. The current economic woes brought about by the sub-prime mess were foreseen by several astute economists as far as two years ago. They saw where it was heading. Put money in it before it reached it’s peak value, and pulling out before hell broke loose.
A firm background in finance, makes you read investment opportunities like a road map and know which would yield the highest return with the least risk (preferable), or higher risk (these are for high-stakes investors with nerves of steel only), or middle-of-the-road risks (which is actually the best investments of all). Warren Buffett made his billions by hugging the middle of the road. He knows when to buy in and to sell out.
To answer your question, I would say that you take up either an Accounting or Economics course, and minor on the other, and, Finance. Or, you can graduate in Accountancy loading up heavily in economics and finance on the side, and take a Masters in Business Administration, this will cover all areas very nicely.
As an example, I have a son who wants to go into robotics engineering. So He took up electrical engineering majoring in electronics and minor in computer science (which are both a background to robotics). It took him six years instead of the five-year engineering course to enroll in all the relevant subjects. Countries like Japan that are ahead in the robotics science offer top graduates scholarship in robotics after graduation. My son have just applied and is currently awaiting such an invitation.
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Financial Advisor Major Once you”ve confirmed that the adviser has a good track record, it”s time to delve deeper into his or her personality. Financial Advisor Major A good adviser will consider all aspects of your financial situation and design a customized plan to help you achieve your goals.