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re: Your high school aged kid wants to pursue a degree in Finance in college, a few MT ?s
Posted on 12/13/22 at 7:59 am to leeman101
Posted on 12/13/22 at 7:59 am to leeman101
quote:
Being standardized like doing taxes, income statements and p/l statements makes it skilled. I mean what skills are you really learning in Economics or Marketing? Most of that is theory.
If you understand T accounts, then accounting is the way to go. If you struggle with knowing T accounts, then go into Finance.
AI will probably replace a significant portion of accountants in the next 20-30 years.
One of the roles of finance is to create new accounting precedent, since accountants tend to apply existing precedent to transactions. Finance professionals translate changes in the external environment to help accounting evolve.
1
Posted on 12/13/22 at 8:09 am to athenslife101
quote:
I remember getting out down when I interviewed for JPM “you still use excel. We haven’t used excel in 5 years” back in 2018/2019.
That must have been for a very specific position. I’ve seen multiple Excel models from Goldman and JPM over the last few years as part of M&A work. JPM even “borrowed” one ours.
In addition to VLookups and Pivot tables, I’d suggest getting comfortable with Boolean logic (i.e if/then functionality) and data tables. I’ve seen more spreadsheets with those than I have with macros.
Posted on 12/13/22 at 8:53 am to Free888
quote:
AI will probably replace a significant portion of accountants in the next 20-30 years.
Could be true.
I have wondered if the CPA's lobbied against a flat tax through the years cause it would have put many CPA's out of business. Imagine filling out your income tax on a post card or single sheet of paper in less than 10 minutes, with the flat tax. The IRS tax code is so over burden.
Posted on 12/13/22 at 10:02 am to Turf Taint
Have them consider Economics as well as finance. All things being equal, I think economics would open more doors
Posted on 12/13/22 at 11:41 am to Turf Taint
Ask them "Why?"
If they can't answer that, say it is because it pays well, or sounds like a safe career, tell them to look elsewhere and find something they enjoy.
I got a degree in accounting for those reasons and "seems like what I'm supposed to do" and regret it. I told my wife I'll be having a talk with our kids their junior/senior year of high school about this very thing and make sure they don't repeat my mistake.
If they can't answer that, say it is because it pays well, or sounds like a safe career, tell them to look elsewhere and find something they enjoy.
I got a degree in accounting for those reasons and "seems like what I'm supposed to do" and regret it. I told my wife I'll be having a talk with our kids their junior/senior year of high school about this very thing and make sure they don't repeat my mistake.
Posted on 12/14/22 at 10:05 am to lynxcat
quote:
How did this thread shift to primarily high finance roles when it’s a tiny fraction of the finance roles in the marketplace?
My comment was based on the fact that if he wants to do pretty much anything else besides that in Finance, most good schools will be just fine, so not as much need for discussion.
There are plenty of avenues to get wherever you want to go in finance, but its one of those careers that still a bit of a boys club. No need to make it harder on yourself.
Posted on 12/14/22 at 10:13 am to Sterling Archer
quote:
Have them consider Economics as well as finance
If your kid wants to be in a high finance position, Economics is just about the worst field imaginable. There is nothing marketable about being indoctrinated into academic group think for Wall Street employers.
Posted on 12/14/22 at 4:26 pm to wutangfinancial
quote:
If your kid wants to be in a high finance position, Economics is just about the worst field imaginable.
There is no entry level job on wall street or in corporate finance that would consider one major over the other. Also, from what I've seen, Econ opens both finance roles and consulting roles slightly more than just finance. A Finance major and econ minor is also very powerful combo
All below studied Econ
David Tepper
Jamie Dimon
Trump
Steve Cohen
Ken Griffin
Warren Buffett
This post was edited on 12/14/22 at 4:31 pm
Posted on 12/15/22 at 8:08 am to leeman101
quote:
Could be true. I have wondered if the CPA's lobbied against a flat tax through the years cause it would have put many CPA's out of business. Imagine filling out your income tax on a post card or single sheet of paper in less than 10 minutes, with the flat tax. The IRS tax code is so over burden.
Lol this isn’t the thread but anyone thinks it’s possible to do a flat tax type of tax on one sheet of paper is laughably ignorant. For everything you think it solves, it would create new issues for one .
Given that, I don’t understand arguing the field to go into here? Imo you should go into whatever one you enjoy more and fits your personality
Posted on 12/15/22 at 8:39 am to Sterling Archer
No offense dude but you just made my point for me. 6 billionaires have econ degrees. You want to walk through each and analyze how much their degree field factored into their success?
Econ is an excellent compliment to a quantitative field. For fricks sake you listed Ken Griffin, tFlow King. You think he cares about hiring kids who have some 60 year old outdated view of monetary policy?
Econ is an excellent compliment to a quantitative field. For fricks sake you listed Ken Griffin, tFlow King. You think he cares about hiring kids who have some 60 year old outdated view of monetary policy?
Posted on 12/15/22 at 8:44 am to baldona
quote:
should go into whatever one you enjoy more and fits your personality
100% agree
Getting sense from the string of responses (appreciation to all, btw) of the personality types that gravitate to world of finance.
Kid is very smart, has (1+k)^n mind and behaviors, so to speak, but not sure the beaming personality traits from this string are where its at for him. Helpful just the same! Thanks, all.
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