<p>Hello everyone, </p>
<p>I am currently a mechanical engineering major and I plan to change my major, But due to the economy, I need to make sure that I do not make the "wrong decision". </p>
<p>I have 3.54 GPA in my first year but lately I feel that Mechanical engineering is not for me. </p>
<p>I have narrowed down my interest to the field of Business/Finance/accounting but I have no idea what so ever in what degree I should pursue. I am good with numbers and have a good amount of interest in economics. I would like to know which field has good job opening keeping in mind the market situation. </p>
<p>1)What are the differences between a degree in Finance. Business, economics and accounting? What kind of job opportunities will be open to me with a degree in one or more of these degrees. </p>
<p>2)I am fairly interested in working as a CPA (My brother-in-law works for KPMG and I like what he deals with) and investment banking. If I want to become either what degree should I pursue. </p>
<p>3)I am open to double majors and minors.</p>
<p>4)Money is an important factor to me. I work hard, but deep down inside the fear of not having a job kills me. I would like to know what kind of a job would be high-paying. Watching business majors being fired during this economic crisis is scary. I would like to know which field has a safe + high paying job.</p>
<p>Please help me out as I am confused. If you can anser one or more questions please do so. Thank you in advance</p>
<p>Note: I attend a University in Minnesota. I read that geographic location matters in business related fields. It is an accredited university. </p>
<p>a few more questions:-
1)My brother-in-law has a degree in business and major in finance from the same university and he told me to take the same path. Is it better to have a degree in Business than major in Accounting?</p>
<p>You won’t know if you like it until you actually get real world experience. School finance and accounting is a completely different ballpark than the real world of finance and accounting. Much of the knowledge is still the same but you have to deal with people which is something they don’t teach you in school.</p>
<p>Most people that start in public accounting or investment banking burn out and quit within a few years. The partner salaries you see will only be attained by a few people. You sit on your butt for 90 hours a week. It can be very difficult and stressful.</p>
<p>Investment banking and accounting are entirely different fields. The former is much more competitive and difficult to break into than the latter. I almost guarantee if you keep above a 3.5 gpa and interview well you will get a job at a big 4 firm or a national firm. Getting an investment banking job as an analyst from you school would be very very difficult. You would need really stellar grades, leadership, internships, and connections.</p>
<p>In investment banking you are competing with ivy league graduates that are incredibly strong academically. In public accounting you are competing with primarily state university and second tier college graduates. At least in audit and tax. </p>
<p>I work at regional public accounting firm and I have a friend that works as a bond options trader on wall street. He graduated from Columbia and I graduated from a fourth tier state university. Adjusted for cost of living I make more than he does right now. This is mostly do to the fact that I worked part time as a part time staff accountant for the regional firm while I was in school.</p>
<p>Thanks you so much ValleyAccountant for your advice. </p>
<p>I think I will be changing my major to Accounting. At the time being I am also looking in to becoming an Actuary (but this is just a thought). </p>
<p>What minor would you recommend would complement an Accounting major. I am thinking either economics or finance. But which one would look good on my resume.
As for the internships. I plan to spend my next summer in the Cities (Twin cities, Minnesota) and hunt for an internship.</p>
<p>I would recommend a minor in finance or just extra coursework in your field of study to get to the 150 unit requirement. Being an actuary is math intensive. Most accounting fields are not math intensive so they are very different. Being a tax accountant can be very similar to being an attorney in some cases. You need to have strong logical reading skills and negotiation skills.</p>
<p>I did extra tax courses to get to the 150 units. The coursework included corporate & partnership tax in addition to gift and estate tax courses. The college also awarded units for doing a study with my professor. I also took random classes at the local junior college.</p>
<p>Sharjeel92,</p>
<p>Based on your post, I can recommend you to double major in accounting and finance, and minor in economics. By attaining the double major you will have a chance to try both public accounting and IB. </p>
<p>Yet, if you have to choose between accounting or finance, then pick accounting because you already have some connections which will definitely help you in terms of getting a job, and much more. </p>
<p>In terms of pay, finance and even economics majors tend to have higher starting and mid career salaries. Yes, accountants are underpaid. But, that holds true only if you have a bachelors in accounting. However, if you become a CPA or get a MBA, your pay will vastly increase, and you will be able to make six figures in the long run. Otherwise, with only bachelors, you will probably be stuck between 70-90k range.</p>
<p>Still, there are more jobs available in accounting than in finance/economics, and they are projected to grow.</p>
<p>I would just find something you enjoy (either accounting, finance, or economics) and worry about double majoring and/or minoring later on down the road.</p>
<p>Also, you don’t need a Finance degree to get into investment banking. You need excellent grades, preferably contacts in the field, and you have to network your ass off, as you don’t go to a target school.</p>
<p>The degree you have matters almost nothing in the auditing and tax departments of public accounting firms Tosh. Firm partners care about how likable you are and how well you perform. I know of senior partners at the big 4 with degrees from tier 4 schools.</p>
<p>The CPA license matters the most. If you want to go into tax the MST helps but it won’t increase your starting pay more than a few thousand in my region. Maybe 5-6k in NY.</p>
<p>You are all on the same playing field when you get hired in tax and auditing at large CPA firms. If the USC graduate slacks off and ****es off the partners he will get fired and if the CSU Fresno graduate makes friends and out-works the USC graduate he will get promoted.</p>
<p>MBA’s from top institutions get you kudos in private industry not in CPA firms.</p>