Salary, though it does play a part in this decision, definitely is not the only factor. Sure, if I’d be getting paid 30k as a finance grad I probably wouldn’t consider it. But after a certain point, it doesn’t make a huge difference.
I love finance. I like chemistry. But if I can have a more successful career doing chemistry, I’d probably choose it over finance.
How do you know you “love” finance?
Are you chasing a high salary career, or are you chasing a field or two where you have some actual interest and knowledge.
Are either of your parents doctors? Are either of them in finance?
What makes you think you would like EITHER as a career.
Oh…and if money is your end goal, and you can’t afford a lot for undergrad…just remember this. There is precious little financial aid of any kid for medical school except loans…loans, and more loans. Huge loans. You won’t be able to work AT. ALL. if you are a medical school student. When you graduate from med school with a couple hundred thousand dollars in loan debt, you will do a residency that might…might pay you $60,000 a year for several years…might.
In other cities, they can make the same as NYC. (Don’t forget that, besides regional powerhouses, the big internationals have offices all around.) That’s IF they (the grads) are tops. Not that the name on their diploma is the very pinnacle. It’s their record of drives and savvy. Accomplishments.
Sit back and expect others to inform you and you’re in trouble. You should take a break from this thread and do some research.
If you do earn 60k to start, how would you pay massive loans?
I do have experience with finance. I have my own (custodial) brokerage account, I trade stocks on it—pretty good returns actually, over 25% this year so far. I spend almost all my spare time doing it (though I don’t have a lot of spare time in the first place) I’ve taken AP Microeconomics already (got a 5) and will be taking Macro this year. It’s something I enjoy spending my time doing. I’ve even tried to make my own algorithms, though there’s still a lot more for me to learn before I’ll be able to make a good, successful one.
My dad is an aerospace engineer but runs his own trading algorithm on the side. My mom is an architect. Neither of my parents have experience in medicine.
However, I’ve taken related classes and done well (and enjoyed them, for that matter!) I got a 5 on both AP Chemistry and Biology, and am taking Physics this year. I’ve volunteered at the blood drive, but don’t have much experience in the field besides that.
I wish I could say I had more experience with both fields, but as I said before I’ve been working full time since sophomore year. 3 jobs doesn’t leave a lot of time for things I want to do. 35 hours a week during the school year and 65-80 during the summer is pretty time consuming. But at least that kind of helped fuel my passion for finance, I guess. Gotta find some way to grow the money your have.
Money is not my end goal, but I do want to have a fulfilling career that won’t leave me with empty pockets. I know that I’ll probably have a lot of debt until I’m in my thirties if I choose medicine, but I also know that it is a return on your investment.
Fact is, both interest me. Maybe finance is my “calling” or whatever, but not everyone should chase their dreams. I also love photography, it’d be awesome to do it for a living—but that’s not the best choice for my future.
That’s what I started the thread wondering—if I would start off at 60k, how would I pay off massive loans? And would it be much better if I made even less but I had no loans?
You THINK you know what you want to do. You’re 17 years old.
Rght out of college, maybe you won’t. The point is to work a few years THEN get an MBA from a top school THEN get your dream master-of-the-universe job,
I’m not even sure your premise is correct. Graduates of IU’s Kelley School of Business get top finance jobs. You can get into that school with merit money.
You keep asking these questions in search of a definitive answer.
Bottom line is that you are asking for a guarantee. Nobody here or anywhere can give you that. And your notion that you should just drop the whole thing if you can’t reach the tippy top of the profession (which you don’t even know yet) is just breathtaking. Are you always an all-or-nothing type of person? Do you discard things, ideas, and people who do not meet your expectations 100%? Do you always demand immediate gratification?
A career is a marathon, not a sprint.
@dhdiaksndbs OK, here’s an idea - U of Minnesota. It has reciprocal tuition with Wisconsin and a well-regarded honors program. Twin Cities have many Fortune 500 companies so you could hustle for good internships. I don’t know a thing about its finance curriculum so that would be on you to research.
So many rapid-fire questions! Nobody will be able to resolve this for you. You are in high school. Pursse what you like and let it unfold.
I’m just worried that if I pursue what I like I’ll pursue the wrong thing.
Do what you love…love what you do.
Do you know that many college grads get jobs that are not their undergrad majors? Also, many kids enter college with the intention of majoring in something and then switch majors…sometimes multiple times.
Also, many if not most folks switch careers as adults.
Some of the jobs that will be available when you graduate don’t even exist…yet.
The U of Minnesota idea is a good suggestion.
And don’t lock yourself into one thing… because frankly…it doesn’t sound like you are sure of anything.
And I’m going to say this again…because you haven’t responded to it. YOU cannot borrow $200,000 in your name only. You will need a qualified cosigner for these loans (usually parents are the co-signers). OR your parents will need to take a Parent Plus or Private Loan in their name. Are they willing to do this…if they are being clear on the amount they will fund for you for college?
Here’s my advice. If you’re set on one occupation, then chances are, you already are pursuing the wrong thing. You have to go into college with an open mind about your career choices. It’s a big economy with a lot of avenues you can go down and it’ll be a lot more than just college that determines which path that is. Your education is just a general set of ideas that gets you your first job.
Thing is, a business or finance major is going to offer many avenues of opportunity. It’s not the education many want for their kids, but it’s relevant later, if you do well and get the internships. Which means, you need drive. And “drive” is not just insistence on a career idea (or rather, the name of the field.) It’s how you get up, activate, learn what’s out there, and pursue it.
There’s plenty of $ to be made in busines/finance, but do you even know the range of jobs out there, for finance or business majors? I feel like we’re repeating ourselves here. You need to get up and learn what all this is about.
And you have not desribed any medical or healthcare delivery experience. This idea is just as blank right now. You’re a rising senior and need to do more than imagine.
Personal investing is NOT a tip into colleges, is NOT a look-see into what “finance” and “IB” will require of you, as careers. You made $ because of the reality of the market right now.
Nor is doing well in hs science proof one is geared to a medical career. It’s just a start. Do you even know what a pre-med track means?
Go to Madison, take a few science classes, take an econ, business, or finance class. See what captures your interest as time goes by.
You are way under estimating what a BBA in finance from Wisconsin will get you. Yes, it is not a target school for IB recruitment. However, they are not geting jobs as a shift manager at McDonald’s either.
What do you mean by it’s not the education many want for their kids?
I know the range of jobs, and that’s why I want to be careful to not end up in a field that I won’t find worthwhile.
And yes, I did describe some healthcare delivery experience—I volunteered at the blood drive. Sure, it’s not much, but it’s not like I described nothing?
I’d love to have more experience in it right now, but truth is it’s not really possible. Do you know what it’s like to work full time AND succeed in 4 AP classes + many more honors classes? And on top of that work another side job as a photographer, be involved in the school orchestra, and manage my investing portfolio? It doesn’t leave time to do much more.
And the reality of the market? Come on. Sure, the market went up—but not even close to how much my portfolio did. I’ve consistently beat market averages, I don’t think that’s meaningless.
Furthermore, I know what a premed track is, I’m not dumb. I know it’s harder than what I may be used to, but going to Madison for premed would let me take a step back on work (because no undergrad debt) and have 35 more hours a week to study.
Can you give an example? Better than a shift manager at McD’s isn’t saying much.
The average starting salary for a finance BBA from Wisconsin is $62,567 according to the Wisconsin BBA and MAcc salary database. If you want to see the companies and job titles, go here https://apps.wsb.wisc.edu/bba-macc-employment-outcomes/ select BBA-Finance, Investment and Banking.
I don’t know the sample size, but the average salary for jobs with the title Investment Banking Analyst is $83,024.
Once more…with vigor. Your parents have given you what they will pay for college. Are they willing to co-sign $50,000 a year in college loans for you…or more? Will they take out loans themselves in this amount?
If not…where do you think you are going to get $50,000 plus a year in loans? I can answer that…you won’t be able to.
Agressive careerists don’t talk about x or y not being worthwhile. They keep going. And what you think you know of yourself today is nowhere near- nowhere - what you will learn during the first two years of college.
Volunteering at a blood drive is not healthcare delivery experience. We’re talking about kids who spend hours in the context, dealing directly with the sick and needy. I wonder now if you’re being serious with us.
Your personal investing willl be little to no tip in college admissions. It’s money. But in your personal time.
If you know the range of jobs, have you looked at salaries?