University finance programs - What counts?

“The key is being able to integrate finance knowledge into the larger business context. Does the program prepare you to do that? More than just a specific knowledge of finance is required to be able to succeed in business today. Students should think big – and perhaps consider learning Mandarin!”

---

Thinking about a career in finance, but you’re not sure where to begin? Start by looking at the finance programs at a number of Ontario universities to see what they offer. When you decide which universities that you want to visit, make sure you see two business and finance professors at each of those schools. Chartered Accountant Martin Bates, Retired Associate Professor in the Department of Business at the University of Guelph, suggests that you clarify any misconceptions about a finance degree and understand what your responsibilities will be when you graduate.

“Ask questions and identify your ultimate goal. What industry interests you and offers career opportunities? Look at each program individually, and ask how each finance program fits your goal. Will this program provide the background you need to work in that industry?”

Chartered Accountant Jim Barnett, Director of the School of Accounting and Finance at the University of Waterloo advises prospective students to also ask what they are prepared to bring to their studies.

“Be prepared to work hard. Finance is a highly complex area that has changed radically in recent years, demanding a much more sophisticated understanding and approach, especially in the global economy. You need focus and determination to be successful in your education and ultimately a finance career. The business climate today also demands a strong ethical grounding, so ensure that you’re prepared personally and the program offers an ethical component.”

What is Finance?

“Talk to professors and administrators about the content of the program,” Barnett continues. “Finance is a broad field that generally encompasses a number of different areas. Know what you would like to do, and then take the courses that contribute to the end goal.” Portfolio Management is geared to the investment industry and includes wealth management and portfolio analysis. A career in corporate finance can include treasury, debt/equity financing, corporate asset purchases and sales, and risk management.

Broad Business Context

Make sure the finance program you’re interested in is rooted in a business context. Bates suggests looking for a finance program that offers the broadest background with options to study individual areas in depth.

Take Long-Term View

Students should also look ahead and determine how each program will provide the background necessary should they wish to pursue a further designation. Both educators say that undergraduate degrees are certainly useful but further qualifications help students in the job market.

“Employers also look for a professional designation or a post-graduate degree,” explains Bates. “For a Chartered Accountant (CA) designation, a background in accounting and finance is essential, while an economics degree, as well as accounting and finance, can lead to a Chartered Financial Analyst (CFA) designation and maybe a career on Bay Street.” “Also anticipate additional skills you will need,” says Barnett, “because in the global economy we cannot succeed with only technical skills. “Communication skills are essential, and particularly when you’re operating in different countries and cultures. It’s not just having the information that counts; it is understanding how to apply that information in a way that people who are not experts in the area can understand.”

Finally, in determining which finance program best prepares you for a career, be ready to hone your independent learning and problem-solving skills. The workplace is a tough classroom with no professor to help you find the answers.