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How can a finance minor benefit you?

Monday, August 6 2018 12:00am

Finance minors can help you understand essential components of any business.

Tags: Finance

By Meghan Morris

Finance plays a crucial part in the business world. Someone needs to create value within companies, which is achieved by planning, creating and moving funds.

“In finance, we operate 24 hours a day,” John Stowe, J.P. Morgan professor of finance, said. “When the lights go off in New York, the lights are going on in China.”

Students have the chance to gain financial expertise with a finance minor at Ohio University’s College of Business by taking courses over financial markets, investments and financial management along with two elective courses. These fundamental classes teach the basics of finance from its history to industry jargon to mathematical formulas.

Stowe said one-third of College of Business students will probably have a finance function at some time during their career.

Nicole Dossa, a senior majoring in accounting and business pre-law, wanted to pursue a finance minor to learn more about long-term management of assets and liabilities rather than just day-to-day operations.

“It’s universal,” she said. “Everybody needs to get an understanding of how finance keeps companies in business.”

Chauncey Joyce, finance lecturer, said finance employees often have a signigicant impact projects. They get input from other departments and give recommendations on how to proceed. Companies need a grasp on the financial component in order to create a profit and stay in business.

Riley Beckett, a senior studying sports management, said each instructor has a unique interpretation of finance that builds to a solid comprehension of the field. Many financial courses at OHIO utilize real-life examples in some way.

He thought the investments class gave him the most up-close action. Students participated in a stock market simulation where they were given a mock $100,000 to put into stocks and analyzed price changes.

Joyce enjoys breaking down Warren Buffett’s annual letter to shareholders because it details his business errors. He shows students real data from investors and news articles in the classroom.

“In finance, it’s a lot easier to learn from other people’s mistakes,” he said. “If you try to learn from your own mistakes, you’ll end up pretty poor pretty quickly.”

The math involved in finance can seem daunting to students, but sometimes it’s best to take an extra step rather than solving the equation right away. Joyce wants students to learn by looking at the numbers and analyzing the bigger picture before making any decisions.

Possible career opportunities in finance include corporate finance, commercial banking and insurance. However, students may need a major in a related field to expand their financial knowledge in order to secure a job in one of these industries.

Students who don’t want to pursue a career directly related to finance can still benefit from understanding it. Employees must communicate with the financial department on many projects in the workforce.

“Finance is going be with a business major for the rest of their career,” Joyce said. “If they have an understanding of it, it’s going to be quite an advantage.”

Learn more about the finance minor.