I want to major in business

I studied Finance and Management. I currently work as an auditor/actuary at an institutional investor. I accepted the position this past February and started after graduation in May.

I am studying for the LSAT and I intend to apply to law schools starting in Fall 08.

I think business is a great major. You don't have to take a business position, but it gives you solid knowledge of how money works and how you can make it work for you. I have only started really thinking about law school recently because of an internship with a legal unit during my last semester at UH. If it does not pan out, I can always fall back on pursuing an MBA in addition to the many certifications out there that can set you apart from others.

 

UT Austin? Good luck with the LSAT. It was one of the most difficult apptitude test for me. Glad it's over for me.

 

I have no experience, so this is just based on advice that was given to me from the best. You're right in that business is a very broad subject. Even the sub-categories of business, like marketing, entrepreneurship, etc. are all broad in their own senses. If you want to do it big, and have the job security you need later on in life, you probably would want to get an MBA. Undergrad business will create the building blocks and help you get a job right out of college so you can get in to an MBA program. But the advice I was given from a certain MIT MBA alumnus was that even if you go to MIT or Wharton undergrad business, companies still highly value graduate work and beyond.
I personally am studying entrepreneurship and emerging enterprises because it fits my personality. Those who know me know how entrepreneurial I am and how much I follow the stock market and companies and famous figures and all that good stuff. I'm studying this more for myself and joy than for immediate success or job placement, although the program I'm in supposedly has one of the best entrepreneur programs in the nation. I'm just looking to learn as much as I can and get a lot of experience so that I can get into the best possible JD/MBA program later on.
Getting a job upon graduation in business isn't much of a problem in this present day. Back in 2002, it was extremely tough because the economy was lagging after 9/11. I remember there were so many UT McCombs graduates who couldn't find anything. But once again, you can find a job after graduation, but it may not necessarily be something you dreamed of or look forward to waking up every morning. All this essentially supports the "MBA investment", where you pay an $85,000 investment and get job security and better return in the long run.

 

If you want to make money go into Investment Banking. You work a lot, but first year analysts for a big firm take home about $150K.

 

If you like finance and numbers, I recommend going for an accounting degree, masters, then CPA.

My wife graduated from the PPA program from A&M and had offers all over the place. She's basically been able to pick wherever she wants to work for her entire career.

In my company, almost everyone on the business side of things like to have CPAs. You don't even have to do accounting as most Finance jobs in the corporate world prefer CPAs as well.

Just some food for thought.

 

Actually, investment banks prefer a CFA over a CPA. If you are interested in finance get an internship with an investment bank your junior year and if you do well you will in all likelihood get an offer once your internship is up.

 

I can see that for an investment bank, but most large corporations have large finance departments, and hey prefer CPAs.

 

It definately depends on you. If you come off well to other people and enjoy giving presentations, then marketing might be a good fit. If you like numbers, then finance and accounting will work.
I'm personally studying finance and accounting bc I like numbers and dislike presentations

 

at u of h, u have

Mgmt, Acct, Operations Mgmt, MIS, Finance and Marketing and Entrepreneurship.

Ur best bets to make money out of the gate, would be MIS and Finance And ACCT. MIS majors make around 48k starting and Finance around 42k according to the business schools website.

Marketing is more of a long term money maker. But its an easy degree to get and its kinda tough job if ur not that type. Ur job prospects are awesome because everyone is always looking for a salesman. Entrepreneurship is interesting, but it's not something applicable in a business environment. U don't learn how to do accting, or work with comps (mis) or learn the ways of money like finance. It's also an easier degree to get.

This is almost all a moot point because u should decide what u want to do.

 

I don't know if I agree with that. If you want to get into accounting you would pursue the CPA certification, but for finance it is unnecessary. It may be helpful if you want to get into Equity Analysis, but other than that, I don't see the use for it.

 

I work in Finance in a Fortune 20 company, and I can tell you that 80% of the 25,000 corporate/finance jobs in my corporation prefer a CPA, whether its an accounting job or not.

Go type CPA as the keywork on careerbuilder for Houston, TX, then try CFA.

I'm not saying that a CFA is not a valuable or lucrative certification, I know that it is...I'm just saying that the ease of finding a job and the demand is higher for CPAs.

I think we can both agree, however, that either certification would boost chances for a job and better earnings for anyone going for them, and you probably can't go wrong with either.

Also, I highly recommend you drop business school, look into class requirements to go to Dental school, then go to Orthodontics school after that. There is not an easier, more lucrative job in the world that orthodontics. Of course, if you don't like working 3.5 days a week for half a million a year, that career might not be for you. If I could do it over again, I'd do that. I have a cousin that is an orthodontist and he is having to turn away patients he is so busy.

 

Bah. Why pick a major now? Take some classes, expose yourself to new ideas, learn new stuff. There are avenues of study open to you in college that have no counterpart in HS. Don't get locked in because of other people's expectations or your own limited experience.

Slow down. Have fun. Go learn about the world and yourself. You've got a lot of time to pick a major and a career path that will probably change several times during your working life anyway.

Good luck.

 

I go to the University of Chicago, and we don't have an undergrad business school, so most students that want to go into business major in econ. I'm not that interested in econ in the first place, and I think the stuff that econ majors learn is mostly theoretical academic knowledge that isn't really that applicable to someone who is planning on working in business. I'll probably go into management consulting or investment banking after undergrad, and right now I'm thinking about majoring in math. I feel like it's a tough major that employers will respect, it's quantitative so I'll have the math skills for business, and most importantly, it will help me think differently and learn strong problem solving skills. Coupled with some good internships and extracurriculars, I'm hoping that I can succeed in business. Thoughts?

 

I hear this alot about orthdontics, is this true? Is it really that easy?

 

I think you will be fine. Just try to get as good of an internship as you can from an investment bank your junior year. It doesn't necessarily have to be with the Investment Banking division, although I would recommend it, as long as you get an internship with a bulge bracket firm.

Here is the list of Investment Banking bonuses for 1st, 2nd, and 3rd year analysts.

 

Instead of letting school decide where you want to go in life, decide what you want to do and then form your decision on where to go from there.

 

If you don't mind working 70 hour weeks, investment banking is the way to go

Look, you are about to be a freshman. Take your time. You really don't need to decide for a couple of years. I totally agree that you should get some sort of business degree, but as to what particular type...it depends on your interests.

Finance/Accounting if you like numbers and are interested in working in the financial services industry or as an accountant just about anywhere.

Marketing/Management if you are someone that would like to get into sales or advertising or if you are more creative

MIS if you are into computers and want to get into IT

You have a few years to figure it out. Good luck

 

I agree on you with the importance of a CFA over an CPA if you are in Finance, but getting those bulge bracket firm internships are awful hard unless you are an undergrad at one of those top schools. Its hard to come by if you are schooling in Texas for the most part. Investment bankers work 12 hours days, and from what I've seen have one of the highest burn out rates of people who work on Wall Street.

A CFA is very hard. Only 30-35% pass rate from what I have seen. I think CPA is a little higher than that. But its two different comparisons since the material is vastly different.

 

You guys make it sounds like getting into Investment banking is just that easy. It's difficult as hell from UT and would be damn near impossible at UH(I'm assuming no contacts/networking).

Even from Chicago, it's not a walk in the park, especially if you're not willing to match the Harvard, Wharton, etc... kids with 3.6's.

Also, I've heard to stay away from back-office or private wealth management type jobs, because the firms will always consider you a back-office employee. Keep your internships in finance, even if it means working for a less reputable employer.

- Frustrated investment banking wannabe.