tools for finance students

The world of finance may be intimidating and complex, but success is practically guaranteed with these 5 tools every finance student needs. Social media is especially relevant when it comes to networking and reaching out to professional contacts. The numerical details of finance are better left to software like Excel and financial simulators. Ultimately, these tools will ensure success for today’s finance majors.

Related Resources: 20 Best Online Master of Finance Degree Programs

Social Media

Social media is invaluable for networking in the finance world, whether students seek internships or full-time jobs. According to an article by Brian O’Connell on Investopedia, social media is great for both networking and potentially gathering data. From the vast networking opportunities to social media as a resource for financial decisions, the opportunities are endless. Ultimately, finance majors can use social media as a tool to interact with professionals in the field of finance. They can subscribe to influential pages and people for more information. If approached professionally, social media will provide essential opportunities outside the scope of school.

Excel

Excel is a useful tool that, when used effectively, can help finance students and professionals alike to see the bigger picture of the data they work with. Although complicated at first, this spreadsheet software is used all over in the world of finance. It’s possible to organize and analyze anything from tax payments to revenue and make data-based decisions in the workplace. It’s vital that today’s students become familiar with this seemingly complicated software. This is especially true when it comes to keyboard shortcuts and presenting data in a professional way. Using Excel is an invaluable skill that will ultimately make finance majors more employable.

Stock Simulator

Investopedia’s Stock Simulator is a useful tool for finance students. It helps in understanding what goes on in the world of stock trading, without risking real money. Finance majors should understand the pitfalls of day trading through hands-on learning. It tends to be only a limited few who make money through this activity. Ultimately however, professionals working in finance often deal with stocks and bonds when it comes to advising on company financial decisions. This stock simulator is a helpful learning tool for students and professionals alike in the finance world.

Financial Analysis Software

When it comes to providing clients with financial forecasts and helping them create business goals, financial analysis software is vital. There are plenty of popular and reliable options, including:

  • ReadyRatios
  • PlanGuru
  • MATLAB

For students, it’s very helpful to use the free trial from each of these programs to gain proficiency and learn professional skills. These tools are used in the finance world to:

  • build reports
  • manage cash flow
  • ultimately make the most efficient business decisions

By building these skills now, finance students will gain a competitive edge over their peers. They’ll also have an easier transition to the workplace.

Reference Material

Both The Economic History Association and The Concise Encyclopedia of Economics are excellent tools for today’s finance students. With seemingly inexhaustible definitions and information, these resources make for a useful informational supplement to the school’s curriculum. As a learning resource, they make it easy to round out information not fully covered in the classroom or textbook. From understanding money supply to referencing key terms about foreign exchange, students will benefit completely from these helpful tools even after graduation.

Concluding Thoughts

Overall, studying finance can be a daunting task. However, these software packages and reference material can make the journey a little easier. Finance students need these 5 tools to make the most of their education.

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