Five Reasons for a Liberal Arts Education in Finance
- Critical Thinking Skills
- Development of Social Responsibility
- Communication Skills
- Problem Solving Skills
- More Career Options
The world of business and finance is constantly changing and evolving. With that, university programs in finance are consistently expanding to meet the professional need – including liberal arts universities and colleges. Here are five benefits of a liberal arts education in finance.
1. Critical Thinking Skills
Critical thinking skills are vital to every profession, and the financial sector is no exception. Thinking critically – and often quickly – is paramount to the success of the individual financier as well as to financial firms. Critical thinking is necessary to make important decisions involving:
- investment
- client advisory
- ensuring that a financier or firm’s practices are in accordance with law and regulation
A liberal arts education helps to develop these skills and helps financial professionals to be more successful.
2. Development of Social Responsibility
Social responsibility and the financial sector go hand in hand, particularly for those in the public and non-profit sector. Through the study of history, social sciences, and the arts, students can explore how to better serve their communities and clients. They develop a strong lens of social responsibility and apply that lens to their personal, as well as professional lives. And because citizens with a strong sense of civic responsibility tend to be happier, that makes developing social responsibility all the better, as reported in Forbes.
3. Communication Skills
Effective communication skills serve all professions in good stead. Learning to be a good communicator can assist financial professionals in:
- more effectively advising their clients
- navigating difficulties with their coworkers, superiors, and those they manage
- more adequately engaging in community outreach
Effectiveness in each all of these areas is key to long-term success.
4. Problem Solving Skills
The financial sector is rife with challenges. They range from managing high-stakes funds to keeping firms current with financial law and regulations. Meeting those challenges with a clear head requires excellent problem-solving skills, particularly when financial crisis rears its head – locally, regionally, or nationally. A liberal arts education helps students to develop problem-solving skills. It does this by providing multiple perspectives outside the area of specialization that both impact and relate to the financial sector. This results in better-prepared professionals who can tackle problems head-on and help others to do the same.
5. More Career Options
Graduates with a background in liberal arts are in hot demand – specifically because they have well-rounded academic skills and interests. More companies than ever are hiring liberal arts majors or graduates with a strong liberal arts background with a variety of specializations and foci. Financial companies are no exception. Attending a finance-focused program at a liberal arts institution can help provide graduates with ample opportunities for career development both following graduation and far into the future.
The financial sector is growing faster than ever according to the Bureau of Labor Statistics. The result is a dramatically increased demand for trained financial professionals with both undergraduate and post-graduate degrees. No matter what his or her specialization, a student with a strong liberal arts background and strong work ethic will find success in the financial sector.
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