Pursue a career in Finance/Business/Economics?

[constitutional]

What direction (type of classes and college) would a person go to if he/she wanted to manage top level executive business (board members). Like CEO or President of a company -- or establishing a successful company?

The topic of particular interest would be finance, economy, banking, (other business in general. (anything that will make you top notch $$).

What would be the best career in general in finance -- economy, business ... ETC. What classes to take in college?

Thanks

 

[constitutional]

shameless bump

 

[Cowlesy]

In my opinion, my finance classes were pretty worthless. I have B.A.'s in Economics and Business (finance/accounting dual concentration), and the best classes I took were political theory classes, economic theory classes, and accounting classes.

Economics is really how the world should work ceteris paribus, accounting is how the business world talks and political theory provides a good basis for understanding the psychology of people in their pursuit of power/money. Economics classes will help guide one with the principles of how one should achieve profitability. Accounting classes make you an expert in how to read a balance sheet, income statement or statement of cashflows. Political theory classes (Machiavelli/Aristotle/Plato/Locke/Rousseau/Hobbes) give great insight into human nature and thus the psychology of most business people.

The best thing you can do is have an entrepreneurial spirit, and be respectful and learn from those who do have experience.

Experience DOES matter a LOT in business.

 

[spudea]

Hello. I am currently enrolled in a Banking/Finance business major with my University. I'm in my second year.

You can search online for Colleges that offer Finance degrees. As far as what courses, all colleges will be different. But so far i've taken a mixture of economics, accounting, Management/Marketing, and Banking classes. I get more heavily envolved in the Finance side next year. I guess i'll just list some of the core classes I've taken.

FIN 101 Intro. to Banking & Finance
MGT 230 Principles of Management
MTH 221 Calculus
ECN 221 Principles of Microeconomics
MKT 208 Principles of Marketing
ECN 222 Principles of Macroeconomics

Accounting I , II, III

FIN 255 Principles of Banking
FIN 366 Cases & Problems in Banking/Finance
FIN 360 Financial Planning

You can read about the degree program here: http://www.northwood.edu/tx/academics/degreesanddepartments/bankingandfinance/

My goal is to became a financial advisor and Portfolio manager for REALLY rich people that don't know how to manage there money I'll prolly recommend alot of Gold and commodities hehe.

And later in my career i'd like to become the Chief Financial Officier for a major company.

 

[Tom228]

In my opinion, my finance classes were pretty worthless. I have B.A.'s in Economics and Business (finance/accounting dual concentration), and the best classes I took were political theory classes, economic theory classes, and accounting classes.

Economics is really how the world should work ceteris paribus, accounting is how the business world talks and political theory provides a good basis for understanding the psychology of people in their pursuit of power/money. Economics classes will help guide one with the principles of how one should achieve profitability. Accounting classes make you an expert in how to read a balance sheet, income statement or statement of cashflows. Political theory classes (Machiavelli/Aristotle/Plato/Locke/Rousseau/Hobbes) give great insight into human nature and thus the psychology of most business people.

The best thing you can do is have an entrepreneurial spirit, and be respectful and learn from those who do have experience.

Experience DOES matter a LOT in business.

ceteris paribus means "all things equal" I think you mean Laissez-faire. But yea the most logical would probably economics and accounting.

 

[Cowlesy]

ceteris paribus means "all things equal" I think you mean Laissez-faire

No, I meant all things being equal.

 

[spudea]

I have become more interested in Economics ever since learning about Ron Paul, and I may even change my major to economics! Some of the economics courses sound really interesting.

Monetary Theory
Economic History
Development of Economic Thought
Austrian Economic Theory
Forecasting

 

[Tom228]

I have become more interested in Economics ever since learning about Ron Paul, and I may even change my major to economics! Some of the economics courses sound really interesting.

Monetary Theory
Economic History
Development of Economic Thought
Austrian Economic Theory
Forecasting

Out of curiosity, what school teaches Austrian Economics? I don't plan to major in it, I'm just wondering.

I considered making Economics as my college major, but once I saw I had to take calculus, that kinda changed things.

 

[danberkeley]

What direction (type of classes and college) would a person go to if he/she wanted to manage top level executive business (board members). Like CEO or President of a company -- or establishing a successful company?

I hate this misconception. You do not need to go to college to be a successful
business person. There are crack dealers on the street with more business savvy
and who are making more money than your average MBA graduate. My best suggestion would be for you to start your own business. Doing what? It doesn't matter as long you have a passion and are getting experience in business. That's how I started.

The topic of particular interest would be finance, economy, banking, (other business in general. (anything that will make you top notch $$).

Most CEOs and other top-level executives have degrees in whatever it is they. A CEO of an electronics company might have a degree in electrical engineering. A CEO of a pharmaceuticals company might have a degree in medicine. Bankers have degrees in finance, economics and the so.

What would be the best career in general in finance -- economy, business ... ETC. What classes to take in college?

I'm taking as many classes as I can take. Business school won't make you a great businessperson but it will give you the basics (not all) of business and you get to meet lots of people.

 

[Primbs]

Out of curiosity, what school teaches Austrian Economics? I don't plan to major in it, I'm just wondering.

I considered making Economics as my college major, but once I saw I had to take calculus, that kinda changed things.

George Mason University teaches austrian economics.

 

[bucfish]

Von Mises Institute has programs in Austrian Economics. Reading on your own though is more important than any college course. Be self taught although a degree does help.

I suggest finance and do not be scared of Calculus. Calculus is easy once you have algebra down.

 

[Michigan11]

I was raised in a family business and politics environment as a kid. I went to Northwood University in Midland, Michigan and came across a professor who taught me Austrian Economics, or in simple terms, how systems work(business, government, ....).

That one teacher changed my whole outlook on life. After that class, I dropped out and started my own business at 19 years old, and have never looked back. At times it is the hardest thing you can imagine, it will test you as a person, owning and running your own business but at times you get the payoff and it's all worth it. Few ever succeed however.

Start reading as many books as you can get your hands on and absorb them like a sponge. Begin testing the markets locally in your specialty via advertising and marketing, keep it simple. My 2 cents.

 

[jonahtrainer]

My goal is to became a financial advisor and Portfolio manager for REALLY rich people that don't know how to manage there money

Managing money for anyone is really pretty annoying. If you are so good at managing money then just manage your own. That way you keep 100% of the profits. Keep getting a good solid education because when the time to perform comes the time for preparation has passed. Austrian economics gives a great foundation for any self-investor. "Any good, service or commodity has value if it is useful. Gold’s value derives from its usefulness as money. In other words, gold’s value arises from its usefulness in economic calculation."

Heck, one of my computers broke today so a friend came over to fix it. We got talking money and I showed him some secrets. Based on this chart you'd see the DOW/Gold trend (DOW down and Gold up).

If you'd taken $10,000 in Oct 2007 and shorted 4 DOW futures (-4 YM) and bought 1 gold contract (1 GC) it would have taken about $4,500 of liquidity. Today the Net Liquidation Value of the portfolio would be, without taking into account interest, about $46,000 ($10k to $46k in 6 months with 2 trades in and out isn't too shabby). Anyway, this is where the big money in the game is earned and the formula really isn't that difficult.

 

[constitutional]

bump, I'd still love to hear what others have to say here.

Thanks!

 

[brent352]

Managing money for anyone is really pretty annoying. If you are so good at managing money then just manage your own. That way you keep 100% of the profits. Keep getting a good solid education because when the time to perform comes the time for preparation has passed. Austrian economics gives a great foundation for any self-investor. "Any good, service or commodity has value if it is useful. Gold’s value derives from its usefulness as money. In other words, gold’s value arises from its usefulness in economic calculation."

Heck, one of my computers broke today so a friend came over to fix it. We got talking money and I showed him some secrets. Based on this chart you'd see the DOW/Gold trend (DOW down and Gold up).

If you'd taken $10,000 in Oct 2007 and shorted 4 DOW futures (-4 YM) and bought 1 gold contract (1 GC) it would have taken about $4,500 of liquidity. Today the Net Liquidation Value of the portfolio would be, without taking into account interest, about $46,000 ($10k to $46k in 6 months with 2 trades in and out isn't too shabby). Anyway, this is where the big money in the game is earned and the formula really isn't that difficult.

Are there any books or websites that can teach me this type of trading, I am very interested in something like that.

 

[Cowlesy]

I hate this misconception. You do not need to go to college to be a successful
business person. There are crack dealers on the street with more business savvy
and who are making more money than your average MBA graduate. My best suggestion would be for you to start your own business. Doing what? It doesn't matter as long you have a passion and are getting experience in business. That's how I started.



Most CEOs and other top-level executives have degrees in whatever it is they. A CEO of an electronics company might have a degree in electrical engineering. A CEO of a pharmaceuticals company might have a degree in medicine. Bankers have degrees in finance, economics and the so.



I'm taking as many classes as I can take. Business school won't make you a great businessperson but it will give you the basics (not all) of business and you get to meet lots of people.

This poster is absolutely correct in stating that you do not need a undergraduate education to be a successful CEO --- lots of people who have a great idea and an entrepreneurial spirit become some of the world's best performing executives. Even then, plain experience and having a creative mind can help propel you to where you wish to go.

That being said, two of my fraternity brothers in college started a company to sell after-market premium import car parts ("www.jscspeed.com"). One had an english degree, one a business degree, but both were car fanatics. They're extraordinarily successful and I am positive they'll be featured soon in my college's alumni publication.

You can almost apply Warren Buffett here in that, they did what they knew best--mainly, cars. If you have something you're extraordinarily passionate about, build your education around that foundation, and make yourself a young person with subject-matter expertise that you love, couple that with an entrepreneurial spirit and the guts to take some risks, and you may profit to levels you have never dreamed.

 

[misa]

I have an econ degree, and I think it's pretty worthless. Studied Keynesians all the way, so I feel cheated and brainwashed. All my fault though. Classes were actually really interesting, but then you wonder what went wrong when the actual world doesn't even resemble the theories.

Start a business. End with a business, instead of just a degree.

 

[AceNZ]

I hate this misconception. You do not need to go to college to be a successful business person.

Agree. In fact, going to college can actually be a huge negative. It's easy to fall into various traps that are put forward by academia that just aren't true in real life. IMO, the people who run big companies look to college graduates when they need people who will follow the rules and do what they're told. Those are exactly opposite skills to what you need to build a big business in the first place (or to run an existing one).

Most of the useful how-to-run-a-business skills you can teach yourself (things like Austrian economics and accounting). I know if I had it to do over again, I would skip college, start my own business, and vow to never work for anyone as an employee. That's the way I've raised my kids too.

If you want to build or run a big business, the best type of education you can get is from the school of experience. You'll learn just as much from your failures as your successes. Apply your mind fully. Think and act rationally and you'll succeed; that's the key.

If you think you don't know how to run your own business, that's OK. You won't know any more than you do now about it if you get a degree in economics or business administration.

 

[jonahtrainer]

Are there any books or websites that can teach me this type of trading, I am very interested in something like that.

I am not really aware of too many. I am a fan of Zeal. I see occasional emails for webinars from Interactive Brokers. I see Optionetics bantered around when talking with other people.

The odd thing about money is that if you want to learn the truth about it you have to learn it on your own. The best thing is to find a good mentor. However, that is much easier said than done. I am pretty much completely self-taught. Unfortunately, experience can be an expensive teacher and keeps some people from continuing down the path.

 

[WilliamC]

While I have no real experience in the business world my understanding is that the fastest way to make money in it is by being a successful salesperson.

But If I had it all to do over again I'd go for as much mathematics as I could handle in addition to whatever else you are studying.