3 answers
Huguette Sheilla
Student
Conway, Arkansas
2
Questions
Asked
467 views
what is more advantageous between accounting ,finance and risk management and insurance?
I am a freshman at this university and choosing a major is hard for me .I want to choose from accounting, finance and risk management and insurance. So I am making professional for advice. which among those three option is more needed on the market now?
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3 answers
Chiara Toscano
6
Answers
Rome, Lazio, Italy
Updated
Chiara’s Answer
Dear H. Sheilla,
The key to success is pursuing something you genuinely enjoy. Don't just focus on the final outcome, but find joy in the journey itself. Make a conscious choice to do what you love, not only when you achieve your goals, but also throughout the process.
If you're looking to accelerate your career growth, particularly in terms of income and position, a degree in finance could be a powerful stepping stone. It often fast-tracks your path to success.
Consider becoming an investment banker. It's a rewarding career that can open up numerous opportunities.
I hope it has been spot on
The key to success is pursuing something you genuinely enjoy. Don't just focus on the final outcome, but find joy in the journey itself. Make a conscious choice to do what you love, not only when you achieve your goals, but also throughout the process.
If you're looking to accelerate your career growth, particularly in terms of income and position, a degree in finance could be a powerful stepping stone. It often fast-tracks your path to success.
Consider becoming an investment banker. It's a rewarding career that can open up numerous opportunities.
I hope it has been spot on
Thank you for taking your time to reply to me I appreciated it and I too think finance is the best shot . thank you
Huguette Sheilla
Badiana Badio Eckstrom
HR Leader
3
Answers
Westport, Massachusetts
Updated
Badiana’s Answer
Choosing the Right Path: Accounting, Finance, Risk Management, or Insurance
The choice between accounting, finance, risk management, and insurance is a significant one, but it's important to remember that there's no definitive "best" path. The most advantageous choice is the one that aligns with your interests and passions.
Exploring Your Options:
As a freshman, you have the luxury of time to explore these fields. Consider taking introductory courses in each to gain a better understanding of their core concepts and career opportunities.
Leveraging Online Resources:
Platforms like Coursera offer a wide range of free online courses. Taking courses in specific areas of interest can help you identify your strengths and preferences.
Analyzing Job Descriptions:
Researching job descriptions in these fields can provide valuable insights into the day-to-day responsibilities and required skills. This can help you determine which career path aligns with your aspirations and skill set.
The Overlapping Nature of These Fields:
It's important to note that these fields are interconnected. Many skills and knowledge gained in one area can be applied to others. For example, a strong foundation in accounting is essential for both finance and risk management.
The Joy Factor:
Ultimately, the most advantageous path is the one that brings you the most joy and excitement. A fulfilling career is not just about financial rewards but also about personal satisfaction.
By carefully considering your interests, exploring your options, and seeking guidance from professionals, you can make an informed decision that sets you on a path to a successful and rewarding career.
The choice between accounting, finance, risk management, and insurance is a significant one, but it's important to remember that there's no definitive "best" path. The most advantageous choice is the one that aligns with your interests and passions.
Exploring Your Options:
As a freshman, you have the luxury of time to explore these fields. Consider taking introductory courses in each to gain a better understanding of their core concepts and career opportunities.
Leveraging Online Resources:
Platforms like Coursera offer a wide range of free online courses. Taking courses in specific areas of interest can help you identify your strengths and preferences.
Analyzing Job Descriptions:
Researching job descriptions in these fields can provide valuable insights into the day-to-day responsibilities and required skills. This can help you determine which career path aligns with your aspirations and skill set.
The Overlapping Nature of These Fields:
It's important to note that these fields are interconnected. Many skills and knowledge gained in one area can be applied to others. For example, a strong foundation in accounting is essential for both finance and risk management.
The Joy Factor:
Ultimately, the most advantageous path is the one that brings you the most joy and excitement. A fulfilling career is not just about financial rewards but also about personal satisfaction.
By carefully considering your interests, exploring your options, and seeking guidance from professionals, you can make an informed decision that sets you on a path to a successful and rewarding career.
Thank you so much for taking your time and reply to me. your reply was really helpful and I recently joined courser thanks to you. thank you again
Huguette Sheilla
It is my absolute pleasure! Thrilled you found value in my reply. Good Luck! You got this!
Badiana Badio Eckstrom
Donna Weinstein
actuary
13
Answers
Potomac, Maryland
Updated
Donna’s Answer
All of the the fields you mentioned show that you are analytically and mathematically oriented. I am actually surprised that majors as specific as insurance or risk management are offered at your university. In terms of selecting a major, I think any of those you mentioned will serve you well as you pursue your career after graduation. They all will help you think logically and analytically, which are so important in solving day to day tasks in any career you pursue.
My response will focus on the actuarial field which relates mainly to you interest in insurance and risk management. An actuary's main task is to create predictive models for all types of financial risks.
I was a professional actuary for about 40 years and retired in 2015. For most of that time I was a consultant to corporations that sponsored defined benefit pension plans and assisted them with the design, funding, and administration of the programs. I love mathematics and majored in it in college. However, although helpful, a major in mathematics isn't essential but enjoying mathematics is a strong indicator that you will like a career as an actuary or in any of the fields you mentioned. But I also wish I had taken some courses in accounting and finance while in college as those would have provided practical, business-oriented background that would have been useful in my job.
Two websites I recommend going to to learn more about training for careers in either risk management or insurance are soa.org and casact.org.
The first is the website of the Society of Actuaries (SOA) and the second is the website of the Casualty Actuarial Society (CAS), both highly regarded professional actuarial organizations in the US. To become a member of either organization requires you to pass various tests and courses. You can learn about the current requirements at those websites. Salaries are generally higher if you have professional designations and can distinguish you from other applicants when you apply for jobs.
Two main tracks for actuaries are life/health insurance (SOA) and property/casualty insurance. (CAS). Pensions, which was my specialty, falls into the life/health side. What didn't exist when I began my SOA exams is a specific Risk Management track which, if I was starting now, I would definitely consider. Every company in the world needs to assess risk so expertise in that area would always be in demand.
At the time I earned my Fellowship in the Society of Actuaries, it was all through testing and it took me about 5 years post college graduation to complete 9 exams. I got credit for the first exam by my GRE advanced mathematics score and passed the second exam the month I graduated from college. I then worked at a large insurance company where they gave study time during the work day to help those hired as potential actuaries. I got halfway to the Fellowship designation while at the insurance company. I then left that job (due to moving to another city upon marriage) and spent the rest of my career doing pension consulting at large consulting firms. I enjoyed that work very much. I completed my exams three years later. The program is rigorous. I found the learning part quite stimulating but I was someone who loved school and studying (a bit weird perhaps) but for me I liked that I could work but still be actively pursuing what to me seemed like an advanced degree.
Overall, the career is well-paying and as there are not all that many professional actuaries, it is relatively easy to find employment. However,
my experience is often you need to show promise by having completed some of the syllabus for companies to be interested in interviewing you.
There are many different avenues/specialties in the actuarial field and I found it never boring and always challenging. But it isn't for everyone.
Finding a summer internship is a good way to test the waters (although I didn't do that as I hadn't thought about what I wanted to do after college until late senior year and got my first job the summer following graduation).
Good luck to you as you start your journey towards an exciting and rewarding career. And don't get too caught up in the choice of major. There are many different paths to a happy and productive career. Most important is to find courses that you enjoy and work hard to get the most out of your college experience.
My response will focus on the actuarial field which relates mainly to you interest in insurance and risk management. An actuary's main task is to create predictive models for all types of financial risks.
I was a professional actuary for about 40 years and retired in 2015. For most of that time I was a consultant to corporations that sponsored defined benefit pension plans and assisted them with the design, funding, and administration of the programs. I love mathematics and majored in it in college. However, although helpful, a major in mathematics isn't essential but enjoying mathematics is a strong indicator that you will like a career as an actuary or in any of the fields you mentioned. But I also wish I had taken some courses in accounting and finance while in college as those would have provided practical, business-oriented background that would have been useful in my job.
Two websites I recommend going to to learn more about training for careers in either risk management or insurance are soa.org and casact.org.
The first is the website of the Society of Actuaries (SOA) and the second is the website of the Casualty Actuarial Society (CAS), both highly regarded professional actuarial organizations in the US. To become a member of either organization requires you to pass various tests and courses. You can learn about the current requirements at those websites. Salaries are generally higher if you have professional designations and can distinguish you from other applicants when you apply for jobs.
Two main tracks for actuaries are life/health insurance (SOA) and property/casualty insurance. (CAS). Pensions, which was my specialty, falls into the life/health side. What didn't exist when I began my SOA exams is a specific Risk Management track which, if I was starting now, I would definitely consider. Every company in the world needs to assess risk so expertise in that area would always be in demand.
At the time I earned my Fellowship in the Society of Actuaries, it was all through testing and it took me about 5 years post college graduation to complete 9 exams. I got credit for the first exam by my GRE advanced mathematics score and passed the second exam the month I graduated from college. I then worked at a large insurance company where they gave study time during the work day to help those hired as potential actuaries. I got halfway to the Fellowship designation while at the insurance company. I then left that job (due to moving to another city upon marriage) and spent the rest of my career doing pension consulting at large consulting firms. I enjoyed that work very much. I completed my exams three years later. The program is rigorous. I found the learning part quite stimulating but I was someone who loved school and studying (a bit weird perhaps) but for me I liked that I could work but still be actively pursuing what to me seemed like an advanced degree.
Overall, the career is well-paying and as there are not all that many professional actuaries, it is relatively easy to find employment. However,
my experience is often you need to show promise by having completed some of the syllabus for companies to be interested in interviewing you.
There are many different avenues/specialties in the actuarial field and I found it never boring and always challenging. But it isn't for everyone.
Finding a summer internship is a good way to test the waters (although I didn't do that as I hadn't thought about what I wanted to do after college until late senior year and got my first job the summer following graduation).
Good luck to you as you start your journey towards an exciting and rewarding career. And don't get too caught up in the choice of major. There are many different paths to a happy and productive career. Most important is to find courses that you enjoy and work hard to get the most out of your college experience.
Hello Mr Weinstein ,
How are you doing ? I really don't know how to say this but I had the same conversation with my dad . Where I am from we do not know many things about insurance or risk management he was surprised as well. He literally told me what you wrote to me . I am amazed that I got to know this from not my dad because he could be biased but from you too. Thank you so much for all those advises and the recommendations. I am really grateful. Now I am wishing to be wise like you are . Thank you again.
Huguette Sheilla
I am very pleased you found my response helpful.
Donna
Donna Weinstein