How to help your child embark on a degree in finance

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Finance is a popular degree choice for many Australians, and it’s believed that certain finance courses can even add 20% onto a graduate’s average earnings! If your child has come home and announced that this is their chosen degree, then there is plenty to celebrate: not only is finance a rigorous degree with transferable skills, but it also has great career potential. There’s a lot that you can do to help them along their way. Here are a handful of top tips that you can use to enhance your child’s financial education.

Subscriptions to resources

The first thing that anyone who is interested in pursuing a finance degree should do is make sure that they have got a good supply of reading material to make themselves as well-informed as possible. If your child hasn’t studied economics or a similar subject at high school, then it may be worth investing in a corporate finance primer. Those who have a child at a more advanced stage in their financial education journey could give them a subscription to the Australian Financial Review instead, as this covers everything from stock exchange listings to the equities markets. A stocks and shares calendar is also a good idea: that way, your child will get used to the idea of monitoring for company events such as annual accounts releases, which is a useful financial skill.

Equipment and tools 

A good-quality laptop computer is pretty much essential for any degree, and finance is no exception. Finance may not be the most essay-heavy subject, but there will certainly be a need to read and write a lot while your child is on their course. In addition to a laptop, it’s worth ensuring that your child has a scientific calculator before they head off: while they may not have to press every button every day, learning how to use each function will give your child a good mathematical grounding.

Career assistance

Ultimately, the aim of a finance degree is to secure a job – either in a financial company or in an organisation that requires financial skills. If you are able to, try to help your child in a long-term way rather than simply during their degree. Do you have a friend who hires in the finance industry and could secure an internship for your child for the university holidays? Is there a CV expert in your circle who could help your child polish their documents while they are still a student? If so, making the most of your network is key.

With finance becoming a popular degree for many reasons, it’s clear to see why so many students are taking it as an educational route. As a parent, you will be able to help them achieve their financial education goals in many different ways. From providing them with the resources that they need to helping them get onto the career ladder, there is a lot you can do.

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