When you are a starting entrepreneur, you may think there is nothing special you should know about finances except the starting price to enter the market. But in a while, when your business runs well and starts growing, you will need to make confident decisions requiring a deeper understanding of financial operations and investments. On the one hand, you can hire a financial advisor to help you understand some financial issues, but nobody will help you see the complete financial picture of your business but you.
Why do I need a financial degree?
Spending a vast part of your time and money on education may seem unmanageable. But you need to know that financial education offers a great list of positive sides that will positively influence your business. Here are some details about the benefits you will get after obtaining a finance degree.
- You get a solid foundation of theoretical knowledge and case studies for running a business. You will know the essential tips to help you make the right decisions and see the most profitable prospects. If you choose the right college, you will get information from people with significant experience in the business. This will decrease your chances of pitfalls and increase your possibilities for a successful business.
- Many businessmen and managers say financial education has given them more self-esteem and confidence. Entering the world of business sharks need preparation and potent weapons in the form of knowledge and skills.
- It's not a secret that many people enter colleges to make promising contacts. It may happen that a person sitting next to you in class will be your reliable business partner or your prospective investor. Don't underestimate the power of cooperation and connections. If you see that you can't manage the work and college at the same time, you can use the essay help from EssayShark and get every task done.
- After the finance course, you will adhere to the principles of critical thinking. Managers that know the basics of finance can operate and doubt numbers and statistics.
- Many startup businessmen fall into similar trouble. They frequently neglect the financial side of the business. Why do your employees work a lot, but the revenue is low? Why is there a lack of costs, and where to get extra money for the business? How can you define the input of every employee to the company's success? When you understand the numbers, you can see the whole picture.
- Overcome your fears. If you fear numbers, a degree in finance will give you the strength to understand them. You will never get puzzled with calculations and formulas. Besides, you will know the terms, and therefore understand the EBIDTA, revenues and income, profitability, and operating margin won't be a secret for you anymore.
- Have more open doors. For some reason, however, it may happen that you will decide to close your business or sell it. Then your next action is to decide whether to start a new company or choose another career path. With a degree in finance, you can apply to the starting positions in the spheres of commercial banking, insurance, financial planning, financial consulting, financial analytics, and more.
What If I Don't Want a Finance Degree?
Education doesn't stop after graduation from schools and colleges. It's a lifetime process. No matter whether you already have a degree or don't think it's a good idea to spend time at college at the current time, you can tune into finance by reading books, articles, and blogs. Also, you can subscribe to finance YouTube channels and podcasts. Good professionals don't stop acquiring new things and constantly extend their knowledge and skills.
Gather a list of sources that you can use to boost your knowledge in the financial sector. Online courses, books, and professional blogs give you total freedom on what to read and how to manage your time on education.
Take financial courses on platforms like Coursera, edX, and Udemy. The beginner-level courses typically cover topics about capital budgeting, evaluation of business performance, computing and projecting free cash flow, forecasting, and more. Every class concentrates on a limited list of topics covered with examples and case studies. Some online courses are free of charge, while others may require some costs for access and certification. Keep in mind that you can wait for discounts frequently appearing for various courses.
5 Courses about Finance That Will Help
Here are five courses on finance that will help you become more aware of financial operations and figure out the principles of financial management and financial analytics.
- Foundations of Finance by the University of Cambridge on edX. This course is great for those who have no prior knowledge about finance. You will learn about how to manage risks, forecast and use cash flows, and learn all about money and capital.
- Professional Certificate in Corporate Finance by Columbia University on edX. This course is also a great basis for any entrepreneur. Learn about the theoretical part of finance, how to conduct financial decisions, explore how to value stocks, and know more about investments and cash flows.
- Introduction to Corporate Finance by Wharton University on Coursera. This course is broad enough and covers topics from retirement savings to financial mediation. It may be helpful to both aspiring and proficient business owners.
- Financial Management Specialization by the University of Illinois on Coursera. This course is more specific than the above and is a part of the iMBA program. Classes are more concentrated on strategic financial decision-making, risk management, and investments.
- Online Corporate Finance Courses & Certifications on Udemy. Also, a great course to learn how to read financial statements and analyze and measure business performance. Besides, it gives a chance to learn more about Excel and Google Sheets.
As you can see, education in college or university may give you plenty of possibilities and skills you can successfully use while running your company. Along with financial education, you can think about marketing, project management, MBA, communication, and other areas of expertise. Strive for constant self-development to obtain as much knowledge and skills as you can. And we believe your business will prosper and grow.