Finance Vs Engineering, Which One Should You Study?

Finance Vs Engineering, Which One Should You Study? (For Students)

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Are you considering what to study at College?

Finance and Engineering are two popular courses at college.

Both are different but also similar with heavy use of maths to solve real-world problems.

Deciding to study either Finance or Engineering is a big one!

A decision I struggled to make when leaving high school.

So should I study Finance or Engineering?

Finance and Engineering majors are popular among college students. Finance roles are in higher demand making it easier to find a job and offer stronger income potential than Engineering.

However, the choice on what to study and career pursue should come down to your strengths and weaknesses.

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A career in Engineering suits those students who enjoy maths and sciences.

Engineers are typically analytical curious problem solvers who enjoy the technical aspects of developing solutions.

Engineers spend their day’s problem solving, from designing bridges, aircraft to manufacturing equipment.

Whilst there are numerous Engineering branches to choose from, an Engineering major can take you down civil, electrical, structural or chemical engineering roles.

Or possibly Urban development and environmental sustainability. Management consulting or working in Manufacturing and construction.

A Finance student is comfortable with mathematics, use financial skills to solve problems and analytical skills.

Finance major you can look forward to careers paths in financial advising, counselling and planning for investors or community organisations; funds management; management consulting; retail, commercial and investment banking; treasury management; trading and dealing.

So in this article, we’ll explore different aspects of studying Finance or Engineering.

Finance Harder Than Engineering (Solved & Explained)

Engineering is more difficult than Finance. Finance is far less rigorous than Engineering. With Engineering there is an incredible number of rules and complex math underpinning Engineering.

Finance can also be hard, with the level of difficulty depending on the college.

The reason being, the content of the course can vary greatly with some courses being more accounting or economics and maths focused than others.

It’s important to note that the level of difficultly will depend on your level of interest and where your strength lies.

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Does Finance Pay More Than Engineering? (Solved & Explained)

Finance pays more than Engineering, with the median wage of a Finance Manager being $134,180 compared to an Engineer ranging between $90,160 to $118,610 per annum depending on the branch of Engineering.

However, wages will vary on the number of years of experience, size of the company, geographical location, demand, etc.

According to the US Bureau of Labor and Statistics, the employment of financial managers is projected to grow 15 per cent from 2019 to 2029, much faster than the average for all occupations.

Several functions of financial managers, including cash management and risk management, are expected to be in high demand over the decade.

The employment of engineers is projected to grow 4 per cent from 2019 to 2029, about as fast as the average for all occupations.

Demand for engineers’ services depends largely on demand for their services.

For example, a demand for a Civil Engineer will depend on a government’s investment in infrastructure (roads, bridges) or investment in buildings being built.

Demand for chemical engineers’ services depends largely on demand for the products of various manufacturing industries

Occupation Wage Per Annum(USD) Entry LevelQualification
Finance Manager $134,180 Bachelor’s degree
Civil Engineering $88,570 Bachelor’s degree
Chemical Engineering $108,540 Bachelor’s degree
Aerospace Engineering $118,610 Bachelor’s degree
Mechanical Engineer $90,160 Bachelor’s degree
Electrical Engineer $103,390 Bachelor’s degree

Source US Bureau of Labor and Statistics

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Is Finance Better than Engineering (Solved & Explained)

Both Finance and Engineering do have things in common.

They both involve solving problems, although solving different types of problems.

So if you had a choice which one should you study?

Finance is better than Engineering if you are interested in financials and want to pursue a career as an Accountant, Investment Banker, Financial Analyst, Sales Manager, or have ambitions of becoming a CEO or CFO of an organization. 

Engineering is better than Finance if you are interested in solving real-world problems through the use of complex maths and physics.

Financial managers typically need a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as accountant, securities sales agent, or financial analyst.

Financial managers work in many industries, including banks, investment firms, and insurance companies.

Most financial managers work full time, and some work more than 40 hours per week.

Engineers generally work in a variety of locations and conditions.

It is common for them to split their time between working in an office and working outdoors at sites so that they can monitor operations or solve problems onsite.

Why Do Engineers Switch To Finance?

Engineers switch to Finance roles for increased wages,  better career opportunities, and customer-facing roles. 

Engineering roles generally pay well at the beginning then cap out.

Switching from Engineering to Finance there are much higher paying roles such as Finance Director,  CEO, offering higher wages.

A common reason why Engineers switch to Finance is to seek more client-facing roles such as sales or marketing.

The other reason why someone would switch to finance from engineering is that they found engineering to be monotonous, repetitive, unintellectual, and unfulfilling.

In other words, they were unsuited for engineering in the first place.

For most students, the decision to pursue a career is often based on what their girlfriend or boyfriend is doing, or what their parents want them to do.

What they often find after graduating is there is an oversupply of candidates making it difficult to land a job.

Alternatively, they do find a job but it’s not what they expected or like, so they look to change to other career paths. Such as Finance.

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Is Finance Boring Job?

Finance is not a boring job, so long as you are interested in maths and solving maths-related problems.

The only time a Finance job can be boring is if you are doing basic, monotonous work or working with boring uninspiring people. But this can be the case for any profession.

Finance roles are typically far from being boring.

Finance Managers run at a fast pace, with many interesting problems to solve daily.

Finance is also a career where you meet heaps of interesting people, constant changes in technology and laws, and have the opportunity to gradually increase your wage over time.

Is Engineering Boring Job?

Engineering is not a boring job, engineering is one of the most diverse fields of all, which is full of challenges, reasoning, and problem-solving.

Engineering is not boring if you enjoy mathematics and have an interest in science, physics and enjoy solving problems by coming up with engineering solutions.

One of the main reasons why Engineers quit their job, not because they are bored but because of the lack of career advancement within the organization.

Feeling like they have run into a dead-end they will seek out other places of employment.

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Final Thoughts

Studying Finance or Engineering, although vastly career paths are very similar in many ways.

In both professions, you do spend your time solving problems, much different problems though.

Choosing either career will take dedication, hard work and will cost money.

However, in the end, you will have a qualification that can lead to interesting, varied, and well-paying careers.

As with any career that you want to pursue, analyze yourself and your strengths and weaknesses.

Seek career counselling, speak with your friends and family to get their feedback and thoughts before deciding which major you want to pick.

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