Why Most Finance Majors Work in Insurance?
You’ve probably heard the jokes about boring finance majors before. But what if you’re interested in being a financial advisor one day? How do you balance your love of math and accounting with another option that might be more exciting, like insurance or risk management?
There are a lot of people who work as insurance agents, but how many of them started as an accounting major? If you like working with numbers, statistics or probability and want to get into the insurance industry, here is why you should choose a career in insurance over some other options:
The Math is Simple
You might think that because insurance is so focused on risk, it would require the most complicated mathematics. But one of the reasons why this is a great career for math lovers is that the math you need is straightforward.
You don’t need to be a genius, you just need to be comfortable with multiplication and division.
The most important thing for any kind of financial advisor is being able to do accurate projections. This means that you’ll need to understand the different factors that go into making your projections, like interest rates and the NCPI insurance.
You’ll Learn to Speak and Listen to Clients
As an insurance agent, you are expected to spend a lot of time with clients. You’ll be discussing both in person and over the phone. You’ll learn to speak the language of clients. In the process, you’ll develop the ability to identify the best insurance products for them.
This is an invaluable skill for any insurance career. You’ll also be able to listen to clients and understand their needs. You may work with people during difficult times in their lives, like during death or critical illness.
Finance Majors Make Great Insurance Agents
If you’re interested in being an insurance agent, you already have many of the skills you need. You’ll be able to analyze risk and design policies for clients. You’ll also understand premium pricing and how to read financial statements. You can use your knowledge of financial products to find the right insurance for each client.
These are all skills finance majors have, which means you’re a great choice to become an insurance agent. In the end, though, your decision should come down to what you’re passionate about. If you’re passionate about insurance, there’s no doubt that it’s the right choice for you.