What Non-Finance Courses Should Finance Majors Take?

Since school just started here at Unknown University, that means undergraduates with questions about majors, classes, internships, and so on. This is the first time I advise students her at my current school (I got a pass for the first year). Our program is such that they don't have a lot of options for the finance part of their curriculum, but I get a lot of questions about what other classes (besides finance) to take. So, I though y'all might also benefit from my take on things (or at least get a good laugh):

• Financial Accounting: The typical undergraduate finance major takes one or two introductory level accounting classes. Then, when they get their first entry-level job, they often find themselves doing tasks that use a lot of financial statement information. Accounting can be hard and (to many finance majors) a bit dry, but taking more accounting classes definitely sets you apart from other new graduates. Back a few years, I used to place a number of students with the credit analysis unit of Bank of America. They didn't even look at most students unless they had three or (preferably) four accounting classes. There's not that much advantage to taking Tax or Auditing for a finance major, but there is to taking Financial - I'd recommend at least Intermediate Accounting I (and if you can manage it, Intermediate II).
  
• Macro Economics - Although the undergraduate business curriculum typically requires an introductory class in macro, most students come out of it with only the barest hint of what's going on. A second class in this area will help you to get a much better understanding of the larger economic forces that effect equity (and to an even greater extent, fixed income) markets.
• Money and Banking (from the Econ department)- Similar to the above, it's also good to see the money and banking material twice. Although you often get a money and banking class in the finance department, it's good to see the same topic taught from a different perspective.
  
• Statistics and Econometrics - The undergrad finance curriculum usually has an introductory statistics class. Almost everyone can benefit from more exposure to this material. But most importantly, make sure the class is "hands on". There's no substitute for analyzing real data.
  
• More math - You might not use linear algebra or higher-level calculus, but taking extra math (and getting getting good grades in those classes) serves as a pretty good signal that you're either smart or hard working (or both). Today's finance world is math and stat -driven. So, the more you take of these topics, the better.
• A programming class - like math, programming is also hard. Having a little more background in a commonly used language always helps.
  

Of course, this is only my opinion, and a lot of it has been shaped by what I hear from employers (or see on the CFA exam). If you have other thoughts, I'd love to hear them.

Advice For New College Freshmen

Ben Stein has said some pretty goofy and (IMO) off base things about private equity, but he hits the mark here with advice for new college students (he's sending his first son away to college):

Make friends with your teachers. To get on their good side, read the material before class, ask questions, and use their office hours to get clarifications on material that's unclear.

Learn to manage your time. Make sure you do your work on time (and neatly) and follow the instructions carefully on assignments.

Be well rounded - take classes in the area you want to specialize inm, but also in others. You never know what you might end up using, so it's important to have both depth and breadth of knowledge.

Affability and netness count. Join a frat or sorority, or some other group. And if you dress like a slob, make sure your thoghts and speech are more ordered - it'll offset the impression your appearnace makes.

Finally, don't indulge to excess, get some exercise, and develop good work habits.

Read the whole thing here.

As a professor, I can vouch for the first piece of advice. Most students don't make the effort to get to know me outside of class. So, I tend to go the extra mile for those who do (particularly when they need reference letters).