Is being good at maths really essential for a career in finance ? I heard that everything is computerised these days and only being confident in figures are important. How much of this is right ?
If so, are there any maths courses thats available that caters for a career in finance ? Like a maths for finance/accounting ?
SupaStar Tue 14/10/08 15:16
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Is being good at maths really essential for a career in finance?
Surely, ye jest?
Boss: Mr SupaStar, how come we are bankrupt
SupaStar: Because I bought a trillion shares instead of a million.
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It does help - I work in finance and you need to know how to work out percentages etc. I don't tend to do calculations in my head as that's what a calculator's for but you need some knowledge really.
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Question Author
******* squarebear and Doc.Spock
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What would you do if the computer was down? Take off your shoes & socks and use your toes to count????
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I really don't undestand why you would want a job in finance if you don't like maths or are cr@p at it.
Choose something you enjoy or are actually good at!
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Question Author
God! i wish there was a way to remove a question on here !!
I wish i never bloody asked..!!!!!!!!!!!!!!
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Not much hard core maths needed but a thorough aware ness of arithmetic is essential. Yes computers work things out but they have no intuition and no intelligence so it's good to have a ball park reckoning ability. Bear in mind that computers infallibly obey fallible instructions from humans.
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Well, I'll try a serious answer, anyway.
A problem with your question is that you've not defined what you mean by 'good at maths'.
If you mean 'Do I need a degree in Maths?', the answer is certainly 'No'.
If you mean, 'Do I need A levels Maths?', the answer is probably 'No, but it might help'.
If you mean 'Do I need a reasonably good understanding of the type of maths required for a Higher-level paper at GCSE', I'd suggest that the answer is 'Yes'.
Here's a quick test. If you can answer this (with the use of a scientific calculator) in under 15 seconds, your maths is likely to be good enough. Otherwise it may well not be:
Q: £5700 is invested at a rate of 6% compound interest. How much will the investment be worth after 15 years? .
Around 20 years ago, two members of my class of 16 year olds left school with reasonable O-level grades in Maths. (Equivalent to grades A to C at GCSE). I was surprised to find that they both got jobs straight away as trainee bank managers. (I would have expected banks to recruit people with A-level Maths). However, they had no difficulty in mastering the mathematics involved with various financial products, and they both rapidly progressed. (One is now running his own successful business as a financial adviser. The other, very sadly, is no longer with us due to a road accident).
Chris
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PS: Nick Leeson achieved grade A in O-level Maths (equivalent to an A* at GCSE) but failed A-level Maths (and only got grades C & D respectively in English and History). Despite that, he got a job with the Queen's bankers, Coutts and rapidly rose to a position where his new employers, Barings, trusted him to deal in sums big enough to bring the bank down (which ultimately, of course, he did). It does show, however, that you don't need fantastic qualifications in Maths to succeed in finance.
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Doesn't that depend on one's definition of 'succeed', Chris.
Hopefully that individual is still sucking seeds.
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(With apologies to SupaStar)
Buildersmate:
The only things he's 'sucking' are quails eggs, truffles, vintage wines and fine champagne. Nick Leeson makes a fortune from his books and, particularly, from his after dinner speaking:
http://www.nickleeson.com/
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Good Lord - yet again Buenchico takes 10,000 words to covey what anyone else could say in about 20.
You have been (and I stand corrected if one of these is wrong) the MD of a Will Making Company, a Teacher, something to so with British Rail (like a Manager or a train driver), something to do with distributing Yellow Pages and lots more I can't recall right now. I only started keeping a record about 2 months ago (I know, I'm sad - like you!!!)
In fact, I am sure that you said the other day that you were unemployed. How come you are such an expert on EVERYTHING? How come you have had so many different and completely unrelated jobs in your life? How exactly do you get a job as say a Will Writer by saying 'Ive been a train driver for 10 years?' Why did you never stick at a job? That to me, show a complete lack of comittment.
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chris, I think it's £13660.38
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my calculator will not let me input £sd
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Question Author
i think Buenchico excellent - one of the finest people on AB. Andy Hughes is another one. I'd be grateful if Buenchico could help me on my other thread, which i will update in a few secs'.
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