Saturday, October 31, 2009

Uncertain whether to pursue a career from the B.S in Finance i'm receiving soon, or continue on

Hello all. I%26#039;m a 21 year old who will be receiving a B.S. in Finance a year from today. I am taking my LSAT (Law School Admission Test) in September after I take a full LSAT prep course, which I already payed for. I guess I have two questions: (1). After researching and talking to lawyers and current law students, many believe that law school is not worth the time and money, alongside the opportunity cost that is incurred from the 3 years in law school. Is going to law school worth it? (2). If I dont pursue law school and just continue a career with my Finance B.S., what are the jobs relevant to a Finance major.



Thank you much in advance. (P.S. I heard a lot of the %26quot;Its your choice and nobody can decide for you%26quot; kind of answers from many people. That answer is a given to me, so I am more specifically looking for the facts. Thank you again.



Uncertain whether to pursue a career from the B.S in Finance i%26#039;m receiving soon, or continue on to law school?

Well, it depends where your degree is from. Obviously a recognized state or private school degree would help you get a job better than a lesser state school. If you%26#039;ve already paid the $1200 or so for a LSAT prep course, I recommend doing it. I went in, thinking I would spend the next 3 years of my life incurring about $100,000 in debt. But, after I took the test, I was offered a full tuition scholarship to a school that%26#039;s ranked right about top 50. I%26#039;d imagine anyone would recommend getting a law degree for free. So, that being said, its possible for you to do the same. Sure, you could work for 3 years, making possibly $40,000/year. 5 years from graduation, you would have made $200,000, barring any raises. If you go to law school on scholarship, however, you can graduate and make an average of around $70,000. 2 years later, you would have made $140,000. Now, you%26#039;re still behind where you would be had you just started working. But after a few years, the law career will take you beyond what you could do otherwise.



Of course, this is just an example using salaries that don%26#039;t change. But it gives you an idea. 10 years from now, you%26#039;ll most likely be making more money as a lawyer, which will continue for the following 30 years of employment. And, if you don%26#039;t get a scholarship, it will take longer.



Personally, I know too many of my friends who graduated with the same degree as me and are making $30,000/year two years out of college. And for someone who%26#039;s concerned with money and a good salary, take the class you already paid for, take the test, then come back on here and tell us how you did and ask us again after you%26#039;ve been accepted to some colleges.

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