Is a career in economics and/or finance feasible?

Everyday Islamic Finance Business and Career Questions
#1

Assalamualaikum,
I am a 2nd year A level student currently studying mathematics, physics, and chemistry with an AS level in economics. I found economics very interesting and I am now considering a career in finance and economics, however, my greatest concern is whether I can pursue this career in a halal way. I know most people get into Islamic finance through the standard banking system, something that I would like to avoid. My question is; is there enough demand in the Islamic finance industry for me to secure a well-paying role directly without entering the non-Islamic banking system? Also, is there a degree/university to study at to increase my chances of getting into the industry?

#2

W Salam Yusuf.

I want to caveat by saying that I do not have much knowledge of the Islamic Finance industry, other than it is a rapidly growing one. Like you, I really enjoyed Economics at A-Level and pursued it at University. It is a fascinating subject, and I would wholly recommend you pursue it.

I have a few bits of humble advice for you, given I was in a not so dissimilar position a decade ago:

  • If you are intellectually curious about the world, pursue Economics. It will give you a brand new lens to dissect your surroundings and will give you a much better appreciation for why people / businesses / governments make certain decisions

  • Economics at University is very Maths and Statistics heavy; ensure you are comfortable with this

  • Get into a prestigious University if you have the grades for it: the name will carry weight on your CV, and you will also meet some very smart (and often challenging) people

  • Stay close to your Deen: strive and struggle hard to keep the mindset you currently have, of prioritising your Deen, and everything else will fall into place

If you have an Economics degree from a prestigious university, almost all career doors will be open for you. There are many halal avenues into the Finance world, such as Consulting, and there is no reason why these roads won’t lead to a career in Islamic Finance. Concentrate on getting the best grades possible, in a broad academic subject at University, and maintain that intellectual curiosity through wide reading, seeking mentorship and work experience (if possible).

Best of luck,
Shaheak