It can be very rewarding both financially and in terms of work satisfaction, but it also requires more dedication and time commitment than some people may be comfortable with. Here are some of the pros and cons of a career in economics.
As you can see, while there are some similarities with business administration, an economics degree will likely set you on a different career path to a business degree.
In weighing up the pros and cons of economics, there are also some fairly neutral elements to consider. Depending on your personality, these could either be a pro or a con. If you feel that using mathematics and statistics daily is a con rather than a pro, then you may be looking at the wrong field with economics. So too, if you feel that analysis and modelling are too theoretical and you prefer a more practical hands-on approach, then business administration may be a better fit.
Now that you have a better idea of the differences between economics and business and have compared an economics degree with a business degree, you should have a better feel for what is best suited to you. After checking the course fees and ensuring you meet the admission requirements , you can apply now and start your studies within the next two months. On Campus Programmes.
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Since these providers may collect personal data like your IP address we allow you to block them here. They may seek entry-level employment in banks or other financial institutions where they assist customers, analyze loan applications, or manage accounts.
They can work as junior marketing analysts who assess specific markets or regions, research customer satisfaction, develop new products, and create marketing strategies to meet business goals. Economics graduates may also return to school to pursue graduate degrees that can unlock further career opportunities.
With graduate degrees in economics, they may become management consultants or work at universities as economics professors. Undergraduate and graduate business degrees prepare students to work in the business and financial sectors. Undergraduate business degrees include courses in finance, accounting, management, marketing, business law, organizational leadership, economics, statistics, and information technology. Graduate-level business degrees, such as a Master of Business Administration MBA , help students build their business expertise, confidence, and problem-solving skills to succeed as business leaders.
Coursework covers topics such as business ethics, strategic marketing, business economics, and business policies with electives that can include data analytics, healthcare operations, human resources management, project management, and consumer behavior. Some schools, such as Maryville University , offer specializations in accounting, financial services, marketing, and sports business management.
A business degree is highly flexible. Graduates can support marketing departments, serve as HR managers, run information technology departments, become statisticians, work as accountants, lend expertise as financial specialists, consult on leadership development, and manage risk.
They consistently rely on their knowledge and use the analytical and problem-solving skills developed in the classroom and possible experiential learning. Economics and business degrees are both grounded in the world of business.
Both feature courses in statistics, economics, marketing, and finance. Students in both programs take advanced mathematics courses and may also learn computer programming to assist them in data analysis responsibilities. Economics and business degree students also both explore case studies, where they analyze actual events and financial decisions to discover how to apply classroom learning to the real world.
There can be some overlap between careers for economics and business degree graduates as well, such as market analyst and financial adviser roles. Despite their commonalities, economics and business degrees have key differences, in both classroom settings and the job paths available upon graduation. Most business degrees include introductory economics courses — generally, a course in microeconomics, which focuses on individual parts of the economy, and one in macroeconomics, which looks at the larger economic picture.
Beyond that foundation, business degree coursework can lead students to a number of different fields and concentrations, from marketing to organizational leadership. But for those who want to dive deeply into the topic, economics degrees provide more focused study. In addition to several microeconomics and macroeconomics courses, economics students also study econometrics, which uses advanced mathematics and statistics to help make sense of economic data.
Graduates of business programs can work in a wide variety of careers and environments — as finance managers for an industrial parts company, in sales for a computer software company, or as managers at a financial institution. They can open their own businesses or work in sports franchise front offices as data analysts, accountants, or company executives.
Every field and industry relies on business professionals to help their organizations run smoothly, make wise decisions, and compete in the marketplace. With further study at the graduate level, they can specialize and advance even further. The solid mathematical, quantitative and analytical skills that students acquire in an Economics degree programme are highly in demand in the market, making Economics degree one of the highest paid degrees in the market.
A list of notable people with a degree in Economics can be found here. Make an enquiry. Home About us Study with us. Economics vs Business. Search this Section. What is the difference between an Economics degree and a business degree? Economics Economics is the study of how people make choices under the condition of scarcity.
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