Should You Take an Economics or Business Degree?

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A degree in business or economics prepares a student for a successful career in various industries. However, understanding the key differences between the two degrees will make it easier for you to find a job in your desired field.

Small Business Details Versus Large Economic Concerns

One of the primary differences between the information taught in a business program and the scope of an economics degree is that business degree tends to focus on the small details of a single business (or enterprise) and the standards for running or starting a business. Economics on the other hand, offers large-scale information about the world’s markets as well as the monetary fluctuations that occur.

Economics and Business Degrees Are Related

Both economics and business apply to the commercial sectors. As a business executive or owner, it is very important to understand common business practices. However, a business employee or owner should also understand how the economy can impact the overall operations and success of the company. By understanding the business from an economic point of view, you can predict the economic downturn and make appropriate changes to save your company money beforehand. Reputed institutes and tuition centers like JC economics tuition in Singapore can help you master the subject so you can apply its principles to make informed decisions, both in business and personal life.

Different Focuses, Different Jobs

A student with an economics degree may find employment in jobs that have a greater influence on industry and business. For instance, common employment types for majors in this subject include jobs such as research economists, statisticians, budget analysts, loan officers, or financial analysts.

A student with a business degree, on the other hand, will be better prepared to tackle the ups and downs of the business world where even the smallest of decisions count, particularly when a business has just been created or during a startup phase. A business major can start as a low-level executive in an organization or company and progress towards becoming chief executive. Furthermore, potential employment is available in virtually every industry as every industry needs business.

Outlook for Economics and Business Majors

Economics and business majors benefit from the wide variety of jobs available in many industries. However, according to the Bureau of Labor Statistics, those who study economics will see job growth that exceeds the average expected over the next few years. As a student, you must choose your career path wisely when majoring in business as there isn’t a heavy job growth expected in some sectors. For instance, top positions and upper-level executives like chief executive offers are business employment types that may exhibit an increase of just a few jobs nationwide every year. Even though top jobs are often difficult to obtain, business jobs are a strong facet of today’s economy. You should consult with experienced economists at institutes like London School of Economics for guidance.

Final Word

It is very important for students to realize that economics majors and business majors both participate in generally the same business areas, however, each of these degrees prepares you for a different kind of career. A student of business will find the small details of running a business interesting while a student of economics would want to study business from a broad perspective.