During a student’s education, the time will come to declare a major. One of the most popular decisions is to earn a business degree, but those interested in business may also find economics to be a good choice for them. The main difference in the two degrees is that the business degree provides a broader general education, meaning graduates can work in a number of fields. Economics degree holders are a bit more limited when it comes to the scope of suitable workplaces.
Here are some things to consider when you are contemplating an economics vs. business major.
Economics vs. Business Major
There are significant differences between an economics and business major.
An economics program teaches you how to analyze and explain data. Therefore, the courses will require you to learn and apply mathematical theories and write papers explaining your findings. Calculus, statistics, micro- and macroeconomics, and econometrics are a few examples of courses that an economics major will need to complete. Additionally, an economics degree can help you understand how to make informed decisions to avoid unintended consequences.
A business program prepares you to work in fields like management and marketing, but the skills you gain can be applied to virtually any industry. You can even start your own business. Through a business program, you will need to take courses in areas such as management, accounting, finance, and economics. The addition of courses in business ethics, organizational behavior, and social interaction help you develop leadership skills so that you can effectively run an organization.
Joining the Workforce
The most obvious career path for an economics major is to become an economist in the private or public sectors. You may find work as an industrial, monetary, financial, labor, or international economist. As you gain more experience, you could also become a professor at a college or university. However, economics majors don’t always become economists. Some find work in finance or insurance as consultants, research assistants, or market analysts.
According to the Bureau of Labor Statistics (BLS), economists earn a median annual salary of $104,340. Employment for economists is projected to increase 8% through 2028, which is about as fast as the average for all occupations.
With a business degree, however, there are more career opportunities available because of the broader background gained through a program. Management and marketing are a couple of the largest areas you can pursue a career in after earning your degree. In addition, business graduates are needed in fields such as government, international relations, nonprofit organizations, and health care. The possibilities are almost limitless.
Careers in business and finance are expected to grow 7% through 2028, according to the BLS, and the median wage is $68,350 per year. If you decide to pursue a management role, the prospects look a little brighter. While employment is projected to grow at the same pace as business and finance jobs, the BLS states that the median salary is $104,240 per year for management careers.
Get Your Degree in Business
It might be apparent by now that it is extremely practical to choose to study business. Because the professional job market consistently needs qualified, degree-holding professionals, business graduates will find enormous versatility when it comes to career options. Further, you may find the real-world experience you gain makes the school-to-career transition smoother than alternative degree programs.
Concordia University, St. Paul offers an online business degree. Designed for the busy adult student, our program focuses on core business principles that can help you excel in a variety of industries. In addition, the program’s flexible online format allows you to study at a time and place that works best for you.