Table of Contents
- What Is an Economics and Finance Degree?
- What Can You Learn in an Economics and Finance Bachelor’s Degree?
- Why Is It Important to Study Economics?
- Benefits of Studying Economics and Finance
- 1. Career opportunities
- 2. Large range of skills
- 3. International perspective
- 4. Transferable skills
- 5. Job prospects
- 6. High salaries
Economics and finance affect everyone’s lives since they relate to the production and consumption of goods and services, how people use resources, and how they make decisions when facing scarcity.
For a deeper understanding of this field, continue reading as we explore the question of why it is important to study economics, its benefits, and career paths.
What Is an Economics and Finance Degree?
An economics and finance degree combination is a program that aims to train students on the fundamentals of economics, financial management and help them understand how businesses, various institutions, and even individuals make decisions regarding their capital and how they spend it. Through multiple courses, this degree program will equip students with the necessary knowledge and skills to help them qualify for several job positions related to business economy, finance, accounting, consulting, analyzing, and many others.
What Can You Learn in an Economics and Finance Bachelor’s Degree?
When pursuing a degree in economics and finance, you will have courses mainly focused on business analysis, statistics, accounting, and micro and macroeconomics. You will learn about international business, applying economics to specific sectors, business foundations, financial reporting, management accounting, risk management, and taxation, in addition to some general courses on history, psychology, and world literature to obtain a more well-rounded education.
Why Is It Important to Study Economics?
So, why is economics important? Furthermore, why is scarcity important in economics? To answer these questions, think of food, shelter, clothing, transportation, healthcare, and entertainment as essential things we consume. Throughout our lives, we all must make choices about how we spend the resources we have. Should you move to a new apartment or buy a new car? Sometimes, our budget does not seem to be enough for everything we require, introducing scarcity in the form of capital limitations. Then, economics and finance seek to solve this limitation problem by helping us find the best financial route.
Benefits of Studying Economics and Finance
Studying economics and finance is an excellent idea for a number of reasons, starting from the careers you qualify for to the salaries associated with those positions. Through such a degree, you will equip yourself with finance skills you can use in economy-related jobs and others not related to it.
1. Career opportunities
An economics degree can boost your employability in many fields, offering jobs as:
- Economist
- Data analyst
- Accountant
- Investment analyst
- Economic researcher
- Financial consultant
- Financial risk analyst
- Financial planner
2. Large range of skills
Through the different courses we mentioned before, an economics degree will equip you with a variety of soft and hard skills:
- Statistical analysis skills
- Mathematical skills
- Communication skills
- Research skills
- Knowledge of economic concepts
- Information Communication Technology (ICT) skills
- Critical-thinking skills
- Leadership & management skills
3. International perspective
When pursuing economics, you will not be confined to studying the economy of one group of people, one company, or one country. Instead, with this degree, you will have an international perspective and better understand the financial issues of people living in other countries. This means that you will also be well qualified to expand the scope of your work beyond your own frontiers.
4. Transferable skills
What can you do with an economics degree if the above job options do not appeal to you? Many of the skills we mentioned are not applicable only within the economics department but can be transferred to various fields. Communication skills, management, leadership, critical thinking, researching skills—all these skills and more can come in handy should you want to pursue jobs in fields such as IT, journalism, law, business intelligence, human resource management, market research, public relations.
✅ Request information on BAU's programs TODAY!
5. Job prospects
According to the Bureau of Labor Statistics, an economics degree is also helpful because of the job outlook associated with this field. Reports show the employment of economists is predicted to grow 13% during this decade, and this percentage is much higher than the average for all occupations. It is expected that each year, from 2020 to 2030, there will be around 1600 new job openings for economists.
6. High salaries
The national average salary for economists in the United States is $108,911 per year. The salary depends on your years of experience, the company you work for, and your role there. Still, on average, the lowest salary for this position is estimated to be $64,373 per year, whereas the highest salary can go up to $184,265.
The main thing is that economics is a transferable, beneficial, and fascinating degree choice. There is no doubt that pursuing this path is a wise choice, but you will only be successful if you are interested in the courses associated with it. So, if what we mentioned throughout the article is of your interest, it might be time for you to get into economics and help the economy beyond the money you spend shopping.
FAQs
Earning an undergraduate degree in economics will prepare you for a career that can range from governmental policymaking to advising businesses on best practices, because you are an expert in the global forces that determine how markets affect our daily lives.
Why should I study economics and finance? ›
Why do we study economics? The simple answer is it affects our everyday lives through important areas such as tax, interest rates, wealth, and inflation. Economists provide the tools by which analysts can study the costs, benefits and effects of government policies in a range of areas that affect society.
What is the benefit of BA Economics? ›
BA Economics degree opens up diverse career paths across various sectors. Also, graduates may find opportunities in: Banking and finance: Economic analysis and forecasting roles in banks, investment firms, or insurance companies. Government agencies: Working in economic development, public policy, or regulatory bodies.
Why is it important to study financial economics? ›
Financial economics is important in making investment decisions, identifying risks, and valuing securities and assets.
What are the benefits of studying economics? ›
No matter what the future holds, an economics major helps people succeed. Understanding how decisions are made, how markets work, how rules affect outcomes, and how economic forces drive social systems will equip people to make better decisions and solve more problems. This translates to success in work and in life.
Why economics is a good career choice? ›
It equips you with the ability to analyse data, understand trends, and foresee market dynamics. These skills are invaluable in today's data-driven world, opening up a range of diverse career options with economics.
Is BA Economics a good career? ›
The career scope in Economics is wide with a range of career opportunities in various sectors, including government, corporate, and non-profit organizations. In India, the demand for skilled economists is increasing rapidly, making it a promising career option for those interested in the field.
What can I do with a BA in economics? ›
Alumni with degrees in economics may attain positions in areas such as business management, finance, law, actuary, education, sales, administrative, and journalism in addition to economics.
What is a BA in economics and finance? ›
An economics and finance degree combination is a program that aims to train students on the fundamentals of economics, financial management and help them understand how businesses, various institutions, and even individuals make decisions regarding their capital and how they spend it.
What are the benefits of majoring in economics? ›
The economics major provides substantial intellectual depth and interdisciplinary breadth as well as critical thinking. The Economics major allows exploration of a variety of disciplinary and interdisciplinary views on economic questions and policy.
One purpose of studying economics is to examine principles that influence the production of goods and services. Economics helps us understand how resources are allocated, how prices are determined, and how individuals and businesses make decisions regarding production and consumption.
Why do you choose economics as your major? ›
Studying economics provides you with the tools to think critically about some of the most important issues facing humanity today, such as economic growth, prosperity, poverty, income inequality, social justice, environmental concerns, globalization, and business cycles just to name a few.
What are the benefits of taking the bachelor of economics? ›
A graduate with a B.A. in Economics can expect to make around INR 5-8 LPA. B.A. in Economics, once completed, offers lucrative employment prospects from top international corporations. JP Morgan Chase, Allianz, HSBC, AXA, Berkshire Hathaway, and Bank of America are some top economics recruiters.
What does studying economics give you? ›
The study of economics opens many career paths, including roles in finance, consulting, government, and international organisations. You could end up at the forefront of economic policy, financial analysis, and strategic decision-making, contributing to economy growth on a global scale.
What are the benefits of economics in our daily life? ›
Budgeting: Understanding economics helps individuals and households to make informed decisions about their budgets, including how much to save, spend, and invest. 2. Purchasing: Economics influences the prices of goods and services we purchase, including factors such as supply and demand, inflation, and taxes.
Is finance and economics a good combination? ›
Studying economics and finance is an excellent idea for a number of reasons, starting from the careers you qualify for to the salaries associated with those positions. Through such a degree, you will equip yourself with finance skills you can use in economy-related jobs and others not related to it.
Is finance and economics a good degree? ›
It is both lucrative and perennially valuable, and offers broad professional flexibility, whether one is interested in research, policy making, or risk management, particularly in the financial and public sectors.
What is the use of economics and finance? ›
Economics and Finance analyzes how financial instruments and markets can contribute to the well-being of all members of society. These instruments and markets allow individuals to invest in private firms, entrepreneurs to expand their businesses, and public officials to manage their debt.
Why did you choose to study finance? ›
Master skills that prepare you for real-world job responsibilities. Unlike more general degrees, like business administration, finance teaches you in-demand skills in areas including data analytics, risk management, capital allocation, and investment strategy.
