Is Economics a good subject for business?

TreeEater
TreeEater

Is Economics a good subject for business?

I'm thinking of doing a BSc Econ. I want to earn a lot of money. Is this a good path?

WebTool
WebTool

Econ is a good minor.

New_Cliche
New_Cliche

Did you do a bachelor already?

If not, then yes... Economy is very good, especially in the field of econometrics.

If yes, it depends...

hairygrape
hairygrape

Just be sure you are in a good program. You want something that is heavy on the math and modeling aspects of econ (econometrics), as that is what employers seem to look for. I made the mistake of doing Econ at a CSU and long story short its mostly basic theory and no actual skills employers want. Don't do the dumb like I did.

Harmless_Venom
Harmless_Venom

@TreeEater
What people hire economics majors? Trading firms?

Snarelure
Snarelure

@Harmless_Venom
With the exception of top banks and hedge funds, going into trading is seen as kind of weird. It's a massive opportunity cost because if you fail, you'll come out of the job with zero transferable skills.

At least at my school, you can take it two main routes, qualitative or quantitative. The qualitative route can lead to policy positions, like working for a think tank or the government. Combined with English or political science, economics can be a great prep for law school. The quantitative route can lead to a "business analyst" role. This is different than accounting in that you will be looking at the numbers behind organizational structure, or supply chains. At the end of the day, you will be learning how to interpret and analyze the ways in which people interact. It's a social science.

Economics in undergrad can open a lot of doors, but soft skills matter a lot. Unlike accounting or stem, you can't be a complete autist and just get hired for having valuable certifications. You need to go to a reputable school and be able to sell your "soft" qualifications. Hope that helps a little, I feel like a lot of people on this board are confused by econ.

LuckyDusty
LuckyDusty

@TreeEater
@hairygrape

econ leaves your career paths open. You can literally get into every sector with a business/econ diploma

StonedTime
StonedTime

@TreeEater

Not really, there's very little proprietary about it. Accounting is probably the best, financing, then econ, and finally, last, definitely least, marketing.

Illusionz
Illusionz

@TreeEater
Just find an inside sales job, drop out, and stop wasting your parents money. It's where you're heading anyways(best case scenario), unless you're a loser. In that case, you're going to be a barista with a masters in economics.

This retarded shit cannot sustain itself for even another 10 years...

TechHater
TechHater

@TreeEater
Graduated with an Econ major. Going to be brutally honest, since this is anonymous and no one here knows that I blew my parents' money.

1. It was an absolute waste of time and money. What I am doing now is completely unrelated to economics. What I will be doing in the future will be completely unrelated to economics. Jobs in economic analysis are boring, don't pay nearly as well as other jobs and will make you want to kill yourself, even if you are a healthy individual.

2. Even if you choose to pursue a career path in economics, you will need a graduatedegree, at the very least, to get a decent job (unless daddy knows somebody, in which case you could ask him to help you get a more interesting job). You will need a math minor to get into the good graduate school that will guarantee a decent job/ career.

3. Much of it is interesting and informative. But you can always take economics courses in college. Introductory and Intermediate courses teach you how the 'economy' (aka society) works. Other than that, the major is a preparation for graduate school (in economics)

4. You won't have nearly as much opportunity as a business major does (unless your school offers economics as a business major), because economics isn't seen as 'beneficial' to companies. Accounting and finance is seen as beneficial. Most of my friends with bachelor degrees in business went on to make high-5 to low-6 figures after graduating. I'm going to graduate business school and wasting an extra year to make the same amount they did after graduating.

The advantages are that people think that I'm smart and that I understand how the economy works intuitively. I can understand the economic situation that an industry or business finds itself in intuitively, while most business majors have to hold multiple meetings to make sense of it. (1/2)

AwesomeTucker
AwesomeTucker

@TechHater
Nonetheless, get a business degree if you want to make money. You should take introductory and intermediate micro and macroeconomics as well, since they will help you find a great career and excel in it. You will have an easier workload, higher GPA, and more hours partying than any economics major can dream of.

PurpleCharger
PurpleCharger

@AwesomeTucker
But with all that macroeconomic knowledge of yours, you should theoretically be able to trade forex like a champ!

Amirite?

whereismyname
whereismyname

@PurpleCharger
Thanks for the advice (or sarcasm). I've thought about it but it's a margins business. I don't think that I could afford the risk. I also don't think that I could make a significant amount. Will look into it.

Although I do own Swiss Francs, GB Pounds, and UAE Dirhams as hedges to my American investments.

5mileys
5mileys

@whereismyname
So how much money do you make, and how did the Econ degree help you? Couldn't you just get an MBA?

cum2soon
cum2soon

@whereismyname
Was half joking half serious. It really depends on who you are.

Of course there's high risk. That risk can be mitigated with emotionless money management.

PackManBrainlure
PackManBrainlure

@TechHater
I don't think an econ degree is completely worthless. It's just that the (quantitative) skills you gain are more abstract and aren't really directly applicable. It's kinda like math class in high school: while 90% of the population will never use any of it in their lifes I think they still profit from the critical thinking skills they acquired in that class in one way or another.

This only applies for a B.Sc. program which includes calc, econometrics, linear algebra, statistics and so on. If you did a B.A. then you most likely wasted your time and money.

Flameblow
Flameblow

@PackManBrainlure
tfw Uni only giving out BAs for Economics

Is this really that bad?

BlogWobbles
BlogWobbles

@Flameblow
I think if you're in the UK it can still be alright. As a rule of thumb: if your coursework doesn't even include any calc (very common in the US) then your degree is trash.

VisualMaster
VisualMaster

@BlogWobbles
I'm in Canada, and it includes an econometrics course. Also has a few math courses including calculus. Will employers know this, or would they think that I'm an idiot because I have a BA rather than a Bsc?

Need_TLC
Need_TLC

@VisualMaster
I don't think employers really care. You will have a hard time finding a job with just a bachelors anyway.
It's just that in one case you have no applicable skills but you have at least become a little bit smarter (hopefully) and in the other case you don't even have that going for you.

Methnerd
Methnerd

Received my bachelors in econ from __ state university back in 2011 and im doing very well for myself. Just sell yourself as a shrewd mathematician despite the fact you do not have close to the understanding of math than other majors such as engineering and CS.

girlDog
girlDog

2016
Not majoring in financial engineering
It's like you plebs don't wanna make it.

Sharpcharm
Sharpcharm

Social science degrees aren't that great. They're only a step up from liberal arts degrees. Better to just go into math if you want to make a lot of money.

TalkBomber
TalkBomber

Economics is a hobby not something you actually major in. There are no solid facts (most of the time) in economics. All those graphs and charts and theories are just that, theories. They have no basis in reality.

I think economics is just another branch of Sociology that deals with how individuals interact in an economy and how the whole of the economy effects individuals. I really think Sociology and Econ should merge to be honest.

But ya, I feel like it is a social science that props itself up to look like a hard science like Physics when in reality it could not be further from the truth. It honestly just shows that economics is kind of insecure about it's "truths" so it has to pretend to be black and white.

I am an accountant major that spends a lot of my time learning about economics. I do that on my own time and know more than your average econ major. Do not major in this though at the end of the course your instructor will tell you that most of the models you learned were all theory and are not actually true in any situation.

I have gained more practical knowledge about how business works from accounting so far. It goes into the reality of it all. Oh and one more thing. The only job you get as an Economist is being a stupid bureaucrat and you only get hired if you are a Keynesian.

Dreamworx
Dreamworx

@TreeEater
/adv/

Need_TLC
Need_TLC

Look at her skin. It's so smooth and beautiful.

What I wouldn't give for her to sit on my face.

Lord_Tryzalot
Lord_Tryzalot

@Methnerd
What kind of job can you get mentioning your math skills?

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