Can economics land you a position in business?
I'm thinking of taking economics in college and I was wondering if businesses need an economics major. #business
Short answer - yes, being an economics major will help you get into a business career. Economics can take you into consulting, finance, pricing, and many more areas. It's a great field of study if this is your goal.
A general / simple definition of economics is the production, distribution, and consumption of goods and services. An economics major, will more than likely engage in learning activities that will enable you develop valuable skills including how to analyze complex sets of data, observe and evaluate patterns and trends; extrapolate meaning from data sets, observations and various sources of information, understanding how and why things may or may not work. You are also more than likely to be exposed to tools, software and systems that support research, analysis, decision making, documentation, planning, presentation. And you will have opportunities to develop your writing, speaking, presentation and teamwork skills.
In my opinion these skills are not only foundational and critical for an economics major but they are applicable, transferable, valuable and indispensable skills for all professions and life in general. At the core, economics helps develop understanding and appreciation of relationships and connections, as well as knowledge of how to support the connections with available resources.
I have an undergraduate degree in Economics which served as a well-rounded degree because at the time I wanted to and have had the opportunity to explore / work in different industries (wealth / investment management, marketing and communications, project finance). I eventually decided to focus on a career in risk management and have since earned graduate degrees in business and financial management. Here again, even after several years, my undergraduate degree in economics provided the perfect launch pad.
Best wishes to you!
Catherine recommends the following next steps:
- Take Macro economics, Micro economics, Econometrics classess if you can.
- Also get experience of understanding causal relationship between known drivers and interested metric through research modeling, at least read some papers.
qiuhua recommends the following next steps:
- take basic Microeconomics
- take basic Macroeconomics
If you're trying to dip your toes in to see if economics is the right course/major for you to pursue, I'd suggest reading Freakonomics, or listening to the Planet Money Podcast. I would also highly suggest searching through the American Economic Association's website here: https://www.aeaweb.org/resources/students
A first step you can take during your first year as an undergraduate if you're leaning towards pursuing a job in the private sector/business, would be to take introductory macroeconomics and microeconomics courses (usually denoted as something like ECON-101 and ECON-102). If you are still in high school and have time, I'd suggest checking out if you are able to take the AP Macro/Microeconomics courses!
Justin recommends the following next steps:
- To learn more about the field, check out American Economic Association's website here: https://www.aeaweb.org/resources/students
- Read Freakonomics or listen to the Planet Money Podcast to see if these types of topics are interesting to you
- Take AP Macro/Microeconomics courses if you are still able to
- Take introductory Macro/Microeconomics courses your first year of undergraduate
Chris recommends the following next steps:
- ECON101 - Microeconomics