Econ vs Business Admin

[KarmaPolice]

I am in Japan for the semester and I want to stay for another one. I am currently a Busines major with a option in Accounting. I dont even know if I want to do accounting or what I want to do in business. If I change to Econ I can stay here another semester plus graduate a semester early. Could someone explain what a econ degree gets me. I have heard its better and worse then a business degree. I have also heard that its more of a broad one that lets you go into any field. Any info is helpful. Thanks

 

[Vette73]

Don't know how much help it is but here is my little story.

I have a double business degree, 1 in information systems and another in Business MGT. After being in the real world for several years now and doing a lot of interviews, if I had it over to do again I would have got a finance degree. Accounting is also very big but was not my thing. I plan on goign back for finance then maybe a masters of PA.

 

[KarmaPolice]

Bump for the morning peeps on the east coast.

 

[IronWing]

With a business degree you can run a business. With an econ degree you can explain the economics of combo meals to your philosophy and english major coworkers.

 

[veggz]

In terms of practical applications in the workplace, a business degree probably has the edge over an econ degree. However if you are looking for job opportunities the two are probably essentially identical, depending on the school that you go to. A degree in economics from an elite school is probably one of the most versatile and marketable degrees that one can earn, and job opportunities are literally limitless. An econ degree is more theoretical than a, say, finance or busniess administration degree; personally I would recommend getting a econ degree, or a finance degree if it is available and what you are looking for is career specialization. I've always seen the business major as a sort of filler major, and there is a reason why most top schools do not offer it.

 

[thebigdude]

With an accounting degree you can get a job anywhere.

 

[axelfox]

Originally posted by: ironwing
With a business degree you can run a business. With an econ degree you can explain the economics of combo meals to your philosophy and english major coworkers.

 

[acemcmac]

I'm really happy that I have an econ background with my CS degree.

 

[DaWhim]

if you are going for econ, go a step further for a master.

 

[Orsorum]

Originally posted by: veggz
In terms of practical applications in the workplace, a business degree probably has the edge over an econ degree. However if you are looking for job opportunities the two are probably essentially identical, depending on the school that you go to. A degree in economics from an elite school is probably one of the most versatile and marketable degrees that one can earn, and job opportunities are literally limitless. An econ degree is more theoretical than a, say, finance or busniess administration degree; personally I would recommend getting a econ degree, or a finance degree if it is available and what you are looking for is career specialization. I've always seen the business major as a sort of filler major, and there is a reason why most top schools do not offer it.

I have a bit of experience in both areas. I have a bachelors in economics and a bachelors in business (accounting concentration) and a masters in tax accounting.

A degree in economics should prepare you for further graduate study, and should prepare you for an entry-level position with most brokerage and other financial services firms. However, these positions are highly competitive as there is a glut of economics majors on the market (at least in my experience).

A degree in accounting should prepare you for an entry-level position with a public accounting firm. It will prepare you to learn more once you start work and that's about it. An accounting program worth its salt will delve into the theoretical underpinnings of modern accounting and why the current system (whether it be for tax, financial accounting, auditing, etc.) operates the way it does. That will enable you to keep on top of future developments in a very fast-changing field.

From what I've seen with my friends, an accounting degree, with experience, is less versatile than an economics degree, with experience. Those with auditing experience usually get hired off to clients within 2 to 4 years because of their then extensive knowledge of the company's financial reporting process. Those with more general financial services experience can go back for an MBA, get hired on to a client, etc.

If you're bright and you have experience in either field, the sky can be the limit, but you have to know when to make career changes and when not to. In the end, what you do with your degree depends on you.

 

[Finalnight]

I am doing Econ with a minor in Management since I want to have some core science work to back me up in the workplace. I already have management experience. Econ is extremely versitile, it also doesn't hurt that my college offers 3 variations ranging from more business orientated to more quantitatively orientated. I chose the Business variant to allow me to do the minor from our business school.

Plan to get my MBA afterwards as I don't think undergrad business degrees are worth much they just lead to inexperienced kids out of college thinking they can be big boys. Being able to lead and manage takes experience and knowledge, not just knowledge.

 

[KarmaPolice]

Interesting. The thing is that I go to a small state college. I have a excellent GPA but I dont think our business program is very good. I was seriously considering transfering to Temple cause they have a good business school but if I do that then I will prob take a year longer then ti should. If i switch to a econ degree I can graudate from my school quicker. I have an intersnhip while in Japan in marketing. I havent really been able to find any internships in the finance or econ feild.

I know that your BA or BS doesnt matter when you get your Masters, I just hope my middle of the road college keeps me out of a decent business school.

 

[KarmaPolice]

bump for night time thoughts

 

[dug777]

I did a combined Bachelor of Law/Bachelor of Economics, and i've had no problems at all getting job offers

I would suggest the Econs over the Business Admin, but i guess i'm biased...BAdmin just sounds too wishy washy...

 

[UncleWai]

I will add my $0.02.
It really depends what you want to do after college. If you plan to study graduate school, Economics major would serve you better.
It is a very broad major that teaches you a lot of theories on how the world economy works.
Unlike accounting major where you learn about the rules of the game, Economics don't prepare you to a specific line of work.
If you need a job right after college, then accounting or finance will give you a clearer path.

Math is being overlooked by a lot of students including me when I first got into college. I would put more thoughts about taking more math classes
than deciding between econ vs business admin. Being good at statistic and calculus can really put you ahead of a lot of people given you have some EQ.

 

[Orsorum]

Originally posted by: UncleWai
I will add my $0.02.
It really depends what you want to do after college. If you plan to study graduate school, Economics major would serve you better.
It is a very broad major that teaches you a lot of theories on how the world economy works.
Unlike accounting major where you learn about the rules of the game, Economics don't prepare you to a specific line of work.
If you need a job right after college, then accounting or finance will give you a clearer path.

Math is being overlooked by a lot of students including me when I first got into college. I would put more thoughts about taking more math classes
than deciding between econ vs business admin. Being good at statistic and calculus can really put you ahead of a lot of people given you have some EQ.

EQ = Emotional Quotient?

 

[KarmaPolice]

Originally posted by: UncleWai
I will add my $0.02.
It really depends what you want to do after college. If you plan to study graduate school, Economics major would serve you better.
It is a very broad major that teaches you a lot of theories on how the world economy works.
Unlike accounting major where you learn about the rules of the game, Economics don't prepare you to a specific line of work.
If you need a job right after college, then accounting or finance will give you a clearer path.

Math is being overlooked by a lot of students including me when I first got into college. I would put more thoughts about taking more math classes
than deciding between econ vs business admin. Being good at statistic and calculus can really put you ahead of a lot of people given you have some EQ.

Yeah today was my first day of Managerial Econ and we had a crash course in Calc. I understood it all since I took calc 1 last fall but there were a bunch of kids in that class that had never taken calc before...they must be really really confused. I have taken a lot of stat classes but only calc 1. As I understand it calc 1 is needed for a undergrad in econ but for a masters you need crazy math.

 

[UncleWai]

Originally posted by: Orsorum

Originally posted by: UncleWai
I will add my $0.02.
It really depends what you want to do after college. If you plan to study graduate school, Economics major would serve you better.
It is a very broad major that teaches you a lot of theories on how the world economy works.
Unlike accounting major where you learn about the rules of the game, Economics don't prepare you to a specific line of work.
If you need a job right after college, then accounting or finance will give you a clearer path.

Math is being overlooked by a lot of students including me when I first got into college. I would put more thoughts about taking more math classes
than deciding between econ vs business admin. Being good at statistic and calculus can really put you ahead of a lot of people given you have some EQ.

EQ = Emotional Quotient?

Yes. I was at the orientation day for Master of Economics. The students raised their hands and asked: "What courses should I take so I can get a job after I finish?"
I couldn't believe someone can ask such a stupid question at that level. This is perhaps the worst question to ask a professor on.
I just want to say, no matter how smart is, you also need to have some EQ to go along to be sucessful.

KarmaPolice, are those statistic classes about application or do they dive into theoretical stuff? Probability Theory is a must I think, also linear algebra. For Economics, econometric courses are very beneficial and put you closer to the real world.

I looked at the Actuarial Exams and CFA exams samples. I really don't think a typical undergraduate curriculum can sufficiently prepare someone to pass those exams. Try to stuff yourself with knowledge while you still can at the undergraduate level. And when it's time you need to get those certificates, you wouldn't have to study as hard.
Don't get intimidated by math, that's my most important advice.

 

[KarmaPolice]

Yeah I am not terrible at math but I am not the best. Really its the math that I worry about. Its not even that I hate it....there are times I like it. When I finally figure something out and can explain it to someone else I feel really good about it and find it interesting. Its when a professor blurts out a deff that is a lot more simple then it actually sounds, i get a scared i guess. I am a good student and have a good GPA but getting a job right out of college with a econ degree might be hard. I am not looking for 60k a year..I would be fine with lower, even entry level. Heck my dad graduated from PSU MBA program..got a entry lvl job and worked his way up...way up. My dad is a real hard worker..so i can really see how its how hard you work at the jobs you get which will define your success.

 

[KarmaPolice]

bump for night thoughts...

last time.

 

[Orsorum]

PSU? Portland State?

 

[Hammyton]

I'm a math/econ major myself and I really have no idea how the job market is like once I graduate but I can tell you right now that the math gets tough

 

[CellarDoor]

UCSD sorta has a best of both worlds. The major is in the Economics department and it's called Economics: Management Science. It's pretty much the regular economics major, but with more difficult math and a micro focus. It's also a BS instead of a BA.

Economics majors actually do very well after they graduate from college.

 

[dug777]

Originally posted by: CellarDoor
UCSD sorta has a best of both worlds. The major is in the Economics department and it's called Economics: Management Science. It's pretty much the regular economics major, but with more difficult math and a micro focus. It's also a BS instead of a BA.

Economics majors actually do very well after they graduate from college.

Yeah, i had no problem getting offers, but the law degree probably helped too...

 

[JS80]

Econ + Accounting minor = win
Finance + Accounting minor = win
Business Admin = wack