When it comes to choosing the right career path, it seems like students cannot make a mistake if opting for business economics. It gives students a broad background in the major functional areas of business administration, a skill that every company in the world needs and appreciates.
But what does it mean to study business economics? What is the curriculum and can you expect a business economics major to result in practical knowledge and tangible career opportunities? Keep reading to learn everything you need to know about it!
What is business economics?
Young students will probably ask this question first: What is business economics?
By definition, business economics is the discipline that helps a business manager in decision making for achieving the desired results. This basically means that business economics helps students to learn how to apply economic theory to real-life business operations.
The definition itself shows how comprehensive and versatile business economics really is. It obviously covers a wide range of fields, but we will run through the most important applications only:
Cost and production analysis: The goal is to minimize the costs of production to make the business more profitable.
Demand analysis and forecasting: It is essential to create accurate forecasts in order to properly calibrate the output level.
Pricing decisions and policies: How to form a price that guarantees profit while remaining competitive?
Profit management: Measuring risks and scaling opportunities is the precondition for long-term success.
Capital management: Business economics enables top-level managers to make big investment decisions.
Inventory management: Keeping inventory at a desirable level allows companies to operate without major twitches and interruptions.
Environmental issues: Modern managers have to take care of the environment and business economics teaches them how to do that.
A business economics curriculum
What do you study as a business economics student? It’s a major topic because the course provides learners with many different sciences and disciplines – from economics and law to sociology and mathematics. Here’s a brief overview of the things you are going to learn during your business economics studies.
1. Freshman year
As a freshman, you will study the basic principles of microeconomics, college algebra, information systems, calculus, and principles of macroeconomics. This is important because microeconomics and macroeconomics are both the constituents of business economics.
2. Sophomore year
The sophomore year will not teach you pro essay writing, but it will guide you through a number of very important courses like the principles of financial accounting, intermediate microeconomics, and statistics for business and economics. It also includes the principles of managerial accounting, intermediate macroeconomics, financial management, and the fundamentals of marketing.
3. Junior year
Junior year delves deeper into the core of business economics. You get to study business and society, organizational behavior, business ethics, descriptive analytics, data management, applied econometrics, and business law.
4. Senior year
The last year of business economics will face you with managerial economics and, of course, the senior seminar. As soon as you go through all these courses and exams, you can start looking for a job at the bank, essay writing service, or any other company in need of a business economics graduate.
What do I get from graduating from the faculty of business economics? It’s a question we hear a lot because new generations of students are not familiar with the practical benefits of this major. However, there are quite a few advantages of completing the business economics major:
Career opportunities: As a fresh business economics graduate, you can count on countless career opportunities.
International knowledge: Business economics is universal as you can apply the knowledge to firms and processes from all over the world.
Highly desirable set of skills: When you finish your studies successfully, rest assured you possess a whole set of highly desirable skills.
Theory and practice: The best thing about business economics is that it takes the best of both worlds - theory and practice.
Business impact: Finally, the knowledge of business economics allows you to make a direct impact on the company you are working for.
Business economics job titles and career opportunities
Recent university graduates want to know that they have a bright future. They are interested in concrete job roles and titles, so let’s run through some of the most common positions in the business economics realm:
Management Trainee, Financial Management Consultant, and Operations Analyst
Junior Portfolio Manager, Junior Economist, and Underwriter Trainee
Economic Research Assistant, Purchasing Associate, and Sales Representative
Market Research Analyst, Financial Advisor/Analyst, and Audit Consultant
Client Associate, Securities Broker, and Public Administration Assistant
Financial Planner, Investment Analyst, and Investment Operations Associate
Jake Gardner, a finance author at the Assignment Help UK, says the best thing about business economics is the endless sea of career opportunities: “You can work in public administration, private sector, banking, and almost every other field because organizations need business economics professionals.”
Besides that, it is necessary to mention that business economics is a well-paid occupation with a median salary of over $100 thousand annually. According to the Bureau of Labor Statistics, demand for professionals in this area will grow by 13% in the following ten years.
Business economics is a highly applicable major that almost guarantees a number of career opportunities for fresh graduates. It covers a wide scope of topics and gives students a broad background in the major functional areas of business administration. In this post, you could learn:
The basics of business economics
The curriculum of the business economics major
Practical benefits of the major
Common job titles for business economics graduates
Career projections and opportunities
We hope this overview of the course helped you make a decision to enroll in the business economics major. Good luck!
AUTHOR BIO
Emily Harrinson is a financial expert who started writing blog posts for dissertation writing services revolving around business economics and investments. As an experienced financial manager, she is keen on sharing her vast knowledge with readers who are eager to learn from real-life experiences. Apart from creating blog posts for dissertation writing services, Emily enjoys traveling, mountain biking, and reading.