How can we combat the problems of the economy going into the next decade, whether it’s scarcity of employment, of budget capital or of energy? The Business Economics major has the innate ability to look at a pool of data and know what is to be done. These individuals are adept in business, politics, math, accounting and statistics. They work with the federal government, local governments, private firms, banks, hospitals, the stock market and a host of other fields. For people who want a secure, well-paying job, management economics is a wise field to choose.
To get an undergrad degree in Business Economics, students attending an accredited economics university will need to take courses like macro economics, microeconomics, financial accounting and reporting, calculus, economics statistics, econometrics, money/banking/credit, business writing, the stock market, labor economics, monetary economics, international trade theory, law and economics, industrial organization, economics and business strategy, organizational psychology, formal organizations and politics and the economy. Students should have a good understanding of math, politics and business. People often choose this major because they want a good job, they want to make a lot of money, they want to be a manager or CPA, they want to have a secure job or they want to get into a good graduate school.
The average starting salary for economists is $38,000 for a bachelor’s degree, $48,000 for a master’s and $70,000 for a PhD, according to a 2002 National Association of Business Economics survey. The median income for the economics major is higher than any other major, experts say. Economics research also suggests that economics majors earn 20% more than business administration majors, 19% more than accounting majors, 18% more than marketing majors and 15% more than finance majors. When a potential employer sees this major on a resume, he or she immediately understands that you have a solid foundation of math, politics, business and economic theory. Your degree also shows that you have the capacity to process complex subjects and problem solve, which is valuable in any field.
Upon graduating with a degree in Business Economics, one may work in government, business or education. People with four-year bachelor’s degrees can get hired in many entry-level administration, consulting and management trainee jobs. Yet, those who wish to pursue a career as an actual “Economist” should pursue a Master’s or PhD degree. Getting an advanced degree with as much math and accounting as possible is the best way to stand apart from the competition. According to the Bureau of Labor Statistics, the demand for someone with a degree in economics is projected to grow 7.5% by 2016.
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