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.
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.
To get approved by a grad school’s department of Economics, you’ll need to take a GRE test, get a few letters of recommendations from economists and write an essay discussing what areas of economics you’re interested in, what papers you’ve read on the topics and what questions you’d like to explore further. You don’t necessarily need a specific thesis proposal, but you want to sound professional, determined and passionate about basic economics. You should get a critique on your essay from someone in your undergrad economics department to ensure it sounds intelligent and hits on the right topics. GRE scores also matter a lot in your acceptance. These examinations should be taken no later than October, but the sooner the better. Your admissions application will not even be considered until your test results are in.
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.
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.
According to US News & World Report, Harvard University in Boston, Massachusetts is the top-rated school for Business Economics. The second-best university in this field is Stanford in California and Northwestern University in Illinois. After the top-three, other economics college options include the University of Pennsylvania (Wharton) in Philadelphia, the Massachusetts Institute of Technology (Sloan) in Cambridge, the University of Chicago, UC-Berkeley in California, Dartmouth College in New Hampshire, Columbia University in New York City and Yale University in Connecticut. It’s highly recommended that individuals looking to remain competitive in their field pursue advanced education with Master’s or PhD’s.
A department of Economics is rather rigorous, compared to other areas. Many individuals start off seeking a degree in economics, only to switch to business, finance or an easier degree. The best way to keep ahead is to take as much as you can; hard math, too. Keep reading economics books and publications like The Economist or the Wall Street Journal. In the summers, seek out internships and peruse the Job Openings for Economists (JOE) job board at www.aeaweb.org/joe. To be successful in any field, you must love what you’re doing, as well as eat, sleep and breathe it.
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