2 answers
Tripp
Student
Thomaston, Georgia
1
Question
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Would an Economics degree be of any help to get into a consulting career?
I would like to major in Economics but want to know all my options as far as careers go. #possiblelawyertoo
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2 answers
Emily Rodriguez
Senior Associate at PwC
8
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Los Angeles, California
Updated
Emily’s Answer
An Economics degree would be helpful toward consulting especially if you are attending a liberal arts college. I would also try to see if you can add finance as either a double major or a minor. The combination of the two would definitely make you very marketable toward a career in consulting.
Sridhar Chennamsetty
2
Answers
Raleigh, North Carolina
Updated
Sridhar’s Answer
Absolutely, pursuing an Economics degree can be a great stepping stone towards a successful consulting career. Here's why:
1. Grasping Economic Concepts:
As a consultant, you'll be helping businesses and organizations untangle complex issues and boost their performance. Having a solid grasp of economic concepts - like supply and demand, market structures, and fiscal and monetary policies - can give you a unique perspective on how businesses operate and the larger market environment they're part of.
2. Building Analytical Abilities:
Economics degrees usually involve a good deal of number-crunching, which can help you hone your analytical abilities. These skills are vital for consultants, who need to sift through heaps of data, spot trends and patterns, and make recommendations based on their findings.
3. Developing Problem-Solving Skills:
Consulting often requires helping clients navigate through intricate, multi-layered problems. The theoretical and practical problem-solving abilities you gain from an Economics degree can be very useful. Economic models often require understanding and optimizing complex systems, a common task in consulting.
4. Enhancing Communication Skills:
Economics students often have to present their analyses and findings in a straightforward, succinct way, which can help strengthen both written and verbal communication skills. As a consultant, you must be able to explain your findings and suggestions to clients, often to those not familiar with the subject matter.
5. Gaining Business Insight:
An Economics degree can give you a comprehensive understanding of business operations, financial markets, and the wider economic landscape. This knowledge can be priceless in a consulting role, where understanding the client's business and industry environment is key to giving effective advice.
It's worth noting that while an Economics degree can lay a strong groundwork, consulting firms often look for a variety of skills and experiences. Internships, case competitions, and other hands-on experiences can also be very helpful in landing a consulting job. Plus, consulting is a wide-ranging field with many specialties, so the relevance of an Economics degree can differ based on the specific consulting area you're interested in.
1. Grasping Economic Concepts:
As a consultant, you'll be helping businesses and organizations untangle complex issues and boost their performance. Having a solid grasp of economic concepts - like supply and demand, market structures, and fiscal and monetary policies - can give you a unique perspective on how businesses operate and the larger market environment they're part of.
2. Building Analytical Abilities:
Economics degrees usually involve a good deal of number-crunching, which can help you hone your analytical abilities. These skills are vital for consultants, who need to sift through heaps of data, spot trends and patterns, and make recommendations based on their findings.
3. Developing Problem-Solving Skills:
Consulting often requires helping clients navigate through intricate, multi-layered problems. The theoretical and practical problem-solving abilities you gain from an Economics degree can be very useful. Economic models often require understanding and optimizing complex systems, a common task in consulting.
4. Enhancing Communication Skills:
Economics students often have to present their analyses and findings in a straightforward, succinct way, which can help strengthen both written and verbal communication skills. As a consultant, you must be able to explain your findings and suggestions to clients, often to those not familiar with the subject matter.
5. Gaining Business Insight:
An Economics degree can give you a comprehensive understanding of business operations, financial markets, and the wider economic landscape. This knowledge can be priceless in a consulting role, where understanding the client's business and industry environment is key to giving effective advice.
It's worth noting that while an Economics degree can lay a strong groundwork, consulting firms often look for a variety of skills and experiences. Internships, case competitions, and other hands-on experiences can also be very helpful in landing a consulting job. Plus, consulting is a wide-ranging field with many specialties, so the relevance of an Economics degree can differ based on the specific consulting area you're interested in.