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Is economic’s the best way to make money and start a good business or other careers are better?
I want to study about economic
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Justin’s Answer
It isn't necessarily the best way. It is beneficial, but exploring degrees such as Finance, Business Studies, Commerce may provide more clarity and a broader range of careers. For starting a business, learning how to market, advertise and operate and having a service or a product to sell is more important than simply learning economic theory.
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HANA’s Answer
As someone who majored in finance and marketing in college (and also went on to business school), I can confidently say that you do not need to major in economics or a business concentration to work in that field or start a business. I've been in various business functions for the last 20 years and my peers with liberal arts degrees were neither less prepared or at a disadvantage. My advice is to major in a field that feels both interesting and challenging to you. That helps ensure you'll stay motivated. You can always acquire 'hard' business skills (like digital marketing, accounting, or sales basics) through internships or online classes. An option that is always on the table after college is graduate business school but even that's not necessary. .
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George’s Answer
Arr you thinking you need a degree in economics to get into business.???
No, it's not true.
No, it's not true.
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David’s Answer
While it's true that launching a business doesn't necessarily require an Economics degree, it's undeniable that such a degree can be a beneficial asset. Economics, especially microeconomics, is fundamentally the theory of business and finance. Grasping concepts like supply and demand, price elasticity, and other related principles can equip you with a robust foundation that can be utilized for future business success.
However, it's crucial to supplement this theoretical knowledge with practical learnings. This could be achieved through further education or hands-on job training. This was the path I followed: I began with an undergraduate degree in Economics, gained some work experience, pursued an MBA, and then built a successful career.
The key takeaway, as someone previously mentioned, is to choose a study path that genuinely interests you. If you're intrigued by theoretical aspects, Economics could be an excellent choice. However, if practical application excites you more than theory, then it might be best to steer clear of Economics.
However, it's crucial to supplement this theoretical knowledge with practical learnings. This could be achieved through further education or hands-on job training. This was the path I followed: I began with an undergraduate degree in Economics, gained some work experience, pursued an MBA, and then built a successful career.
The key takeaway, as someone previously mentioned, is to choose a study path that genuinely interests you. If you're intrigued by theoretical aspects, Economics could be an excellent choice. However, if practical application excites you more than theory, then it might be best to steer clear of Economics.
Updated
Aditi’s Answer
Economics is a valuable degree as it equips you with a comprehensive understanding of the broader economy (macroeconomics) and the fundamental principles of businesses (microeconomics). Additionally, it enhances your mathematical abilities (like calculus and statistics).
If your goal is to establish a business, this degree can be incredibly useful. If you aspire to earn a significant income, Management Consulting and Investment Banking are two excellent, albeit challenging and highly competitive, fields to consider. An economics degree can assist you in preparing for interviews in these sectors. Specifically, for Investment Banking, you may need to take extra courses in corporate finance/accounting basics or learn them independently. You can find numerous resources online on platforms like Glassdoor and Wall Street Oasis. Although an Economics degree isn't a must-have for these roles, it certainly provides helpful context and aids in connecting the dots, as long as you have a solid understanding of corporate finance/accounting basics.
If your goal is to establish a business, this degree can be incredibly useful. If you aspire to earn a significant income, Management Consulting and Investment Banking are two excellent, albeit challenging and highly competitive, fields to consider. An economics degree can assist you in preparing for interviews in these sectors. Specifically, for Investment Banking, you may need to take extra courses in corporate finance/accounting basics or learn them independently. You can find numerous resources online on platforms like Glassdoor and Wall Street Oasis. Although an Economics degree isn't a must-have for these roles, it certainly provides helpful context and aids in connecting the dots, as long as you have a solid understanding of corporate finance/accounting basics.