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Economic Concentrations in Business School
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Sep 27, 2023
This video is part of our professional development series focused on career paths, networking, resume and cover letter, interviewing, and performing in the organization. This series compliments our business and law lecture series. Visit https://TheBusinessProfessor.com for more information. Jason Mance Gordon The Business Professor
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Okay, next I'd like to talk to you about within a business degree concentrating on
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economics which is again a very common concentration in many BBA or bachelor's of
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business administration programs. Now economics by its very nature regards how people use resources
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So economists generally undertake the process of identifying factors and determining cause
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in effect and assess how different actions or factors in the external or internal environment
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will affect overall the greater system that you're, whether it's the macro or macro system
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that you're involved in. So in that way, an economist, the key skills associated with an individual whose professional
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practices, economics is going to be strong ytical skills and particularly a strong quantitative
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ability because you're typically dealing with a lot of data, lots of information flow that
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you're trying to yze. So strong ytical skills is extremely important and that includes in many cases
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the ability to do extensive statistical methods and in some cases other mathematical methods
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lots of times calculus based projections in that nature. So in any given event you going to have strong quantitative and ytical skills And another thing is it a great degree for grad school because again economics causes
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you to think. It's one of those concentrations that really expands your mind and opens you up to new perspectives
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and gives you the tools necessary to take a logical or calculated approach to any opinion
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any task, any objective, any ways. of thought, it's very centered in logic and the steps necessary to reason your way through
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a logical outcome. So economics, again, is a great concentration. Now, if you actually want to practice as an economist, you're generally going to need to go
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to graduate school. But oftentimes, even without going to graduate school, people who concentrate in economics
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are going to find themselves in many sectors like, B. banking, finance, or you could find yourself in a research organization that focuses on
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any given industry, whether it's any sort of public policy, healthcare insurance, real estate
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financial markets, etc. Again, having the quantitative and ytical abilities that are
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characteristic of an accounting concentration, again, are valuable in all of these industries
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Now if you do qualify for the positions which again would typically require a master or even a PhD in economics Economists are more often than not researchers So with that in mind that is going to be their title
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They're going to research some area aspect of a system, whether it's financial markets
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whether it's the healthcare economy, whether it's international macroeconomics trade, things of that nature
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So, again, very strong quantitative ytical functions, okay? Lots of times economists find themselves as statisticians in any given industry, but it's particularly
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common in risk-prone industries such as insurance. Individuals may find themselves in an actuarial role to assess probabilities of risk and outcomes
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along those lines or again in any field where you're playing percentages of outcome and you're
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basing your policy decisions or your decision making on the statistical probability of things happening
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So, lots of times, consulting is a big field for individuals concentrating in economics
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Just for the simple fact, again, consulting often requires a logical approach to a difficult
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problem which may require that you think outside the box. Well, lots of people associate
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that thinking outside the box with liberal arts or a well education So you look at things from different perspectives Well that is certainly true but the ability to address the problem is often based in a step
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logic as to how you approach it based upon these outside ideas
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So with that in mind, again, economics a great concentration again or major for consulting
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in advisory and financial management obviously because so much of that revolves around
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ysis of financial products, etc. So, and then risk allocation and things of that nature
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So again, within the banking advisory and the financial manager role when you're allocating
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other people's resources or the internal resources of the organization, you need to have
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again that logical approach. And then of course academia. academia. Academia, there's, it's a strong field for economists because, again, it's so valuable to introduce
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individuals, particularly at business students who need that structured and logic necessary
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to marshal resources in the carrying out of any of their job functions
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So these are some of the more common fields that you can go into with economics concentrations
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and it is a very good degree again to open up different career paths
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particularly the Kirpathy grad school
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