Economics and finance affect everyone’s lives since they relate to the production and consumption of goods and services, how people use resources, and how they make decisions when facing scarcity.
For a deeper understanding of this field, continue reading as we explore the question of why it is important to study economics, its benefits, and career paths.
What Is an Economics and Finance Degree?
An economics and finance degree combination is a program that aims to train students on the fundamentals of economics, financial management and help them understand how businesses, various institutions, and even individuals make decisions regarding their capital and how they spend it. Through multiple courses, this degree program will equip students with the necessary knowledge and skills to help them qualify for several job positions related to business economy, finance, accounting, consulting, analyzing, and many others.
What Can You Learn in an Economics and Finance Bachelor’s Degree?
When pursuing a degree in economics and finance, you will have courses mainly focused on business analysis, statistics, accounting, and micro and macroeconomics. You will learn about international business, applying economics to specific sectors, business foundations, financial reporting, management accounting, risk management, and taxation, in addition to some general courses on history, psychology, and world literature to obtain a more well-rounded education.
Why Is It Important to Study Economics?
So, why is economics important? Furthermore, why is scarcity important in economics? To answer these questions, think of food, shelter, clothing, transportation, healthcare, and entertainment as essential things we consume. Throughout our lives, we all must make choices about how we spend the resources we have. Should you move to a new apartment or buy a new car? Sometimes, our budget does not seem to be enough for everything we require, introducing scarcity in the form of capital limitations. Then, economics and finance seek to solve this limitation problem by helping us find the best financial route.
Benefits of Studying Economics and Finance
Studying economics and finance is an excellent idea for a number of reasons, starting from the careers you qualify for to the salaries associated with those positions. Through such a degree, you will equip yourself with finance skills you can use in economy-related jobs and others not related to it.
1. Career opportunities
An economics degree can boost your employability in many fields, offering jobs as:
- Economist
- Data analyst
- Accountant
- Investment analyst
- Economic researcher
- Financial consultant
- Financial risk analyst
- Financial planner
2. Large range of skills
Through the different courses we mentioned before, an economics degree will equip you with a variety of soft and hard skills:
- Statistical analysis skills
- Mathematical skills
- Communication skills
- Research skills
- Knowledge of economic concepts
- Information Communication Technology (ICT) skills
- Critical-thinking skills
- Leadership & management skills
3. International perspective
When pursuing economics, you will not be confined to studying the economy of one group of people, one company, or one country. Instead, with this degree, you will have an international perspective and better understand the financial issues of people living in other countries. This means that you will also be well qualified to expand the scope of your work beyond your own frontiers.
4. Transferable skills
What can you do with an economics degree if the above job options do not appeal to you? Many of the skills we mentioned are not applicable only within the economics department but can be transferred to various fields. Communication skills, management, leadership, critical thinking, researching skills—all these skills and more can come in handy should you want to pursue jobs in fields such as IT, journalism, law, business intelligence, human resource management, market research, public relations.
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5. Job prospects
According to the Bureau of Labor Statistics, an economics degree is also helpful because of the job outlook associated with this field. Reports show the employment of economists is predicted to grow 13% during this decade, and this percentage is much higher than the average for all occupations. It is expected that each year, from 2020 to 2030, there will be around 1600 new job openings for economists.
6. High salaries
The national average salary for economists in the United States is $108,911 per year. The salary depends on your years of experience, the company you work for, and your role there. Still, on average, the lowest salary for this position is estimated to be $64,373 per year, whereas the highest salary can go up to $184,265.
The main thing is that economics is a transferable, beneficial, and fascinating degree choice. There is no doubt that pursuing this path is a wise choice, but you will only be successful if you are interested in the courses associated with it. So, if what we mentioned throughout the article is of your interest, it might be time for you to get into economics and help the economy beyond the money you spend shopping.