For those that are interested in applying economic theory in business decision making, seeking a career in business economics may be the perfect fit for you. Let’s dive more into the world of business economics and what it entails.
Education
Most universities offer bachelor’s and master’s degrees in business economics via business or economic courses. In most cases, a bachelor’s degree will be sufficient for most positions, but for those who work for a master’s degree, the world of career options opens up quite a bit. For those with a master’s degree, mid-level and executive-level jobs at investment firms, government agencies and banks are available to pursue.
Robert Ryerson for example has a BA in economics from Rutgers University and has become a CFP and a CITRMS with that education level. So even with a BA level of education, there are many avenues to pursue in this industry.
For those that want to each business economics at a university, a doctorate degree may be required. No matter what type of degree you pursue, the education for business economics will cover mathematics, reporting, research methodology, as well as micro and macroeconomics.
Careers
Many people wonder what types of jobs are available with business economic education. Here is a list of some of the most popular jobs that business economic majors pursue:
- Market Analyst
- Risk Manager
- Investment Analyst
- Bank Manager
- Business Analyst
- Director of Finance
- Stock Broker
- Market Research Specialist
These jobs usually reside within the following industries:
- Financial Institutions
- Marketing Institutions
- Investment Institutions
- Consulting Firms
- Insurance Companies
- Merger Departments
- Government Analysis
As you can see, there is a wide variety of jobs available to those with business economic education. Most people who pursue this type of career loves the number side of business. Being driven by measurable goals such as profit, expenses, and merging or acquiring new business is something that a business economics major should be motivated by and enjoy.
In the real world, business economics is very complex and has a lot of moving parts. Someone who can excel in this industry must be able to keep their facts straight, be goal-oriented, and be able to clearly explain what the numbers mean that they have researched. The numbers become the best metric to base performance on in order for businesses to make the best financial decisions they can. This means that the data must be accurate and estimated correctly in order for businesses to make the best calculated decisions.
Those who have careers in this field enjoy the power of knowledge and numbers and how they can play a major role in almost any business or government entity. If you love numbers and the ability to make decisions with them, then a career in business economics may be a great career choice for you. Check with your local university on what sort of business economic courses they offer and if they offer any specialized training to give you a good idea of what sort of career choices can await you if you pursue it.