Are You An Economics Major?

[Lets not do dis]

I am interested in econ, and have been thinking about majoring in economics. I took both ap macro and micro this year and thoroughly enjoyed them.

 

1. I know higher levels of econ are extremely different from intro econ, and was wondering how hard it was and what the courses were like (i.e. what do u learn in them).
2. also what are your job prospects besides being a teacher/professor?
3. is it easy to get a job?
4. is it interesting?
5. what other skills do you need to do well with an economics degree? e.g. math, people skills, management skills, etc
6. how well do the jobs associated with an econ degree usually pay?
7. prospects for econ vs finance vs business vs accounting degree?
8. do you have any other advice/tips for a prospective econ major?

 

thank you so so much if you respond!

[baiichi]

I'm not studying Economics but according to Cambridge admission office, people who do a Maths degree have a higher chance working in Economics related jobs. 

 

It depends on what country you live in when talking about prospects, etc.

[Candykiss]

I've taken introductory Economics and Accounting classes

 

Accounting is definitely harder but companies have high demand for Accountants and the job prospects are better

 

Also one of my Economics professor was a former consultant for an airline company and he would meet with clients all over the world

[Vanilla Cupcake]

I was a Business undergraduate, and Accounting graduate. Thought I can help clear some of your questions

1. I know higher levels of econ are extremely different from intro econ, and was wondering how hard it was. I don't think it was that difficult for me. I took upper level micro-econ as part of my business requirements. I aced that class with no extra effort. I found economics to be extremely logical. There are no opportunities for tricky questions. So if you go to lecture, and study on your own, you should be fine. 
2. also what are your job prospects besides being a teacher/professor? I would recommend going for Business Administration, rather than Economics. Most people I know chose econ because they couldn't get into business. Getting into business opens more doors and job opportunities for sure.
3. is it easy to get a job? See above.
4. is it interesting? I found it extremely interesting. Econ was easily one of my favorite course in university.
5. what other skills do you need to do well with an economics degree? e.g. math, people skills, management skills, etc Math definitely.
6. how well do the jobs associated with an econ degree usually pay? No idea, but my starting salary as an accountant was 55K USD
7. prospects for econ vs finance vs business vs accounting degree? Business degrees allow you with more job opportunities. Because you're required to get basic knowledge in all parts of business (e.g. management, finance, accounting, marketing etc.), then as you developed your interest in certain areas, you can sign up for upper level courses in that specific area, and declare that area as your focus. So that's why i think it opens up more doors, and provides you with more flexibility. However, with accounting jobs, they do usually require you to have an accounting degree (rather than a business degree) in Big 4 accounting firms.
8. do you have any other advice/tips for a prospective econ major? Explore your options during your freshman year, especially if you're unsure of job prospects. Be best friend with your academic advisor. 

PM me if you have any questions.

[Lets not do dis]

I was a Business undergraduate, and Accounting graduate. Thought I can help clear some of your questions

1. I know higher levels of econ are extremely different from intro econ, and was wondering how hard it was. I don't think it was that difficult for me. I took upper level micro-econ as part of my business requirements. I aced that class with no extra effort. I found economics to be extremely logical. There are no opportunities for tricky questions. So if you go to lecture, and study on your own, you should be fine. 
2. also what are your job prospects besides being a teacher/professor? I would recommend going for Business Administration, rather than Economics. Most people I know chose econ because they couldn't get into business. Getting into business opens more doors and job opportunities for sure.
3. is it easy to get a job? See above.
4. is it interesting? I found it extremely interesting. Econ was easily one of my favorite course in university.
5. what other skills do you need to do well with an economics degree? e.g. math, people skills, management skills, etc Math definitely.
6. how well do the jobs associated with an econ degree usually pay? No idea, but my starting salary as an accountant was 55K USD
7. prospects for econ vs finance vs business vs accounting degree? Business degrees allow you with more job opportunities. Because you're required to get basic knowledge in all parts of business (e.g. management, finance, accounting, marketing etc.), then as you developed your interest in certain areas, you can sign up for upper level courses in that specific area, and declare that area as your focus. So that's why i think it opens up more doors, and provides you with more flexibility. However, with accounting jobs, they do usually require you to have an accounting degree (rather than a business degree) in Big 4 accounting firms.
8. do you have any other advice/tips for a prospective econ major? Explore your options during your freshman year, especially if you're unsure of job prospects. Be best friend with your academic advisor. 

PM me if you have any questions.

 

thank you so much! reading this was beyond helpful

 

this may sound a bit stupid, but by business degree, do you mean business administration? i don't really think i am interested in management and that sort :/

 

and also accounting also seems a bit like an option id be willing to consider. however there is that stereotype that it's dreadfully boring and dull. is that true? also what is accounting specifically and what do you do/learn as an accountant?

 

once again, thank you

[Ghettoe]

I'll start by saying getting a job depends. I am a journalism major who minored in econ who works in banking (Foreign exchange to be exact), sometimes, your degree simply doesn't matter depending on what you're targeting. 

 

I minored in Econ and I am amazed at the people saying it is easier. It was far harder to me than all the other courses I took in business. 

 

The general economic classes are easy. Micro and Macro, are easy, but the real bitches are

 

Intermediate microeconomics

Econometrics.

 

You need a fundamental understanding of calculus for both. If you're good at math and logic, you will excel easily. However, if you lack a fundamental understanding of calculus, you will find these classes to be a real bitch. 

 

Let me tell you half of us left intermediate micro with Cs rejoicing. They say econometrics is even harder. 

 

2. Job prospects depend on a lot of things. The big one is who you know. Use college to form meaningful relationships with people, take Internships and network yourself. Get decent grades and the rest will flow. However, this depends on what job you want. When I say network yourself, seriously, get to know one of your professors if you can, go to office hours, talk with that professor and see if they can help you get an internship. I really regret not doing this as I got an opportunity too late.

 

3. The most interesting of all the business related majors, seriously some classes are very interesting, even the tough ones. Accounting is a complete and utter drain. Rather even do finance. 

 

4. You will not excel in economics without Math. You have to understand concepts, you simply cannot cram your way through higher level economics. You will also apply the fundamentals you learn at a higher level. 

 

5. Payment with a degree depends. It's not how well your degree pays but what you want to do with it. Accounting pays well on an entry level but honestly, they stagnate too. 

 

6. Job opportunities also depends simply on how well you perform and how well you network yourself. Even if you do accounting, getting into a place like Deloitte's isn't easy. I tell everyone to network and that isn't shaking some random person's hand and taking their card. Get to actually know people. You'd rather know two people and have a meaningful relationship with them than have 30 business cards. 

 

If you want money you are better off in banking. Accounting starts you far better in a lot of cases than in banking, but you have far better pay raises and opportunities to soar in banking, you even get better bonuses. Accounting stagnates the more you work, with banking, it can only get better. 

[Vanilla Cupcake]

thank you so much! reading this was beyond helpful

 

this may sound a bit stupid, but by business degree, do you mean business administration?

 

and also accounting also seems a bit like an option id be willing to consider. however there is that stereotype that it's dreadfully boring and dull. is that true? also what is accounting specifically and what do you do/learn as an accountant?

 

once again, thank you

 

Yes, business administration They might call it something different depending on your country, but they should all be the same.

 

And well, I'm an accountant, and it depends on where you go really. If you go corporate (like traditional corporate), yes they're boring as hell. But if you choose a start-up / younger company, it's the best thing ever.

 

So being in accounting, you have several routes:

 

1) Industry accounting: This means that as an accountant, you're in charge of the day-to-day accounting operations, which includes processing accounts payable (i.e. paying vendors), accounts receivable (i.e. getting paid by customers), budgeting (i.e. actual vs. budget analysis), month-end / period-end financial reporting (e.g. preparing financial statements, footnotes, reports, compliance related documents), and reconciliations (comparing bank statements to your book statements). So you will be doing the actual day to day work.

 

2) Assurance: It's the Big 4 jobs you always hear about. You don't actually do any day to day accounting work. Your role will be the reviewer, to make sure that companies' financial statements are prepared accurately, and completely. That means you will audit your client's financial statements to make sure they're free of misstatements. I was in Big 4, and let's just say that everything you heard about Big 4 is correct. You will work long hours, and you will be miserable during busy season.

 

3) Tax: Anything tax related. From filing tax returns for personal or corporate to solving client's tax problems, like coming up with creative tax saving strategies, to making sure that the client files all the necessary tax returns and fulfill all the necessary tax compliance materials.

 

So in school, you will learn basic accounting rules (like debits and credits, journal entries etc.), accounting standards and principles like GAAP and IFRS. More advanced level, you will learn how to research accounting rules. For example, you would be given a case scenario, and you have to research accounting rules to come up with the best accounting solutions / business structure for your client.

 

If you ever want to work for a Big 4 accounting firm, be very careful with your decision. It's a great learning experience, but do expect to work long hours under stressful circumstances.

[Ghettoe]

PS. On the subject of a business administration degree giving you more opportunity, I disagree. I think this all depends on where you want to go. A business administration degree makes you dabble into many things but also makes you a master of none. 

 

Seriously, you are better off even focusing on accounting or Finance than business administration. Heck, I would even major in Economics over business administration. 

[Ghettoe]

I was a Business undergraduate, and Accounting graduate. Thought I can help clear some of your questions

1. I know higher levels of econ are extremely different from intro econ, and was wondering how hard it was. I don't think it was that difficult for me. I took upper level micro-econ as part of my business requirements. I aced that class with no extra effort. I found economics to be extremely logical. There are no opportunities for tricky questions. So if you go to lecture, and study on your own, you should be fine. 
2. also what are your job prospects besides being a teacher/professor? I would recommend going for Business Administration, rather than Economics. Most people I know chose econ because they couldn't get into business. Getting into business opens more doors and job opportunities for sure.
3. is it easy to get a job? See above.
4. is it interesting? I found it extremely interesting. Econ was easily one of my favorite course in university.
5. what other skills do you need to do well with an economics degree? e.g. math, people skills, management skills, etc Math definitely.
6. how well do the jobs associated with an econ degree usually pay? No idea, but my starting salary as an accountant was 55K USD
7. prospects for econ vs finance vs business vs accounting degree? Business degrees allow you with more job opportunities. Because you're required to get basic knowledge in all parts of business (e.g. management, finance, accounting, marketing etc.), then as you developed your interest in certain areas, you can sign up for upper level courses in that specific area, and declare that area as your focus. So that's why i think it opens up more doors, and provides you with more flexibility. However, with accounting jobs, they do usually require you to have an accounting degree (rather than a business degree) in Big 4 accounting firms.
8. do you have any other advice/tips for a prospective econ major? Explore your options during your freshman year, especially if you're unsure of job prospects. Be best friend with your academic advisor. 

PM me if you have any questions.

 

Did you do a Masters in accounting?

[Vanilla Cupcake]

Did you do a Masters in accounting?

 

Yep! And I am a CPA  

[Ghettoe]

Yep! And I am a CPA

 

Damn, you go girl/boy. I considered a CFA but three years of studying and the meager pass rate of like 37% was looking very unappealing. 

[Vanilla Cupcake]

PS. On the subject of a business administration degree giving you more opportunity, I disagree. I think this all depends on where you want to go. A business administration degree makes you dabble into many things but also makes you a master of none. 

 

Seriously, you are better off even focusing on accounting or Finance than business administration. Heck, I would even major in Economics over business administration. 

 

I agree with your point, except that most schools I know don't offer Finance or Marketing as its own major. So for you to get finance or marketing knowledge AND to also receive the credits to go towards your major, going through BA is the way to go. Obviously, with a focus like marketing, you're right, school is not sufficient, and you probably need an internship or some job experience to pair with your business degree. 

 

But I think it really depends on your school, my school made you choose a focus in your 3 - 4 year, so you have to pick upper level courses towards your focus. So even if you graduate as a BA, you would have sufficient knowledge in a certain area, and not just knowing a little bit about everything.

[Vanilla Cupcake]

Damn, you go girl/boy. I considered a CFA but three years of studying and the meager pass rate of like 37% was looking very unappealing. 

 

Awww thanks <3 It was horrible. I cried every day studying for the CPA lol But I used Becker, which is like a study program that almost guarantee you passing the CPA if you follow its study modules. I don't know if the CFA have something similar like Becker, and I do hear a lot of horror stories :S 

[Ghettoe]

Awww thanks <3 It was horrible. I cried every day studying for the CPA lol But I used Becker, which is like a study program that almost guarantee you passing the CPA if you follow its study modules. I don't know if the CFA have something similar like Becker, and I do hear a lot of horror stories :S 

 

I was coming to ask you about this, glad you answered. 

 

 

Because I watched my mom prep for the CPA and she passed on her first try and I see why, she was never home. (Not a criticism, I was in college and barely home too), every weekend she was in the library, she had no life. She did this for months. Obviously, it was hell.

 

However, if the CPA is hell and only one exam, I just don't know if I can do three of the CFA. If I start now I can at least be done when I'm 27 but that's three years of my life, but gosh it opens up doors for many places and it is far cheaper than getting an MBA which I do not want. 

 

If I decide to aim for wall street I'll consider. 

[Vanilla Cupcake]

I was coming to ask you about this, glad you answered. 

 

 

Because I watched my mom prep for the CPA and she passed on her first try and I see why, she was never home. (Not a criticism, I was in college and barely home too), every weekend she was in the library, she had no life. She did this for months. Obviously, it was hell.

 

However, if the CPA is hell and only one exam, I just don't know if I can do three of the CFA. If I start now I can at least be done when I'm 27 but that's three years of my life, but gosh it opens up doors for many places and it is far cheaper than getting an MBA which I do not want. 

 

If I decide to aim for wall street I'll consider. 

 

If you're considering between and MBA or a CPA, I say get a CPA. I think Forbes did a study on this, and employers value a CPA way more than a MBA. Plus MBAs are not cheap.

 

But careful with the CPA, there are actually 4 exams (Regulations, Financial Accounting and Reporting, Business and Economics, and Audit). And they are a real b*tch. You need to pass each exam with a 75% or higher, and you have to pass all 4 tests within 18 months. You get a credit for each exam you passed. If you don't take the other 3 exams within 18 months, your credit expires. So I feel the pain your mom went through. You just have to sit at the library, day and night, watching these Becker videos and reviewing notes. 

 

If you do go for the CPA, feel free to PM me, I got tons of good study tips and tricks.

[Ghettoe]

If you're considering between and MBA or a CPA, I say get a CPA. I think Forbes did a study on this, and employers value a CPA way more than a MBA. Plus MBAs are not cheap.

 

But careful with the CPA, there are actually 4 exams (Regulations, Financial Accounting and Reporting, Business and Economics, and Audit). And they are a real b*tch. You need to pass each exam with a 75% or higher, and you have to pass all 4 tests within 18 months. You get a credit for each exam you passed. If you don't take the other 3 exams within 18 months, your credit expires. So I feel the pain your mom went through. You just have to sit at the library, day and night, watching these Becker videos and reviewing notes. 

 

If you do go for the CPA, feel free to PM me, I got tons of good study tips and tricks.

 

Since, I'm in banking the CPA does me no good, I plan to go for the CFA. I might test the waters and start slowly perusing through the material. 

[Vanilla Cupcake]

Since, I'm in banking the CPA does me no good, I plan to go for the CFA. I might test the waters and start slowly perusing through the material. 

 

Ahhhh good luck!!!! I remember when I was at the Prometric test center (you'll learn to hate Prometric), I was talking to this guy who was about to take the CFA. We gave each other a nod of pity / mutual sadness as we walked in to take our tests lol

[Seultoria]

If you ever want to work for a Big 4 accounting firm, be very careful with your decision. It's a great learning experience, but do expect to work long hours under stressful circumstances.

 

I think people really need to know this before accepting a Big 4 job. The hours aren't for everyone. I'm in B4 Tax and had some 100 hour work weeks earlier this year. ><

 

Learned a shit ton in those weeks and learned how to function on 4 hours of sleep a night (without resorting to huge amounts of caffeine or prescription drugs), but I don't want to ever work more than 70 hours while I'm here.

[Vanilla Cupcake]

I think people really need to know this before accepting a Big 4 job. The hours aren't for everyone. I'm in B4 Tax and had some 100 hour work weeks earlier this year. ><

 

Learned a shit ton in those weeks and learned how to function on 4 hours of sleep a night (without resorting to huge amounts of caffeine or prescription drugs), but I don't want to ever work more than 70 hours while I'm here.

 

No kidding. I left and I'm a much happier person. Working long hours, and having your team yelling at each other is a normal occurrence. It's such a relief knowing that I'm not expected to work weekends or work past midnight. The learning and opportunities are fantastic, but I don't think I'm fit to work under those circumstances.  

[Seultoria]

No kidding. I left and I'm a much happier person. Working long hours, and having your team yelling at each other is a normal occurrence. It's such a relief knowing that I'm not expected to work weekends or work past midnight. The learning and opportunities are fantastic, but I don't think I'm fit to work under those circumstances.  

 

How long were you there? I'm coming up on a year, so I still need a couple of years (and to pass the CPA exam) before I think of leaving, though the areas of tax I want to stay in basically require me to stay in public for a while.

[Vanilla Cupcake]

A little bit more than a year. I passed the CPA before joining, and I got my loans paid off. I was literally just like wtf am I doing here, and I left.

[~Shining Diamond~]

Q: I know higher levels of econ are extremely different from intro econ, and was wondering how hard it was and what the courses were like (i.e. what do u learn in them).

Answer: I've taken several econ courses (I'm a business major), and they're not too bad. I learned more about the world economy and how it works, it was more applicable to real life, so it wasn't just a bunch of useless graphs and charts about breakeven points and equlibriums.

 

Q: also what are your job prospects besides being a teacher/professor?

A:I honestly wouldn't be able to answer that, but I would assume you can a few more jobs other than that with an economics degree. Haha. Are you looking into the social sciences side of economics?

 

Q: is it easy to get a job?

I'm not qualified to answer that.

 

Q: is it interesting?

A:For me, somewhat. Especially with the upper level econ courses I've taken. The rest were tedious and boring imo.

 

Q; what other skills do you need to do well with an economics degree? e.g. math, people skills, management skills, etc

A: All the skills you mentioned are REALLY important. You also need good analytical skills, critical thinking and good writing skills because you'll be writing a fair amount of papers, and you REALLY need to think while writing them.

 

Q:how well do the jobs associated with an econ degree usually pay?

Q:prospects for econ vs finance vs business vs accounting degree?

A: I would do my research and speak to a counsellor about this if I were you.

 

Q:do you have any other advice/tips for a prospective econ major?

A: Make sure this is something you really wanna do-first and foremost. Work hard and enjoy your years in uni. The world of work is much harder. Good luck!