One big decision you will have to make when going to college is to decide your major. To choose this, you have to think about what you are interested in between Finance and Economics. Along with this, which field has solid career options and projections.
However, if you are interested in math and analytical thinking, then there are two options you can consider. Those are finance and Economics.
Now, a question occurs in our minds: “Finance and Economics, which one is better for a student career”. Well, this is an important question, and can get finance homework help. To choose the best option for your career based on your interest, learn about finance and economics.
In this blog, you will learn about majors of both subjects, their career options, and salary potentials. So that you can decide which one may be the best fit for you.
Let’s start to discuss the overview of Finance and Economics.
Finance and Economics
Whether you pick finance or economics, you will learn similar skills. Both programs have many similar classes, like Introduction to Business or Accounting 101. When you advance in your major, you will take courses like financial and macroeconomics for an economics major. Students in both of these majors need to make sure to develop skills to succeed in future careers such as:
- Problem-solving
- Logical thinking
- Ability to examine lots of data and numbers
- Time management skills
- Knowledge of spreadsheet programs
- Communication skills
- Qualitative and statistical analysis abilities
You will learn the other required skills as you progress through the courses in your chosen major. Finance and economics will project as they are related disciplines; however, some distinctions are worth mentioning.
Relationship Among both Finance and Economics
First of all, we have to believe that finance and economics are linked. Following are some basic features between both;
- Both controls converge and affect each other.
- Both of them examine the administration of wealth in the economy.
- Finance and Economics give close attention to the well-being of commercial markets.
Economics has a vast knowledge of how a region’s buying and selling of goods is going on. Experts with economics degrees analyze the broad market trends that will undoubtedly affect finances.
Careers in finance control economists’ knowledge to build strong business tactics. Finance aims to maximize business profits and gains by selecting suitable investments. Minimizing risk to keep organizations in the black is every financial manager’s goal.
Economics and finance are possibly two sides of the same coin, one theoretical and one practical.
Inequality Among Finance and Economics
Economics and finance degrees mainly vary in the field of their studies.
Economics subjects study the economy, from production to consumption. In economics, students explore how to estimate the total value of the gross domestic product. Economists study the vital parts of government policies on trade, tax, and business regulation. They must point out the factors of supply and demand in various industries globally. Economics learners deal with the entire monetary resolution.
On the other hand, finance degrees focus on day-to-day choices that change the money cycle. They allow students the ability to change individual or corporate assets. Financial managers do their strategies to settle deals and boost income.
However, let’s discuss the common courses for Finance and Economics.
Courses for Finance Major
Generally, financial degrees are awarded by business schools. Undergraduate programs come in two types:
- Bachelor of Science
- Bachelor in Business Administration.
The Bachelor of Science has focused on scientific and mathematical courses for quantitative skills. The B.B.A. develops a business core to learn how businesses work and gain leadership skills.
For further study, Students can pursue a finance MBA or Master of Science in Finance. Both are post-graduate courses that demand a bachelor’s degree first. Following are a few famous courses you will like to do during your finance degree curriculum.
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Financial Statement Analysis
This program will guide you on how to present monetary values on paper accurately.
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Portfolio Management
This course will explain the basics of investment planning to increase individual or business valuation.
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Principle of Banking
This covers the fundamental ways in which financial institutions keep the money supply flowing.
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Mergers and Acquisitions
This will look at how businesses combine their assets for productive corporate activities.
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International Finance
This course will show you foreign capital markets around the globe to build multinational businesses.
Lessons for Economics Majors
Economics degrees are granted by business and social science schools. Bachelor of Arts in Economics subjects has humanities and critical thinking skills. Bachelor of Science in Economics demands courses like statistics and calculus for mastering analytical techniques. Economics has higher academic demands and broader subjects. Here are some courses for economics majors.
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Laws of Macroeconomics
This course will show the hidden models. It is used to manage the input and output of massive economic systems.
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Econometric Analysis
This will introduce statistical tools. These tools are used to test assumptions about various market aspects.
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Health Economics
This course will focus on testing the power of medical care system management.
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Economic Development
This offers tactics for helping several developing countries overcome obstacles to markets.
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Labor Economics
This will fall into theories about employment relationships and dynamics for workers.
Finance and Economics: Jobs and Salaries they offer
Well, many occupations are available for both Finance and Economics. Following are some most popular ones;
Finance: Jobs and Salaries
| Jobs | Salaries |
| Personal Financial Advisor | 63,940 USD/year |
| Financial Analyst | 61,490 USD/year |
| Budget Analyst | 62,500 USD/year |
| Loan Officer | 48,660 USD/year |
| Financial Manager | 74,300 USD/year |
Economics: Jobs and Salaries
| Jobs | Salaries |
| Economic Consultant | 75,980 USD/year |
| Economic Analyst | 62,820 USD/year |
| Credit Analyst | 51,930 USD/year |
| Market Research Analyst | 54,560 USD/year |
| Policy Analyst | 59,500 USD/year |
Conclusion
Finance and Economics can be different in terms of career, skills, opportunity, etc.
An economist needs to complete a master’s and Ph;D to get an excellent career opportunity. While finance can complete their graduation by taking certification courses. Like CFA, FRM, PRM to boost their chances of climbing up the financial career.
So, pick the one that interests you the most!
Good luck!
