Choosing between a university degree in Business Management or Economics can be a tough call, as both options can lead to rewarding careers. However, the best degree for you ultimately depends on your specific interests, strengths, and career aspirations.
Here is a breakdown to help you decide about studying the right degree at the university.
OPTION 1: University degree in Business Management
If you are interested in the practical aspects of running a business, such as developing strategies, managing teams, and marketing products, then Business Management may be a good fit for you.
- Focus: Practical skills and knowledge applicable to running a business, including management, marketing, finance, accounting and operations.
- Courses: You will likely take courses in leadership, organizational behavior, entrepreneurship, marketing, human resources, finance and business strategy.
- Strengths: Develops strong leadership, communication, decision-making, and analytical skills.
- Career paths: Ideal for those interested in becoming managers, entrepreneurs, consultants, analysts, project managers or working in various corporate functions.
OPTION 2: University degree in Economics
If you are more interested in the theoretical underpinnings of the economy and how economic policies affect people and businesses, then Economics may be a better choice.
- Focus: Understanding the broader economic system, its principles, and how factors like government policies, market forces, and consumer behavior influence it.
- Courses: You will delve into microeconomics, macroeconomics, econometrics, statistics, public policy, and game theory.
- Strengths: Develops strong analytical, research, problem-solving, and quantitative skills.
- Career paths: Opens doors to jobs in fields like finance, banking, consulting, government, research, policy analysis, and international economics.
OPTION 3: Dual-degree in both Business Management and Economics
It is also possible to combine elements of both Business Management and Economics in your studies. Many business schools offer dual degree programs in Business Administration and Economics. This can give you a well-rounded understanding of both disciplines and prepare you for a wide range of career opportunities.
Here are some additional things to consider when choosing to study a certain degree program:
- Interests: Which subject truly fascinates you? Do you enjoy analyzing complex data and understanding market trends (Economics), or are you more drawn to the operational aspects of running a business (Business Management)?
- Career goals: What specific roles or industries are you interested in? Both degrees offer diverse opportunities, but some sectors may favor one over the other.
- Skills: Consider your existing strengths and weaknesses. Do you excel in math and analysis (Economics), or are you stronger in communication and leadership (Business Management)?
- Flexibility: Some universities offer combined Business management and Economics programs, allowing you to explore both areas.
Ultimately, the best way to decide is to research both degrees, talk to professionals in each field, and consider your own unique interests and goals. Remember, there is no one-size-fits-all answer, and the right degree for you is the one that best equips you for the career you envision.
