Economics or Business and why?

Question

Would it be better for me to major in business instead of ecnomics?
I'm thinking of majoring in economics and get a phD. in it.

Also, what is the level(s) of math(s) that I would have to go through in order to have the ability to get a phd in economics?

Just to addon, I have already taken an introductory economics class for both micro and macro.

Answer 1

As far as course of major, it depends on what you want to do with your life. If you want a PhD, the Business PhD pays more (since these are highly demanded by the business world), but you'd have to prove yourself by working in the corporate world for a number of years first.

The economics PhD isn't a good idea immediately following undergrad (or even the Master's) unless you have some very deep insights or an unusual gift for the theory. It's best to get some good work experiences, even if this is a Fulbright scholarship to study tenant farming in New Guinea. Still, it is a rewarding profession (or so I'm told).

I must warn you that a B.A. in economics doesn't help you much on its own. It'd be good for you to get a minor or a second degree in business, accounting, finance, statistics or math.

Math is not only essential for graduate economics study - it IS graduate economics study. Most grad schools require at least a 780 in math on your GRE and want you to take the following:

Three semester of calculus (four if you're in a quarter system)
Real Analysis
Two semesters of Theoretical Statistics
Two semesters of Applied Statistics
One semester (minimum) of Econometrics

Yes, it is a lot of math. Many PhD candidates were math or engineering undergrads who then cram through the theory. As tough as this is, it is easier than being an economics undergrad and cramming through four terms of Calc and Analysis the summer before.

If you want a taste of what graduate school is like, there are a number of preparatory summer institutions for undergrads like yourself. They're pricey but very worth it. I know of one at Duke and another at Colorado.

Answer 2

If you get a business degree you will have taken a few 200 micro and macro courses and at least a 300 level course too.

With that degree either one you will have taken at least two business calculus courses and a course on statistics.

I would take as much math as possible. My economics professor said that the more math classes that you take, the higher pay you end up getting.

He should know...he knows everything.

I am avoiding my 300 Economics class for now because it has been a few years since my math business courses and I have to brush up.

Which degree depends upon what you want to accomplish with your education.

At the U W School of Business, we have several options for the business school.
Finance, Accounting, International Business, Entrepreneurship, Marketing, Retail Sales, etc...

So, if you want to own your own business, then I would choose the entrepreneurship option, or if you wanted to become a stock broker, then the finance option. Or you could do a double major, Marketing and Retail Sales.

Economics would be fun, but I have chosen the Entrepreneurship program. Good luck!

Answer 3

Economics is more difficult than Business. But there are some clear advantages of economics especially at a Bachelor level. For example if you do a bachelors degree in economics, you can do a masters degree in an economics subject, or social sciences AND in any subject in business!!!!!! You can easily do a masters in Management, in Finance, in Accounting, in Marketing. But if you do a bachelor in business, unless if you have done a lot of finance, it will be very difficult to enter into a Masters in Economics.
Economics has a lot of different branches such as Development Economics, Growth Economics, Microeconomics, Macroeconomics, Industrial Organization, Economics of Regulation, Economics of Crime, Business Economics, Financial Economics, Public Economics, and the list goes on and on and on! You could specialize in any one of them in the future.
It is a major that is considered a very flexible both in terms of future education and employment.