The rainmakers you see in movies and hear about in the papers are the top 5% of people in the top 5% of finance roles. Econ is harder, will lower your GPA, has fewer people in the program that are actively recruiting for jobs, and is much less relevant to what you want to do. And if you do decide to go the law school route, Econ has pre-law boost that you stated. And from what I’ve heard, the course are pretty easy and people typical double major in it anyways. You will have a leg up on the ignorant Econ majors. UF doesn’t allow a minor in finance; I’m not sure if that changes your recommendation. If you want to learn more things other than finance, or you have yet to decide your area of study, studying economics gives you a good exposure to many more areas. If I do double major (or minor), what degree would be best to be paired up with an Econ? Economics demands precision of thought that is useful for just about any job. If this helps, my future plans is to work on the corporate side of finance, possibly FP&A. Or if you can do it, computer science looks good on a resume and it lacking in the industry. I am also aware of the difference between the 2, how they work and where their fields of study differ. So I have a very solid understanding of how they relate, are similar, and differ. I met employers that wouldn’t visit the Econ department and stuck only to the business school. Agreed. Let’s understand how different they are –In simple terms, economics is a social science that helps in the management of goods and services subject to the production, … Thanks for replying! I have a degree in economics and naturally I have many friends who graduated with the same major. And does it even matter since it’s coming from a non-target university? It’s a respectable degree and landed me a great job right out of school. In economics, you will need to learn modules that are not directly related to finance, such as international trade or the theory of firm. I work in corporate finance, similar the FP&A. But I feel like finance is a more respect degree than finance, is that true? There is some overlap between the two fields, but there are major differences as well. Which one is better for me to study or say more practical to get a well paying job? The business college Econ was pretty similar to the finance major except for a few classes. I started as a Finance major but took intro Econ and really enjoyed it so I decided to switch. But I feel like finance is a more respect degree than finance, is that true? I was an econ major who currently works as a lead Financials analyst. In fact, many students take those “easier” classes instead of the classes offered by the math department. (Not that money is the main goal here but I will be incurring high debts off of Law school...). Keep reading to see which degree you should pursue. Economics is far ahead of finance in this regard with an average growth of 20%. The thing is, the university only has a limited amount of space to accept transfer students and will only accept those with really high GPA. According to the Bureau of Labor Statistics, finance and economics, are expected to have a job growth higher than the average for all occupations between 2012 and 2022. Both finance and Econ are hard but that is irrelevant. In order to pursue the double major, both programs need to be offered as part of the same degree type; some schools offer economics and computer science as … And from what I’ve heard, the course are pretty easy and people typical double major in it anyways. They're very different fields and the finance major will better prepare you for your end goals. I think the consensus seems to be that the econ undergrad is generally very theoretical and broad, whereas a degree like finance is much more applicable and specialized. However, for some financial jobs economics is a massive bonus and there are finance schemes that ask for econ/finance (or numerical) related degrees. Cookies help us deliver our Services. I felt like my accounting and finance courses have been the most helpful in the real world. Also, the curriculum has spaces for upper level electives https://catalog.ufl.edu/UGRD/colleges-schools/UGLAS/ECO_BA/#modelsemesterplantext. I enjoyed finance courses much more than accounting or economics so that is why I committed. If you're trying to work in finance then major in finance. One of the most puzzling parts about deciding between earning a Finance degree versus an Accounting degree is the similarity in potential job titles. In finance programs more people come from/are currently in industry (at least in my experience) and they tend to have more of an emphasis on recruitment/networking. Good point. This isnt true at least in the UK; a degree from a good university is seen as a generic badge of smartness and no large corporation cares about what the subject area was unless it's something vocational like engineering or law. Yes you could probably go down the econ route and still end up with FP&A positions, but Finance will have you directly networking with more people in the realm of corporate finance. Sure, I had some stuff to learn, but it was easier for me to pick up some accounting than it would have been for someone else to pick up some Economics and Econometrics. If you'd like to chat more, please feel free to pm me. The cost of obtaining an advanced degree in economics or finance varies depending on the educational institution. But Finance can be the same way if you aren't careful. Employers didn’t really care that I was an economics double major but did care that I had the business school (finance) on my resume. But this depends, if you want to go into finance then econ major is good if you focus on Finance classes. If finding a well-paying job is important to you, I think ultimately, the decision between which major won't be a life-changing one. They both tend to over lap and offer a lot of careers. Plus, I love learning about economics. I was an Econ major as well and was disappointed at the lack of finance related courses that were offered. Plan your career in the wide world of finance. For an undergraduate degree, I would say that economics is more difficult. Source: economics and business undergrad, soon to be MBA. The liberal arts college one was way easier, especially the classes for the last two years. And have worked in all these professions, plus having taught all three. He was surprised that they visited the business school religiously to hire but didn’t come to hire Econ students. As a recent UF alum my advice would be for you to go the finance route. ), and maybe even a little SQL and vba, as that will help save you a lot of time when it comes to the duties in FP&A. What if I’m not so keen on math? Honestly I think the biggest difference would be the ability to network. It taught me extremely valuable lessons for managing my personal finances and portfolio. According to the U.S. Bureau of Labor Statistics (), business and finance jobs are expected to … However, with the main majors like Finance, Economics, Accounting, and Business, choosing a major has become difficult. Just try to watch for business school recruiting/networking events, and try to take electives that are a bit more finance-geared. If you’re going to work in finance, then just study finance. Currently I work in financial systems more than anything else, but that more so is because of the company I work for. The Fed banks will take a few undergrad econ majors for 2 years before they send you back to get a masters, but from what I hear its mostly just them teaching you how to apply the theory you learned. Economics minors, however, are available. Press question mark to learn the rest of the keyboard shortcuts, https://catalog.ufl.edu/UGRD/colleges-schools/UGLAS/ECO_BA/#modelsemesterplantext. Basic fixed income, options, and security analysis courses are more a test of memorization. Press J to jump to the feed. I am going to a state school: Finance or Econ is both available but Econ comes with a pre-law boost. As someone in the Rutgers Business School surrounded by a lot of Finance majors, do Econ. It's not that I'm worried about that, just curious as I've seen a lot of job descriptions mention presentations and powerpoint. I know people who have changed from economics for that reason. As an economist who is well known in my town, I get calls from economics majors (or their parents) asking for help finding jobs. So I go to a community college and plan on transferring to a non-target state school (University of Florida). Finance not only helps one to understand the markets but also a sense of self-money management techniques so that we become … Straight off the bat, you need to understand that a finance degree does not guarantee you a big pay check. I was also able to take Public Finance, Monetary Economics, Forecasting, and Accounting. Economics degree vs. Business degree. Uncommon Jobs for Your Finance Degree. I talked to some department heads and various professionals and they all told me an econ degree really wouldn't do much for me unless I had a master's in it. Lots of case study reading and lots of report writing. I was lucky enough to have programming skills that overlooked some of my lack of accounting/ finance knowledge, but it wasn't always easy. Econ seems to be more industry jobs and big picture economic stuff as finance is now zerod in on personal or banking. You can bridge the gap by illustrating how well you can sort data, be an excel wizard (pivot tables, index match etc. So Economics took me directly into Finance and Banking. Press J to jump to the feed. To become a financial analyst, you’ll need at least a bachelor’s degree in finance, or a similar subject such as economics or statistics. It’s not! A business degree is valuable (sometimes even necessary) for some jobs, but it is much more limiting. Accounting 2. I got a bachelors degree in Economics. As you start applying to jobs and internships (whether finance or economics related), you'll notice that requirements in the major section will include "or any other business-related major. When it's time for college students to decide their majors, many go with finance or economics … But the university I plan on transferring into recently started a program where you could earn your bachelors and masters (though without the thesis) in Econ at the same time. Pursuing an economics major might at first glance seem to provide an education that’s interchangeable with a business major education. New comments cannot be posted and votes cannot be cast. I've never really heard anyone say finance is more respected then econ, if anything the opposite. Do you think I would have a better advantage if I participate in this program? You can easily connect it with these subjects (and maybe more): business, finance, mathematics, political science, sociology, psychology, history, and philosophy. The two different types of degree will provide you with a rather different set of options upon graduating, and will require rather different paths to get there. I'm a Senior Finance student at UF, I can tell you it is the harder path of the two, having been through it and having friends going down the econ route. Finance vs. Economics: An Overview . Do not listen to people saying ones harder so do the other and bs like that. With an accounting degree you can land finance jobs, but it doesn't work the other way around. The majority of work in the finance industry is low paying, menial stuff like glorified admin or data entry. My econ major was basically advanced statistics with higher levels of macro and micro econ courses where we studied international economies and the variables that affected their economic performance. I ended up in banking, because I found that out in the real world no one knows what economics is, and just assumed it is the same as a finance degree. I am going to a state school: Finance or Econ is both available but Econ comes with a pre-law boost. Economics. 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