In this video, I will show you the differences between an economics, and finance degree and how to make the most of each of them.
This video will show you the differences between a major in finance and economics and the opportunities they can provide according to pay scale the average pay for someone with a bachelor’s degree in finance is 72 000 and the average reported pay for someone with an economics degree is also 72 000 the similarity could be because they both qualify you for a lot
Of the same jobs finance degree can qualify you for a number of different types of jobs that are available to people with just a bachelor’s degree according to pay scale types of jobs people with finance degrees get includes financial analyst data analyst investment analyst financial advisor and a credit analyst something to consider about the types of jobs
You qualify for is that they are often reported as being stressful jobs this is likely to be due to high working hours high levels of competition and some of them being commission based another thing to consider is that it can be very difficult to land more lucrative job roles in areas such as investment banking if you do not go to a target school with that
Being said finance majors do get paid well compared with most majors and finance jobs are expected to grow by more than the average across all jobs according to the bureau of labor statistics also finance jobs do have the potential to pay very well if you can make it into senior level positions according to pay scale types of jobs you can get with an economics
Degree can include data analyst business analyst operations manager financial analyst and an actuarial analyst a degree in economics will qualify you for a lot of analyst type job roles many of these job roles will require the knowledge of programming in languages such as r and python while doing an economics degree it would help a lot to make sure to learn
How to do data analysis in r and python sometimes our will be taught in an economics degree but rarely python so you will likely need to self study them it would also help to complete projects that show that you can make use of r and python to analyze data economics can also help to get data science jobs but it will be necessary for you to take classes related
To statistics machine learning and data science or at least to self-study them and to complete projects it would also help to take some computer science classes if your university does not offer data science classes it would be necessary for you to self-study them using websites such as edx coursera udemy or datacamp when compared with alternative degrees such
As computer science statistics or mathematics an economics degree will not usually be as competitive for data science type job roles this is because an economics degree will have less math advanced statistics and computer science classes economics can also be a general degree so getting a job with a bachelor’s degree in economics by itself can be difficult which
Is why it would help to supplement it with more applied classes towards the jobs you are interested in when compared with a finance degree you can expect it to be harder to find a job with an economics degree unless you take applied classes towards a specific type of job a finance undergraduate degree can have some moderately difficult classes however there will
Not be many math heavy classes this can also be said for an economics major with that being the case you can expect finance and economics to be similarly difficult however the difficulty of an economics major will depend a lot on the specific program some economics programs will be more math heavy and focused on statistics and its use in economics whereas
Other programs will not even require calculus and will be more focused on broad’s economic theory if you do decide on an economics major it would help a lot to consider what you want to get out of it and the jobs you are interested in so that you can choose an economics program that is suitable for you classes you can expect to take in a finance major can include
Micro and macro economics personal finance concepts financial management financial accounting financial forecasting corporate finance and managerial accounting as mentioned economics programs can vary significantly however there are some classes you can expect to be taking including principles of microeconomics principles of macroeconomics intermediate micro and
Macroeconomics introduction to probability and statistics political economics econometrics topics in money and finance and topics in banking depending on the specific economics program you might also be required to take some mathematics classes including calculus linear algebra and discrete math a bachelor’s degree in finance should qualify you for a lot of good
Paying jobs whereas many of the more desirable economics jobs will require at least a master’s degree if you enjoy more competitive environments a finance degree could suit you well since many finance jobs are competitive in nature since you will be competing with your peers and other financial firms that provide the same service also finance does have very
High potential pay in the long run since senior level positions can pay very well additionally if you prefer customer facing roles a finance degree could be better for you than an economics degree since many but not all finance jobs are customer facing however finance jobs tend to require long working hours and the jobs often have low job satisfaction ratings
Before choosing the degree it would help a lot to consider what sort of work in the environment would suit you the most and what you would find satisfying personally when compared with finance many of the jobs that an economics degree can qualify you for such as data analyst will require lower working hours and be less stressful however many of the jobs and
Economics major will qualify for will also be jobs that a finance major will qualify for that can be demanding jobs in terms of time and energy if you are interested in going to graduate school for economics and economics degree would be more appropriate however in this case it will be important to make sure to take extra math classes and to cover at least
Linear algebra and multi-variable calculus because graduate economics programs are very math heavy when compared with a finance degree an economics bachelor’s degree will not usually qualify you for as many jobs with that being the case if you decide to get an economics degree it would help to make sure to take classes related to the job you are interested in to
Complete projects related to that job and to try to get summer internships getting a minor in something such as computer science or even finance would also help to broaden your job opportunities significantly
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Finance vs Economics Degree By College Corner
