Wednesday, May 25, 2022

Economics Major vs Finance Major

A month ago i did a video comparing majoring in finance to majoring in computer science and it was a big hit so now i'm thinking let's do a video of comparing majoring in finance to economics and just a little background on me and why you'd even care about my opinion i did a double major in finance and .

Economics and my bachelor's degree and then i ultimately went on to do a master's in finance and so let's get into which of these two majors might be best for you the first category i want to discuss is salary i looked at glassdoor.com and payscale.com amongst others and found that finance majors .

On average earn more money than economics majors although these figures are fairly close and both are decent paying majors but if you're most interested in earning more money than finance may be the better major for you the second category that i want to .

Discuss is careers in academia so this would be if you want to work as a academic researcher or a professor i would say that economics is the better major for this category and often economics bachelor's degrees are thought of as almost a stepping stone for more education so a lot of times .

People who get bachelor's degrees in economics actually go on for either a masters or phd in economics or another field and in a bachelor's degree in economics you will learn um more math uh skills or math you'll take more math course work than you would as a finance major .

Typically and you're also gonna learn more research skills than a finance major typically would and and and last point if you do want to be a professor or go on for a phd it's a lot easier to get into an economics phd program than a finance phd program because there's just a lot more candidates that are accepted to .

Economics phd programs and for the third category careers in the industry i'm rating finance as the winner and what i mean by the industry is businesses large corporations financial services firms so if you want to get a job in the industry in these businesses finance maybe the .

Better bachelor's degree and so with an economics bachelor's typically this might not be enough to land a solid entry level role because you're going to need to go on for that master's degree or potentially phd etc but a bachelor's in finance .

Is typically enough to land that job with a bachelor's in finance you can go into so many different career routes so if you end up at a non-financial services firm so this would be like a corporation that their main product they're not selling financial services .

You could get a job in financial planning and analysis which i have a video on here or you could get a job in the treasury department or as some sort of entry-level accounting role because you do learn a handful of accounting courses in a finance .

Major if you do go on to work for a financial services firm there's so many potential different routes you could go down there's uh investment analyst positions financial risk management private equity venture capital investment banking trading and it there's just the list .

Goes on and on and for the last category i included interesting content so like which one is more fun to take which one is more fun to learn about i rated this a tie because this category is by nature very subjective and it will differ from person to person .

I can only tell you from my personal experience that i actually found economics courses to be more interesting than the finance courses and this is because in economics you learn about theoretical topics that really affect the world and your country and yourself from a bird's .

Eye view so you can see a news article about a political policy that might be proposed and be able to intuitively understand how that would shake out and affect the world and i think that's very interesting but also the the topics covered in an economics major .

Are by nature very theoretical and hypothetical and so if you're a person who likes theories then you might like economics better as far as finance the things you learn are more applicable so you'll you'll learn directly how concepts you need on the job from day one so you're gonna .

Learn how to do things in microsoft excel that you'll need to do on your job but you're going to learn how to calculate certain things or even how to do journal entries and accounting all these things that are directly applicable so if you're a person that wants to learn something that they .

Can apply from day one on whatever job they're gonna get you might find finance to be more interesting than these hypotheticals that you'd learn about in an economics degree overall both finance and economics are great choices for bachelor's majors if you are looking to potentially make more money not go to .

Grad school and get a degree that is directly applicable to a real job from day one finance might be the better choice for you if you're interested in learning about theories from a bird's eye view and you potentially want to go to grad school for a master's .

Or phd and maybe work in academia down the line then an economics degree may be a better choice for you i hope you enjoyed this video and subscribe for more content just like it thank you

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