Overview of Business Economics Programs
A business economics program is essentially a program in business administration with a concentration in economics. This means that students will not only learn about the inner workings of an organization and how it interacts in the market, but they will also gain knowledge on more intricate quantitative and analytical methods for predicting and segmenting the market in the operations and decision-making processes.
Admission Requirements for the Business Economics Program
Some economics subjects are mandatory prerequisites in combination with a minimum GPA. A total of 120 credits are required to complete the program. Submission of high school transcripts or a GED certificate, as well as SAT/ACT scores, is necessary. Students might also be required to have taken English, math, and social science subjects as part of their high school curriculum.
Business Economics Program Coursework
To prepare for working in a globalized world, students will be taught to segment and analyze the market as well as predict customer behavior. Product development, pricing, and promotion and distribution will be examined. Students will consider internal and external factors in the creation and execution of marketing strategies.
Students in this course use software and quantitative analysis to measure risk and return, perform capital budgeting, and decide on the most appropriate capital structure. Dividend policy decisions are also clarified. Short- and long-term investment decisions as well as cash flow analysis will be discussed.
Managerial accounting uses accounting information for decision making within internal stakeholders in a company. Different performance measurement matrices, as well as budgeting methods, will be taught. This course explains how firms can allocate funds to different departments in the most effective way.
Microeconomics discusses the collaboration between individuals, organizations, and industry in the market. This course is a principal for large scale decision-making. Linear programming and the different methods of pricing will be explained, and firm sustainability in the market will be discussed.
This course highlights the role of the federal government and the Federal Reserve in resolving economic problems and analyzes various economic policies. Also, this course explores the role of economics on the global scale. The current and future involvement of technology and the labor force are also discussed.
How to Choose a Business Economics Program
When deciding on the right business economics program, students should factor in whether or not there will be a practical side of learning involved. For instance, the provision of case studies and internships as an addition to the degree will help students gain experience and specialize within the industry. Also, universities that have alumni working in well-known companies can bring up their reputation and rank, giving students an advantage in the workforce. Students who plan on continuing their studies should check for schools that offer graduate degrees in economics or related specializations as well.
Career Options with a Business Economics Degree
The business economics degree allows students to have corporate careers as well as public sector and nonprofit careers. According to the U.S. Bureau of Labor Statistics, the median annual wage for business and financial sector employees in 2018 was $68,350. Below are some of the career options available to graduates.