Overview of Business & Managerial Economics Majors
Individuals who have an interest in mathematics, economics, and business may be interested in declaring a major in business and managerial economics. These degree programs are available as Bachelor of Arts and Bachelor of Science programs and may go by a number of different titles, like Managerial Economics, Business Management Economics, and Business Economics. Below, we will look at these undergraduate programs in greater detail, focusing specifically on what types of courses you will take in these programs, how to gain admission to these programs, and what types of careers will be available to you upon completion.
Admission Requirements for Business & Managerial Economics Programs
To be admitted into an undergraduate program in business and managerial economics, students will need to make sure they fulfill the eligibility requirements set by each university. This typically means that they will have taken a certain number of English, mathematics, science, and history courses. There are usually no prerequisites that are specific to the business and managerial economics programs. When submitting an application, students will need to send their transcripts, application form, and standardized test results. Some schools may require that you also submit a personal statement, as well.
Business & Managerial Economics Major Coursework
Students who enroll in a business and managerial economics program can expect to take a number of required core curriculum courses, in addition to some elective courses that they can select on their own. Below are five courses that are commonly found in these programs.
Programs in business and managerial economics typically include at least one, if not several, courses in macroeconomics. Students will gain both an introductory and more advanced understanding of concepts in microeconomics. Topics that will be discussed in this course likely include financial markets, consumer behavior, the role of government in the economy, different types of economic market models, and income distribution.
Students will also be expected to take courses in macroeconomics, where they will learn about topics like employment, inflation, and overall national economic output. In addition, students will look at the role that different economic policies have on the financial markets and what factors affect economic growth. Students will also look at how national economies fit into the global economy.
These programs often require students to take a course in managerial accounting in order to learn about how managers use accounting principles to determine the price of goods and services. Students will learn about concepts like cost systems and how they affect performance, as well as budgeting and control functions. This course may expose students to real-life examples of managerial accounting in the public and private sectors.
Students will typically be required to take at least an introductory level course in econometrics and often have the option to take additional advanced courses as electives. Econometrics focuses on the various methods that individuals can use to analyze economic data, often through regression analysis, probability theory, and statistical theory. This course often involves using specific econometrics software.
International Trade, Markets, and Economy
Within these programs, individuals will usually have the option of taking courses that focus on some aspect of international economics, like international financial markets or international trade. Student will learn about what types of factors contribute to price-setting in the international market as well as the role that investing plays in the global economy. These courses may also focus on different laws and policies that affect international trade.
How to Choose a Program in Business & Managerial Economics
When making a decision among business and managerial economics programs, there are a number of factors you may want to consider. Some programs allow you to select an emphasis or concentration area, like in marketing, law, economic analysis, or entrepreneurship. Students who already know what kind of job they want to have following graduation may be especially interested in finding a program that would allow them to specialize in an area that is closely related to their desired career. Another factor you may want to take into consideration when making a decision is the location of the school, along with practical factors like cost of living and tuition.
Career Options with a Degree in Business & Managerial Economics
With a degree in business and managerial economics, you could be qualified for a number of different business, mathematical, and analytical careers. For example, you may be able to find a position as a financial analyst. According to the U.S. Bureau of Labor Statistics, financial analysts made a median annual salary of $81,760 in 2016, and the field is projected to grow at the faster than average rate of 11% from 2016 to 2026. A few other career options are listed below: