Overview of Economics and Finance Double Majors
An economics and finance double major is possibly the best degree combination in the commercial field. This combination offers qualitative and quantitative insights into decision making and the associations between financial markets and institutions in the economy. Although it requires a drive to undertake economics and finance at the same time, students will thoroughly learn about investments, analyses, and appraisals. Details on the coursework and career pathways will be discussed below.
Admission Requirements for Economics and Finance Double Majors
In order to gain admission into the double major economics and finance program, students must submit official high school transcripts as well as SAT/ACT scores, with the optional attachment of a college essay and letter of recommendation. Additionally, some universities may require that students have taken specific social studies and English subjects during their college or high school studies. A minimum GPA is required to get into a double major.
Economics and Finance Program Coursework
As this program offers a double degree in both economics and finance, the coursework will contain subjects relating but not limited to both finance and economics. The following are some of the subjects that are included in the double major coursework.
Microeconomics focuses on the economics of individuals and organizations in regulating demand and supply. The structure of markets, game theory, and types of market failure will be discussed. Government policy and regulation of consumers, firms, and international trade will be further explained. Pricing in imperfect competition, as well as auctions and bargaining, are part of this course.
This course prepares students to consolidate financial statements that will be displayed to stakeholders outside of the organization. Students will also learn about governing accounting principles. The ethical issues that arise in financial accounting will also be discussed. The components of the statement of cash flows, income statements, and balance sheets will be analyzed.
Managerial accounting is a branch of accounting that will educate students on the use of accounting information for internal management purposes. The controlling and budgeting of costs and their different classifications will be discussed. The different methods of costing, such as manufacturing costing, job costing, process costing, and absorption costing, will be explained. Cost-volume-profit analysis, as well as contribution margin to decision analysis, will be explored.
This course emphasizes the management of an investment portfolio and prepares students to make individual investments as well as providing them with skills important to the investment management career. Students will be taught the decision-making process of sound investments. Capital allocation, investment objectives, risk and return, as well as performance evaluation are some of the subtopics included in this course. Additionally, students will learn the decision-making thought process and analyze the different factors that are related to the valuation of a particular investment or business.
Applying quantitative methods to the analysis of economics, econometrics focuses on forecasting, regression analysis, and hypothesis testing. Students will set hypotheses on economic issues and perform their analyses against real-world empirical data. Types of data include cross-sectional, panel, and time-series data. Students will apply statistical methods through different distributions and on the evaluation of the association between economic variables.
How to Choose an Economics and Finance Double Major Program
Students should take into consideration some main points when choosing which economics and finance double major program to enroll in. Some universities may allow a similar tuition rate and graduation time as students taking a single major. Moreover, if real-life experience and practical knowledge are important, students should search for schools with experienced faculty members. Students might try to opt for schools that have partnerships with financial institutions or those that offer internship programs to ensure higher marketability upon graduation. Those who seek to develop their knowledge even further upon graduation might want to search for universities that also offer graduate degrees in a related field.
Career Options with an Economics and Finance Double Degree
Much higher than the median wage for all occupations in 2018 which was $38,640, the median wage for occupations in the business and financial sectors was $68,350 as of May 2018, according to the U.S. Bureau of Labor Statistics. Listed below are some jobs that may be pursued with the economics and finance double degree.