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Why study Economics?

Updated on July 5, 2014

Pros

1. Gain Analytical Skills

By studying Economics, you will gain analytical skills. As you move on towards more advanced courses, you will be forced to consider why a certain economic event is happening? What are the causes? What led to this happening? What were the effects? Who gained and who lost? This skill will be beneficial in many future jobs.

2. Understand current affairs better

Similar to accounting, Economics will allow you to make better business and financial decisions. As most businesses are impacted by the economy, thus it would be vital to understant the impact of an increase in interest rates, unemployment and so on. Have you ever wondered why deflation in Japan is not a good thing? Remember this: decreasing prices are not always good!

3. Wide career options

This is related to point 1 but can stand on its own too. As many firms hire analysts, they usually do not hire from a particular degree. Thus, an Economics graduate could work in various sectors such as in the financial sector, the public sector and in a marketing research company.

Cons

Similar to Accounting, there are no outright disadvantages of studying Economics. However, unlike Accounting, Economics is not a professional qualification. Instead, it is considered to be a general degree. This will allow you to work in various sectors as mentioned earlier but in order to stand out among the crowd, I would recommend that you focus on either being more quantitative (to increase your chances of becoming an economist) or to pair your Economics qualifications with another specialization.

By doing so, you would have the best of both worlds.

What do you think about Economics?

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