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Why so many people here look down on Economics degrees?

A photo of jasonty9 jasonty9
I mean isn't a economics degree can get you a pretty fancy job in the wall stree or bay street?
But it seems like everyone in this business sub-forum is going for finance or accounting........

Also I believe that Economics and finance or accounting degrees are treated much equally in the U.S. OR U.K.
And it is weird how most schools' admission requirements for commerce are much higher than their economi


s'..
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A photo of ilikeyork ilikeyork
The question is:
What can you do with an Economics degree?
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A photo of jasonty9 jasonty9

@ilikeyork wrote
The question is:
What can you do with an Economics degree?


you can work in an ib as an analyst?
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A photo of Finance27 Finance27
I feel the same way. Economics is one of the hardest fields of study. I personally believe, it is much harder than even core sciences. I'm taking an economics class and we are just touching base on the beginner concepts, but to actually visualize them and how they affect multiple factors, what shifts and what doesn't, what to implement, is very hard and can get extremely confusing. Of course, this type of thinking is not yet required, but I can see it being required in majors. I would praise an economist with a Masters or PhD more than any other profession, they are true geniuses of knowing how money goes in and comes out.

Usually, economists are attracted by the amount of government jobs requiring the background (thus you see only economists running the Federal Reserve, Bank of Canada). There is demand for them, but I'm not sure of what type, but I do know that economists are needed by multiple institutions, especially when making government decisions and policies.
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A photo of thecookiemonster thecookiemonster

@jasonty9 wrote

@ilikeyork wrote
The question is:
What can you do with an Economics degree?


you can work in an ib as an analyst?


Correct me if I'm wrong (those few on the forum who are knowledgeable for investment banking stuff) but economics programs in canada probably aren't targeted by the top ib firms, whereas qc and ivey are. i don't know if this is different in the us, but im guessing this is true in canada. makes it much harder to break in. those business programs i named also have lots of successful alumni and they hold all kinds of become a professional sessions where you can learn how to become awesome, and you can network with professionals and classmates and the alumni and such. the investment clubs and such are very connected to these programs, so it's probably easiest to become involved form them. just speculation though.

Also, how many people say "i want to be a policy advisor and work for the government" versus "i want to be an investment banker and work for goldman sachs"?
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A photo of ElIipsis ElIipsis
@thecookiemonster: You're right, the word around town (by town I mean campus) is that a lot of top-notch investment banks are hunting down the core maths. The Ivey dual degrees with actuarial sciences, engineering, and mathematics were highly sought after the past few years here at Western. So jasonty9, personally, I think that economics is a little too 'big-scale' and theoretical for IB Analysts. However, you are right in that everyone who work in the broad broad business field would need some knowledge of economics.

@Finance27: I'm not sure about the amount of government work economists do, but I do agree that econ is a very difficult module. Okay, this will probably sound hilarious, but I found it very difficult because I'm very Liberal. So the capitalist, conservative mindset of most economic thought is very difficult for me to wrap my head around - haha!
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A photo of Joshki Joshki
Economics gives you a BA whereas business(accounting, finance etc.) gives you a BCom.
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A photo of thecookiemonster thecookiemonster

@Joshki wrote
Economics gives you a BA whereas business(accounting, finance etc.) gives you a BCom.


Deep.
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A photo of Dope Dope
Economics is a more marketable degree and economics majors make more money on average than the ther business majors

Also economics grads statistically perform better on the GMAT and are favored over those with business degrees for MBA spots

In terms of IB jobs, yes a handful are recruited out of Ivey and queens but if you look at who the banks hire, engineering and social science (including economics) majors get far more spots than business majors do

This is because graduate schools and big banks don't want x school teaching their employees how to do business, and prefer to teach them by their own means
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A photo of jelly jelly

@Finance27 wrote
I feel the same way. Economics is one of the hardest fields of study. I personally believe, it is much harder than even core sciences. I'm taking an economics class and we are just touching base on the beginner concepts, but to actually visualize them and how they affect multiple factors, what shifts and what doesn't, what to implement, is very hard and can get extremely confusing. Of course, this type of thinking is not yet required, but I can see it being required in majors. I would praise an economist with a Masters or PhD more than any other profession, they are true geniuses of knowing how money goes in and comes out.

Usually, economists are attracted by the amount of government jobs requiring the background (thus you see only economists running the Federal Reserve, Bank of Canada). There is demand for them, but I'm not sure of what type, but I do know that economists are needed by multiple institutions, especially when making government decisions and policies.


I think that's part of the problem... What you're saying is someone who studied economics in graduate studies is highly respectable, but you're not really saying anything about an undergraduate degree. Come to think of it, my dad always told me an undergrad economics degree is useless, though I never really asked him why.


@Joshki wrote
Economics gives you a BA whereas business(accounting, finance etc.) gives you a BCom.


Yeah... that doesn't mean anything at all. Pretty sure Ivey gets you an arts degree too. Oh wait, you don't care because you think Rotman/Desautels is far superior to Ivey/QC/Schulich.
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A photo of CMA2014 CMA2014
Haha dumb high school kids.

In US, economics are highest paid because top ivies (H/Y/P, etc) don't offer business majors, and economics is the most comparable major, so students study economics. Even certain top undergrad business programs (e.g. UPenn Wharton, Cornell AEM) award BS in Economics to its business students upon graduation (UPenn CAS also offers Econ degree, but it is not business).

So fact is, when news articles refer to "economics" major students getting wall street jobs, they're referring to students at top ivies or top business programs.

Econ degree in Canada is not very good.
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A photo of Pitbull Pitbull
Don't listen to these guys. They will realize soon enough that it is not the degree but rather the person. But with that said, you'd be surprised how valued economics students are.

Anyways, with that out of the way...if you really want to learn "finance" and are an ambitious individual you will do an honors degree in economics (maybe complement it with a minor in math), go to grad school in economics and focus on financial economics at the top 4 (queens, toronto, western, UBC) for a measly 9months to 1year...and I promise you will have offers left and right in investment banking/sales&trading...A lot of the firms will even consider you for the associate position alongside other MBA's (rather than analyst level). Whether or not you take the position it is up to you..the thing is most of the people who study economics, especially at the grad level, choose NOT to pursue these opportunities just because they would rather work at places like Bank of Canada, federal govt or other Economist positions and are not attracted by money enough to give up their lives.

Source: Me and my colleagues at a top4 programs with at least 1/2 of the program getting interviews at IB firms at the associate level in S&L and IB with starting averages salaries of 100k base with bonus around 40-60k....you will NEVER see a business student clear this sort of money at 23 years old.

It would take a business student a lot of hardships to even reach the Associate level, either through experience or through MBA's. Most associates are 28+ years old and the only ones you "see" & "hear" off that are 23 years old and raking that kinda money are masters in Math, Physics, Economics, Engineering etc. not business students.

With that said Mr. Business Students....please go finish my PowerPoint deck slide and let the big boys make the decisions.
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A photo of Rush Rush
Don't bother following what popular opinion is on a web site like this where it's mostly high school student users who are ignorant to the real world.

An economics degree is highly respected both in academia and in the workforce.
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A photo of Rush Rush

@jasonty9 wrote

@ilikeyork wrote
The question is:
What can you do with an Economics degree?


you can work in an ib as an analyst?


An undergraduate economics degree could get you into an investment bank as an analyst, yes. However, it's mostly business school graduates that end up there. Mind you, you can get a BBA and specialize in economics alongside finance (for ib).
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A photo of Finance27 Finance27

@Rush wrote

@jasonty9 wrote

@ilikeyork wrote
The question is:
What can you do with an Economics degree?


you can work in an ib as an analyst?


An undergraduate economics degree could get you into an investment bank as an analyst, yes. However, it's mostly business school graduates that end up there. Mind you, you can get a BBA and specialize in economics alongside finance (for ib).



^ that would be more ideal. I don't know if Econ degrees would get you there, considering the ease at which they accept undergrads (you know, 75-85 average vs. 90+ for Business).

By the wya, what do you plan on doing with that finance/accounting?
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A photo of Joshki Joshki


@Joshki wrote
Economics gives you a BA whereas business(accounting, finance etc.) gives you a BCom.


Yeah... that doesn't mean anything at all. Pretty sure Ivey gets you an arts degree too. Oh wait, you don't care because you think Rotman/Desautels is far superior to Ivey/QC/Schulich.



Yep, i was initially gonna apply to ivey, but then i thought 120 is just totally a waste of money cuz im defs not going there.
I dont get what's good about ivey...its all cases, no theory and its affiliated to western, so in terms of international reputation, its at a low level than Rotman or Sauder.
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A photo of iliketurtles iliketurtles

@Joshki wrote


@Joshki wrote
Economics gives you a BA whereas business(accounting, finance etc.) gives you a BCom.


Yeah... that doesn't mean anything at all. Pretty sure Ivey gets you an arts degree too. Oh wait, you don't care because you think Rotman/Desautels is far superior to Ivey/QC/Schulich.



Yep, i was initially gonna apply to ivey, but then i thought 120 is just totally a waste of money cuz im defs not going there.
I dont get what's good about ivey...its all cases, no theory and its affiliated to western, so in terms of international reputation, its at a low level than Rotman or Sauder.


Because Ivey easily places the most people into finance and banking jobs every year (along with Queen's)? Because most/all of the bulge brackets recruit at Ivey? Because Their alumni base is ridiculously well established even in the States (although yes, HYPS dominate but Ivey can't be discredited).
While Rotman and Sauder are both great schools, Ivey places way more people into finance/banking jobs. You can't just discredit Ivey just because you don't like the case study method.
And the fact it's affiliated with Western does nothing to hurt its reputation...it might not help it, but trust me aside from McGill/U of T most people outside of Canada know little to nothing about Canadian universities. You could make a case for UBC but even then, it's nothing compared to McGill and U of T.
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A photo of Rush Rush

@Finance27 wrote
By the wya, what do you plan on doing with that finance/accounting?


Definitely take a finance route since accounting bores me and is only being put up with for the context it affords finance thinking.
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A photo of jelly jelly

@Joshki wrote


@Joshki wrote
Economics gives you a BA whereas business(accounting, finance etc.) gives you a BCom.


Yeah... that doesn't mean anything at all. Pretty sure Ivey gets you an arts degree too. Oh wait, you don't care because you think Rotman/Desautels is far superior to Ivey/QC/Schulich.



Yep, i was initially gonna apply to ivey, but then i thought 120 is just totally a waste of money cuz im defs not going there.
I dont get what's good about ivey...its all cases, no theory and its affiliated to western, so in terms of international reputation, its at a low level than Rotman or Sauder.


International reputation based on graduate degree quality does not equate to having a top tier undergraduate program. You don't have to like the case study method, but many people (including employers) probably find it effective, and that's why they value Ivey grads.
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