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Economics is considered one of the most well-known and popular study programs in US. Here you will learn everything about the contents of the study program, the ways to study place as well as the career prospects after graduation.
For a degree in economics, it does not necessarily take a trauma. Studied at a university or college. Accordingly, you ideally have a higher education entrance qualification, such as the Abitur or the Fachhochschulreife.
Alternatively, there is also the possibility of studying without a high school diploma. This is now possible in almost all states. However, the requirements vary from country to country. Basically, a vocational training with subsequent professional experience is expected. On the other hand, factors such as the length of professional experience are handled differently.
The numerus clausus for degree programs in the field of economics is with 2.5 in the midfield. Only occasionally it needs a graduation grade in Einsereinereich. At other universities one accepts but occasionally candidates with a high school graduation up to the grade 3.9. For distance learning courses, there are sometimes even admission-free study opportunities.
A basic prerequisite for a degree in economics is a certain basic interest in economic and business contexts. A not to be underestimated role play English and mathematics. Good previous knowledge from school education is for this reason an advantage. The ability of analytical thinking is an absolutely essential feature for the study of economics as well as for employment after graduation.
In terms of content, economics is an extensive and diversified field. In general, a distinction is made between economics and business administration. In contrast to business administration, economics deals not only with intra-company but also with macroeconomic relationships within a specific economic area such as the EU or a single state. In contrast, business administration deals mainly with issues within a company.
As branches of economics, economics and business administration deal with economically relevant content with regard to both the individual enterprise and the economy as a whole. In this way, the study of economics qualifies you for a variety of professional fields.
In addition there are modules and cross-section areas such as law, statistics, marketing, econometrics, controlling, programming, accounting, business informatics, corporate management as well as macro and microeconomics.
In addition, business ethics, history, sociology and psychology are sometimes part of the curriculum. The weighting of individual content varies from university to university. Personal focus sets you by the choice of elective modules or specialization directions.
As part of the study of economics also not uniformly regulated are the practice shares in the study. In principle, however, a large part of (colleges) universities make internships possible during their studies. In addition, there are opportunities to participate in various projects within the otherwise rather theoretical study of economics. Some degree programs even include full practical semesters. The modular bachelor program in economics includes a required area as well as a compulsory elective area. However, you decide on the latter only in the course of your studies.
The study of economics has a standard period of study of six semesters. Longer study periods of seven semesters are usually based on the integration of a practical semester in the study. Following the Bachelor’s degree, there is the possibility of obtaining a Master of Science with a possible subsequent doctorate. The master’s degree takes another three or four semesters.
With the end of the study also the production of a bachelor thesis or bachelor thesis beckons. The examination regulations give you between three and six months time. Afterwards, you will receive the Bachelor of Arts or Bachelor of Science as a first degree. You now have a broad economic knowledge. This qualifies you to work in companies of all kinds.
It is possible to study economics at both universities and colleges. Other options include distance learning and study abroad.
In university studies, the theoretical and scientific examination of economics and business administration is in the foreground. It is therefore especially suitable as preparation for a scientific career. Since the transition to the Bachelor-Master-System, however, the majority of universities also offer integrated internships. In contrast to universities, universities of applied sciences attach more importance to a practice-oriented and application-oriented orientation of studies in economics.
Distance learning, on the other hand, is especially suitable for working people. As part of this study variant, you will earn the Bachelor of Science through an extra-occupational, nine-semester part-time study.
Studying abroad, after all, is today almost one of the self-evident qualifications of a university graduate. After all, international experience makes it predestined to work as a leader within the economy. Many universities therefore encourage their students to spend a semester abroad. That’s not enough for you? Fortunately, the study of economics is just as common abroad as it is in US.
A degree in economics enables you to start your career in companies of almost all industries. Very broad are both the income and the activities. Whether you are a small, medium-sized or large company: Basically, the completion of a degree in economics opens up a variety of opportunities in terms of career entry. In addition to companies, associations, organizations and administrations also employ economists. Also in research and teaching are graduates.
Your exact job depends not least on the orientation of your studies. Possible fields of activity are sales, purchasing, logistics, controlling, management, project management, management consultancy or finance and accounting.
It can be said: A degree in Economics and Business Administration qualifies you for a variety of activities. Nevertheless, studying economics is nowadays no longer considered a job guarantee, unlike in the past. Your chances are best in the event of an argument with starting a career already during the study.
Many different measures increase your chances of finding a job. These include targeted specialization in studies, the acquisition of additional qualifications and practical experience through internships and part-time jobs.
A degree in economics gives you a broad knowledge. With a background in business theories as well as corporate governance, you are ideally suited to jobs in government, banking, industrial and service companies.
By the way, the Bachelor’s degree is now considered by the economists on the job market as a standard fortunately. Larger companies are therefore expecting applications from undergraduate students. It is not unusual for people to start their career through a trainee program. But even a direct entry is absolutely not an impossibility. Especially in sales and controlling, graduates of a degree in economics often find jobs.
In terms of your career prospects, what awaits you is nothing but good after graduation. Depending on your motivation, your career prospects depend mainly on your motivation. Economists often expect long working hours and heavy workloads in their daily work. Noteworthy for their long and stressful working days is above all the management consultancy. Do you master this workload, maybe one day you’ll even get it to the boardroom. Absolutely advisable in this context is the acquisition of a Master of Science.
Starting salaries of around $ 37,000 per year
Your future salary depends on your degree and academic achievement. A good graduate generally has better cards than a mediocre grad. In addition, the master is above the bachelor. Added to this are aspects such as professional experience, special additional qualifications or existing international experience.
In addition, individual sectors sometimes have major differences in terms of starting salaries. The poorer paying sectors include PR, advertising and tourism. On the other hand, aviation, IT consulting and management consulting sometimes pay quite high salaries. On average, the starting salary of a graduate is around $ 37,000 per year. In the first two to five years as a working person, the annual salary then climbs to around $ 43,000. However, your salary as an economist is dependent on your work experience.
In addition, place, state, gender and company size play a not insignificant role in terms of salary. Here are a few sample salaries of economists from different professions and professions: