When I was in college over 30 years ago, undergrad Business degrees were sometimes seen as vaguely disreputable; Business was not even an undergraduate major at most top universities, Penn (Wharton) excepted. Since then, it seems that there has been a veritable explosion in the prevalence and prestige of these programs, such that they are often the preferred avenue of preparation for good non-STEM students seeking the most expeditious path to the proverbial “good job at a good company.”
My question is whether a degree in Economics, which I see as the most practical liberal arts major, from a high-tier LAC offers similar job prospects to a quality undergraduate Business degree? If so, how can one evaluate the level of corporate recruiting at a given campus?I’d appreciate any thoughts, and/or personal experiences.
I have one student currently a senior at Berkeley Haas undergrad, and one student who is a sophomore at a prestigious LAC majoring in Econ. I think the one in undergraduate business degree program has more opportunities for jobs and job interviews. The other–internship, work programs. Both spent the first two years studying theoretical Economics. Now the one is business school is studying applied Econ. I think the one in the undergrad business program is better off. She will hopefully come out and go right into a job.
Today’s undergrad business curriculum gives a student far more concrete technical skills that enable them to hit the ground running with specific jobs (certain areas of finance, accounting, etc.) However, Wall street is still very much about prestige and certain schools, many of which do not have undergrad business. So it really depends on what the student wants to do. If job 1 is in a corporate finance rotational role or accounting position, probably advantage to the business school. If job 1 is investment banking, consulting, etc. probably a wash or possibly favor the LACs simply because they are the more heavily recruited but those jobs are VERY competitive. I would imagine that there is more on campus recruiting across the board for undergrad business than econ.
Comprehensive LAC economics departments will offer courses in at least some business-school type classes such as corporate finance, financial economics and international finance, as well as in basic accounting, so distinctions between business and economics majors at the same or different schools will not be absolute.
In a further blurring of boundaries, a few liberal arts colleges offer a certificate program through Harvard Business School that seems to offer an intermediate level of direct undergraduate exposure to a business curriculum:
It is important to consider if economics or business is the better path for a person’s interests, aptitudes etc. It is important to understand that economics and finance are very different majors. Economics is a liberal arts course of study and gets very theoretical at the upper levels. In contrast an undergraduate business school includes a business core with introductory classes in subjects such as accounting, finance, IT, marketing etc. and then the student major in one of those disciplines. I’m not saying that one path is better than the other, but they are different. I would take the time to look at the coursework (can be found online) for both a finance and an economics major and see if one path is preferable.
I think you have to take a step backward and ask how the degree prepares its students to be recruited upon graduation. Career success, in business – or in any other field, really – is a cumulative process that begins well before graduation. Internships, summer jobs, career counselling, faculty relationships and recommendations and alumni/ae industry connections developed during the undergraduate years all build resumes. When they are sprung into the world of work, students need to have already established a foundational network.
Academically rigorous LACs, especially those with strong economics, CS and math departments, hold up well in the job placement sweepstakes, mostly, I think, because their students have a wide exposure to business and governmental employers during their undergraduate years.
My son didn’t didn’t go into business in the general sense (he’s an architect, which is technically a business but with a specialized skill set) but many of his classmates at Williams chose to join investment and consulting firms. Many of these firms recruit at Williams, but even if they’re not physically on campus, they know the quality of top tier LAC education. Same goes for MBA admissions.
To me the difference between choosing an LAC like Williams or any other similarly academically driven liberal arts program and choosing a business major at a medium or large university is the difference in the pervasive personalities of the schools and the focus of the curriculums. Neither is better for longterm job prospects. Both can – or cannot – lead to career fulfilment, but the the experience both academic and cultural will be different.
Students attending the listed colleges haven’t had a problem enrolling in the certificate programs.
Harvard
Amherst
Bates
Berklee
Bowdoin
Carleton
Colby
Colgate
Colorado College
Grinnell
Hamilton
Hampton Sidney
Haverford
Huron
Loyola Marymount
Middflebury
Mount Holyoke
NJCU
Pine Manor
Pomona
RISD
South Dakota School of Mines
Spelman
St. Lawerance
St Olif
St Thomas
UNiversity Of Western Australia
Vassar
Washington College
Wesleyan
Wellesley
Williams https://hbx.hbs.edu/enroll/collaborating-colleges/
Yep, can confirm that Pomona students are eligible for the specified scholarship and can receive additional funds from Pomona to offset the rest. I know of three QuestBridge students (usually the highest need) who had the full cost covered.
Swarthmore’s fact sheet shows 23% of grads were employed in business. Swat’s students ranked #1 in a survey of schools with the highest GMATs.
My Swattie has an easier time getting job offers than my older son who went to a big business school and competitive investment banking feeder. Swat’s network is smaller but tighter. If investment banking is the goal then Wharton and HYPS are the the clear favorite among interviewers as my boys have learned in waiting rooms and elevators. Nonetheless, opportunities are there for those who network like h_ll.
I reread you question and must stress that a student cannot rely soley on the career center or on- campus recruiting. A friend asked me to mentor a boy at a top school who enjoys too much of the good life and counted too much on the career center. My children’s experiences taught me a lot.
Match firms of interest to alumni who work there. Email and call. Use software or work groups to practice case studies during the summer before your search starts. The timeline for snagging the junior internship starts the day after the last sophomore final exam. And ditto for the graduation job search. My kids designed easy course loads for the fall because that is when many school days are skipped while flying around to interviews.
What does being “employed in business” mean? What type of job, what functions, etc? Neither is better but econ will be more theoretical and business (especially finance and accounting) will be more technical. If you want to work in the valuation group of a Big 4 firm, finance and accounting (well beyond intro) courses are key. They’ll actually test your technical skills in the interview process. If you want a consulting gig, econ is very helpful. You can get to both form both as you’ll find some history majors working at Goldman.
Wall Street has become a major employer of math majors. Trying to match the outstanding success of multi-billionaire Differential Geometer, James Simons (founder of the Renaissance Technologies Corporation and the top hedge fund, the Medallion Fund), many investment and financial firms consider mathematicians prized hires.