I’m in 11th grade and have taken an introductory business course and AP Economics. Right now, I’m leaning towards majoring in economics for a few reasons:
- I really enjoyed micro
- I don’t mind liberal arts (I play an instrument and want to continue studying foreign language in college)
- I plan on getting an MBA at some point
- I don’t know what specific field of business I’d want to study
It’s not as simple as choosing once I’m in college. Some of the schools I’m considering are liberal arts schools, so choosing business would change the schools to which I apply.
All I really know is that I want to go into business, so my main question is: will majoring in economics have a negative impact on my job search after undergrad?
No. In many ways economics is more open. It closed no doors compared to ‘business’ and it helps if you want to get a top MBA (they prefer a ‘traditional’ degree that the MBA will complement ).
The only option I feel it minimizes (significantly) is Big 4 accounting (not consulting). To be in the audit / assurance practice of a Big 4 (or any major accounting firm) it basically requires you to have an accounting background. You could pick that up in a Masters of Accounting program which most accounting BAs need to take anyway because of the CPA requirements. However, from a recruiting standpoint, you’ll find most of the firms are speaking with high performing accounting students.
Why is this important? Well experience in Big 4 audit provides a wealth of exposure to everything business. Kids who go that route get tremendous exposure and responsibility at a very young age, much more than working in industry. Typically they exit in a few yrs and sign on within industry (or get their MBA) at a much higher level than they would have if they spent the same amount of time in industry.
It’s because their clients are the biggest companies in world, so they get exposure to all kinds of interesting scenarios across many industries within a few yrs. Some stay on to the Partner Track. Most leave and have solid street cred to establish a stellar career elsewhere.
It really depends on what you want to learn.
Do you want to delve deeply into Econ, or do you want the breadth of a BBA?
The latter will (depending on the school…) expose you to Marketing, Accounting, Finance, Ops Mgmt, Business Law, Org Behavior, International Business, probably an Entrepreneurial course, and Micro- and Macroeconomics. The aim is to teach you the basics of starting and managing a business.
You can get good jobs with either, so to me, it’s all about your gut preference.