Finance vs Economics: Which Degree to Study in 2022?

Finance vs Economics: Which Degree to Study in 2022?;- You’re curious about the world of money, transactions, and markets but aren’t sure whether to major in finance or economics.

Finance vs Economics: Which Degree to Study in 2022?

We’ve got you covered, so don’t worry! The key distinctions between these disciplines are discussed in this article along with possible careers and study areas.

By the conclusion, you’ll be able to decide between an economics or finance master’s degree and have a better understanding of your academic and professional future.

Finance vs Economics – What’s the difference?

Despite their close ties and frequent overlap, finance and economics differ greatly from one another. But they shouldn’t be seen as distinct. Both complement one another and function well together. That being said…

The more general field of study known as economics examines the various processes involved in the production, sale, and distribution of goods and services. Additionally, economics examines regional and international markets and economies as well as human behavior (e.g. what they buy, why they buy, where they buy from).

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Financial systems are the main focus of finance, which is highly specialized. Finance examines financial organizations and practices, loans, investments, savings, and other related topics. Money creation and management are also studied.

Public finance, corporate finance, and personal finance are the three primary subcategories of finance. Universities and colleges do offer different specializations, though.

Top universities where you can study Finance or Economics

Numerous universities offer degrees in finance and economics. Here are just a few colleges you might want to look into:

Finance universities we recommend

• UK’s Durham University
• Dutch University of Tilburg
• Paris, France, HEC
• Greece’s Alba Graduate Business School
• Australia’s Newcastle University
• German branch of IU International University of Applied Sciences
• Hungary’s International Business School

Economics universities we recommend

• German University of Cologne
• France’s Institut Politechnique de Paris
• University of Utrecht, Netherlands
• Belgium’s University of Antwerp
• US The New School
• Austrian Central European University
• Swiss University of St. Gallen
• British university of Portsmouth
• Ireland’s Maynooth University
• Turkey’s Sabanci University

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Finance vs Economics specializations

You don’t have to accept a general degree, which is a major benefit of studying finance or economics. Many specializations are available (particularly at the Master’s level); to get you started, here are a few examples:

Finance specializations

• Worldwide Finance
• Financial Administration
• Sustainable Investment
• Management of investments
• Banking

Economics specializations

• In-depth Economics
• Medical Economics
• Growth-oriented Economics
• Community Economics
• Cognitive Economics

Finance vs Economics classes

Studies in finance and economics are not all created equal. Each academic program has a curriculum and learning goals that can differ greatly. For this reason, you should always look over the courses you’ll be taking to see whether or not that degree is a good fit.

Having said that, the following are some of the typical courses you’ll take as a student of finance or economics:

Finance classes

• Business Finance
• Current Finance
• Asset Value
• Accounting Principles
• Analyses that are quantitative and statistical
• Financial Reporting and Analysis
• Investment Evaluation
• Systems for Accounting and Information
• Financial hedging
• International Business Ethics

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Economics classes

• Mathematics \sStatistics
• Micro and macroeconomics in econometrics
• Development and Unevenness
• Financial Networks
• Economic Evaluation
• Financial Theory
• Econometric Approaches
• economic expansion

Finance vs Economics skills

The following are the most crucial competencies you must acquire and master if you want to succeed as a financial professional or economist:

• Collect, arrange, and analyze data
• Utilize statistics
• Analyze and assess investment options
• Financial disclosure
• Ability to analyze
• aptitude for solving issues
• Accounting expertise (especially for financial experts)
• Financial Theory
• Econometric Approaches
• Economic expansion

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Of course, the list is not limited. Digital abilities are now crucial, and having a basic understanding of business is a great benefit. But we’ll let you learn these and other skills while you’re studying for exams.

Finance vs Economics jobs and salaries

Jobs in finance and economics are both in demand! In fact, the job prospects is excellent if we use the US as an example. The information provided by the US Bureau of Labor Statistics is as follows:

By 2029, demand for economists will rise by 14%.
By 2029, demand for financial managers will rise by 15%.
Here are five of the most sought-after careers for graduates with a degree in finance or economics, among many more.

Using information from PayScale, we’ve also included the typical annual salaries in the US:

Finance jobs and salaries

• Financial planner for individuals: 63,940 USD annually
• 61,490 USD per year for a financial analyst
• Budget Analyst — USD 62,500 year
• Loan Officer: 48,660 USD annually
• Financial Director – 74,300 USD annually

Economics jobs and salaries

• Economic Advisor – $75,980 per year
• Financial Analyst: 62,820 USD annually
• 51,930 USD per year for a credit analyst
• Analyst of Market Research: $54,560 annually
• 59,500 USD a year for a policy analyst

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Conclusions

• Economics and finance are connected but distinct academic fields.
• Economics is the study of local or worldwide markets, consumer behavior, the production of products and services, etc. Finance is concerned with financial systems and everything associated with them, including banks, loans, investments, savings, etc.
• Both fields of study provide access to lucrative and in-demand careers.
• To be successful as an economist or financial expert, you need to have an analytical mindset and the ability to deal with patterns and figures.

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