Why study Business Economics today?
Business Economics is the study of economic concepts of relevance to modern business, to develop a sound understanding of the resource allocation issues facing a business corporation and the environment in which it operates. Subjects related to Business Economics, such as entrepreneurship, banking, finance, accounting, human resource, marketing, organization behaviour, strategic management, quantitative techniques, and economics, are among the most popular fields of study at universities worldwide, particularly at the undergraduate level. You will study the principles of microeconomics and macroeconomics, but you will also have the opportunity to apply economic concepts and models specifically to the decisions facing businesses.
What should you expect from a Business Economics degree?
A student enrolled for an undergraduate degree in Business Economics (also known as Economics and Management in some institutions) can expect 3-4 years of study, with some business schools and universities offering an extra year for the student to study abroad or to get an in-company experience. This degree would be attractive to students who wish to explore the interaction between the organisation and the economic environment which it inhabits. You learn about the nature and functioning of the different aspects of an organisation, like product development, finance, marketing and human resources. At the same time, you develop the ability to comprehend how market trends and events impact organisations. The former and latter come together to ensure efficient decision-making in economic scenarios. However, most students go for a generic course at the undergraduate level to gain an essential foundation in multiple aspects of the world of economics and business before choosing a specialization. From Master’s level onwards, Business Economics degrees are usually more focused on a particular aspect of business / economics, with some flexibility for students to opt for a combination of courses to match their individual interests. Students also have the opportunity to develop an interest in fields such as government policy, developing countries and international trade.
- Academic opportunities
A first-class degree in Business Economics is the natural and ideal base for launching yourself into the most rigorous of Master’s programmes in areas involving business and economics studies, such as Banking & Finance, Investment banking, Business Analysis, Business Law, Human Resource Management, Public Relations, Investment Management, Management Consultancy, Business Journalism and Accountancy, both within India and overseas.
Graduates develop skills in research, analysis, communication, team-work, decision-making and problem solving. Moreover, the quantitative ability, intellectual curiosity and communication and decision-making skills you will develop while studying a Business Economics programme give you an edge for business-school admissions. This is because these are some of the key skills sought out during MBA programme admission tests and interviews, a fact borne out by admissions data from such schools across the world.
- Corporate / Entrepreneurial Avenues
The quantitative, communication and decision-making skills you will garner will also stand you in excellent stead in the eyes of employers across a wide range of sectors – from lucrative and challenging jobs in areas such as investment banking, consulting and marketing to firms engaged in economics and management research, policy-making and non-governmental work.
The application-oriented nature of a Business Economics programme ensures that you have both the ability and the practice to understand the implications of international and national events for your economy or your corporation. This skill is valued very highly by the full spectrum of employers.
The skills you will accumulate will enable you to understand and implement the nuances of the modern organisational framework in either a family business run on traditional lines or a venture that you, as an entrepreneur, wish to start-up. The distinct competence that will be gained will hold you in good stead.
In order to be eligible for admission into a Business Economics undergraduate degree course, one must have successfully completed 12th class studies. No previous knowledge of economics is required for entry to first year. You will find it advantageous to have studied Maths at Class XII, A-level or equivalent as you will use mathematical techniques and reasoning to varying extents throughout your study of economics. Besides, individual institutions prescribe their own entrance requirements including written tests and interviews for the purpose of such admissions. Proficiency in usage of the English language will also come in very handy while pursuing this course.
If you are keen on exploring the rationale behind rapidly changing markets and a dynamic global economy; if you have an argumentative and analytical bent of mind; if you are interested in getting a holistic view of modern business environments - you should enrol for a degree in Business Economics.
Studying the Economics & Management curriculum of the London School of Economics and Political Science (LSE) in India…
The BSc Economics & Management programme offered at the Indian School of Business & Finance (ISBF), with academic direction from the London School of Economics and Political Science (LSE), prepares you fittingly for the demanding world of business and economics. LSE, which designs, examines and assesses the programmes at ISBF, is as a world-leading school for social science studies with a multi-disciplinary perspective, and so this programme makes the participants familiar with a wide range of subjects that look at business and economics analytically and critically. The programme enables the students to explore, understand and appreciate the inter relationships between business and economics issues from the perspective of a number of quantitative and qualitative disciplines.
What this means is that the undergraduate LSE courses, offered through the programmes at Indian School of Business & Finance (ISBF), address the problems and solutions of today’s globalised world of business and economics holistically. So, you will no longer merely learn concepts in econometrics, macro and microeconomics, accounting, finance, marketing or human resource as discrete sets of knowledge; rather more importantly, you will learn to analyse their collective role in the success of business in a competitive economic scenario. You will thus acquire the ability to think independently about business and economic decisions and gain an undergraduate degree which will be valued by employers looking for people who can demonstrate logical and quantitative reasoning. Economics provides an understanding of resource allocation between economic entities, while management is focused on determining how best to utilise allocated resources to achieve the goals of an organisation. Therefore, a degree in Economics & Management gives you a unique opportunity to study the two most sought-after disciplines in social science, and ISBF is one among a select few institutions to offer this highly complementary combination of subjects at the undergraduate level.Last Updated - 17 Jan 2017