1. You can inspire business success and impact industries
Economics has a profound impact on businesses and industries. Because the economy is dynamic, with many ups and downs, understanding it can help businesses and industries weather the changes, survive, and thrive.
Economics can help business leaders maintain a focus on profitability and be aware of opportunities in order to proactively capitalize on them. In short, while the economy fluctuates, business leaders with economics acumen are best positioned to help their companies endure.
2. You’ll be positioned to be part of shaping COVID recovery
Even as the world moves in the direction of recovery, the extent of the impact of COVID remains to be seen. And while the world appears to be bouncing back faster than expected, many questions linger, according to Harvard Business Review. Economists will play a vital role in making sense of where we are and what we need to do to continue on the path to recovery.
“While monitoring the overall macro landscape remains important, leaders should not underestimate the importance of measuring, interpreting, and exploiting the dynamics of their own sectors and markets in order to be able to invest and flourish during the recovery and the post-crisis period,” asserts Harvard Business Review. Economic forecasting will help assess what’s next in order to prepare for it.
3. You’ll gain a sought-after international perspective
Economies don’t exist in a vacuum; they’re inextricably linked with the surrounding world. The study of economics offers both domestic and international perspectives, and reveals insights into the interactions between cultures, people, and societies.
From a practical perspective, if you’re looking for an international business career, an understanding of the world economy is critical for driving success. This also makes economics a sought-after degree by employers.
4. Your skills will be transferable
While studying economics will prepare you for a career as an economist, it also cultivates the development of invaluable hard and soft skills, including critical thinking, communication, numeracy, research skills, data analysis, time management, teamwork, problem-solving, computing, and commercial and cultural awareness. As such, your skills will also be sought-after by a variety of employers in diverse fields.
5. It’s part of everyday life
If you are looking for a career where your work will have real meaning in the world, the good news is economics is an inherent part of nearly all aspects of everyday life. So while you may be studying theory, there’s always a practical context to consider.
Not to mention that in studying economics, you can make the world a better place. “The ultimate goal of economic science is to improve the living conditions of people in their everyday lives. Increasing the gross domestic product is not just a numbers game. Higher incomes mean good food, warm houses, and hot water. They mean safe drinking water and inoculations against the perennial plagues of humanity,” insists the Federal Research Bank of San Francisco.
6. You’ll have excellent job prospects
Because economists will always be needed across all industries, economics graduates are in great demand by employers around the world. According to The Balance Careers, potential job options for economics graduates include market research analyst, economic consultant, compensation and benefits manager, actuary, credit analyst, financial analyst, policy analyst, lawyer, management consultant, and business reporter.
Where to study economics
Now that we've established the many reasons to consider a career in economics, it begs the question: where should you pursue your studies? Iscte Business School’s MSc in Economics features an innovative curriculum designed to help today’s business students become tomorrow’s business leaders.
An English-taught, double-degree program with Poland’s AMBA-accredited Warsaw University and China’s EQUIS-accredited Southwestern University of Finance and Economics, the MSc in Economics is suitable for students with a strong technical background, and provides a rigorous, in-depth education in economic theory and policy at the graduate level.
It prepares graduates for careers as professional economists working for central banks, the banking industry, government institutions, and international organisations -- or as economic advisors and financial consultants. The MSc is also an excellent choice for students who wish to pursue doctoral studies in economics.
Meanwhile, Iscte Business School’s MSc in Business Administration provides more general management knowledge and is designed specifically for students without management-related backgrounds.
Whichever route you choose, you’ll reap the benefits of studying at one of Portugal’s leading institutions in the fields of economics and management, as well as one of the world’s most highly reputed higher education institutions. A central Lisbon location, international student body, entrepreneurial outlook, accomplished faculty and staff, vibrant alumni network, and commitment to sustainability add to the list of reasons why Iscte Business School is a standout in a crowded field of competitors.
One last thing to keep in mind: economists aren’t always right. Nor are they always in agreement with each other. However, they are always necessary. Not only do they help us investigate important questions such as why some countries are rich while others are poor, why women earn less than men, and what causes recessions, they also help the world develop solutions for a better future for us all.
Article written in association with Iscte Business School.