How can I study economics very well
Study business administration, economics and economics
Those who want to study economics have various options with business administration (BWL), economics (VWL) and economics. We explain where the similarities and differences lie.
Business administration, economics or economics?
The mutual delimitation of the three subjects is actually relatively easy: Business administration and economics are the two major fields of economics. So if you study economics, you will learn both business and economic content. All three subjects deal with economic processes and relationships. If you want to study economics and pursue a career in management, this area of study is the right choice for you. However, there are some differences in content that you should be aware of beforehand. Always take a look at the curriculum at the individual universities. Because even if the subjects are named the same, their contents can vary. There are universities, for example, which offer economics as a subject, but only convey business administration knowledge in terms of content. Depending on the university, the names of the subjects can be completely different: For example, you can find business administration under the term business administration and economics can also mean social economy. Related subjects are Business Management and International Business Administration. If you definitely want to work in management, there are numerous specific study options that prepare you for the managerial profession. In addition to basic business knowledge, you can often commit yourself to a certain specialist area such as sports, health, IT or media.
Incidentally, there are also many distance learning courses in the business department.
Study business administration
If you don't want to specialize in a specific topic straight away and keep your professional opportunities in business completely open for the time being, the subject of business administration is right for you. As the term business administration suggests, this degree focuses on business or company-oriented content. You examine economic processes from an entrepreneur's perspective. Accordingly, you deal with questions about the optimization of economic processes in a company. You will learn everything about the organization and management of a company. The content of the business administration course is primarily about the individual company. In the first semesters you will learn basic economic knowledge. This includes math, accounting, and statistics. This is followed by subjects such as management, marketing, human resources and corporate governance. You will be trained to be an all-rounder and for different areas of the company. During the course of your studies, you can choose specializations based on your interests, which should prepare you for everyday professional life together with practical projects. Depending on the university, you will also deal with legal and social science issues.
In contrast, economics (VWL) looks at macroeconomic processes in connection with social developments: in other words, the big picture. The focus here is not on the individual company, but on the entire economic system. In the economics degree you deal with the influences of economic factors such as income, supply and demand on the economy. In addition to economic processes, you will also examine human behavior and use it to describe the development of prices, wages, trade, etc. If you have decided on economics, you will take basic mathematical and economic subjects as in the business administration course. In the further course of your studies you will attend courses such as economic theory, economic policy, industrial and environmental economics, public finance or health economics. You will get to know important economic models and theories with which you can investigate connections between economy and society. For example, you are concerned with the question of what a good tax system looks like or what effects unemployment has on the economy. Economics often overlaps with other subject areas, which is why, depending on the university, you will also gain insights into subjects such as sociology, psychology or law.
The subject of economics combines these two sub-disciplines. If you are interested in the holistic teaching of economics, you are in good hands here. Accordingly, in this course you will deal with the most important contents of both subjects. While all three subjects can be very theoretical at the beginning of the course, it often becomes more practice-oriented as the semester progresses. The basic mathematical, analytical and economic understanding that you learn in the first semesters is then used in practical projects, internships, analyzes and presentations. The topics can often be found in current politics and economics. Depending on the university, the projects also take place in cooperation with companies and this gives you the opportunity to make important contacts. Since economic processes also extend beyond Germany's borders, you will also improve your language skills and take courses such as Business English.
If you notice during your studies that you are a little more interested in one of the disciplines, you can often specialize in the master’s degree. But even if you decide directly for business studies or economics, you are not locked in one area forever. You will also learn the basics of business administration in the economics course and vice versa. In addition, you can often choose specializations in higher semesters and thus acquire even more knowledge from the other subject.
Studying economics - does that suit you?
If you want to study business administration, economics or economics, you have to meet some requirements. You need at least the advanced technical college entrance qualification and even the Abitur to study at a university. You can study at least one of these three subjects at almost every university in Germany. Often the admission to the course is still regulated by the NC (Numerus Clausus). However, this can vary greatly, which is why you have a chance of a study place even with a poor school-leaving certificate. In addition to the general interest in business, politics, society and law, you should also enjoy dealing with numbers and be able to think analytically. This is the be-all and end-all if you want to study economics. Almost everything that you learn during your studies and then apply later is based on a basic mathematical understanding. Since the course primarily prepares you for a career in the private sector, you should also be ambitious, have a confident demeanor, be able to deal well with people and be able to make decisions and take responsibility.
Your job and career prospects
Despite the popularity of business subjects and the resulting job competition, your chances of starting your career with confidence are very good. Business, economists and economists can be found almost everywhere and their specialist knowledge will continue to be needed in the future. Accordingly, many paths are open to you after you graduate. With a business degree under your belt, you can work in companies as a marketing manager, controller or HR manager, for example. Or you work in a management consultancy and support companies with your expert knowledge in important decisions. As an economist, you can also work in a company or in a consultancy. But economists are also welcome in public administration, in the media, in finance and taxation, in business associations or in market research. No matter which of the three subjects you studied: If you are determined and show interest, you can be successful in any of these professional fields. Use the practical projects and internships during your studies to find out which subject area you particularly enjoy and where you could see yourself professionally in the future. If you want to work in a higher management position, you should definitely also get a master’s degree. In the private sector, with a good degree, a lot of ambition and innovative ideas there are no limits to the top of the career ladder.
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