Finance vs. Economics: Which one is better to study?
Undoubtedly, in this present scenario, most students run for the most demanding courses. They have the perfect mindset that completing a prominent degree means getting a high salary package. Due to it, they compare when it is a time to pursue any degree such as commerce students look for Finance vs. economics.
On the other hand, medical students are confused between B.A.M.S and M.B.B.S. Among all the study disciplines, Finance and economics have a huge demand. Each commerce student faces a dilemma: which one is best for them?
Do you have an interest in money, marketing, and so on? Are you also one of those who are confused about Finance vs. economics? If yes, then the below-mentioned information is relevant for you. Here we cover all the prestigious information that will help you in clearing all of your doubts.
So, let us start with understanding the difference between Finance and economics.
|Sr.No.||Key Points about Finance vs Economics|
|1.||Both of these are interrelated disciplines.|
|2.||Finance is derived from the economics that includes assessing, money, banking, investments, and so on.|
|3.||Finance has three major branches- Public Finance, personal Finance, and Corporate Finance|
|4.||Economics have the two major categories- macro economics (related to overall economy) and microeconomics (particular factors within the economy)|
Finance vs. Economics: How to differentiate both of these?
With the help of the below-mentioned comparison chart, you can clear all of your queries regarding the definition, management, and so on.
||Definition||The study of economics related to the management of goods and services. It also consists of the production and consumption and study of other factors that affect it.||Finance is all about the science which is related to managing the funds, cash and risks related to it.|
||Branches||There are two major branches of the economics in the following ways:
● Macro economics
● Micro economics.
|Finance is also divided into the following categories:
● Personal Finance
● Public Finance
● Corporate Finance
||Related Course||● Philosophy of economics
● Laws and Economics
● Political Economics
● Chartered Financial Analyst
Reasons to study Finance
For the majority of learners, Finance and economics both are the same things. However, when you commence the research about both of these disciplines, you may find it confusing. However, you do not need to be confused about it. There are numerous reasons to study Finance.
The major advantage of choosing Finance is that you will get a lucrative opportunity to study the global financial markets, business strategy, and so on. You will learn more about investments, financial analysts, the stock market, and so on. After studying all these, you have a strong base in the theory portion.
You will study various following topics when you opt for the option of Finance:
- Financial Analytics
- Principle of economics
- Corporate Finance
- Private Equity
- Venture Capital
- Ethics, Corporate Government and Law
- Investment and Portfolio Management
As Finance is a broader category to study, there are several options that you can choose for the study.
- Finance and Investment
- Business Finance
- Accounting and Finance
- International Finance and so on.
Even if you want to study in another country, then you will get plenty of options there. As a result, you can earn a lucrative amount of bucks in foreign countries too.
Reasons to study Economics:
Economics is one step ahead of the bucks. It includes several more factors that include labor, goods, services, and so on. In addition to that, learners will learn numerous topics in the study of economics. If you love to study theory, then it is an ideal option for you.
- Business Foundation
- Business Analysis, Methods, and Techniques
- Principles of Economics
- Microeconomics and Macroeconomics
- Political Economy, and so on.
If you are interested in economics, then there are various specialized fields that you can consider. Here is the list of some courses in economics that you can consider.
- International Economics
- Labour Economics
- Development Economics
- Financial Economics and so on.
Career options in Finance and Economics:
Either you consider Finance or economics, you will not find any discrepancy in the job opportunities. In addition to it, you can choose any of the job opportunities as per your preferences. Here is the list of some job options that you can consider.
Career options in Finance:
|Corporate Banking Officer||Financial Advisor|
|Bank Examiner||Estate and Tax Planner|
|Banking Officer||Employee benefits Manager|
|Loan officer||Financial Analyst|
|Credit Analyst||Capital Budgeting Manager|
|Financial Planning Manager||Securities Analyst|
|Vice-President of Finance||Portfolio Manager|
|Account Executive Broker||Pension Fund Manager|
You can choose any profession after studying Finance. All you need to do is, pay attention to the study of Finance if you want to get the highly paid positions.
Career options in Economics:
Here is the list of some great career options if you go for economics.
|Financial Risk Analyst||Financial Planner|
|Financial Consultant||Investment Analyst|
|Actuary||Public Sector Roles|
If you opt for the career option of a professional economist, then you will have to do research and analyze the data, trends, and issues. Moreover, if you are a graduate, then you can opt for the option post-graduation. In addition to that, you can find a job in multinational companies and so on.
Right from the study options to the career options, you will get plenty of choices beyond your thinking level. All you need to do is work on the different strategies and gain more knowledge about Finance vs. economics.
Which one is better?
Both of these are demanding courses that you can consider. However, for us, it is hard to differentiate which one is better between both of these.
First of all, you will have to look for your interest in either Finance and economics. It is always recommended to choose the field according to your interest, not because of pressure.
In the end, if you have proper knowledge about both of these disciplines or Finance vs. economics, then you can easily choose one of the options. Initially, research it and then take the accurate decision.
- Which is easier, Finance or economics?
Economics is a little bit difficult as compared to finance. However, things rely on your interest too. If you have an interest in economics, then it will be easier for you.
- Which profession has the highest salary package?
In the case of salary packages, Finance has a higher salary package as compared to economics. However, the rest of the things also depend on the company in which you are doing your job.
- Are finance jobs in demand?
The employment rate of the financial analyst is forecasted to surge by five percentile from the period of 2019 to 2029.