Learn the similarities and differences of the three majors of Economics, Finance and Business Administration in the article below that will help you choose the right major for your upcoming study abroad journey as well as career orientation. clearer future.
Watching: What is Economics?
The Similarities of Economics, Finance and Business Administration
1. Revolving around money
The way money is viewed will vary in each industry, but basically all three are based on the common foundation of money. Everything related to money needs principles, determination and clarity, so these three majors will not be suitable for those with a flying, free or liberal personality.
2. Presence of calculation
The level of Mathematics in each discipline also varies, but more or less the presence of numbers and calculations. If you just like working with words or pictures, you should consider carefully before choosing to study these three disciplines because not everyone is suitable for handling numbers, especially entering a wrong number often leads to to great loss.
3. The reciprocal relationship
These three industries are influenced by each other, so they often appear together. If you choose to study one of the three majors, you will probably know more or less about the other two to have a panoramic view.
Differences between Economics, Finance and Business Administration
1. Definition
Business Administration: This is the easiest major to imagine because, as the name suggests, this major helps you understand how to set up and operate a business or business household in order to make a profit. You can apply what you’ve learned to manage your own business or choose a piece of someone else’s business to work on.
Finance: The Sino-Vietnamese word “talent” means “money”, so this major will focus on money more deeply than the other two. When you choose to study Finance, you will acquire knowledge related to money such as banking, investments, loans, credit funds, insurance, debt and others.
Economics: This is a social science that studies the production, distribution, and consumption of goods and services from a holistic perspective. You will learn how to analyze and evaluate the interrelationship and impact of all business activities on the overall economy of society.
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2. Scope of influence
Based on the above three definitions, you can see that Business Administration is the field of study with the smallest influence because the content learned is only encapsulated in operating a company or business. Finance will have a broader scope of study because cash flow does not only flow in a business but is present in all industries and fields. Finally, Economics is the discipline with the widest coverage when it comes to assessing not just one but the entire business of people, and money is just one of the factors to evaluate.
3. Form of training
Business Administration is more about practice while Finance or Economics is more about theory and numbers.
4. Specialization
Business Administration has majors such as Human Resources, Marketing, Sales, Accounting,…. Finance is divided into three segments such as personal finance, corporate finance and public finance. Economics has two majors, Microeconomics and Macroeconomics.
5. Career future
When you choose to study Business Administration, you can start your own company or focus on pursuing a certain major such as human resources or marketing. While studying Finance, you can choose to pursue a career as a financial analyst, in other words, instructing money for individuals, businesses or governments. As for Economics, because you get to study both the whole and the details, you can just go into an economic analyst position for the government or business.
In general, with the skills learned in all three industries, you have a lot of career options because each industry plays an important role in society. For example, you can completely use the knowledge you have learned to become a reporter specializing in business, finance and economics of a certain newspaper.
Where to study Finance, Economics or Business Administration
?Hotcourses recommends studying economics in English-speaking countries with strong developed economies like the US , UK, Australia, Canada, New Zealand and Ireland. Thus, you will have the advantage of practicing the global business language and learning from proven successful business experiences. The schools that many students choose to study abroad for all three majors in economics are:
1. UK – Go to this link and find courses at the following schools:
University of Sussex
University of Nottingham
Lancaster University
King’s College London
Aston University
2. USA – Go to this link and find courses at the following schools:
University of Maryland
University of North Carolina At Chapel Hill
Texas A&M University Washington University in St. Louis
Rice University
3. Australia – Go to this link and find courses at the following schools:
University of New South Wales
University of Queensland
Monash University
Queensland University of Technology
The University of Sydney
4. Canada – Go to this link and find courses at the following schools:
McGill University
Western University
University of Alberta
York University
Simon Fraser University
5. New Zealand – Go to this link and find courses at the following schools:
University of Auckland
University of Canterbury
6. Ireland – Go to this link and find courses at the following schools:
Trinity College Dublin
University College Dublin
If you want to learn more about other options, you can contact IDP for free help from experienced educators.
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Conclusion
Within the limits of this article, Hotcourses Vietnam certainly cannot dig deep and clearly analyze each discipline for you, but can only offer the most obvious similarities and differences for everyone’s reference. The best way to distinguish these three fields in depth is to take the initiative to take the time to study each one. All three industries are closely related, so if you can master them all, your chances of career success will be higher.
