Minors for Accounting Majors: Economics
In my last post, I discussed the Valeant Tax Pharma debate, but for this blog I’ll be taking things in a different direction, exploring how some minor degrees can help to offer a greater variety of career options for accounting majors. In this article, I’ll examine another: Economics.
Economics: The Study of Human Behavior Related to Consumption of Resources
While finance is the study of money, economics is the study of the influencers of monetary value. Economics gives you an understanding of the social and political will that drives both policy and market conditions. It’s largely considered a social science because of its focus on the human fallibilities that predict market fluctuations.
Economists work in many fields including academia, government and in the private sector. They study data and statistics and evaluate this information using advanced methods in statistical analysis, mathematics and computer programming in order to make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin..
In other words, while financial experts might look closely at the fluctuation of numbers, economists look at the human behaviors and phenomena that might have caused these fluctuations.
Careers in the Private Sector
Management consultants, financial analysts, and budget officers require a firm grasp of accounting practices as well as a macro-perspective on the economy and business practices.
Careers in the Public Sector
Accounting majors prepare students for rigorous data analysis, which can be highly beneficial for those who want to influence public policy and its overall effectiveness. For students with an interest in human behavior and how it affects the global economy, a minor in economics might lead to a career as a political strategist, or a policy or budget analyst.
In my next post, I’ll start to discuss potential areas of accounting that may interest new Accounting majors.
Lewis Daidone is a Certified Public Accountant, and a consultant to financial services firms and technology companies.