Business Economics

Frequently Asked Questions:

Is Business Economics the same as Business Administration?

Can I go to MBA school with a major in Business Economics?

How is Business Economics different from Economics?

I'm interested in International Business. How do I best prepare for that?

Do you have a question that we didn't answer?

What if I want to be a CPA?


1. Is Business Economics the same as Business Administration? Most Universities and a few small colleges offer an undergraduate degree in Business Administration, usually a BBA. This is primarily a technical degree that is designed to give you a detailed understanding of a particular functional area of business, such as accounting or marketing, with elective course work in other areas. It's a reasonable choice for those who have very specific interests in a particular aspect of business and who imagine working for a large corporation rather than in a small business or consulting.

Our Business Economics degree is not a BBA. The point of it is to give you a foundation of business fundamentals in a variety of areas (finance, accounting, marketing, etc.) that will form a basis on which you can learn the specifics that any particular career path requires. We are not going to make you an accountant or marketer, but we will help you to understand how all of the components of the business world fit together in order to solve real business problems and to adapt to a changing business and economic environment. Our Independent Study program also gives you the opportunity to put this knowledge to work with respect to a particular business-related problem of your choosing.

This kind of preparation is excellent for business consulting. A number of our students work for Andersen Consulting or Price Waterhouse Consulting. Smaller businesses find the flexibility of our students attractive and appreciate their understanding of the overall business enterprise. Of course, some students do work for larger corporations, National City Bank and Rubbermaid, among others.

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2. Can I go to MBA school with a major in Business Economics? We know of no significant MBA program that expects any particular undergraduate major for admission. An English or Philosopy degree can be just as good as one in business or Economics. What graduate schools do generally expect is a good academic record, solid analytical skills, and some exposure to business-related subjects such as accounting, finance, economics, statistics, and mathematics.

About 60% of our majors eventually go on for advanced degrees, most MBAs. They generally report that they felt that Wooster's education gave them an advantage over the other students. Similarly, our internship program demostrates that our students can be effective on the job as well as in the classroom.

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3. How is Business Economics different from Economics? As you might guess from the name, there is a lot of overlap between Business Economics and Economics. Both majors expect you to take micro- and macroeconomic theory, statistics, mathematics, and applied economics courses. The difference between the two majors is one of focus. The economics major is policy oriented and is mostly concerned with what economic theory has to say about macro and microeconomic policy decisions such as antitrust, inflation, unemployment, tax issues, environmental issues, and so on. Business Economics is concerned with economics issues too, but the main focus is on how the economic environment affects business decisions such as accounting rules, financing policy, and marketing issues and on how firms can function better internally.

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4. I'm interested in International Business. How do I best prepare for that? A liberal arts environment is one of the best settings for the study of international business.because it teaches you to be flexible and understanding of different ways of doing things. In addition, you should prepare yourself by studying at least one foreign language and culture in detail.

Wooster offers a specific integrated program of study for those who are interested in international business. You can choose to major in Business Economics or the language of your choice and then take complementary coursework in the other area.

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5. What if I want to be a CPA? We have a whole separate page on accounting and how it relates to Business Economics. Check it out!

Is something missing here? Let us know! Don't forget to include your e-mail address so that we can respond directly to you.

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Last update 14 October 1997 by Jws.