By definition as per Wikipedia, Business economics is a field in applied economics that uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labor, capital, and product markets.
The main focus of a Bachelor in Business Economics (BBE) is to develop an understanding of the financial sector and the corporate world. It involves the study of different topics like macroeconomics, microeconomics, financial systems, legal aspects of the trade, foreign trade, business analysis, etc. Bachelor’s in Business Economics is a 3year duration undergraduate program and is career-oriented.
Some of the popular undergraduate and postgraduate courses in Business Economics are-
To pursue Bachelor’s in Business Economics certain eligibility criteria are to be met by the candidates. Below given are basic eligibility criteria-
Candidates pursuing Bachelor’s in Business Economics must be good with numbers and other skills required are as follows-
-Quick writing ability
–Good communication skills
Admission to Bachelor’s in Business Economics is either done on the basis of merit or on the basis of entrance exam conducted by the institution.
Admission is on the basis of merit, candidates percentage is taken into consideration. If the candidate qualifies the cut-off percentage then the candidate is given admission.
On the basis of the entrance exam, candidates are required to appear for the entrance exam and the selection is done on the basis of their performance in the exam. Some of the universities that conduct entrance exams are Delhi University, Christ University, Guru Gobind Singh Indraprastha University, Manipal University.
The business economics field offer a plethora of career opportunities for graduates in this field. Below given are popular professional routes open to successful graduates of this course-
Business Development Executive:- Business development executives are responsible for attracting new consumers so as to sell more products through the use of effective marketing practices. Finding other companies to work alongside, build brand reputation, and develop a relationship with customers.
Business Planning & Finance Analyst:- Business Planning and financial analyst is responsible for budgeting, forecasting, and analyzing. Their job also includes managing a company’s cash flow.
Economics Business Analyst:- Economics Business analysts are responsible to examine economic data like GDP, demand and supply, taxation, income to aid the government, and other business organizations to make the right decisions.
Business Analyst:- Business analysts are responsible for bridging the gap between IT and the business using data analytics.
Teacher/Professor:- They are expertise in the field and train students who are willing to learn about the field.
Other professions may include editor/writer specializing in business economics, Tele-caller, Consultant, Personnel Manager, Assistant Professor, Medical Economics Manager, etc.
Due to the across-the-board application of economics in diverse sectors, graduates are employed across a multifarious range of areas. Below listed are some employment areas-
-Bharti Airtel Ltd
-HCL Infosystems Ltd
-ICICI Bank Ltd
-Finance Karvy Consultants Ltd
-Modi Xerox Nestle India Ltd
–National Informatics Centre (NIC)
-North-Eastern Development Finance Corporation Ltd.
Being an economics major you’ll get to work in various fields and you’ll be paid as per your job profile. For instance, the starting salary of a Business Analyst is Rs 5-6 LPA, a Business economics professor may earn around Rs 9LPA, a Business Development executive may earn between Rs 2-3 LPA. Thus you can figure out the pay scale depends on the job profile of the person.
Some after completing Bachelor’s in business economics would like to go for higher studies. Pursuing a postgraduate degree in Business economics is a two-year duration program. Candidates who are willing to pursue higher education can go for-