Commerce Or Economics, Which One Should I Study? (Explained)

Commerce Or Economics, Which One Should I Study? (Explained)

Our world is rapidly changing, and with that, the world of business has changed immensely too.

Economics and commerce are the real practical degrees for this changing world.

These degrees are increasingly important in a rapidly globalizing world, and each has its importance.

However, many students often find it hard to decide which degree – commerce or economics – will be more helpful in the business world.

Below, we’ll discuss the respective benefits of both programs.

Should I study Commerce or Economics?

Commerce and Economics are popular among college students because they are versatile fields that offer interesting, fulfilling career paths with high earning potential. There are several areas where both degrees overlap, as well as areas where they differ.

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Economics is an excellent subject to study for students, and it imparts some essential real-life skills and knowledge.

B.sc economics and Ba. Economics is the most common economics degree.

An economics degree teaches you to look at the bigger picture in light of the local and global economy.

It can thus prepare you to keep up with changing global trends and take your company to new heights.

An economics degree involves honing your critical thinking and analytical soft skills, both of which are highly valued in various industries.

Studying Economics will benefit you greatly as it allows you to understand the workings of the economy, which will benefit you and your company wherever you work.

Commerce has an increased emphasis on the finance aspect and allows you to study various disciplines.

Such as accounting, marketing, business analytics and includes some aspects of economics too.

Commerce focuses on trade, and on applying principles of international trade to e-retail and other systems.

Whichever major you pick depends on your inclinations, and which career path you want to take.

Below, we’ll talk more about the differences between these two degrees and the career path each offers.

However, if you still stay uncertain for one or two years there’s no need to panic because for two years both degrees have similar subjects so it would be easy to change to the other subject.

Commerce or Economics, what’s the difference? (Explained)

Commerce and economics are two majors that complement each other immensely while having their significance and importance in the business world.

Economics is a vast, broader subject to study and it covers almost all areas of the real business world.

The economic study allows you to examine how businesses, societies and individuals deal with limited resources just to contribute their part which can be beneficial for all businesses.

It also allows you to understand the intricacies of international trade, monetary policy, inflation, unemployment, government policies and exchange rates.

Economists maintain the balance between production and distribution of resources.

They collect data and analyze facts and use their findings for the final evaluation.

Economics thus allows you to understand not only business but also focuses on inside trade market issues and their solutions as it affects our daily lives.

Commerce on the other hand is also a well-renowned field, which similarly revolves around trade and economy.

Commerce is a narrower study of trade and business.

It is a subject of business that focuses on distribution features.

Through commerce, nations increase their standard of living as it improves the way services and products go from producer to consumer.

Commerce has many interlinked branches like accountancy, business administration, taxation and many others too.

With the help of a commerce degree, you can gain knowledge of financial management and you will know how to market any product.

If you want to take a step further in the business world and want to become successful, then commerce is an excellent choice.

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Commerce or Economics, what are the career options? (Explained)

Both these degrees prepare the students for the real workplace, both degrees have mostly similar career options.

Commerce degree holders can get job opportunities in the fields of accounting, finance, banking and auditing.

The skills you learn in your commerce degree are incredibly adaptable and can ensure you do well in a range of industries.

Working as a chartered accountant is one of the most prolific careers you can join with a degree in commerce.

Furthermore, you can work in a variety of public and private sectors as logistics, marketing or business manager, or as an auditor, marketing director and e-commerce manager.

Auditors can make $82,014 annually, whereas marketing directors and e-commerce managers make $90,286 and $92,151 respectively.

A career in economics can be far more diverse than you might think initially.

Economics affects almost every aspect of our lives as it is a discipline focused on understanding the science of human behavior and consumerism.

Economics graduates from reputed schools are in high demand for jobs as they will benefit the company with their skills and they are thus paid well.

Job opportunities are always there for candidates who are experienced, have advanced degrees and a local market experience that can benefit your job.

You can say an economics degree is a gateway to many job opportunities and you can easily join the leading companies in the world and with experience, you can progress very quickly.

With an economics degree, you can work as a financial analyst, economic researcher, and investment analyst, and these are just a few career options to avail.

Different job options with an economics degree have different wages. As a financial analyst, you can make $88,878 annually.

Economists, on the other hand, can make $102,311 per year.

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Commerce vs Economics, which one is harder to study?

Because of the complexities of math, students find Economics more difficult than Commerce. Economics math should be fine if you are comfortable with college-level math.

However, taking up any subject isn’t about it being easy or harder.

Rather, it depends on your interests.

As you know, commerce is related to business so if you have an interest in business and numbers then this is your field.

A commerce degree is generally for two years, and after that, you can opt for additional studies too.

Commerce subjects include math, accounting and economics predominantly.

If you’re comfortable studying these subjects, then opt for this program.

Commerce math isn’t intense so anyone who’s comfortable with math and has an interest can easily deal with this but if your math skills are poor then it might be a struggle for you.

However, if you still want to pursue a degree in commerce then with extra studies you can still perform best.

Students often find business studies to be one of the easiest subjects in a commerce degree.

Nevertheless, it all depends on your interest and future goals.

The average annual cost for a commerce degree starts at $4500.

An economics degree is demanding and challenging and it includes math, chemistry and various other subjects.

Economics is considered a social science and it’s based on math and statistics and applies these concepts to understand various political systems.

What makes economics difficult for students is figuring out how to envision various possibilities and think outside the box.

You need to think of various theories and models and develop theories for the future.

In an economics degree, you’ll have to study law, international trade, economic theory, banking, global finance and more.

You can complete your economics degree in four years, and opt for a master’s program of two years.

On average, an economics program can cost you around $106,900.

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Final Thoughts

Whether you pick economics or a commerce degree, you’re sure to have a bright career, both of these degrees help shape the business world for the better, and help it adapt to a rapidly changing social system.

There are various areas where both degrees’ overlap, and there are also areas where they differ.

Deciding on what to study is an important one.

Speak with trusted friends and family, even consult with a career consultant for advice.

Consider your strengths and weakness, likes and dislikes before deciding on the career path to study.

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