Business administration, business management, and economics are in the field of business science studies. Students who are major in these three disciplines have to study the economic processes and approaches. Let’s explore the main differences between these two majors.
What is business administration?
Business administration is also a subfield of business science. It teaches students how to deal with economic management within businesses. The business administrator is responsible for planning, supporting, and analyzing regulatory matters like product procurement, logistics, marketing, etc. All of which is to ensure that one business can successfully achieve its goal. The premise is that all goods are essentially rare, and we need to handle them efficiently.
The business administration field can be divided into two main domains: general business administration and business degree specializations. General business administration is cross-functional and multidisciplinary business administration. It focuses on planning, organizing, and decisive calculations in companies. On the other hand, when you search for business degree specializations, you’ll quickly see that it relates to specific segments and departments like marketing, human resources, or finance.
What is economics (degree)?
Economics is also a critical field of study in business science. Instead of focusing on companies, it examines the entire economic region, like the European Union. When considering issues related to the economy, all production and good distribution rules are considered according to the economic conditions.
Economics makes recommendations related to economic issues based on statistics. This is a very important operating system for every political decision as it associates with GDP, inflation, taxes and services, etc.
Economics also covers topics related to monetary theory and environmental policy. You’ll often come across terms like micro and macroeconomics, finance and econometrics are permanent components of the work that discusses the relationship between different economic assets.
The general differences between business administration and economics
As pointed out, the fundamental difference between business administration and economics is BA deals with business-related problems. In contrast, an economics major has to deal with more significant issues since it considers economic processes as a whole. The goals and approaches of each major are entirely different. Thus, if we view the same situation from these two perspectives, we can yield disparate results.
However, both business science subdivisions still cover some same topics. For instance, economics majors also study behavior in households and businesses, with issues related to both areas overlapping. An economics degree program covers aspects of business administration and vice versa.
Should I study business administration or economics?
In general, both majors are good choices when it comes to economics-related subjects. Both programs tackle economics and prepare you for a future in management.
You must decide whether you are more interested in internal business processes and want to deal with issues such as accounting, marketing, and procurement, or if you prefer operations that involve the entire economy, including global economy, the labor market, government debt and price stability.
What can I do with business science degrees?
Whether choosing to study business administration or economics, your career prospects are the same. Business administration and economics fields will always be needed – both degree programs will guarantee you a secure job in the future.
For example, with a degree as a business administrator, you can get a permanent position in the company as a manager, marketing director, or human resources director. Furthermore, you’ll also have the chance to become an independent business consultant and can assist companies in optimizing their decision-making processes.
On the other hand, with an economics degree, you can choose to work in a company or become a freelance consultant, or you can also choose to work in public administration. Areas of employment may include finance, taxation, trade associations, market research or media.
Internships during your studies are extremely important as it is the way to gain professional experience. If you have the opportunity, join the internship while still in school.
The Swiss Institute of Innovation and Management offers the bachelor of business administration and Master of business administration (MBA) programs. The program is designed for the business administration program to study full-time in Switzerland or follow the Hybrid learning model combining short-term study abroad and research on the Eduner system at Asian campuses in 1.5 years.
SIMI’s Bachelor of Business Administration (Hons) Top-up program focuses on leadership capacity, people management capacity, and activities to ensure sustainable business operation and management. At the same time they are equipping students with business research skills, one of the most important skills that every manager needs.
The specialized Bachelor of Business Administration (BBA with Hons) program is a dual degree program that offers two independent Bachelor’s degrees with two majors. The program is a collaboration between the UK national diploma examination system according to Level OTHM and the Swiss Institute of Management and Innovation. Both institutions pass institutional and programmatic accreditations.
Source: The Swiss Institute of Management and Innovation