Art Students Exploring Economics: Is It Possible?

Art students can study economics at university. Economics is a social science that explores the economic segment of society and is often included in social science departments at universities. It is a broad subject that can be studied alongside other arts disciplines, such as history, theology, and music. Economics can be studied as a Bachelor of Arts (BA) or a Bachelor of Science (BS). A BA in Economics involves more qualitative study, while a BS is more focused on mathematics and statistics. Economics can provide a good foundation for a career in business or management, and it is also useful for teaching and journalism.

Economics as a social science

Economics is a social science that focuses on the production, distribution, and consumption of goods and services. It is concerned with the analysis of choices made by individuals, businesses, governments, and nations in their efforts to allocate limited resources efficiently. This field has significant ramifications on politics, psychology, business, and law, among other disciplines.

Economics can be divided into two main branches: microeconomics and macroeconomics. Microeconomics delves into the decisions of individuals and businesses, exploring how they respond to price changes and why they demand specific products or services at certain price levels. It also examines how goods are valued differently, how individuals make financial decisions, and how they trade, coordinate, and cooperate. On the other hand, macroeconomics investigates the behaviour and performance of an economy as a whole, focusing on recurrent economic cycles, economic growth, foreign trade, government policies, unemployment rates, inflation, interest rates, and business cycles.

Andrew M. Kamarck, former Director of the Economic Development Institute at the World Bank, offers a critique of traditional economic theory in his book, "Economics as a Social Science." He challenges the assumption that individuals lack free will and instead emphasizes the ability to make choices. Kamarck's work acknowledges the influence of emotion, custom, habit, and reason on human behaviour, recognizing that people are complex and adaptable. He also highlights the importance of integrating knowledge from other disciplines, such as history, psychology, and literature, to gain a comprehensive understanding of economic systems.

Art students interested in economics can pursue a dual degree program, such as a Bachelor of Economics/Arts, offered by universities like The University of Queensland. This allows them to develop specialized economics training while exploring a range of arts disciplines. A degree in economics can lead to various career paths, including roles as analysts, advisors, consultants, or researchers across multiple industries.

Career options for economics graduates

Art students can study economics at university, and an economics degree can lead to a wide range of career paths. Here are some of the options available to economics graduates:

Professional Economist Careers

Professional economists are involved in researching, analysing, and forecasting economic trends and issues. They work with data and use their specialist knowledge to advise clients and organisations on policy and business strategy. Possible employers include local and national governments, banks, insurance companies, think tanks, multinational corporations, financial consultancies, and local authorities. A strong awareness of current affairs and economic contexts is crucial in these roles.

Economics Careers in Banking

Economics graduates are highly sought after in the banking sector, particularly for roles in financial control, financial planning, risk analysis, data analysis, and consultancy. Banking careers often involve advising clients and providing financial services, with a focus on helping them manage their finances effectively.

Economics Careers in Accountancy

While further professional qualifications are needed to become a qualified accountant, many accountancy roles are open to economics graduates. These roles involve monitoring and interpreting financial data, and economics graduates are well-suited to these positions due to their ability to make sense of complex data sets and identify financial problems.

Economics Careers in Business and Financial Consultancy

Economics graduates often find positions in medium to large organisations where economic research is required. They may work as economic researchers or financial consultants, producing reports, analysing data, and advising on business strategy. Staying up-to-date with industry knowledge and corporate finance is essential in these roles.

Economics Careers in the Public Sector

Economics graduates are valuable in the public sector, especially in areas like pricing and risk analysis, financial consultancy, and economic planning. They often work in public taxation, transport, commercial services, waste services, energy, and other areas of government spending. The demand for economists in the public sector has increased due to the recent global recession and tighter economic regulations.

Actuarial and Data Analysis Careers in Economics

Actuaries are business professionals who assess and advise on financial risks. They use their knowledge of business and economics to compile reports and devise strategies to mitigate these risks. Entry-level roles are typically in pensions and insurance, but actuaries may later move into banking, investment, and healthcare. Effective communication skills are crucial for conveying complex data to non-experts.

Alternative Economics Degree Jobs

With an economics degree, graduates can also explore alternative career paths such as auditor, stockbroker, insurer, business manager, retail merchandiser, pricing analyst, statistician, financial consultant, or salesperson. Additionally, economics graduates can find opportunities in broader fields like business intelligence, international development, human resource management, IT, journalism, law, management, market research, politics, public relations, social research, and taxation.

The benefits of studying economics alongside art

Studying economics alongside art can be highly beneficial for art students. Here are some of the advantages:

Career Prospects and High Earning Potential

Economics graduates are in high demand across various sectors, including business, law, government, medicine, international relations, and non-profits. With a degree in economics, you will have excellent job prospects and potential career paths available to you. The average starting salary for an economics graduate in the US is $66,000 per year, and this can increase to over $146,000 as you gain experience.

Transferable Skills

Studying economics will equip you with valuable transferable skills that can boost your employability in any industry. These skills include spoken and written communication, analytical and problem-solving abilities, and business acumen. You will also develop an understanding of economic concepts and their application to real-world situations, enabling you to make better decisions in your personal and professional life.

Understanding Your Own Spending Habits

Economics will provide insights into your personal spending habits and values. For example, by learning about Willingness to Pay (WTP), you can understand the gap between hypothetical and actual WTP, helping you make wiser financial decisions.

Mastery of the Field's Nuances

Economics is more than just curves, models, and relationships. It involves understanding the assumptions of rational behaviour and knowing how to navigate situations where those assumptions fail. By learning about cognitive biases that affect economic decision-making, you will be able to predict human behaviour in the real world, whether people act rationally or irrationally.

Improved Career Prospects in the Creative Industries

Integrating economics into your art studies can enhance your career prospects within the creative industries. Art departments often forge links with creative practitioners, companies, and agencies, providing opportunities to learn about various art and design careers. Understanding the economics powering the creative industries can make you more effective in your chosen field.

In conclusion, studying economics alongside art can provide a well-rounded education, improving your career prospects, enhancing your earning potential, and equipping you with valuable skills and insights that will benefit you both personally and professionally.

The difference between a BA and a BS in economics

The Bachelor of Arts (BA) and Bachelor of Science (BS) in Economics are both undergraduate degrees that can prepare you for a wide range of careers, including business, finance, law, graduate school, and public service. However, there are some key differences between the two degree paths.

The BA program offers a broad mix of courses in economic theory and empirical analysis, with flexibility to suit individual interests. It is designed for students who plan to pursue careers directly after graduation, double majors, or double degrees. The BA degree complements studies in fields such as engineering, political science, psychology, and mathematics. The University of Albany notes that the BA is the program of choice for most economics students as it provides a good background for those who plan to start working immediately after graduation. Additionally, BA students may have language requirements or minors that can broaden their education.

On the other hand, the BS program is STEM-designated and emphasizes the development of mathematical and econometric skills that are in high demand. The required courses and electives in the BS program focus on conducting economic and econometric analysis. Due to its quantitative focus and slightly more rigorous course of study, the BS program is good preparation for entry into analytical positions or various graduate programs, including economics. BS students are required to take more math and science classes, specifically in calculus, econometrics, and advanced economics, as evident in the University of Albany's BS in Economics curriculum.

In summary, the BA in Economics offers more flexibility and a broader education, while the BS in Economics emphasizes quantitative skills and prepares students for analytical roles or further graduate studies. The choice between the two ultimately depends on your career goals and interests.

How to choose the right economics degree

Choosing the right economics degree is an important step towards a career in the field. Here are some factors to consider when making your decision:

Economics Single Major or Double Major

If you want to focus solely on economics, a single major in economics within a Bachelor of Commerce or Bachelor of Philosophy (Honours) degree is a good option. This will provide you with a strong foundation in the subject and allow you to diversify your skills by pairing it with another subject of interest. For example, you could major in Economics and Business Law, or combine Mathematics and Statistics with Economics as a second major.

Bachelor of Economics and Master of Economics (Combined)

If you are certain about pursuing a career as an economist, specialising in economics through a combined Bachelor's and Master's degree can be a direct path. This option can potentially shorten the duration of your studies, allowing you to receive two degrees in four years.

Bachelor of Philosophy, Politics and Economics

For those interested in the broader implications of economics, a Bachelor of Philosophy, Politics and Economics offers an interdisciplinary perspective. This degree combines three complementary disciplines, providing a rigorous course of study for those keen to engage with social issues from multiple angles.

Bachelor of Arts vs. Bachelor of Science in Economics

Another factor to consider is whether to pursue a Bachelor of Arts (BA) or a Bachelor of Science (BS) in Economics. The choice between the two depends on your abilities, interests, and goals. The BA is suitable if you are drawn to the analytical and challenging nature of economics as a social science. On the other hand, if you enjoy mathematics and the sciences, the BS in Economics, with its stronger emphasis on quantitative methods, may be a better fit. Additionally, if you plan to pursue a Ph.D. in economics or a Master's degree in Applied Economics, the BS is the recommended choice as it includes the necessary calculus requirements for graduate studies in the field.

Career Goals

When choosing an economics degree, it is essential to consider your career aspirations. Economics degrees can lead to a wide range of careers, including financial risk analyst, financial consultant, economist, accountant, and economic consultant. Think about the specific skills you want to develop and the industry you want to work in. For example, if you are interested in economics and have strong mathematical skills, a career in actuarial and data analysis may be a good fit. Alternatively, if you are interested in the intersection of economics and social issues, consider the range of careers in the public sector, such as economic planning, public taxation, and transport services.

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