What is an export surplus? Do the banks need to be more regulated? Why is youth unemployment so high in countries like Italy and Spain? Economics (VWL) deals with questions like these.
Subject of the subject economics
Economics deals with the economic systems of individual states and economic areas . In contrast to business administration , it does not examine how individual companies function economically. Rather, it has the big picture in mind. Economists research, for example, how existing resources can be used as efficiently as possible so that the economic prosperity of a country or a confederation of states is secured. As economic processes around the world are becoming more and more intertwined, they must always also include global economic relationships in their analyzes.
Economics as a subject
The subject of economics is usually divided into five sub-areas :
- The Microeconomics deals with the behavior of small economic actors such as households or businesses.
- In macroeconomics , macroeconomic relationships are examined. Topics include economic growth and unemployment.
- The Finance highlights the financial economy of the state. Economic policy issues are also examined.
- In empirical economics , students learn how to collect and evaluate statistical data.
- Business administration is also on the curriculum, because economists also need to know how individual businesses operate.
In the higher semesters, students can set their own priorities. Depending on the university, topics such as sustainable economics or globalization are available.
Why do a master’s in economics?
The majority of all graduates follow a master’s degree after a Bachelor’s degree. A master’s degree is a prerequisite for holding higher positions or embarking on a scientific career . The master’s programs are often very international. Some of the lessons are held in English and students have the opportunity to specialize in areas such as development economics or technical economics.
Requirements for studying economics
The economics course is offered at more than 50 German universities and technical colleges. The first requirement for studying is an interest in economic contexts . If you want to study economics, you should also have basic knowledge of math . Some universities offer courses in which you can polish up your mathematical knowledge at school before starting your studies. Knowledge of the English language is also important in order to understand English specialist literature.
Graduates of the economics course have a wide variety of professional fields open to them. Classic employers are:
- Large service providers in the financial sector
- Economic consultancy
Economists, for example, are responsible for risk management or advise companies.
Many graduates stay true to science after completing their master’s degree and work at universities and research institutes. There they examine economic relationships and developments and make recommendations as experts. Positions as academic speakers in political parties and ministries are also possible. Graduates can pursue an international career , for example, at international organizations such as the UN or the World Bank.
Entry into the profession is not always easy for economists. In addition to a good qualification, many employers require foreign language skills and experience abroad . It is therefore advisable to spend at least one semester abroad during your studies. A study visit abroad gives students the opportunity to develop their subject and at the same time gain valuable additional qualifications. For example, they learn to work in international teams, improve their language skills and acquire soft skills such as flexibility and the ability to assert themselves.