Career Paths in Business and Economics

Over time, the field of business and economics has carved out an independent, prominent place for itself among the academic disciplines, despite still formally falling under the umbrella of social studies. In comparison to other social sciences, modern business and economics greatly differs in its academic culture, teaching and learning methods, and research areas. It provides its students and graduates with a degree that is highly regarded on the job market, specific job titles in Germany (Kaufmann/Kauffrau – “merchant”, Ökonom*in – “economist”), and above-average career opportunities.

Upon graduating, despite numerous students of economics staying in academia, the call of "the market" certainly has its allure for many. Knowledge about economics is needed, and economists are needed to wield this knowledge!

While differentiations within the discipline between micro- and macroeconomics continue to take root, the traditional fields of business administration and economics are gradually converging again, particularly within the areas of leadership, management, innovation, and accountability. (Translator’s note: In Germany, the fields of business administration and economics are often seen as flipsides of the same coin. Indeed, they also share a similar name in the language: Betriebswirtschaftslehre, lit. “business economics education”, and Volkswirtschaftslehre, lit. “public economics education”.) 

Concretely, the charm of business and economics on the job market can be attributed to the coupling of theory and practice, the use of empiricism and statistics, as well as the transferability of a wide range of tools and methods. For those looking to get started in these fields, regardless of subfield, it’s worth gaining an understanding of the tools used in both business administration and economics.

While it is possible to enter into the business administration job market with just a Bachelor’s degree, a Master’s degree is often required for similar career opportunities in economics.

While it might appear that the paths of business and economics professionals diverge once they begin to enter their respective job markets, they do regularly converge again at professional associations, industry umbrella organizations, supervisory bodies, and during cases of reinsurance – all also in international contexts.