Studying Undergraduate Business: Should I get a B.S. in Business or B.A. in Econ?
Students all over the world who are eager to pursue a career in entrepreneurship or consulting flock towards studying undergraduate business. Because of their popularity, these specialized programs tend to be more selective than the general studies program at the school of arts and sciences at that particular institution. For example, the Stern School of Business has an 8% acceptance while the overall acceptance rate at New York University is 14.5%; Wharton has an admit rate of 6.4%, slightly below UPenn’s overall of 7.4%. Undergraduate business schools are typically more difficult programs to earn a spot in than some of the other sub-schools at their respective universities.
Before committing to apply to one of these undergraduate business programs, you should pause to consider whether or not such a program best suits your educational and career trajectory. This is especially important if you’re going to be stacking the deck against yourself by applying to more competitive programs. You’ll also want to consider whether an Economics major would be right for you instead as business programs are highly competitive and you need to be the right fit! Alongside outlining the difference between studying undergraduate business and pursuing an Economics major, we have also included scenarios where students have contemplated studying business at the college level and whether your situation would benefit from such an academic path or not.
Studying in an Undergraduate Business Program
Before we get into the criteria for making your decision, let’s discuss what the primary differences are between studying in an undergraduate business program and pursuing an Economics major in a school of arts & sciences. To start, undergraduate business schools are usually offshoots of a prestigious business school for MBAs. This means that, simply put, undergraduate business school courses are quite similar to MBA courses. The classes typically focus on hands-on problem solving relying heavily on case studies, group work, simulations, negotiations, and other real-world issues. At many institutions, you can focus further on a business-related concentration such as finance, marketing, or management. These are usually the pillars of a first-year curriculum for MBA programs.
Pursuing an Economics Major
On the other hand, an Economics major in a typical liberal arts program would focus largely on economic theory before embarking on practical application of those concepts. This is emblematic of the liberal arts experience in which students build a foundation by starting with an abstract idea and then build upon it before applying it. It should be noted that just because the liberal arts model starts with and focuses on theory does not make necessarily make it less advanced. That fact also does not make the liberal arts model less diverse in terms of curricular offerings. Economics majors have the potential to take cross-listed courses, blend their study with other disciplines, and even take a broad base of offerings within the major itself. At Dartmouth College, for example, Economics students can take hyper-specific classes on topics ranging from on developing economies, industrial organization, money and finance, labor, the public, and international economics.
Key Differences
At a liberal arts school, you’ll be taking more diverse coursework across many disciplines. This is especially the case at schools with core curricula (UChicago, Columbia, etc.) and colleges with reasonably strong distributive requirements (most schools). When studying undergraduate business, students are confined largely to the offerings within that program and typically don’t have the time or ability to minor or major in a subject in one of the other schools or even take classes beyond business because of time or space constraints. That said, each program is different, so you’ll need to do your research. The Haas School of Business at UC Berkeley does a particularly good job of making sure its students can take advantage of the liberal arts education alongside their business studies. Wharton students can take classes across the three other undergraduate colleges at Penn.
For most students interested in business, the liberal arts track will be more suitable because of the broader base of experiences and knowledge as well as the skills built (research, critical reading and writing, communication, etc.) that will be useful in any business pursuit. The intentional flexibility of the liberal arts model can often make for a more nuanced candidate for even the most technical jobs. Whereas at an undergraduate business program, you would have more specific hands-on experiences, which will prepare you to jump into consulting or investment banking jobs immediately once you’ve graduated.
Is Business the Right Undergraduate Program for You?
Now that you’ve gone over the educational basis of the different types of programs, let’s get into some criteria for making your choice between programs starting with some of the most common reasons I hear from students and their parents for studying undergraduate business:
“I want to be a businessperson.”
Those who want to be involved in a business-oriented career need to think a bit more carefully about what that entails or what part of studying undergraduate business is enticing to them. This reflection can be a difficult for a high school student, so you don’t need to paint yourself a crystal-clear mental picture. But, you should still have better and more specific reasons than “I heard this is the best way to make a lot of money.” If that’s your goal, there are plenty of ways to make money in life and the generic academic pursuit of business study won’t necessarily bring you closer to that goal.
A lot of people I challenge on this question respond with the clarifying addition that they eventually want to start their own businesses. Even this response, although still vague, allows them to hone in on specialized programs. Babson, for example, has an excellent undergraduate Entrepreneurship program that would be worth researching further. If you are enthusiastic about wanting to start your own business, you also don’t necessarily need to wait until college – plenty of people take the plunge while still in high school. This can be a great initiative to build your leadership skills and convey to undergraduate business schools that you’re passionate about the practical side of the field.
“I want to have a better shot at getting into an MBA program.”
This is an uncompelling reason, so you need to erase this from your mind. No MBA admissions officer will tell you that they were impressed by a candidate because of their decision to go through seven years of business school case studies. It’s not that this kind of background would necessarily hurt you in the MBA admissions process (although it might make you seem like a candidate who lacks imagination), but that it’s somewhat repetitive. Just as a law school candidate isn’t going to impress Harvard Law School with legal knowledge or a “pre-law” curriculum, MBA candidates seldom make the case for themselves by boasting a business-like academic background.
“I want to get a better job.”
This is a better reason than the first two and suggests that the student has put a bit more thought into the decision, as statistics do show that business graduates earn a higher salary than Economics majors. If you don’t intend to go for a post-graduate MBA, undergraduate business school can help you prepare better for a consulting or finance job. On the other hand, those would-be employers hire just as many people who are Economics majors or even non-Economics majors from schools with liberal arts curricula, so studying undergraduate business isn’t an absolute necessity. To prepare for those interviews (and the resultant jobs), you can just crack open a classic case studies book like Case in Point or read upon some Vault guides. You’ll get the necessary training on the job at almost any big company.
“I want a more practical approach to business.”
If you’re someone who prefers much more hands-on learning over theoretical, studying undergraduate business may be the correct route for you. A significant portion of your time as an Economics major will be spent analyzing and explaining data as you study various theories whereas business students are prepared to take on practical challenges starting as early as freshman year. Business courses usually involve more projects and chances for internships, whereas when pursuing an Economics major, you would be looking more into data and frameworks, which you might not enjoy as much.
When it comes to deciding whether you want to spend the next four years studying undergraduate business or you would be okay concentrating in Economics, carefully think about what studying attending an institution like Stern or Wharton can offer you that an Economics major can’t, and vice versa. Consider your career aspirations, the pros and cons of pursuing each path, and which type of course offerings suit your interests better. Hopefully, you’ll be able to draw a conclusion and shoot for the program that best fits you. Good luck!
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