Accounting, finance or economics — which business field should you choose?

If you’re feeling lost, don’t worry! In this article, we break down 6 popular types of business fields along with what you should consider before making a decision.

#1. Accounting

What is it?

Accounting involves recording, analysing and reporting financial transactions of businesses (e.g. how much a business owes its supplier). This is crucial as companies require this information to make strategic financial decisions.

From ensuring financial records are in order to making sure company taxes are paid on time, accounting is an indispensable function at every organisation, big or small.

What are some of your career options?

As an accounting graduate, you can work in accounting firms that service different clients, or companies from various industries, including manufacturing, property and insurance.

Here are some jobs you can consider:

• Auditor
• Tax accountant
• Management accountant
• Account receivable executive
• Account payable executive
• Financial controller
• Payroll executive

Is accounting a good fit for you?

If you have a flair for numbers, have an eye for detail and enjoy working with rules and structure, then accounting may be right for you!

#2. Economics

What is it?

Economics studies the allocation of scarce resources. Because resources (e.g. goods, energy, services, money) are limited, economics studies how people, businesses and governments use and allocate resources to satisfy their wants and needs.

Some concepts that economics cover include supply and demand (e.g. flight tickets are more expensive during holiday seasons due to a higher demand) and incentives (e.g. if the central bank increases interest rates, more people will put money in the bank).

What are some of your career options?

Economics graduates can find job opportunities in the government, research firms, think tanks as well as organisations that require economists to analyse how economic issues can affect their business (e.g. banks).

Some of your career options include:

• Economist
• Market research analyst
• Policy analyst
• Economics journalist

Is economics a good fit for you?

If you are a good problem solver, have a keen eye for spotting or predicting trends, enjoy doing research and analysing data, then economics may just be for you.

#3. Finance

What is it?

Finance relates to the management of money, wealth and funds, be it for individuals or organisations. It encompasses concepts such as budgeting, borrowing, lending, saving and investing, all of which are crucial in the management of money.

What are some of your career options?

Finance graduates can seek opportunities in a number of industries, including the government, banks, securities trading companies and consultancy institutions.

Here are some careers you can consider as a finance graduate:

• Financial advisor
• Financial planner
• Investment banker
• Hedge fund analyst

Is finance a good fit for you?

Do topics relating to bonds, investments and the stock market interest you? Are you adept at numbers and comfortable taking calculated risks? If these descriptions fit you to a tee, then a career in finance may be suitable for you.

#4. Marketing

What is it?

Marketing involves identifying, creating and communicating the value of a company’s product or services to a particular audience. From the advertisements you see on highway billboards to the coupon code you received in your email, marketing strategies are employed by businesses everywhere to make sales.

What are some of your career options?

As marketing is an important function in many businesses, marketing graduates can look forward to job opportunities in a variety of industries, including financial services, property, education, logistics and manufacturing.

Some of your potential job options may include:

• Marketing executive
• Advertising executive
• Public relations executive
• Social media marketing executive
• Content marketing specialist
• Digital marketing executive

Is marketing a good fit for you?

Are you adaptable, bubbling with creative ideas and have a keen eye for detail? Always find yourself on the lookout for marketing trends? Marketing might be perfect for you!

#5. Management

What is it?

Management is a broad field that looks at implementing business concepts to ensure that a business runs smoothly. You will learn how to handle a company’s resources efficiently to achieve its objectives, including how to plan, organise, direct and control business operations, from general business administration to supervising employees.

What are some of your career options?

There are a plethora of career options for you to pursue across a variety of industries should you study business management, including:

• Management consultant
• Business development specialist
• Business analyst
• Office manager
• Project manager

Is management a good fit for you?

Do you have a keen interest in business strategies, have good communication skills and yearn to start your own business someday? Perhaps business management might just be your thing!

#6. International Business

What is it?

International business is the study of business activities in an international context. It covers a range of general business management subjects, such as accounting, finance and marketing, as well as cultural, legal and political conditions that can affect business operations. This is particularly useful given that many companies today operate on a global scale.

What are some of your career options?

The multidisciplinary scope of international business will allow you to pursue a number of business-related careers. Here are some of your potential job options:

• Corporate strategy analyst
• Business consultant
• International/regional operations executive
• International/regional marketing executive
• International relations officer

Is international business a good fit for you?

If you’re keen to learn more about the global context of businesses and have strong analytical and communication skills, then international business might be right for you.

Although there are many business fields to choose from, a Business Degree will expose you to multiple fields within the profession and equip you with versatile skills that can be used across different industries.

No matter which specialisation you choose, rest assured that each field has its own set of unique challenges and rewards, and are fulfilling in their own way.

Unsure if a Business Degree is right for you? Take our quiz to find out!