Business Economics Course Details - Fees, Subjects, Syllabus, Duration, Eligibility, Career Scope

What is Business Economics

Business economics is one of the most familiar courses in the management stream. It is a field in applied economics where economic theories and quantitative methods are used to examine business organisations and the elements that contribute to the diversity of organisational structure and their relationships with labour, capital, and product markets. Business economics programmes mainly focus on various economic issues related to a business organisation, its management, and strategies. This course provides the aspirants with in-depth knowledge of various economic theories and their application in the process of decision-making in a particular business.

Students planning to take up business economics in higher studies can do graduation and postgraduation in the subject followed by a PhD degree or even post-doctoral research. Or they may do a postgraduate diploma course in business economics after having worked for a few years in a company.

Once on the course, students get to learn how and why the business world works the way it does. In addition to gaining knowledge in the core concepts of business economics, they also get the opportunity to hone their leadership skills which later on help them in their career to manage larger teams in the business. After they have earned a degree in business economics the candidates may find a line of opportunities as accounts personnel, auditors, analysts, and much more.  

Eligibility Criteria (UG & PG) of Business Economics

To pursue business economics at the postgraduate level, the candidates need to have a bachelor’s degree in any discipline with a minimum of 50% marks in the aggregate from any reputed institute. For enrollment in a doctoral programme, one should qualify as an MBA, MBE or M. Phil in business studies, first, with 55% from a recognised university. Then he may have to clear an entrance examination as conducted by the respective university followed by an appearance in the personal interview.

Entrance Exams for Business Economics Courses

The type and time of the entrance exams for business economics courses depend on the college and also the programme the aspirant chooses to take admission in. For a bachelor’s degree in business economics, some colleges directly admit students taking only the aggregate marks in their class 12 into consideration. Some colleges conduct entrance exams based on which admissions are done. For the PG level programmes, entrance examination marks are definitely considered if the aspirants choose to take admission in reputed institutions. The business schools, especially, either consider a valid CAT, GMAT or MAT score or take into account the score in their own exams for allowing admission into MBA programmes. Most of the universities conduct entrance exams for doctoral programmes in business economics.

Some of the entrance examinations as held by the colleges across the country are:

• Lady Shri Ram College for Women Entrance Exam

• Presidency College Entrance Exam

• Loyola College Entrance Exam

• Miranda House College Entrance Exam

• Christ University Entrance Exam

• Madras Christian College Entrance Exam

• Jai Hind College Entrance Exam

• Fergusson College Entrance Exam

• Hindu College Entrance Exam

• Presidency University Entrance Exam

• Hans Raj College Entrance Exam

• Jesus and Mary College Entrance Exam

• Ramjas College Entrance Exam

Required Skillset for Business Economics

Mathematical aptitude: Business economics is all about numbers and complicated maths- income calculation, tax calculations, balance sheet and profit & loss analysis, trend analysis, and forecasting etc. Hence, mathematical aptitude is a necessary skill for a business economist to have. It supports logical thinking too. 

Knowledge of social sciences: Running a system- be it a state or an organisation demands a strong knowledge of social sciences. It helps an economist to stay grounded with the state of affairs around him. 

Problem-solving skills: It is important to accept and face the problems as they arise in a changing market scenario. For a business economist, it is important to identify those problems and come with the best feasible solutions. 

Strong understanding of business environment: A solid understanding of principles of management, organisational behaviour, market dynamics, global business scenario and strategic business management is necessary for a business economist to flourish. 

At ease with uncertainty: Business environment- both internal as well as external never remains constant. It is full of uncertainties and headwinds. A business economist must be comfortable with these uncertainties so that it is easier to come up with a solution in a challenging situation without losing nerve. 

Thinking ability: A good business economist should be an independent thinker who can analyse a particular situation from more than one perspective before making a decision or suggesting a solution.