Economics is the study of the economic processes and mechanisms that analyze the behavior of individuals, companies and states in relation to the use and distribution of resources. It includes both Economics, which deals with macroeconomic issues such as markets, economic cycles and trade, and Business Studies, which focuses on the internal operations and decision-making of companies. The field examines how economic decisions are made and what impact they have on society and the environment.
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There are many compelling reasons to study economics:
The studies not only provide theoretical knowledge, but also practical skills that pave the way to a successful and fulfilling career.
If you study economics, you can expect to cover a wide range of topics, including both theory and practical applications. The main topics include:
This interdisciplinary orientation provides a broad understanding of economic interrelationships and prepares students for a wide range of professional fields.
Here you will learn how markets work, how supply and demand interact, and what effects government intervention can have. Topics such as the economy, the labor market, monetary policy and international economic relations are central components.
This area deals with entrepreneurial decision-making. It includes Marketing, Finance, Corporate Management, Accounting, Controlling and Human Resource Management.
Economic relationships are often analyzed using mathematical models and statistical methods. This knowledge is important for understanding data and making forecasts.
A basic knowledge of law, in particular commercial and corporate law, is essential in order to be able to classify economic decisions in a legal context.
Digitalization plays an important role. Students learn how information systems and digital technologies are used in business.
During their studies, students often have the opportunity to specialize in specific areas such as finance, international economics, environmental economics or entrepreneurship.
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Business StudiesFor a successful study of economics and a subsequent professional career, certain skills and knowledge are particularly important and some requirements must be met, which may vary depending on the university:
| Analytical skills | The ability to understand complex problems and solve them systematically is essential. Students should be able to recognize connections, analyze data and make informed decisions based on them. |
|---|---|
| Mathematical and statistical knowledge | Since economic models and analyses are often based on mathematical principles, a solid knowledge of mathematics and statistics is helpful. These skills are needed to quantitatively grasp economic relationships and make forecasts. |
| Basic understanding of economics and politics | A basic interest in economic, political and social developments facilitates access to many topics. Knowledge of current economic issues and interrelationships is an advantage. |
| Language skills | Knowledge of English is important because many technical texts and studies are written in English. In addition, English is often required as a working language in international degree programs or when starting a career in global companies. |
| Communication and presentation skills | The ability to present results clearly and comprehensibly is of great importance in science and in professional life. This also includes being able to argue convincingly and explain economic topics. |
| Self-organization and time management | Since the program requires a high degree of personal responsibility, good self-organization and time management skills are necessary to effectively learn course content and meet deadlines. |
| Ability to work in a team | Group projects and working together on case studies are common in many courses. The ability to work in a team and the willingness to collaborate are therefore important soft skills. |
| Computer skills | Confident use of standard software such as Microsoft Office (especially Excel) and, where applicable, business-specific programs (e.g. for statistics or financial modeling) is advantageous. |
These skills and knowledge not only make studying easier, but are also in demand in the professional world and help you to quickly familiarize yourself with different fields of work.
The course of study in economics is usually divided into different phases and ends with an academic degree. Here is a typical structure:
Basic studies (1st-3rd semester)
Advanced studies (4th-6th semester)
Final paper (Bachelor's thesis)
Degree
Special features and opportunities
Studies culminate in an academic degree that opens up numerous career opportunities in companies, public institutions or international organizations.
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Difference Bachelor MasterEconomics occupations after study
| Occupational field | Occupations | Tasks | |
|---|---|---|---|
| Business consulting | Business consultant, strategy consultant | Consulting on strategic decisions, process optimization, cost management | |
| Finance and banking | Investment banker, financial analyst, risk manager | Analysis of financial markets, company valuation, risk assessment | |
| Controlling and accounting | Controller, accountant, accountant | Budget planning, cost and performance accounting, preparation of annual financial statements | |
| Marketing and Sales | Marketing manager, product manager, sales manager | Development of marketing strategies, market analysis, customer acquisition | |
| Human Resources | Personnel officer, recruiter, personnel developer | Recruitment, employee development, salary management | |
| Public Service & International Organizations | Economic developer, consultant, project manager | Economic policy advice, development aid, management of public funds | |
| Economic research & academic career | Research assistant, lecturer, analyst | Research on economic topics, teaching, preparation of studies and expert reports | |
| Company formation and start-ups | Founder, managing director, business developer | Development of business ideas, company structure, market entry strategies | |
| Logistics and Supply Chain Management | Logistics manager, Supply Chain manager, Operations manager | Planning of supply chains, optimization of logistics processes, warehouse and transport management | |
| Insurance | Insurance consultant, Underwriter, Actuary | Risk analysis, creation of insurance policies, damage assessment |
Studies in economics open up a wide range of career prospects in various industries and sectors. The career opportunities are diverse and offer exciting prospects in large international companies as well as in medium-sized businesses and public institutions.
All three of the following example occupations offer interesting tasks and important responsibilities in their respective fields, making them attractive career options.
Responsibilities: Controllers are responsible for the financial management and monitoring of a company. They create budget plans, monitor compliance with financial targets, analyze cost and performance structures, and conduct variance analyses to identify the causes of differences.
Why is the job interesting?: Working as a controller offers an exciting mix of analytical work and strategic participation. You have a direct influence on the financial stability and success of the company.
Tasks: Marketing managers are responsible for developing and implementing marketing strategies. Their tasks include market research, target group analysis, the design of advertising measures, product development and positioning, as well as the organization of campaigns.
Why is the job interesting?: Marketing managers work creatively and analytically at the same time. The challenge is to understand consumers and find innovative ways to reach them. You are directly involved in the corporate strategy and help shape the brand image.
Tasks: Logistics managers are responsible for planning, managing and monitoring the flow of goods and supply chains. This includes organizing transportation, managing inventory, optimizing logistics processes and working with various partners such as suppliers and freight forwarders.
Why is the job interesting?: The job of a logistics manager is central to the functioning of a company. Logistics managers have to react flexibly to unforeseen events, which makes the job challenging and varied.
The salary of economists varies depending on the professional field, industry, company size, professional experience and location. Here are typical salary ranges for different stages in the career:
Starting salary
Salary by occupational field
Salary by company size and location
With increasing professional experience
Economists have good salary prospects in many professional fields, which increase significantly with time and experience. Factors such as degree, industry and location play an important role.
Economics offers a broader perspective on economic interrelationships, while Business Studies focuses specifically on the processes within companies.
| Criteria | Economic Sciences | Business Studies |
|---|---|---|
| Focus | Combination of Economics and Business Administration | Focus on Business Administration and Companies |
| Objective | Understanding of the economy as a whole (markets, states, companies) | Optimization of internal processes and procedures in companies |
| Contents | Economics (Macro- and Microeconomics), Business Administration, Business Law, Economic Policy | Marketing, Accounting, Financial Management, Human Resources |
| Level of analysis | Consideration of the economy as a whole (markets, states, global interrelations) | Consideration of individual companies or departments |
| Interdisciplinary nature | Strongly interdisciplinary, influences from sociology, politics, law | Less interdisciplinary, focus on management and operational functions |
| Mathematical requirements | Often stronger mathematical and statistical requirements (economics models, business mathematics) | Mathematical requirements usually limited to accounting and financial analysis |
| Career opportunities | Broad range of career opportunities: research, public administration, international organizations, consulting. | Specialized careers in business management, controlling, marketing, human resources. |
| Examples of specializations | Environmental Economics, Development Economics, Finance | Marketing, Controlling, Human Resource Management, Corporate Management. |
| Typical degrees | Bachelor of Science (B.Sc.), Bachelor of Arts (B.A.) | Bachelor of Science (B.Sc.), Bachelor of Arts (B.A.) |
Economic sciences deal with the study and analysis of economic processes and the fundamental mechanisms that influence economic decisions and developments. They are mainly divided into two sub-areas:
Macroeconomics: This discipline looks at the economy as a whole. It covers topics such as economic cycles, economic growth, unemployment, inflation and monetary policy. Macroeconomists analyze how macroeconomic factors influence a country's level of prosperity and stability.
Microeconomics: This area focuses on the behavior of individual economic entities such as households and companies. Topics include supply and demand, pricing and market structures. It examines how individuals make decisions and what impact these decisions have on markets and the distribution of resources.
International economics: The focus here is on global trade, currency relations, trade barriers and international financial markets.
Corporate Management: Business Studies deals with the internal processes in companies, such as production processes, Financial Management, Marketing, Human Resources and Strategic Planning.
Accounting and Controlling: This is about the collection and evaluation of company data in order to monitor the financial situation and make strategic decisions.
Finance and investment: This area studies how companies raise and invest capital and how they manage risk.
Marketing and sales: This area studies market analysis, product and service development, and sales strategy.
Economic policy: Refers to government measures that influence the economy, e.g. tax policy, labor market policy or environmental regulations.
Economic history and philosophy: Examines the historical developments and theoretical foundations of economic thought.
Business ethics: Analyzes the moral aspects of economic decisions, such as social justice, sustainable economic activity and responsibility towards society.
Economics seeks to understand and explain economic activity in order to provide sound recommendations for policymakers, businesses and individuals. It plays an important role in addressing societal challenges such as poverty, environmental problems and economic instability.
Munich is known for its high quality of life and is a major business location. The city offers excellent infrastructure, a wide range of cultural activities and a rich history, creating an attractive living environment for students. As a business location, Munich is home to numerous international companies and offers a strong presence in industries such as technology, automotive, finance and insurance. This environment not only provides students with excellent networking opportunities, but also numerous internship and career opportunities. Furthermore, Munich is regularly ranked as one of the most liveable cities due to its safe, clean and pleasant environment.
At Munich Business School (MBS), you can complete courses in Business Studies. The Bachelor's degree in International Business provides a sound knowledge of business administration with an international focus. For Master's degrees, MBS offers programs such as International Business, Innovation and Entrepreneurship, International Marketing and Brand Management, and Sports Business and Communication. These courses cover various aspects of economics and prepare students for an international career.
The Bachelor International Business program at Munich Business School provides a holistic business apprenticeship with a strong international focus within a study program conducted in English. Students acquire in-depth knowledge in areas such as marketing, finance, management, and business law. The curriculum emphasizes intercultural competencies and global perspectives to prepare alumni for an international business world. Practice-oriented teaching methods, including case studies and projects, foster the application of theoretical concepts in real-life business scenarios. The program emphasizes the development of leadership skills and analytical thinking to prepare alumni for successful professional careers in the international business sector.
This English-language bachelor's program in Germany not only deepens your business knowledge, but also offers you the opportunity to educate yourself in a variety of focus areas. These include International Innovation Management (Product Lifecycle Management), International Procurement, Production and Logistics (Supply Chain Management), International Marketing and Sales (Customer Relationship Management), International Human Resource Management and Leadership, International Finance, and International Corporate Management and Development.
The Master International Business program at Munich Business School offers students comprehensive studies in English that cover core business disciplines such as marketing, finance and strategic management. The curriculum focuses on global business strategies, international economics and intercultural management, equipping students with the skills to navigate diverse markets. With a strong emphasis on practical applications, the program covers international marketing, finance, supply chain management and legal aspects of business. Students also develop language skills, negotiation skills and leadership skills tailored to the intricacies of international business. The program typically concludes with a master's thesis or final project to ensure a well-rounded apprenticeship for success in the global business world.
This program not only deepens your knowledge of economics, but also gives you the opportunity to further educate yourself in a variety of areas. These include Sustainable Business, International Marketing, Corporate Finance, Luxury Management, Global Family Business and Wealth Management, Innovation and Digital Business, and International Entrepreneurship.
In the English-language Master Innovation and Entrepreneurship program at Munich Business School, students immerse themselves in a dynamic curriculum focused on developing innovation and entrepreneurial skills. The program covers essential business concepts with a particular focus on creativity, idea generation, and business model development. Students explore strategies for successful entrepreneurship, including business formation, financing, and risk management. The curriculum integrates practical experiences, industry collaborations, and case studies to provide real-world insights. In addition, students explore emerging trends in innovation and technology, enabling them to navigate and contribute to the evolving landscape of the global economy and entrepreneurship. The program aims to cultivate an innovative mindset and prepare students to drive change and succeed in entrepreneurial endeavors.
If you dream of founding your own start-up or already have a promising idea, this master's program offers the perfect foundation for developing your entrepreneurial skills. You will acquire advanced business knowledge and learn how to manage, identify and implement innovations in order to operate successfully in an international environment.
In the Master International Marketing and Brand Management program at Munich Business School, students follow a specialized curriculum that focuses on the intricacies of global marketing and brand strategies. The program delves into the core principles of marketing with a particular emphasis on the international context, covering topics such as market analysis, consumer behavior and marketing communication. Students explore brand management strategies including brand development, positioning and sustainable brand building. The curriculum integrates practical applications, industry insights and case studies that equip students with the skills to successfully navigate diverse markets. With an emphasis on creativity and innovation, the program empowers students to effectively manage and enhance the reputation and identity of international brands in a competitive business environment. The program often culminates in a master's thesis or practical project that allows students to apply their knowledge to real-world marketing challenges.
This program will give you expertise in the areas of behavioral psychology, innovation, consumer behavior, and brand communication. You will also gain tools and skills to analyze market structures and competitive environments.
In the English-language Master Sports Business and Communication program at Munich Business School, students complete a comprehensive curriculum tailored to the unique intersection of sports, business and communication. The program covers essential business concepts and emphasizes their application in the dynamic sports industry. Students explore sports marketing, sponsorship, event management, and the intricacies of sports communication. The curriculum integrates real-world case studies, industry collaborations, and practical projects that give students hands-on experience in the sports business landscape. With a focus on developing strategic thinking and communication skills that are specifically suited to the sports sector, the program prepares students for various roles in sports management, marketing, and communications. The program often concludes with a master's thesis or a practical project that allows students to apply their expertise to current challenges in the field of sports business.
If you love sports and are interested in the background of the sports industry, this master's program offers the perfect combination. The course content includes sports communication and media, sports sponsorship and marketing, licensing and rights exploitation, as well as digital sports management and sports event management. After completing your studies, you can work as a specialist in companies in the sports industry, sports clubs and associations.
In the Master in Finance program at Munich Business School, students immerse themselves in a specialized curriculum that combines fundamental business principles with a focus on finance in an international context. The program covers essential topics such as Financial Management, International Financial Markets, Risk Management and Corporate Finance. Students gain an in-depth understanding of financial strategies tailored to global business operations. The curriculum integrates practical applications, case studies and industry insights, giving students the skills to navigate complex financial landscapes. With an emphasis on quantitative analysis and strategic financial decision-making, the program prepares students for positions in international finance, investment and corporate financial management. The program often concludes with a master's thesis or a practical project, allowing students to apply their financial knowledge to real-world challenges.
This program focuses on the world of business and finance. Strategic management and finance are the main focus. After completing the program, you will have extensive knowledge in financial management, analyzing financial statements, mergers and acquisitions, risk management, capital markets, and more.
The MBA program at Munich Business School offers a demanding and practice-oriented apprenticeship for experienced professionals and executives. The curriculum focuses on advanced topics in management, strategy and leadership. Students deepen their knowledge of corporate management, financial management, marketing and innovation strategies. There is a strong emphasis on applying theoretical concepts to real-life business situations through real-world projects and case studies. The MBA program promotes the development of leadership qualities, strategic thinking and intercultural competence. Alumni are prepared to tackle complex business challenges and to operate successfully in demanding global markets.
To be admitted to the MBA program at Munich Business School, you will usually need several years of professional experience, a first degree and a good knowledge of English. The MBA is an attractive option for professionals looking to take their career to the next level.
The DBA program at Munich Business School is designed to develop experienced executives and managers into academic experts in their fields. Students deepen their research skills and gain insights into complex business issues. The program combines advanced courses in Management, Research Methods, and Corporate Management with the independent execution of research projects. Students work closely with experienced faculty and researchers to develop and defend their dissertations. The DBA program emphasizes the application of research to real-world business situations, strengthening alumni's ability to develop innovative solutions to complex business challenges.
The program's special features include: practical orientation, individual supervision, internationality, flexibility, and advanced research methods.
DID YOU KNOW?
At Munich Business School, you can not only take international degree programs, but also complete them entirely in English and meet students from all over the world in the process.
Find out more about studying at MBSWhether Business Studies or Economics is better depends on personal interests and career goals. Business Studies focuses more on internal company processes and management, while Economics offers a broader perspective and covers both business and economic topics. Those interested in the overall context of the economy are more likely to choose Economics, while Business Studies is more suitable if the interest lies specifically in company management.
The study of economics can be demanding as it requires a combination of theoretical understanding and mathematical and statistical knowledge. However, the level of difficulty depends on your individual strengths, your interest in economic topics and your willingness to engage intensively with the content. With motivation and good self-organization, it is manageable.
With a Bachelor's degree in Economics, you can pursue a Master's degree in a variety of business-related fields, such as economics, business administration, finance, international management or business psychology. Specialized Master's programs such as business law, business informatics, business consulting or sustainability management are also available. The choice of Master's program depends on your individual interests and desired specialization.
Yes, economics has a promising future because economic knowledge is in demand in almost all industries. The global economy, digitalization and complex societal challenges such as climate change and social inequality require experts who understand economic interrelationships and can develop solutions. Graduates have a wide range of career opportunities and good prospects on the job market.
The Munich Business School is one of the most renowned universities for economic sciences in Germany, particularly in the area of practical and international apprenticeships. Alongside the MBS, universities such as the University of Mannheim and the Goethe University in Frankfurt are also known for their high-quality economic science degree programs. However, the choice of the “best” university depends on individual preferences, areas of focus and specialization.
