At schools where one applies to a major (which is only a subset of schools on your list), econ may have a higher acceptance rate, especially if it’s in the liberal arts and sciences school. Not so much if it’s in the business school.
The thing is though, studying econ is not like studying most business majors. Econ is much more theoretical than finance and entrepreneurship (the two majors you mentioned your S is interested in.) It’s also quite rigorous at most schools. Has your S taken any econ classes in HS?
If you are thinking he would use econ to get into the school and then transfer to the business school, that can be very difficult to do at many schools. For example, that’s not going to happen at UMass Amherst or BC, just to name two.
Maybe, maybe not…depends on the type of job one is looking for. And that doesn’t matter if your kid doesn’t like econ and/or struggles to understand it (I’ve known lots of students in both groups.)
No the HS does not offer Econ classes. He reads about it when doing the research paper, and now with that professor, a friend of mine.
Nearly all of my friends (professors in finance, CS) said AI will replace a lot of business corporate jobs, so the high unemployment and the college enrollment drop (MBAs in some top 20 colleges are going down in enrollment, professors are not offered tenure but laid off), but going up in Business Analytics, so better to study Econs. I know econ is theoretical and so to have a job one needs to have a graduate degree.
I think that’s making a lot of assumptions. Society does change. Required skills do change but one doesn’t know what will change - and skills like accounting and finance always seem en vogue. But if someone has interest in econ, then it’s great. But not everyone does…someone might like, for example, poli sci more or other social sciences, etc.
They said accounting and corporate finance is going down in enrollment because companies just need very talented students to manage AI training and then sign off the results to be responsible legally. They don’t need regular business graduates. That’s why now students apply more to business analytics.
One is, “Which major - business or econ - is better for future opportunities?” That’s an interesting question that many people would likely have thoughts about. Maybe it should be its own thread. Of course, it isn’t as simple as it sounds, because not all econ majors, or business majors, are created equal, and there’s overlap between the two, depending on the school and program. But fundamentally, a given student may be better suited for one or the other, irrespective of what people believe is objectively “better.”
But I sense that your primary interest is in the second question: “If my priority is a higher-prestige admission, can I improve the chances of that by convincing my son (i.e. via talking points from Question 1) to give up his first choice major, which is business, and apply as an econ major instead.”
To that, I’d say that 1) it depends on the school, but 2) What is his priority? He’s the one who has to go to college and take classes that he may or may not find rewarding. He’s the one who may, as you say, end up needing a graduate degree, depending on what he studies.
He had an internship because you had a friend set it up for him. He is also doing research with a professor who is a friend of yours. There seems to be a great deal of “snowplowing” going on here, and the goal seems to be scoring a college acceptance that his stats would not normally qualify him for, by any means necessary.
It’s also an option to let him study what he’s truly interested in, at a school he’s truly qualified for. Many, many successful careers have been achieved via this path.
Yes, I agree these are two different questions.
My son is just curious about business and econ. But I am not sure what he likes most because he has not spent time to study them deeply from academic point of view, and their differences. He enjoyed the research opportunities I found, just because they look new, and interesting. He also enjoyed the start-up competition (DECA) and HS business clubs.
He aims to the prestigious colleges but I warned that ECs are less important, and his GPA/SAT is too low, especially for business majors. At the same time, my friends advised us to change to economics because business careers are not that good now like before unless the graduates are very talented.
So, just a lot of info. A kid who is not talented in studying also does not have time to study and think deeply
For a student like this, who hasn’t had enough direct experience with what the different majors are like to be sure what he wants, the ideal situation IMO is one where he won’t be locked out of either possibility, going in. If it were my child, I would value the ability to keep options open more highly than an incremental prestige boost.
Yes, I like that thinking. Now it’s about finding colleges where he can get into either business and economics, and can be allowed to transfer/change major easily.
I think accounting has always been and will continue to be robust - due to all the laws.
That’s my opinion - just like your friends, I have an opinion. I disagree with theirs but it’s more important that your student study what’s interest them then what they think will be best for jobs.
What will help them succeed in life is a strong work ethic and the ability to learn and adapt. Most people don’t use their degree in their jobs but rather use their ability to think and learn - to adapt to what the organization needs.
Your student needs to be in a location and setting they desire. Michigan State vs. UMASS Lowell won’t matter - except maybe for supply chain. But if they want to learn how to think like an entrepreneur, how to put together a business plan, etc. they should find a program to meet that need. It doesn’t matter if US News says it’s 20 or 200 - not going to change their life most likely and you should lose that train of thought.
Here’s what the US Bureau of Labor Statistics says about business - but again, everyone could project but no one truly knows. But your son will have no shortage of “business school” opportunities - if you get “rank” out of your head. There are a few disciplines where the rank matters - the rest - it doesn’t matter if you go to Arizona, Michigan State or UNH, etc. I also put the perceived hot majors going forward.
OP- if any of us (including your friends) were smart enough to predict the labor markets 6 years from now when your kid will be out of college, we’d be relaxing in Sardinia instead of showing up for work every day! Very few tech companies saw the bust of 2001 coming. Very few banks saw the implosion of 2008 coming. Nobody remembers when PhD’s in math and aerospace engineering were driving cabs in LA and NY.
I think steering your kid towards something you think/believe/hope is bullet proof is a mistake. That’s how so many petroleum engineers ended up unemployed during the last oil/gas bust.
I would also opine that if you step back and let your kid steer the car going forward, you’re going to end up with a better result. If he can’t get himself an internship- he can scoop ice cream for the summer. Excellent training for a future entrepreneur. If he can’t get himself a research project, he can mow lawns, run a summer sports program for 6 year olds in the neighborhood, shelve books in your local library.
He’s going to be fine. And his interests- whether econ, business, or something else entirely- are likely to change once he learns more.
I have had a successful corporate career for over 35 years. The best and most useful lessons I learned were waitressing during the summers in HS and college. The second most useful lessons I learned were studying ancient history and Greek during undergrad. Much more helpful for a corporate career than the classes I took to graduate (Deans list!) from a top MBA program…
I think @blossom expressed most of my thoughts better than I could😀.
I will add a few thoughts on accounting. A good accountant is invaluable and their skills are undeniable. In the simplest of terms however their job is to count, quantify and define the proceeds of the labor of others. In other words they don’t make the money they count it.
This typically means in relative terms they make less than revenue producers and are often paid based on billable hours. The hamster wheel of billable hours is not for everyone. In the corporate world you frequently encounter accountants looking to change careers.
Wishing your kid luck but my advice would be let them study what interests them and everything else will start to fall in line as they can pursue a career that intellectually “fits”.
This site shares some information on many popular colleges (on CC ) and on how difficult it is to switch majors into business.
It sounds like your son is a very normal high schooler. He’s bright and curious and has had limited exposure to various areas of study that are offered in college. Has he thought about entering college as an undecided student? In fulfilling his distribution requirements, he can explore options in business or econ or or maybe he’ll find a different interest/passion. The beauty of college is that there are so many options that high schoolers don’t even know exist, and this is the ideal time to explore them to see what lights a fire within your son.
I agree with @aquapt that choosing a college where one can easily switch majors and not be locked out of any popular ones is something that I think is valuable for all students and something that would be an important consideration as the college list is formed.
My son had a 3.8 at a similarly ranked MA HS. His SAT was around a 1350 I think. He took a couple honors classes and 1 or 2 AP’s. He got into the following schools (this was in 2022).
IU- (not business but could have appealed)
Providence
Butler
University of Dayton
Miami Ohio
Xavier
Clemson
University of Denver
Rollins
Univ of Tampa
Loyola Maryland
We weren’t chasing prestige, more merit $$ and a good fit. He ended up at Univ of Denver and loves it there. It would meet a lot of your criteria. Super easy reasonably priced direct flights, an urban setting and lots of northeast kids. He can also easily change majors there. I would take a look at Providence and Holy Cross if he wants to stay local. Butler, Dayton, Xavier, Loyola MD, and Tampa are all urban and would be good safety/matches. American Univ and Fordham might be another ones to look at as my D20 got in with similar stats (American loves demonstrated interest). Rolins in Orlando is great if he’s wiling to go smaller, I think its a real hidden gem.
Sorry if I am repeating something said before as it is a long thread. IU without a direct admit to kelley would be an excellent option. Secondary admission will keep the student engaged and helps with exploring the various majors in the business school before deciding.
Since UDenver, which I suggested upthread, has been boosted as a good option, I wanted to point out that a student with strong EC’s, like your son, might want to apply to their Pioneer Leadership cohort program, which can be combined with any major. Denver’s business school is very well-respected, and has the kind of practical/entrepreneurial focus that your son might find engaging. Even the first-year experience includes a practical entrepreneurial challenge: https://www.du.edu/news/revamped-class-welcomes-fourth-industrial-revolution
Sorry, it’s extra to say about steering, we try not to steer but let people decide and be responsible for their decisions. However, it’s natural in life that people ask for advise ALL the time!
Making wrong predictions does not mean we should not make predictions. Let us be wrong, but for starting we won’t advise something we think has a poor future in our opinion at a time.
That’s the nub of it. Nobody wants to advise on something which has a poor future, and everyone believes they have a crystal ball.
There was recent research done on the cohort of 2009 and 2010. Bear Stearns and Lehman collapsed in October of 2008, so the kids who graduated in 2008 were mostly settled by then. But the study was on the NEXT year, and the subsequent year. It took the better part of a decade for those kids to make up the ground they lost, no fault of theirs, just the way things shook out.
Who could have predicted that majoring in finance was a dumb idea back in 2005 when those kids started college? Who could have predicted that a law student entering in 2006 who wanted to focus on securitization (a hot, hot field in those years) might end up doing document review for $45/hour even after he or she passed the bar?
Just because you THINK you have an informed prediction, doesn’t mean you do.
Thank you. I asked about “undecided” for sure but his answer was always “I don’t know”.
Same when I suggested about LACs.
What he does not like is CS, Medical, Law.
So much confusion about “belief to have a Crystal ball”. No, nobody knows and can say that. People just act the best way they can predict, accepting that they can be wrong, and be ready to change, etc.
) and on how difficult it is to switch majors into business.