Know Your Subjects: What's the Difference between Economics, Econometrics and Statistics

Do you like working with numbers? Found yourself considering solutions for economic problems, or do you just like solving complex math problems? If your answer is YES to at least one of these questions, then it’s official. You’re hooked, and you should study an economy-related degree.  

Check Bachelors in Economics

All that’s left now is to decide the exact specialisation you’d like to study. During your search for a Bachelor’s degree abroad you’ve probably run into degrees in Economics, Econometrics or Statistics.

All three subjects are parts of the world of numbers, so there are chances you will need to study all of them. To paint you a clearer picture, we’ve decided to shed a bit of light on what’s unique about each of them.

Economics – Choosing the right direction

Economics is one of the most widespread disciplines. Always in-demand on the job market, economics offers promising careers. 

Economics deals with the way production, distribution and consumption of goods and services are influenced by our behaviour — what we buy, when buy it and so on. Apart from the traditional study destinations like the US and the UK, some of the most popular countries for undergraduate students who choose to study Economics are:

A Bachelor’s degree in Economics will include research methods, international economics, public finance, microeconomics, macroeconomics, and banking.

You will also notice courses in Econometrics and statistics. This is where confusion creeps in, because these subjects are easily mixed up by students.

Inside Econometrics and the secrets of Statistics

Econometrics means you will learn to apply mathematics, statistical methods, and computer science. It teaches you how to analyse information.

A practical example where you can use Econometrics is to predict the money that will be generated by a marketing campaign. If you spend a dollar extra on a campaign how much sales will it generate? Econometrics tools can calculate that. 

Some great places to study Econometrics are:

Statistics is mainly applied maths. It involves collecting and analysing numerical data so that you can come up with proportions from a representative sample. (Like what percentage of 100 students want to study Statistics). 

Compare Bachelors in Statistics

Americans are crazy about statistics. hey research about anything, like the fact that the amount of saliva produced by a person thorough their lifetime could fill two swimming pools. Or the chances of an NASA racket exploding. 

Some universities that offer competitive Bachelors in Statistics are:

The link between Statistics and Econometrics is that you can use Econometrics to analyse statistical information.

Career prospects for students of Economics, Econometrics and Statistics

If you have an degree in economics you can choose from some of the next work options:

  • accountant 
  • financial risk analyst 
  • investment analyst 
  • actuary 
  • management consultant 

Although there are plenty of yearly graduates, the need for economists is constant and independent of market changes. According to PayScale, the average salary for a recently graduated economist is 61,000 USD/year.

As an Econometrics graduate you can also choose from a variety of options: 

  • risk management consultant 
  • financial advisor 
  • financial controller 

 Alternatively, you can join teams in logistics and infrastructure – making mathematical models and projections for railroad infrastructure, bridges, etc. Basically, you can work everywhere where applied economics and statistics are required. Average salaries start at 72,000 USD/year.

See Bachelors in Econometrics

If you choose to specialize in statistics and become a statistician, your job will be to analyse, interpret and present information. The good news is that you can work in almost any sector: 

  • health  
  • education  
  • finance  
  • government 
  • forensics  
  • market research 

When you enter the job market, the average salary is 68,000 USD/year.

So, before applying to a programme in the field of finance, choose carefully your specialization. And then, start making the best out of your passion for numbers!

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