Students majoring in economics examine how people can use their limited resources as individuals, groups, businesses, and even countries. The study of economics may be applied to food and water, health care, education, environmental policy, and more, despite having a reputation for being exclusively about money. Furthermore, economics majors generally use empirical data. Empirical data are what you rely on when studying economics. Evidence to support or refute a proposition based on observation and experimentation is called empirical data. Economists observe how individuals distribute scarce resources. Then, using the data gathered, they run experiments to forecast how people will act in the future. Numerous choices we make on a personal, societal, and even international level are influenced by these predictions. Economics is appropriate for graduate and professional studies in fields such as business management, law, and public affairs. Undergraduate degrees are also helpful for a variety of career paths. Students frequently start their studies by building a strong foundation in microeconomics, macroeconomics, and calculus, which they can apply to more advanced coursework and research opportunities.
Study Economics in Italy
Italy is home to a glorious history of countless civilizations and important people who left a mark on the country. Therefore, it is a country of knowledge where people have a lot to learn from. It includes the oldest universities, which are remarkable with their heritage and rankings. These Italian universities are working harder to internationalize and provide degree programs exclusively for students from other countries. There are currently more than 500 study programs offered in the nation that are taught in English. In addition, Italy is Europe's most affordable study destination. Larger universities typically assist in obtaining housing; with any luck, you might be able to get a room in an inexpensive student residence. Moreover, Italians are known as welcoming people, so you won't feel like a stranger. Lately, numerous Business Administration and Economics students want to study economics in Italy. The recent improvement of Italian universities' positions in business, finance, and economics has gained attention. In Italian universities, students improve theoretical, analytical and quantitative skills. Moreover, they gain microeconomics, macroeconomics, and finance knowledge during economics education. In addition, the economics field can be studied with other domains, such as business administration, philosophy, etc., in Italy.
Advantages of Studying Economics in Italy
Italy would be one of the best options to study economics since it has the third-largest economy among the members of the European Union. The country has made an enormous contribution to the global economy in terms of olive and vine production and the fashion industry. Thus, you will study and experience economics at the center. Additionally, Italy's abundance of English-language education makes its economics department one of the most advantageous. Students have several possibilities for studying economics and finance in English compared to other departments. They can also study the field in Italian. Highly competitive internship placements are available for international students, as well. While enrolled in classes, students can work full-time or part-time on for-credit or extracurricular internships.
Career Paths for Economics Degree Majors
There are professions in economics, and those with an economics degree have career alternatives. In other words, you don't necessarily have to use your economics degree to work for the government as an economist. Numerous economics majors pursue jobs as corporate managers, financial analysts, or scientists, among other professions. In other words, multiple possibilities are available to international students looking for jobs in economics. The abilities you acquire with a degree in economics will open the door to various kinds of well-paying and gratifying careers, from work in the government and nonprofit sectors to business and teaching. Below, there are career options for economics majors.
- Most economics careers end with the word "analyst." These positions include business analyst, price analyst, market research analyst, and operations/data analyst. Analysts, in general, examine data to seek trends. They then attempt to use the data to discover connections and associations, analyze outcomes, make predictions, and publish findings. A financial analyst supports the financial investment decisions made by organizations like hedge funds, insurance firms, and banks.
- Being an economist is another career option for the candidates. The distribution and production of many types of resources are studied and predicted by economists. Like the analysts described above, some economists who work for businesses look for patterns to increase profits for the organization. Other economists study topics including energy use, healthcare, and government spending while working for the government or nonprofit institutions.
- Teaching may be more satisfying for students who are more interested in economic theory than in actual practice. International students can work as professors and transmit important knowledge to future generations of students by earning a Ph.D. in economics. The hours are almost as good as the salary, despite the fact that this profession needs quite a bit of education. However, if you still want to teach but don't think a Ph.D. is for you, you can think about doing it at the pre-college level. In order to teach in many elementary, junior high, and high schools (or the equivalent in your home country), you usually only need a bachelor's degree plus a few education-related courses.
- Law school is available to international students who have an economics degree. You'll have a solid foundation for understanding the legal system if you grasp how economics works. Gaining analytical abilities will enable you to consider complex arguments in an abstract manner, and being able to read and analyze academic papers will also enable you to understand the frequently dense and difficult legal literature you will be studying. Before choosing this career route, be sure the field is one you are enthusiastic about because law school is expensive, challenging, and not for everyone. Despite this, many people consider practicing law to be one of the many incredibly lucrative and worthwhile careers in economics.
- You can also start your own business using your knowledge of economics. You can combine your love of economics with another interest as an entrepreneur. Whether you want to start a real estate business or a restaurant is up to you if you enjoy cooking and interacting with customers. A degree will offer you an advantage over other business owners and the wisdom to determine which risks are worth taking and which dangers you should avoid, despite the fact that starting a business is risky.
What Skills Do I Need to Become an Economist?
Whether or not you seek a job in finance, an economics degree will provide you with numerous abilities that businesses appreciate. Some of the skills that companies appreciate;
Attention to detail: Economics majors look for relationships in data and statistics. They sift through the data, digging deeply into the figures and facts until they discover anything helpful. An incredibly marketable skill set that is valuable across a wide range of sectors is the ability to uncover hidden, actionable patterns in data.
Good Communication: When economists discover information that might be beneficial to a company, they need to be able to share it with the rest of the company. A complex subject matter calls for both excellent written and spoken communication skills.
Problem-solving: While a lot of people mention problem-solving as a skill on their CV, economics majors can support it with experience in advanced math and statistics.
Conceptual Thinking: Students majoring in economics gain conceptual thinking skills and a better understanding of complicated linkages from their theory study, which is useful in work.
These skills are the requirements for a qualified economist. If you do not have any of the skills, do not be scared. They can be earned while you are studying economics.
Is Economics Right for Me?
If you want to utilize analytical thinking to behavioral research trends, policy issues, or corporate practices, majoring in economics might be the best decision for you. Moreover, you can also consider taking an economics course if you enjoy solving problems logically, consider yourself a good problem-solver, or ever find yourself wondering how the world could function more effectively. Nevertheless, if you do not feel close to any of these, or you have confusion, you should consider filling out forms and getting informed by our education advisors. They will guide you in the correct direction and help you move forward in your future career. Of course, you are the one that makes the proper decision, but maybe getting help in this adventure might be a good solution.
How Long Does It Take to Become an Economist?
A bachelor's degree in economics takes three to four years, and a master's degree takes two years in Italy.
The Best Universities to Study Economics
Here are the top five universities for economics studies in Italy.
- Ca' Foscari University of Venice: Students from all around the world enroll in this university because it offers a multidisciplinary degree that includes courses in philosophy, economics, and international relations and is taught entirely in English. The campus is in Venice, and philosophy, economics and international program takes three years.
- Free University of Bozen-Bolzano: The university offers a bachelor's degree in economics and management. With respect to international standards, this trilingual study program gives you in-depth knowledge of economics and management. The campus is in Bolzano, and it is a three years program.
- Luiss Guido Carli: The university offers a degree in the fields of Politics, Philosophy and Economics. It provides students with a foundation in a variety of subjects, including history, law, political science, sociology, economics, methodology, and how these fields affect modern societies, and places them on an international career path from the very first day. The program is three years, and the campus is in Rome.
- University of Bologna: The university offers a bachelor's degree in management and economics with English instruction. The course is a multidisciplinary endeavor with the goal of creating a strong foundation in the managerial and economic fields from an international perspective. It offers the strong statistical-mathematical, legal, economic, and management foundations required to function as managers and professionals of businesses engaged in international trade. The campus is in Forli, and the program takes three years.
- Mediterranea University of Reggio Calabria: the university offers an economics study with English instruction. Law, management, mathematics, statistics, and courses in computer literacy are all included in the first cycle degree course (bachelor degree) in economic sciences. It is a three years program.
Economics Admission Requirements
In bachelor’s degree, it is necessary to pass the SAT, ATC exam, or university-administered exam that includes exams of general ability, math, and logic. For language certificates, an IELTS score of 6.0 and a TOEFL score of 89 are needed.
For the master's program, a minimum GMAT score of 600, an IELTS score of 6, and a TOEFL score of 89 are required.