Dear Mr. Bradshaw,
I am a junior in high school and want to know if I should study economics or business as a major in college. The University of Pennsylvania offers both majors. Harvard does not offer a business major only a major in economics. What about the Ivy League and Stanford, Indiana University and Purdue?
Signed,
High School Student
Dear Student,
Choosing between a major in economics or business is a pivotal decision that can influence your academic journey and career trajectory. Given your interest in institutions such as the University of Pennsylvania (UPenn), Harvard University, other Ivy League schools, Stanford University, Indiana University, and Purdue University, it’s essential to understand the programs they offer and their selectivity to make an informed choice.
University of Pennsylvania (Penn)
Penn’s Wharton School offers a Bachelor of Science in Economics with concentrations in various business disciplines, effectively serving as an undergraduate business program. This curriculum combines business education with economic theory, providing a robust foundation for careers in finance, management, and entrepreneurship.
Harvard University
Harvard provides an undergraduate concentration in Economics through its Faculty of Arts and Sciences. This program emphasizes economic theory, quantitative analysis, and critical thinking, preparing students for diverse fields such as public policy, consulting, and academia. Harvard does not offer an undergraduate business major; its business education is primarily through the graduate-level Harvard Business School.
Other Ivy League institutions
Most Ivy League universities do not offer standalone undergraduate business majors. Instead, they provide economics programs focusing on theoretical and applied economic studies. For instance, Princeton, Yale, and Columbia offer comprehensive economics majors. Cornell University is an exception, offering undergraduate business programs through the Dyson School of Applied Economics and Management and the School of Hotel Administration.
Stanford University
Stanford offers a Bachelor of Arts in Economics, aiming to equip students with analytical tools to understand economic policies and market behaviors. The program covers a wide range of topics, including economic theory, econometrics, and applied economics. Stanford does not provide an undergraduate business major; however, students can engage in business-related studies through electives and interdisciplinary programs.
Indiana University
IU’s Kelley School of Business offers a Bachelor of Science in Business with various majors such as Accounting, Finance, Marketing, and Management. The program emphasizes practical skills and experiential learning, preparing students for immediate entry into the business world. Additionally, IU offers a Bachelor of Arts in Economics through the College of Arts and Sciences, focusing on economic theory and its applications.
Purdue University
Purdue’s Daniels School of Business provides undergraduate majors including Accounting, Finance, Marketing, and Supply Chain and Operations Management. The curriculum is designed to develop analytical and problem-solving skills pertinent to business operations. Purdue also offers a Bachelor of Science in Economics, which emphasizes data analysis and economic modeling.
Admission Rates
University of Pennsylvania: Approximately 4.1% for the Class of 2027.
Harvard University: Around 3.4% for the Class of 2027.
Cornell University: Approximately 6.9% for the Class of 2027.
Stanford University: About 3.68% for the Class of 2027.
Indiana University Bloomington: The overall acceptance rate was 77.2% for Fall 2021. However, the Kelley School of Business is more selective, with acceptance rates varying by year.
Purdue University: The overall acceptance rate was 49.8% for Fall 2024. Notably, the Daniels School of Business experienced a significant decrease in acceptance rate to 17.5% from 74.65% in one year.
With a GPA of 3.85, you are a strong candidate. When deciding between economics and business majors, consider the following:
Career Objectives: If you’re aiming for roles in corporate management, finance, or entrepreneurship, a business major might offer practical skills and direct industry exposure. Conversely, if you’re interested in policy analysis, research, or academic pursuits, an economics major could be more appropriate.
Program Focus: Business programs often provide hands-on learning experiences, internships, and a curriculum centered on business operations. Economics programs typically delve deeper into theoretical frameworks and quantitative analysis.
Institutional Opportunities: Research each university’s specific offerings, such as specializations, faculty expertise, research opportunities, and extracurricular activities, to determine which aligns best with your interests and goals.
In conclusion, both economics and business majors offer valuable pathways, each with distinct emphases. Institutions like Penn and Cornell provide specialized undergraduate business programs, while others like Harvard and Stanford offer robust economics majors. Indiana University and Purdue University present strong options in both fields, with varying levels of selectivity. Reflect on your career aspirations, learning preferences, and the unique attributes of each program to make an informed decision.
Gerald Bradshaw is an international college admissions consultant with Bradshaw College Consulting in Crown Point.
