No Deal on Business Major – Inside Finance (2024)

Chicago’s proposed undergraduate business major was short-lived, but the economics faculty found a way to save it, as a new “track.”

Facing opposition from some students and fellow professors, architects of a proposed undergraduate business major at the University of Chicago have withdrawn their plan from consideration by faculty peers.

Yet the idea lives on: instead of an entirely new major, the economics faculty has approved a business economics “track,” to begin in the fall, according to information from the department.

Chicago may be known for its many preprofessional graduate programs, including a top business school, but its undergraduate college is known for its dedication to the liberal arts. The college’s core curriculum remains one of the nation’s most thorough.

Any new major must win the majority approval of the College Council, a formidable group of faculty members from across the college. The council’s meetings are confidential, but it’s widely known that John List, Kenneth C. Griffin Distinguished Service Professor and chair of economics, pitched the business major to the council at its last meeting two months ago.

After some debate, the idea was tabled for the next meeting, set for this week. In the interim, however, List withdrew the idea for a new major that would see students taking classes in the Booth School of Business.

List did not respond to a request for comment Monday. But his assistant said via email that the department had internally approved the new track and details were forthcoming.

Opposition to the major centered on the college’s liberal arts tradition.

In anop-edfor the student newspaper,The Chicago Maroon, for example, fourth-year philosophy and political science major Eero Arum argued that the university has always “distinguished itself from other institutions of higher learning by insisting that education is not a means of acquiring certain technical skills, but an end in itself.” So if the business major passed, Arum wrote, Chicago would “abdicate any claim it may once have held to defend this classical vision of liberal education. It will have capitulated to the prevailing credentialist ethos of the modern American university system, which defines the value of a college degree in terms of the future earnings it yields.”

Someone — maybe students — also posted fliers on campus saying, “Business has no business here” and “In the name of critical thinking skills, tell faculty council to vote no.”

Andrew Abbott, a member of the council and Gustavus F. and Ann M. Swift Distinguished Service Professor of Sociology, wouldn’t discuss his personal views on the business major. But he said that the college has always had de facto preprofessional majors, meaning that substantial numbers of biology majors go into medicine, for example. (The college also has a law, letters and societymajorthat began accepting applications again this year after an extensive review of its “value” to the college.)

“The university has in fact always sent a lot of people into the business world,” Abbott added, noting that he’d surveyed decades’ worth of alumni in the 1990s as part of an institutional research project and found that 20to 25percent of graduates ended up in business.

Many of them majored in economics, suggesting that economics is a kind of de facto preprofessional major, as well, he said. Yet to have “a major that has a title of an occupation in it — that hasn’t been done so far.”

Abbott added, “I’m sure there are some faculty who think, ‘We don’t need this. We have a situation that’s working fine, why change the situation?’”

Seth Brodsky, an associate professor of music and humanities and another member of the College Council, said Monday that he’d asked the body to table the vote at the last meeting to allow for further discussion.

The proposal enjoyed some support, however. Asked about a possible business major at a recent forum on free speech, John Boyer, college dean, said that Chicago offered an undergraduate business major through 1955, until the business school became the Booth graduate school, making him “very comfortable” with the proposal from an institutional history perspective.

Hundreds of undergraduate students are currently taking graduate courses in Booth, he said, likening a transition to a major to “running through an open door.”

More generally, Boyer said, boundaries between the college and the campus’s many graduate divisions “should be more fluid than I think some people think them to be.”

Matthew Foldi, a fourth-year political science major, said Monday via Twitter that the major was a “terrific idea” whose “critics forget that at the University of Chicago in particular, there is next to no risk that this major strays from our focus on the life of the mind.”

No Deal on Business Major – Inside Finance (2024)

FAQs

Is business finance major hard? ›

A major in finance requires you to have a strong math and economics background. But don't let that intimidate you! With dedication, hard work, and a willingness to learn, anyone can succeed in this field.

Is finance major worth it? ›

Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections. Careers in finance may also offer flexibility for employees by allowing them to work remotely or in hybrid environments.

Is finance one of the hardest majors? ›

While the definition of ''hard'' varies from person to person, finance can be a hard major. This is especially true for those who find mathematics difficult. Students often need to have taken courses in economics and statistics before they begin their major.

Is a finance degree better than a business degree? ›

Both finance and business administration degrees offer a competitive earning potential. A business administration degree allows you to work in almost any sector. A finance degree offers the opportunity to work in a variety of finance-related fields.

Is there a lot of math in business finance? ›

While each program will vary slightly, students earning a finance degree can expect to take a sizable amount of math classes. Finance degrees will often cover more basic mathematical concepts such as algebra and statistics, as well as more industry-specific math courses such as probability and business mathematics.

What is the easiest major in business? ›

5 Easiest Business Degrees
  • Bachelor of Science in Business Administration (BSBA) ...
  • Bachelor of Arts in Marketing. ...
  • Bachelor of Science in Entrepreneurship. ...
  • Bachelor of Arts in Human Resources Management. ...
  • Bachelor of Science in Hospitality Management.

What are the cons of finance major? ›

Cons of getting a finance degree

Stressful work environment: The finance industry can be stressful, particularly during economic uncertainty or market volatility. Cost of education: Obtaining a finance degree can be expensive, particularly if you attend a private institution or pursue a graduate degree.

Do finance majors pay well? ›

Finance Degree Salary in California. $74,000 is the 25th percentile. Salaries below this are outliers. $107,600 is the 75th percentile.

Is finance harder than accounting? ›

Is finance harder than accounting? Accounting relies on precise arithmetic principles, making it more complex, whereas finance requires a grasp of economics and accounting without as much mathematical detail.

What is the #1 hardest major? ›

List of the Hardest College Majors
  1. Legal Studies. Average GPA: 3.35. ...
  2. Computer Science. Average GPA: 3.0. ...
  3. Environmental Earth Science. Average GPA: 2.96. ...
  4. Chemistry. Average GPA: 2.77. ...
  5. Environmental Economics and Policy. Average GPA: 2.95. ...
  6. American Studies. Average GPA: 3.12. ...
  7. Nuclear Engineering. Average GPA: 3.14. ...
  8. Energy Engineering.

Which major has the highest dropout rate? ›

Math majors analyze numerical relationships and solve complex problems. However, the National Center for Education Statistics estimates that math majors have the highest rate of attrition of any major (52%).

Is finance major math heavy? ›

Possibly one of the most math-intensive business majors, the BBA in Finance includes coursework in areas such as financial analysis, savings and credit management, and applying financial strategies in the securities markets.

What makes more money, finance or business? ›

We can compare jobs in the finance industry by using the job of a financial analyst as a benchmark. Based on the latest data from the Bureau of Labor Statistics, this job offers a median pay of $81,410 per year while a business degree it is $65,000.

Can a business major work in finance? ›

in Business Administration from Pacific Oaks College prepares individuals for financial career paths. Learn more about our program options. With a bachelor's degree in business administration, you can choose from among many different career paths. One of the most popular fields in business administration is finance.

Which is better BA or BS in finance? ›

The BS degree offers more practical experience and is especially helpful for those who want a more specialized, technical career, such as economics, accounting, or business analytics. With a BS degree, you often can choose a specialized “track” to work towards in addition to your general courses.

What is the hardest business major? ›

What Is the Most Difficult Business Major?
  • 107. Accounting. ...
  • Finance. ...
  • Economics. ...
  • International Business. ...
  • Supply Chain Management. ...
  • Entrepreneurship. ...
  • Information Systems. ...
  • Quantitative Finance.

Is business finance harder than accounting? ›

Is finance harder than accounting? Accounting relies on precise arithmetic principles, making it more complex, whereas finance requires a grasp of economics and accounting without as much mathematical detail.

Is business finance math hard? ›

One thing that's for sure is the high amount of math you will need to study. Finance is a mathematical discipline, so if you aren't as comfortable with math as with other ways of thinking, you may find it more challenging. Additionally, finance also makes use of a vast, highly specific vocabulary.

Is a finance major stressful? ›

Cons of getting a finance degree

Long hours: Many finance jobs require long hours, particularly in investment banking and other high-pressure roles. Stressful work environment: The finance industry can be stressful, particularly during economic uncertainty or market volatility.

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