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March 29, 2024, 05:08:55 pm

Author Topic: What are Commerce Degrees all about?  (Read 1780 times)  Share 

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Donatello_

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What are Commerce Degrees all about?
« on: December 20, 2014, 10:34:54 pm »
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Hi guys,
could someone pls give me a brief overview of a typical commerce (economics/finance) degree in terms of what you learn, skills and qualities required to do well in it. I just want to know whether it will suit me or not as im quite good with maths.

Thanks!

sluu001

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Re: What are Commerce Degrees all about?
« Reply #1 on: December 21, 2014, 01:26:35 am »
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The study of negotiating (marketing and management), quantifying (economics) and pricing (finance) and recording (accounting) economic transactions between 2 or more economic entities.

The 1st part (negotiation) mainly examines the soft-skill requirements of economic transactions (buying/selling, etc.) This stage occurs both before or after quantity and price has been decided.  It is when the 2 or more parties examines each other's interests ("sizing" each other up), comparing them with their own; and decide how to proceed with the other party. Hence, maths is not the forefront of the discipline - it mainly focuses on studying the psychology of transacting parties and the sociological aspect of economic transactions. If you like the behavioural aspect of business; marketing and management is for you.

The 2nd (quantifying) and 3rd part (pricing) are interchangeable. Since one cannot quantify something without assigning a relative value to it (econ 10o1). This is where mathematics plays a larger role; since value is a subjective concept to different people. So economics will quantify and rank these subjective values of the different parties into a measurable scale.  Finance will then simply convert these values into a nominal measurement that both parties can understand (ie. dollars, work hours, interest rates, etc.) If you enjoy mathematics and possess a logical mindset; econ/finance will suit you.

The 4th and final stage (recording) speaks for itself. Whilst there are a lot of data and numbers involved; it is not about maths. That has already been done earlier in the "Quantifying" and "pricing" stages. Accounting is more about ensuring that the units of measure and the price/quantity agreed upon in the transaction is recorded correctly, fairly, consistently and objectively. The key criterias to being a successful accountant is not just the ability to be very precise and fastidious in your work; you also have to possess an analytical mind. A good accountant must be able to put themselves in the shoes of all the parties in the transaction; and ensure all RELEVANT information is recorded.


It is my very simplistic view of what i consider is the overall scope of the commerce discipline.
« Last Edit: December 21, 2014, 01:52:35 am by sluu001 »

jtvg

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Re: What are Commerce Degrees all about?
« Reply #2 on: December 23, 2014, 10:41:53 pm »
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Very well said, sluu001