Exploring STEM Degrees: Understanding Why Accounting, Finance, and Economics Are Not Considered STEM
When it comes to higher education and career pathways, the term STEM is often on people's minds. However, the question of whether disciplines like accounting, finance, and economics fit into the STEM category is a subject of considerable debate. In this article, we will delve into the specifics of what STEM truly means, particularly in the US context, and explain why these and other social sciences do not qualify as STEM disciplines.
What Are STEM Degrees?
STEM is an acronym that stands for Science, Technology, Engineering, and Mathematics. These fields are typically associated with the rigorous application of mathematical models, scientific theories, and technological advancements. To be classified as a STEM degree, a subject must align closely with these core principles.
Physical and Life Sciences
Physical sciences, such as chemistry and physics, and life sciences, including biology and environmental science, are at the heart of the STEM disciplines. These fields involve extensive empirical research, experimentation, and the development of advanced mathematical models to explain natural phenomena.
Computer Science and Robotics
Computer science and robotics also fall under the STEM umbrella. These subjects focus on the design, development, and application of software, algorithms, and advanced technologies that drive innovations in various industries.
Why Accounting, Finance, and Economics Are Not STEM
It is important to understand that while these fields are undoubtedly valuable and play crucial roles in the business world, they are classified as social sciences rather than STEM subjects. Let's break down why:
Accounting and Finance
Accounting and finance are indeed part of the business domain. These disciplines focus on the recording, analyzing, and managing of financial transactions and assets. They are essential for ensuring the financial health and stability of organizations, but they do not involve the same level of scientific or technological rigor as STEM fields.
Economics
Economics is broadly categorized as a social science. Like psychology, political science, and sociology, it studies human behavior and the economic decisions that individuals and groups make. While economics does incorporate mathematical models and statistical analysis, these are often focused on understanding and predicting economic trends rather than developing new technologies or scientific breakthroughs.
Niche Mathematical Specializations
There are exceptions, such as financial mathematics and mathematical economics. These areas do incorporate significant mathematical content but are still considered too specialized to be included in general mathematics. General mathematics typically involves a lot of proofs and abstract concepts that go beyond the applied mathematics used in these fields.
The Role of Social Sciences in the Business World
While accounting, finance, and economics are not part of the STEM category, they are still vital components of the business and social sciences realms. These subjects are closely intertwined with the operations of industries, financial markets, and economic policies. Understanding these fields is essential for policymakers, business leaders, and financial analysts.
In Conclusion
It is crucial to distinguish between STEM and social sciences to fully grasp the differences between these academic disciplines. While accounting, finance, and economics do not fall under the STEM umbrella, they still play important roles in various aspects of business and society. By accurately labeling and understanding these distinctions, we can better appreciate the breadth and depth of knowledge required in different fields.