I hate to say this that mostly our favorite subject is the one which is easily understandable for us. Students focus more on financial management, investment analysis, and financial statement analysis and mostly try to get away with other subjects included in their course. Sadly some of the teachers have also been focusing on the same stuff. But during my experience in financial industry, I have learnt that the most important subject in the whole financial universe is Economics!
Anyone who is well versed with economics can simply do wonders in the financial industry. Since economists know how different things can affect different sectors, they are able to pick up the out performers and under performers way before time. Sadly most of us just don’t give due importance to Economics and just try to pass it rather than trying to understand it and apply it. Anyone telling you to give economics second priority, is either bluffing or is himself/herself unaware of the reality.
For example, most of the regular analysts keep focusing on the financial changes of companies. However, an economist simply looks at the macro environment and once he gets a signal that interest rates are going to increase, he simply sells highly leveraged company before time. Other analysts keep waiting until the monetary policy is actually announced. Owing to this, every research house has at least one economist in their team.
So guys, if you are going through your studies, please give due attention to economics, apply it to real time situations and that is the way you are going to learn the most. The same goes for finance professionals working in other fields like banking and financial management. A really good book to read for some understanding is “Principles of Macro Economisc by Robert H, Frank and Ben S. Bernanke”