The extension of the name to "Schumpeter School of Business and Economics" is an expression of the orientation of the Faculty of Economics in terms of content. We focus on the widely understood spectrum of "innovation" and use this to create a sustainable profile. The comprehensive exploration of structural change, innovative business concepts, market structures that promote innovation, educational economic necessities or the legal cushioning of innovations has become our hallmark.

Students can choose from a large number of English-taught courses. The faculty offers students wishing to spend a semester abroad attractive study places at partner universities worldwide. The department's own centre for international contacts with its extensive services is available to students to advise them on the planning for studying abroad. Students who spend a semester abroad at a non-partner university are supported by the department, such as on matters relating to the recognition of international study achievements.

Florida State University, USA; Management Development Institute in Gurgaon, Indien; Rikkyo University, Japan; St. Petersburg State University of Economics (UNECON), Russland; Tampere University of Technology, Finnland; Universidad del Norte, Kolumbien. Università degli studi Roma Tre, Italien; Université Paris I Panthéon-Sorbonne, Frankreich; University of Michigan-Flint, USA; Wuhan University, Volksrepublik China;

In the faculty, there are two modern computer labs with relevant statistics, survey and eye-tracking software available, which can also be used by students independently. Various databases can also be accessed for teaching and research purposes (e.g. Refinitiv Datastream, Wharton Research Data Services, Business Source Complete, WISO, Web of Science). There is a start-up centre and an innovation laboratory (co-working space). Various individual and group workspaces are freely accessible for use.

The Faculty of Economics has numerous national and international research and teaching contacts. The faculty pursues both international and regional, own and third-party funded research projects. The faculty has several research institutes where larger research projects are carried out (e.g. Wuppertal Institute).

In the university-wide profile element "Entrepreneurship, Innovation & Economic Change", the university has been committed to entrepreneurship for years and has participated in the nationwide funding programme "EXIST - Business start-ups from science" within the framework of the regional start-up support network. In the process, it has been named the "most start-up-friendly" German university multiple times. The faculty has four chairs and two institutes for research into and active support of business start-ups.

The Faculty attaches great importance to providing good support for students. In addition to counselling services such as student counselling and the centre for international contacts, lectures by practitioners and lecturers ensure practical relevance. The professors research and teach in thematically related fields of competence where the exploration of structural change, corporate concepts, sustainability aspects and market structures that promote innovation is paramount and forms the basis for a Schumpeterian approach in research and teaching.