Economics is a good major for those searching for job opportunities in various industries, such as the corporate world, government and policy and the nonprofit sector. The economics major also prepares students to go to graduate school in other areas such as law, operations research and health-related fields.
Corporate world
Economics majors are highly desirable in the corporate world, as their majors have generally studied demand theory and estimation, production and cost theory, analysis of market structure, antitrust policy, government regulation of business, capital budgeting, inflation theory, unemployment, the determination of interest rates, and international economics. Employers know that this knowledge will enhance their performance in decision making. Two examples of corporate careers for economics majors include financial analysts and management consultants.
- Financial analysts analyze market trends and business data to advise companies or investors on business decisions related to finances. They may work in banks, investment firms or corporations. A financial analyst gathers data, interprets results and makes projections to deliver recommendations. In 2022, financial analysts made a median salary of $96,220.
- Management consultants help businesses problem solve and provide strategies to improve various business issues, such as manufacturing, marketing, labor or pricing strategies. Consultants can focus on one major area, such as compliance, or one industry, such as healthcare. Management consultants made a median salary of $95,290 in 2022.
- Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. Market researchers collect and analyze market information and identify market trends and market segmentation. Researchers do this through the use of quantitative data, statistical analysis packages, surveys, focus groups, and product testing. Market Research Analysts made a median salary of $68,230 in 2022.
Government and policy
A degree in economics is easily transferable to a position in government and policy – not only in federal government but also in state and local governments. Working in public policy allows you to play a role in the decision-making that affects certain issues you are passionate about, decisions that can affect your community, both locally and globally. You may find work with policy making in the following areas: education, government, environment, health, immigration, housing, taxation, social policy, water, employment, economic development or agriculture.
- A Policy analyst evaluates policies related to social issues such as healthcare, education and environment by conducting surveys or analyzing existing statistics. As the world evolves, new and adjusted rules are necessary, and Policy Analysts are responsible for helping guide decision-making. In 2023, the average yearly salary for a Policy Analyst is $63,855.
- Government economists research, analyze and evaluate economic data, such as budgets, to assist in federal, state and local government policy-making. A Ph.D. is often required for work as an economist in the government. In 2022, the average yearly salary for an economist in the federal government was $134,776.
Nonprofit sector
There are opportunities for economics majors to make a difference in the nonprofit sector. Because of the close connection between economics and social issues, economics is a good major for those who want to enforce positive social and economic change. Working for a nonprofit organization means that a passion for the organization’s mission and a genuine desire to contribute your time and effort toward helping others are absolutely necessary. Recruiters and employees say it’s crucial to be a versatile, Jack- or Jill-of-all-trades type because you’ll likely be expected to pitch in on a variety of responsibilities, from fundraising and organizing volunteers to tracking expenses and completing paperwork. You’ll need to be able to work collaboratively, but also be a leader because nonprofits don’t always have the funds to hire more staff if workloads increase.
- Economics majors contribute to global development initiatives, such as mission-driven international organizations like the Red Cross or UNICEF. These organizations seek to change specific issues and advocate for social or economic groups worldwide.
- Economics majors are crucial in providing unbiased research and data to assist in social and economic change. Many nonprofit organizations seek economics majors to research and disseminate data to fight for policy change.
FAQs
Alumni with degrees in economics may attain positions in areas such as business management, finance, law, actuary, education, sales, administrative, and journalism in addition to economics.
Is economics a useful degree? ›
Economics is a good major because of the versatility in job opportunities for those with an economics degree. Economics majors can find jobs in various fields, such as government finance, banking, law, accounting, nonprofit, marketing, sales, healthcare and consulting, just to name a few.
Is economics a high paying major? ›
Economics-related roles tend to offer high-paying salaries to those with a relevant degree. Economics-related roles fall within the business and finance sectors. In 2021, the BLS reported that occupations within this category pay a national average salary of $76,570 annually.
How does an economics degree help? ›
With an Economic degree, you can work as a stockbroker, economist, consultant, data analyst, statistician, market research analyst, credit analyst, business development, etc. In addition, an analysis of S&P 500 CEOs (PDF, 289 KB) showed that Economics majors are more likely to become CEOs than any other major.
Is a BA in economics worth it? ›
On average, economics majors earn $72,055 per year just 4 years after graduating according to the National Center for Education Statistics. That's 41% more than the national average for all people with a bachelor's degree ($51,088).
Is economics a hard major? ›
Whatever college you choose, economics is not an easy degree choice. It requires a great deal of critical thinking and analysis for economics students. As you advance, the subject matter gets more thought-provoking and challenging. This is not meant to deter you from an economics major.
Why did Elon Musk study economics? ›
Elon Musk's choice to study Physics and Economics reflected his multidimensional approach to problem-solving and innovation. The combination of a scientific foundation and an understanding of economic principles provided him with a well-rounded education for his future endeavors.
Why do so many people major in econ? ›
Although higher income is only one consideration when choosing a job, economics provides students with a broad range of analytical, quantitative, and communication skills that are useful in many different occupations in management, finance, banking, public administration, non-profit organizations, and community service ...
Is economics a lot of math? ›
Math and statistics are used in economics, but at the undergraduate degree level, the math and statistics are certainly not overwhelming. Economics majors are usually required to take one statistics course and one math course (usually an introductory calculus course).
Is it hard to get a job with an economics degree? ›
If you have an economics degree but have no work experience, you can find entry-level positions at companies that hire recent graduates or a junior position where you work under the supervision of a senior employee.
7 top careers in economics
- Actuary. A career as an actuary is ideal for those who have a flair for mathematics and a keen interest in managing financial risks. ...
- Economist. ...
- Data scientist. ...
- Market research analyst. ...
- Securities trader. ...
- Operations research analyst. ...
- Financial manager. ...
- Is economics a good career?
The US Bureau of Labor Statistics, Occupational Outlook Handbook (online in 2023) reports annual wages for economists. For economists of all educational levels, the median earnings in 2023 were $115,730 with $62,520 at the tenth percentile and $216,900 at the 90th percentile.
What jobs can you do with an economics degree? ›
With a background in economics it seems anything is possible. Other common economics careers and roles include auditor, stockbroker, insurer, business manager, retail merchandizer, pricing analyst, statistician, financial consultant and salesperson.
Is a bachelor's degree in economics enough? ›
A bachelor's degree is often enough to find work in the field, but some require a master's. Along with a solid background in business education, market research consultants also need strong skills in math and analysis.
How can I be successful with an economics degree? ›
Advice to Start a Successful Career with an Economics Major
- Work on your math skills. ...
- Learn software and/or programming language. ...
- Other profession-relevant software includes Access, Tableu, Stata and Eviews. ...
- Get experience. ...
- Be engaged. ...
- Network. ...
- Grades matter!!! ...
- Work on building your resume early.
Students with an economics degree can work in a variety of fields and apply for prominent roles. Whether it is a multinational corporation, a small enterprise, the private sector, or a government organization, you can find a job in any of the sectors.
Is it hard to find a job with an economics degree? ›
A bachelor's degree in economics is enough for an entry-level position, but high-earning jobs in competitive industries may require a master's degree in finance or business administration. According to the BLS, average salaries vary widely depending on the industry.
Is a BS better than a BA in economics? ›
The BS in Economics is designed for students who desire a more technical program than the BA, one with a stronger emphasis on economic and quantitative analysis.
Can you make a lot of money with an economics degree? ›
The national average salary for economists is $101,813 per year , but the salary you may earn depends on factors like your education, experience level and employer. Some geographical areas also pay economists more than others.
