Is An Economics Degree A Good Value? Important Things to Consider About An Economics Major (2024)

Featured Programs

Featured Programs

What can you do with an economics degree?

To answer this question, consider a brief economics major description: The field of economics focuses on how to make the best decisions when allocating limited resources. And who doesn’t want to make better decisions? Who wouldn’t benefit from this kind of study? Also, many facets of economics are studied in an economics degree program, whether pursuing an undergraduate or graduate degree. Healthcare economics degrees, for instance, deal with life and death decisions when allocating limited resources if a global pandemic breaks out. Maybe you don’t want that kind of pressure. Perhaps entry-level positions in infrastructure would suit you better. Such a role requires deciding how to plan civic projects and in what order. Regional economic experts dig down into the economic impacts of geography and culture. Behavioral economics is fascinating stuff. Additionally, the importance of personal finance needs no explanation. Like accounting majors, economic experts are vital in just about every field you can think of. Thus, finding a match between your work and your interests is not only possible but likely. Economics majors train you to think outside the box. You may even end up questioning the necessity of the box as an aid to thinking in the first place.

What do you study as an economics major?

Besides microeconomics and macroeconomics, other fields you will encounter include behavioral economics, financial markets, risk management, environmental economics, public economics, personal finance, consumer behavior, mathematical economics, labor economics, and development economics. You may also come across classes in data science or research various business economics practices and economic theories. As you progress beyond basic economic principles, you will find your niche and specialize in your course of study. Your first step on this path will be choosing between a Bachelor of Arts and a Bachelor of Science (see below). Once you have made this choice, your path will become clearer, and your future will be easier to shape.

What graduate degrees are worth pursuing with a bachelor’s degree in the “dismal science?”

There are several good master’s programs for individuals with a bachelor’s in economics. For instance, a master’s of public administration (MPA) is a good choice for econ majors interested in civic planning. A master’s in finance can be rewarding for aspiring financial analysts and those with a strong grasp of mathematics. And, of course, a law school degree is always an option for those interested in teasing out knotty legal business issues in the private and public sectors. Future data scientists may also want to pursue an advanced degree in this growing field. Graduate work in economics is ideal for those who wish to specialize in their studies. It’s also perfect for those who wish to pursue the academic lifestyle through an economic education.

What is the difference between a BA and a BS degree in the field if my program offers both?

Many prospective economics majors ask, “What can you do with a BA in Economics versus a BS?” Both degrees have their place in the field. Neither is “better” than the other. In reality, economics is a social science that requires scientists and people from the humanities. The bachelor of arts in economics pursues the social sciences aspects of the field and takes a deeper dive into economic history, though. Many of the best universities for economics also offer a BA track in economics education for those interested in working with youth. BA students often require a foreign language component (like most BAs), whereas the BS will not. Like other liberal arts students, the BA student will complete standard liberal arts coursework during their first two years of study. Generally speaking, these students will only earn 36 of the 120 semester hours of the typical economics degree directly studying economics. The bachelor of science in economics requires more than 54 hours in the major and pursues a more science (and math) based approach to economic study. This includes direct applications in the financial markets. Both types of economics majors have their strong points, but conventional wisdom says that a graduate in economics with a BA is ready for the job market. A similar graduate with a BS is ready for graduate school. Most economics degree programs require an internship-style experience for both tracks, so students can gain real-life experience.

How much math does a typical undergraduate economics program require compared to other majors?

Economics majors do not,per se, require intense math skills. Still, the job titles with the highest salaries (i.e., statistician, actuary, etc.) are the ones that lean into the math skills. That is, a BA degree in economics will require less math than a BS economics degree, but the job prospects for a BS may be more lucrative. The math required in general economics courses will be basic 100-level university math. This is similar to what you could expect to encounter in other courses like 100-level chemistry. Advanced-level electives in economics may involve skills learned from courses like multivariable calculus. Because many departments offer a BA and a BS economics degree, the 300-level general economics courses are often offered as two separate tracks (one with calculus and one without). Econometrics, or the process of turning economic analysis into economic policy, is often advised for students as a core field of study. Since the math involved in this area of economics can be complex, this course is usually not a required class. If these facts about the econ degree do not daunt you, read on. Then, prepare to conquer as you study economics at the higher education level.

Where can students of economics find jobs?

A career for economics majors isn’t hard to find. With an advanced economics degree, economists can find jobs anywhere. That’s why economics is one of the most popular majors alongside business majors. With their focus on critical thinking and their eye toward the bottom line, economics students are like the business world’s English majors. An economics degree is versatile and, in the right hands, well-compensated. Like a major in English, economics majors don’t need to apply their studies directly to the profession to see benefits from a degree in economics. The problem-solving, critical thinking, and quantitative skills you learn will serve you in many leadership roles, not just as a professional economist.

What does an economics major do?

What is an economics degree worth? How much do economists make?

Your bachelor of economics salary will vary, depending on the job you land after graduation. The national average salary for an economics teacher at the high school level is $62,420. Statisticians make $95,570 per year on average. Economists can bring in an average yearly salary of $105,630, according to the Bureau of Labor Statistics (BLS). Hiring notices for economics professors report salaries in the $100-200k range. This includes seniority and publishing history, so your mileage may vary. Market research analysts make about $63k a year. Financial analysts round out our round-up of salaries, with a yearly take-home of $95,570. So you can see that this is a well-compensated field. All these positions show at least a 5% growth outlook for the next 5-10 years. As an economics aficionado with superior critical thinking skills and knowledge of economic data and trends, you can predict the future job market about as well as anyone.