Jobs And Benefits Of Becoming An Economics Major

Economics majors are all about understanding wealth, resource allocation, and incentives in various industries and fields.

It’s not just about finance and numbers — economics majors study many areas of business as well, and may also study law and public policy. If you’re thinking of becoming an economics major, read on for what is an economics major, and just what you can do with a degree in economics.

What is an Economics Major?

Economics majors are integral to other fields such as business, political science, law, and more, therefore it is a very useful major that can be applied to many career paths.

Economics majors will usually acquire a strong academic foundation in macroeconomics and microeconomics, as well as in mathematics knowledge. Economic majors may also study world economics, business management, finance, and other areas of interest. Specialized certificate programs in finance and accounting can be an added advantage in this highly competitive field of work.

Should I Become an Economics Major?

If you have skills in critical thinking, analytical reasoning, and mathematics, you may enjoy becoming an economics major, and find success in the field.

Those who are interested in studying behavior, policy, and business practices, and enjoy applying theoretical knowledge to solve real-world problems will do well as an economics major.

What to Expect in an Economics Major?

While each school and program may vary in what they require, there are some broad things that every economics major should expect. Before you jump into declaring a major, make sure you understand the requirements and outcomes of your school’s economics program.

An undergraduate degree in economics that results in a Bachelor of Arts usually takes four years to complete, and it may be outside the business school, unlike other finance majors. This is because economics is a more theoretical degree than finance or accounting, which tend to be more applied studies.

Economics courses and professors will teach you all the facts you need to know, while also encouraging you to think critically about why things are the way they are. Students in economics majors learn to think quantitatively, reason critically, and become an expert at recognizing patterns.

Economics Major Jobs

Economics majors may go on to further their studies in a graduate program, or they may enter the workforce straight away. There are many opportunities for economics majors in areas of business, research, consulting, and public administration.

Industries for Economics Majors

Common industries that employ economics majors include the healthcare industry, software industry, and public sectors.

However, economics majors can work in almost any industry, and will always be needed.

Here are just a few examples of jobs you could get with your economics degree:

Actuary

Salary: $91,000 per year

Actuaries use their deep math skills and analytical abilities to determine the likelihood of certain situations and assess risks. They are usually employed by insurance agencies but can work in-house with large companies as well. Actuaries use data and software tools to communicate their analysis with management and stakeholders.

Market Research Analyst

Salary: $55,000 per year

Market research analysts will use industry knowledge to figure out how products and services will do under any condition, most of which are economic. They must be able to gather and analyze data, and present key findings to team members.

Policy Analyst

Salary: $59,000 per year

Policy analysts are experts in public policy, and they research topics and analyze data that may lead to certain legislation or government intervention. They use their data to make recommendations and to help create solutions. Policy analysts are often asked to submit lengthy reports, so they must have excellent written communication skills.

Financial Analyst

Salary: $61,000 per year

Financial analysts research companies, industries, stocks, bonds, and other investment vehicles for finance departments. Their analyses often require the advanced quantitative skills possessed by many economics majors.

These analysts often use computer software and models to aid their analyses. They write reports and prepare presentations for colleagues and clients who make the final decisions about investments, stock/bond offerings, and mergers/acquisitions.

Economic Consultant

Salary: $74,000

Similarly to the other career paths mentioned, economic consultants also use their research and data analysis skills to understand potential scenarios and make recommendations. These scenarios are always economic related. Economic consultants may also be asked to take the stand in legal cases as expert witnesses when it comes to economic damages, antitrust violations, economic regulatory violations, and more.

Credit Analyst

Salary: $51,000

Credit analysts may analyze smaller sets of data and make recommendations on whether or not to allow a person or business to receive a loan. They report findings on economic risks associated with loaning money, and generate recommended interest rates for those loans.

Economics Major Salary

No matter the job title, economics graduates as a whole are earning decent salaries. The average annual salary for B.A. in Economics degree holders is $73,000. That number will vary based on your location, industry, and level of experience — but overall, it is still above average as far as income goes.

Is Economics a Good Major? Benefits of Becoming an Economics Major

There are many benefits to becoming an economics major, including:

Hands-On Learning Opportunities

Students of economics are frequently asked to complete computer simulations, come up with solutions to real-world problems, present findings, create reports, and participate in field work. This hands-on experience for application of course topics is a great experience for students before they get their first job.

Critical and Creative Thinking

Economics majors are taught to think critically and find creative solutions to some of the most challenging economic problems facing the world today. Economics majors look at current policies and come up with their own views on what may be better for society.

Graduate School Preparation

Getting an undergraduate degree in economics can be excellent preparation for students wishing to pursue a graduate degree in fields such as law, business, and even medicine. Most economic programs will prepare students with the drive, intellect, reasoning, and quantitative skills they need to succeed in these challenging fields.

Versatility

Just like an economics degree can prepare for many different graduate fields of study, the same goes for careers as well. There are plenty of work opportunities where economics knowledge is desired — in all industries, and at all levels.

Challenge

If you are looking for a challenge as an undergraduate, economics might be for you. It is known to be a difficult major, and will push you to think critically, mathematically, and analytically. Because it can be a challenging major, economics prepares students for anything that comes their way after graduation.

Economics Major Skills

Graduates in economic majors have had four years to perfect and hone in on many valuable skills. When searching for jobs that ask for specific set of skills, here are the ones that are commonly requested of economics majors:

• Data manipulation
• Statistics knowledge
• Finding and understanding relationships
• Drill downs
• Quick learner when it comes to new products, business models, and more
• Communication

So, is economics a good major? At the end of the day, only you know if the economics major is right for you. But no matter what, it is a good degree that prepares students for success in a wide range of fields.