Why Major in Economics?
When considering an economics major, it can be helpful to consider job options, salary potential, and graduate study possibilities. A bachelor's degree program in economics can prepare students for a variety of careers in a number of industries, including business, government, law, and healthcare, because economics concepts are applicable in all of these sectors. Professionals in these fields directly use their knowledge of economics, and they also utilize additional skills that they gain over the course of an economics major program, including critical and analytical thinking, communication, and teamwork.
Some of the possible job titles for economics majors include securities analyst, bank officer, IRS agent, economic consultant, financial analyst, business analyst, pricing analyst, data analyst, operations manager, research associate. Because of its versatility, a degree in economics also offers flexibility when it comes to changing careers. If an economics graduate begins working in sales but then decides to pursue work in government as a Social Security administrator, he or she already has the training needed to make the switch with relative ease.
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As reported by PayScale in the 2016-2017 College Salary Report, economics was #32 on the list of the highest-paying bachelor's degrees. The median annual salary for early career professionals was $53,900, but it was $100,000 for mid-career professionals. For those who earned a Bachelor of Arts in Economics, the salary range was $43,000 to $91,643 in April of 2017, depending on the job title. For those who earned a Bachelor of Science in Economics, the salary range was $42,500 to $55,982.
A bachelor's degree in economics can pave the way to graduate-level education. An economics degree often serves as good preparation for law school, graduate business school, or graduate economics studies. Many see the critical and analytical thinking skills developed in an undergraduate economics program as good preparation for law school. A good portion of a graduate business program's courses have a significant amount of economics content. Also, many graduate business professors are experienced economists.
Additionally, economics majors looking to become economists must enroll in graduate school, since this training is not available at the undergraduate level. The bachelor's degree, however, does provide the coursework needed to transition to a master's degree program. Jobs in academia and research also exist for those with master's or doctoral degrees in economics.
Undergraduates may want to major in economics because it can help them gain useful knowledge and skills and also prepare them for well paying careers and/or graduate studies.