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Career Overview: Economics Majors

Career News May 18, 2014

Economics majors will be taught how to study economic systems, analyze how the world deals with limited resources, and compare tax plans associated with politics. Students in bachelor’s degree programs in economics will be prepared for several careers in a number of industries, including government and business.

Career Options for Economics Majors

Students enrolled in an economics bachelor’s degree program are prepared for different careers in many industries, such as law, government, and business. Such a wide range of career options are available to students because they can apply economics principles to various career fields, including healthcare, government, and business. Economics knowledge is blended by professionals in these fields with such skills as teamwork, communication, and analytical and critical thinking.

Additionally, the versatile degree in economics is very flexible in that it allows the graduate to change careers easily. For instance, an economics graduate who opted for an entry-level career in sales could choose to work for the government in social security administrator positions and be able to make the switch very easily, thanks to the training already received by him or her. Economics majors may choose from numerous job titles, including economic consultant, IRS agent, bank officer, securities analyst, and urban planner.

According to PayScale’s College Salary Report (2010-11), bachelor’s degree graduates in economics prefer the following ten jobs more than others:

•Financial advisor
•Data analyst
•Economist
•Marketing analyst
•Financial research analyst
•Banking business analyst
•Staff accountant
•Financial analyst
•Management consultant
•Investments analyst

Job and Wage Outlook

In 2008, the Wall Street Journal researched the earnings outlook for 16 majors and ranked economics majors fourth, with an average annual wage of $43,419, finding that these average earnings were exceeded only by mathematics, computer programming, and engineering majors. In 2010, graduates of a Bachelor of Arts (B.A.) in Economics banked between $40,968 and $104,970 in average annual wages; average annual wages for Bachelor of Science (B.S.) degree graduates ranged lower, between $40,000 and $91,291.

Continued Education

A degree in economics could be the first step toward a master’s degree in law, business, or economics. The analytical thinking and critical skills honed in a bachelor’s degree program are considered by many to be sufficient preparation for a master’s degree in law. Substantial economics content comprises the coursework relevant to graduate business programs. Additionally, many experienced economists are employed as graduate business professors.

Also, aspiring economists among economics majors would benefit by earning a master’s degree as they would not receive the requisite training in an undergraduate program; however, they can get the training needed to transition to a graduate degree program. Earning doctoral or master’s degrees in economics would qualify candidates for jobs in research and academia.

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