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Majoring in Economics

college major selecting a college major Oct 01, 2022

Students considering pursuing an economics degree open the doors to a wide variety of different career opportunities. Economics majors remain attractive to employers in various fields, including business, government, healthcare, law, and non-profit organizations. 

Why Pursue a Major in Economics?

Economics majors examine incentives and wealth and resource allocation in fields like business management, law, and public affairs. In addition, students pursuing an economics major learn how to analyze decision-making and critical thinking. 

Economic concepts may include topics that range from individual financial decisions to international relations. Students majoring in economics gain exposure to specialized research methods, policymaking techniques, quantitative analysis, and much more.

In the course of study in economics, students learn how these issues apply to their own country, in addition to studying foreign trade policy and commerce. This education also helps train students to use statistical analysis in banking, finance, and economic theory.

Is an Economics Degree Worth It?

Once you’ve decided that the courses and path feel right, you might find yourself wondering: is an economics degree worth it? There are, of course, several aspects to consider when asking this question. 

Economics is a diverse field of study, touching on almost every domestic and international aspect of life today. Economists advise some of the most influential individuals in the world, from presidents and government officials to big businesses in corporate industries on various levels.

The field of economics continues to be a highly versatile and adaptable subject imparting invaluable skills to economics graduates. Consequently, employers commonly seek out skills that students acquire when pursuing their degrees. Graduates in this field additionally often receive a high economics degree salary.

An economics degree is useful for numerous different fruitful and fulfilling careers. Graduates can get jobs in banking, big business, finance, investment, various government offices, and even start their own businesses.

Majoring in economics, financial economics, or mathematics economics can give students the flexibility to study what interests them most. Economics also often presents innovative curriculums and broad exposure to economic theories and worldviews.

A college admissions coach can provide clarity to anyone asking “is an economics degree worth it?” or attempting to decide whether an economics degree fits their plans. With proper guidance from a specialized college consultant, students can swiftly become respected experts with a rewarding professional career.

Economics Degree Salary | How Much Money Can You Make?

With the entire world today revolving around money, the economy remains an important subject. Therefore, a student’s economic interests can serve a good purpose while bringing numerous benefits.

Well-paid economic positions require specialists with a degree in economic studies. For someone with an economics degree, salary may depend on education, experience level, chosen career posting, and geographical location. The highest paying jobs are typically proportional to the level of responsibility associated with the position and the number of years of experience an economist has in the field.

Coursework an Economics Major Can Expect

Economics is a social science involving the consumption, distribution, and production of goods and services. The study focuses on human behavior within a commercial setting, examining varied choices made by governments, businesses, and private individuals concerning resources. 

Economists receive training in the laws of supply and demand and a comprehensive understanding of how these operate in markets for goods and services. Any business entity has a multitude of ways to utilize resources. Some of these methods are more beneficial than others. Economists try to ascertain which methods are the most beneficial in terms of efficiency.

Similar to medicine or law, economics is a vast subject where many specializations are possible. An introductory coursework sequence for an economics major generally includes one or two classes that examine the principles of micro and macroeconomics. These courses cover concepts including:

  • Economic modeling
  • Fiscal and monetary policies
  • Market outcomes

Nonetheless, coursework within the major can vary depending on the specific track or degree path a student selects. 

For example, some schools enable students to choose between an art or science degree. However, the latter often requires pursuing students to develop additional quantitative skills. Within a bachelor’s degree program, students may follow a track focused on finance, policy, or strategy within the economics field.

A college admissions coach can help students narrow down potential choices and aid students in formulating and executing a solid plan. Students are attempting to pursue a degree in economics face navigating a complex landscape. Finding the right school and narrowing down a major can be a challenge.

Some students may thrive at all small universities but struggle at larger, urban schools. A college consultant can help students find the right school for their needs culturally and academically. Helping students identify their unique needs while meeting them remains a critical function and a role we’re proud to fill at Clark College Consulting.

Is Economics the Right Choice for Your Future?

Majoring in economics may be the right choice for students who enjoy using analytical reasoning to discover behavioral patterns, policy issues, or business practices. In addition, a degree in economics can help students learn and develop critical thinking skills that are attractive and useful in many fields.

Students pursuing other degrees may find value in the economic study as well. The discipline can be relevant and valuable in government, law, medicine, and many different paths. For anyone with strong logical reasoning and problem-solving skills or who finds themselves thinking about how the world could run more efficiently, an economics degree or coursework plan could represent the right choice for their future.

With undergraduate studies in economics, students can pursue graduate studies or enter the workforce. For example, those interested in aiding businesses or organizations through legal disputes could seek a position in economic consulting. Others may feel more drawn to risk analysis and could find themselves pursuing a career as an actuary.

A college admissions coach can help students with appropriate undergraduate preparation to work toward research assistant positions in various fields and attend law school and other master’s programs. With proper planning, economics majors can even participate in medical school.

Is an economics degree worth it? Depending on what you are looking for, an economics degree can be a viable educational and career path that provides highly sought-after skills, including critical thinking, problem-solving, and communication.

Clark College Consulting is a college coaching specialist focusing on trust and personalized services that aim to assist students and their families in making prepared, thoughtful college selections. To learn more about our services, or to speak with a college admission counselor, contact our team today for additional information.

Photo by Nataliya Vaitkevich

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