Economics

Types of Degrees Economics Majors Are Getting

The following table lists how many economics graduations there were in 2020-2021 for each degree level.

Education Level	Number of Grads
Master’s Degree	4,803
Doctor’s Degree	1,248
Graduate Certificate	122

What Economics Majors Need to Know

In an O*NET survey, economics majors were asked to rate what knowledge areas, skills, and abilities were important in their occupations. These answers were weighted on a scale of 1 to 5 with 5 being the most important.

Knowledge Areas for Economics Majors

According to O*NET survey takers, a major in economics should prepare you for careers in which you will need to be knowledgeable in the following areas:

• English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
• Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
• Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
• Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
• Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Skills for Economics Majors

A major in economics prepares you for careers in which the following skill-sets are crucial:

• Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
• Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
• Writing - Communicating effectively in writing as appropriate for the needs of the audience.
• Speaking - Talking to others to convey information effectively.

Abilities for Economics Majors

As a economics major, you will find yourself needing the following abilities:

• Written Comprehension - The ability to read and understand information and ideas presented in writing.
• Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
• Written Expression - The ability to communicate information and ideas in writing so others will understand.
• Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
• Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.

What Can You Do With a Economics Major?

Below is a list of occupations associated with economics:

Job Title	Job Growth Rate	Median Salary
Compliance Managers	8.0%	$107,480
Economics Professors	10.9%	$101,480
Economists	6.1%	$104,340
Environmental Economists	6.1%	$104,340
Investment Fund Managers	8.0%	$107,480
Market Research Analysts and Marketing Specialists	23.2%	$63,120
Regulatory Affairs Managers	8.0%	$107,480
Supply Chain Managers	8.0%	$107,480
Survey Researchers	2.1%	$57,700
Wind Energy Project Managers	8.0%	$107,480

Who Is Getting a Master’s Degree in Economics?

Economics runs middle of the road when it comes to popularity, ranking #41 out of all the graduate majors we track. In 2021, about 4,803 graduates completed their master’s degree in this field. This major attracts more men than women. About 57% of the graduates in this field are male.

Racial-Ethnic Diversity

At the countrywide level, the racial-ethnic distribution of economics majors is as follows:

Race/Ethnicity	Number of Grads
Asian	252
Black or African American	139
Hispanic or Latino	240
White	1,312
International Students	2,685
Other Races/Ethnicities	175

Geographic Diversity

Students from other countries are interested in Economics, too. About 55.9% of those with this major are international students. The most popular countries for students from outside the country are:

• China
• South Korea
• India
• Saudi Arabia
• Vietnam

How Much Do Economics Majors Make?

Master’s Degree Starting Salary

Data from the U.S. Department of Education shows that economics students who graduated in 2017-2019 with a master’s degree made a median starting salary of $63,388 per year. During this timeframe, most salaries fell between $54,481 (25th percentile) and $71,966 (75th percentile).

Note that some of these people may have jobs that are not directly related to a economics degree.

Salaries According to BLS

Economics majors often go into careers where salaries can range from $70,960 to $116,020 (25th to 75th percentile). This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Amount of Education Required for Careers Related to Economics

Some careers associated with economics require an advanced degree while some may not even require a bachelor’s. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

Find out what the typical degree level is for economics careers below.

Education Level	Percentage of Workers
High School Diploma - or the equivalent (for example, GED)	0.9%
Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production)	0.7%
Some College Courses	0.1%
Associate’s Degree (or other 2-year degree)	2.6%
Bachelor’s Degree	35.0%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.	1.4%
Master’s Degree	23.3%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level.	3.0%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession.	1.1%
Doctoral Degree	22.0%
Post-Doctoral Training	0.8%

Online Economics Programs

In the 2020-2021 academic year, 929 schools offered some type of economics program. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level	Colleges Offering Programs	Colleges Offering Online Classes
Certificate (Less Than 1 Year)	0	0
Certificate (1-2 years)	4	1
Certificate (2-4 Years)	1	0
Associate’s Degree	143	27
Bachelor’s Degree	51	11
Post-Baccalaureate	0	0
Master’s Degree	361	13
Post-Master’s	14	0
Doctor’s Degree (Research)	195	0
Doctor’s Degree (Professional Practice)	1	0
Doctor’s Degree (Other)	0	0

Is a Degree in Economics Worth It?

The median salary for a economics grad is $115,590 per year. This is based on the weighted average of the most common careers associated with the major.

This is 190% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $1,513,800 after 20 years!

Majors Related to Economics

You may also be interested in one of the following majors related to economics.

Major	Number of Grads
International Relations & National Security	5,010
Political Science & Government	2,664
Geography & Cartography	2,315
Sociology	1,907
Anthropology	1,446
Criminology	936
General Social Sciences	745
Other Social Sciences	532
Urban Studies	432
Demography & Population Studies	66
Archeology	66
Sociology & Anthropology	0

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

• College Factual
• College Scorecard
• National Center for Education Statistics
• O*NET Online
• U.S. Bureau of Labor Statistics
• Usual Weekly Earnings of Wage and Salary Workers First Quarter 2020
• Image Credit: By pixabay under License

More about our data sources and methodologies.