Types of Degrees Economics Majors Are Getting
The following table lists how many economics graduations there were in 2018-2019 for each degree level.
|Education Level||Number of Grads|
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
Economics majors often go into careers where the following abilities are vital:
- 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?
People with a economics degree often go into the following careers:
|Job Title||Job Growth Rate||Median Salary|
|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|
|Wind Energy Project Managers||8.0%||$107,480|
Who Is Getting a Master’s Degree in Economics?
At the countrywide level, the racial-ethnic distribution of economics majors is as follows:
|Race/Ethnicity||Number of Grads|
|Black or African American||139|
|Hispanic or Latino||170|
Americans aren’t the only ones with an interest in Economics. About 57.4% of those with this major are international students. The most popular countries for students from outside the country are:
- South Korea
- Saudi Arabia
How Much Do Economics Majors Make?
Master’s Degree Starting Salary
According to 2017-2018 data from the U.S. Department of Education, students who graduated with a master’s degree in economics have a median salary of $59,200 during the early years of their career. During this timeframe, most salaries fell between $50,875 (25th percentile) and $65,075 (75th percentile).
Note that some of these people may have jobs that are not directly related to a economics degree.
Salaries According to BLS
Average salaries range from $70,960 to $116,020 (25th to 75th percentile) for careers related to economics. This range includes all degree levels, so you may expect those with a more advanced degree to make more while those with less advanced degrees will typically make less.
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. Whatever the case may be, pursuing more education usually means that more career options will be available to you.
How much schooling do you really need to compete in today’s job market? People currently working in careers related to economics have obtained the following education levels.
|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%|
|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%|
|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%|
Online Economics Programs
In 2018-2019, 920 schools offered a economics program of some type. 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)||18||0|
|Certificate (1-2 years)||2||0|
|Certificate (2-4 Years)||2||0|
|Doctor’s Degree (Research)||179||1|
|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|
|Political Science & Government||47,035|
|General Social Sciences||19,694|
|International Relations & National Security||15,207|
|Geography & Cartography||8,673|
|Other Social Sciences||2,729|
|Sociology & Anthropology||543|
|Demography & Population Studies||77|
- 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.