Applied Economics

Types of Degrees Applied Economics Majors Are Getting

The following table lists how many applied economics graduations there were for each degree level during the last year for which data was available.

Education Level	Number of Grads
Master’s Degree	138
Graduate Certificate	28
Doctor’s Degree	13

What Applied Economics Majors Need to Know

In an O*NET survey, applied 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 Applied Economics Majors

Applied Economics majors often go into careers in which the following knowledge areas are important:

• 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.
• 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.
• Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

Skills for Applied Economics Majors

The following list of skills has been highlighted as some of the most essential for careers related to applied economics:

• 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.
• Speaking - Talking to others to convey information effectively.
• 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.

Abilities for Applied Economics Majors

Applied 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.
• 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.
• Written Expression - The ability to communicate information and ideas in writing so others will understand.

What Can You Do With a Applied Economics Major?

People with a applied economics degree often go into the following careers:

Job Title	Job Growth Rate	Median Salary
Compliance Managers	8.0%	$107,480
Economics Professors	10.9%	$101,480
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
Survey Researchers	2.1%	$57,700
Wind Energy Project Managers	8.0%	$107,480

Who Is Getting a Master’s Degree in Applied Economics?

This major attracts more men than women. About 62% of the graduates in this field are male.

Racial-Ethnic Diversity

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

Race/Ethnicity	Number of Grads
Asian	8
Black or African American	3
Hispanic or Latino	13
White	41
International Students	69
Other Races/Ethnicities	4

Geographic Diversity

Students from other countries are interested in Applied Economics, too. About 50.0% of those with this major are international students.

Amount of Education Required for Careers Related to Applied Economics

Some careers associated with applied 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.

How much schooling do you really need to compete in today’s job market? People currently working in careers related to applied economics have obtained the following education levels.

Education Level	Percentage of Workers
High School Diploma - or the equivalent (for example, GED)	1.1%
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)	0.9%
Some College Courses	0.2%
Associate’s Degree (or other 2-year degree)	2.8%
Bachelor’s Degree	35.6%
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.	0.8%
Master’s Degree	23.0%
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.	3.2%
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.	0.8%
Doctoral Degree	19.2%
Post-Doctoral Training	1.1%

Online Applied Economics Programs

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)	0	0
Certificate (2-4 Years)	0	0
Associate’s Degree	0	0
Bachelor’s Degree	10	4
Post-Baccalaureate	0	0
Master’s Degree	26	1
Post-Master’s	2	0
Doctor’s Degree (Research)	7	0
Doctor’s Degree (Professional Practice)	0	0
Doctor’s Degree (Other)	0	0

Majors Related to Applied Economics

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

Major	Number of Grads
Econometrics & Quantitative Economics	22,925
General Economics	21,702
Development Economics & International Development	480
International Economics	390
Other Economics	268

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.