A Brief History of the Economics Major
In 1881, the University of Pennsylvania founded the first collegiate business school, the Wharton School, and thus was the birth of business education. The purpose of this school was to provide young men with an education that was based in finance and economy in order to prepare them to be leaders in business and government. Still, it wasn’t until after World War II, when the country began to experience significant industrial growth, that business schools really gained popularity.
As the business world grew and become more diverse, these types of schools began expanding their traditional focus on finance and economy and started offering majors within business specializations. Even so, economics still remains one social science that has deep roots in business education and a vital part of all related industries. Today, one will often find that the economics degree is offered through liberal arts colleges and not business colleges, given its classification as a social science. Still, many business programs integrate economics-related curriculum as well as offer concentrations within economics.
Delving Into the Economics Major
A major in economics serves as a valuable background for a variety of employment opportunities and provides the foundation for a myriad of graduate opportunities in many different fields. Economics is the basis for analyzing local, national and international economies. The study of economics comprises a wide range of theories and as a result different programs will focus on varying disciplines and practices.
Economics programs will give students a strong base in the study of economic systems and be comprised of a variety of microeconomic and macroeconomic courses. In addition, the study of statistics and a variety of math courses are an integral part of any economics degree. Courses will also include concentrations in finance, business, and marketing in order to give economics majors a solid foundation with which to enter business fields.
As the world becomes increasingly global in nature, one country’s economy is more dependent upon other national economies. As a result, a degree holder with a solid background in economics will be able to understand how changes in one economy will affect other economic systems. Globalization makes these skills progressively more important.
Degree Levels:
Associate
Students pursuing an associate degree in economics are introduced to the core concepts of this social science such as accounting, mathematics, and economic principles. These types of programs generally take two years to complete and require students to earn around 60 credits through courses like finite mathematics, introductory accounting, statistics, and principles of economics.
Graduates of an associate program will develop the foundational knowledge necessary to understand economic systems, explain how economies function, and conduct basic analysis concerning goods and services. As a foundational degree, an associate in economics may be awarded at a two-year college or used to transfer to pursue a higher-level degree at a four-year college or university.
Bachelor’s
Those who decide to earn a bachelor’s degree in economics will receive an education that integrates the study of economic systems with mathematical practices. Students will learn how to apply their knowledge in such a way that they are able to analyze the usage and trading of limited resources. Common courses include business economics, comparative economic systems, econometrics, mathematical economic analysis, finance, statistics, and micro-and macroeconomics.
These types of programs generally take about four years to complete and require students to earn around 120 credits. A bachelor’s degree in economics will also prepare students for a master’s degree in economics, law school, or a variety of other master’s degree programs including advanced studies in politics, business administration, and finance.
Master’s
Those interested in a graduate education within this field can earn a master’s degree in economics or an MBA with an economic-related concentration such as applied economics, international economics, or business economics. A master’s degree program within economics incorporates advanced study of microeconomics and macroeconomics with that of quantitative analysis and econometrics.
These types of programs require students to complete at least 30 credit hours beyond the baccalaureate degree, as well as a thesis, which all together can take up to three years to complete. An MBA with a concentration in a related area consist of advanced courses in core business subjects with the option to take several elective courses within economics. Generally, MBA students are required to complete anywhere from 48 to 60 credit hours, which can take from one to three years to complete depending on program format.
Doctorate
Those interested in research or education can pursue a Ph.D. in economics that focuses on a field of specialization. This degree goes a step further than a master’s degree and consists of advanced coursework and research studies. It is designed for those who wish to pursue an academic career or apply their knowledge within economic research.
Doctoral students conduct economic research and devise a research plan for a dissertation, which they then must defend in front of a board for approval. A Ph.D. can take from three to four years to complete and require students to complete a minimum of 84 credit hours of graduate coursework.
Supplementing Your Economics Major
Economics is a broad area of study that can be applicable to various fields and industries. There are many related and complementary areas of study that can be beneficial for students who wish to expand and define their knowledge. As it is such a broad subject in itself, there are various specializations within economics that majors may wish to focus their attention on.
Those who wish to pursue a career within a specific niche of economics may want to consider choosing a concentration. While some economic programs may offer these types of specializations as a formal concentration, others may just offer elective courses pertaining to them. Some common economic concentrations include financial economics, mathematical economics, public policy, economics history, economic development, applied economics, and international economics.
Additionally, students can build their expertise and further define career goals through choosing a minor. Common minors for those majoring in economics include mathematics, political science, history, philosophy, and business. Minors can also be chosen depending on the kind of organization or industry a student has an economic interest in.
Those who are interested in working within the financial services industry may want to consider a minor in finance or accounting. Those who desire to use their educational background in economics to succeed in business should look into related minors such as marketing, management, or administration. Students who have their sights set on graduate or law school should consider areas like political science, philosophy, or statistics.
Learn More About the Economics Major
The Economics Major in the Job Market
One of the advantages to having a degree in economics is that degree holders can move into a variety of professions with the opportunity to earn high salaries. Additionally, the background received with an economics course load is great preparation for a number of graduate programs, which only serves to open more doors to those with an economics degree. Whether moving into politics, business or education, the job opportunities for students with a degree in economics are numerous.
Average salaries for those starting with just an economics degree is in the $40,000 to $50,000 range with salaries much higher for those with advanced degrees.Those who earn a bachelor’s degree in economics can pursue careers within business, government, non-profit, or consulting. A few common job titles include financial advisor, marketing analyst, business consultant, staff accountant. According to PayScale’s 2010-11 College Salary Report, the national median pay for these positions are as follows: financial advisor, $116,000; marketing analyst $48,500; business consultant, $104,000; and staff accountant, $46,000. Those with this level of education can also work within the research field as a research associate earning an average annual salary that can range from $35,177 to $54,287, according to PayScale.
Those who decide to pursue an economics education all the way to the graduate level earning a master’s or Ph.D. can pursue careers as economists. These types of professionals conduct research, develop methods, analyze data, monitor trends, and make economic forecasts. According to the Bureau of Labor Statistics, economics earned a median annual salary of $83,590 in May 2008.
If you are interested in learning more about economics majors and associated career paths, you may want to check out the following resources. The American Economic Association has an excellence resource for those considering this major, Economics for College Students, to find out more about economic programs, issues, and resources. Majors can also check out Careers in Economics, to find out more about the types of occupations that someone with a bachelor’s degree in economics can pursue.
