Economics as a Major

Why major in Economics?

A major in Economics equips a student with an improved ability to recognize and understand the important economic problems and issues.  It provides the technical tools needed for critically analyzing these problems and issues.  It also offers insights into how to design, evaluate, and choose among alternative solutions to these problems.  It is an excellent preparation for those who want to become professional economists as well as for those who plan to go on to graduate schools and professions in the areas of business, law, healthcare management, and engineering.

Business Week's survey of nearly 5,000 MBAs in the Class of 1994 identified Economics as one of the top undergraduate majors. [1]

Top Undergraduate Major
Engineering	21.9%
Economics	19.2%
Finance	9.1%
Business	5.2%
Accounting	3.4%

Career Opportunities for Undergraduate Economics Majors 

·         Private Sector:  Graduating with a bachelor's degree in Economics prepares one for many rewarding career opportunities in the private sector.  Some selected job titles frequently held by Economics graduates include:  Auditor, Market Analyst, Budget Analyst, Marketing Administrator, Credit Analyst, Pricing Analyst, Economic Analyst, Product Manager, Financial Analyst, Real Estate Appraiser, Insurance Agent, Loan Officer, Sales Analyst, Stock Broker, Lobbyist, Statistician, Management Consultant.  Employers typically look for good skills in mathematics, writing, and word processing, as well as some knowledge in the use of statistical analysis soft wares such as Lotus, Quattro, and Excel.  Job titles in private business often include “analyst,” “economist,” “research assistant,” or “consultant.”

·         Government:  A great number of government agencies and government-related organizations hire students with a degree in Economics.  These include federal, state, and local government agencies.  At the federal level, the departments of the Treasury, Agriculture, Commerce, Labor, and State frequently offer jobs ranging across the fields of agriculture, business, finance, urban and regional economics, and utilities.

·         Graduate Study in Economics and Business:  Many students with a major in Economics successfully pursue graduate degrees (Ph.D., M.A., and MBA) in Economics, Business, and other fields.  An undergraduate program in Economics offers an excellent preparation for graduate studies by providing the analytical skills and critical thinking required to pursue graduate programs.

·         Employment Outlook:  According to the Occupational Outlook Handbook published by the Department of Labor, the job outlook for Economics majors is good:

Employment of economists …… is expected to grow about as fast as the average for all occupations through 2008. …… Opportunities for economists should be best in private industry, especially in research, testing, and consulting firms, as more companies contract out for economic research services.  The growing complexity of the global economy, competition, and increased reliance on quantitative methods for analyzing the current value of future funds, business trends, sales, and purchasing should spur demand for economists.  [Occupational Outlook Handbook, 2000 – 01 Edition, Bureau of Labor Statistics, U.S. Department of Labor, pp. 148 – 150]

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[1] Source:  Business Week, “Is There an MBA Glut?  If You Answered No, You Pass,” October 24, 1994.