by our College Data Analytics TeamEconomics is the study of production, distribution, and consumption of goods. This is a vast and interesting subject that affects every person in society. Your classes will examine how a society chooses to spend their time and money, including how money is spent in government as well as household finances. Other subjects involve methods of buying and selling, inflation, and interest rates. Mathematics and statistics are important areas in this major.
Courses you can expect to see in Economics are statistics, accounting, calculus, business economics, developmental economics, economic theory, microeconomics, macroeconomics, money and banking, economic history in the United States, and international trade.
You may be able to choose a concentration in this major. Examples of some of the specializations available are Applied Economics; Econometrics and Quantitative Economics; Development Economics and International Development; and International Economics.
In 2020-2021, economics was the 19th most popular major nationwide with 49,055 degrees awarded. This is approximately the same as the 48,831 graduates the prior year.
This year's Best Economics Schools ranking compares 499 of them to identify the best overall programs in the country. Continue reading to check out one of our many unbiased rankings of economics programs later in this article.
Students should have an interest in business and economics and not be afraid of a math-heavy course load. You will use critical thinking skills to study the allocation and distribution of scarce resources, as well as logic and reasoning to solve complex problems, analyze data and observe patterns. Mathematical formulas and statistics will help you research data and come up with predictions of future trends.
In addition to sharp mathematical abilities, students will also need good communication skills in order to clearly explain your work in presentations and reports. Your findings should be presented in a way that makes it easy for those outside the subject to understand. Collaboration with peers will help you gain different approaches of solving a problem.
A high school diploma or equivalent is typically required for most economics degree programs and many students will need a minimum GPA and SAT/ACT score depending on the school. Specific economics careers may require a certain level of degree attainment or additional certifications beyond that.
There are many different economics degree levels. You can get anything from a in economics to the highest economics degree, a . Economics programs can take anywhere between one to four or more years for a full-time student to complete.
| Degree | Credit Requirements | Typical Program Length |
|---|---|---|
| Associate Degree | 60-70 credits | 2 years |
| Bachelor’s Degree | 120 credits | 4 years |
| Master’s Degree | 50-70 credits | 1-3 years |
| Doctorate | Program required coursework including thesis or dissertation | At least 4 years |
A bachelor's degree is the most common level of education achieved by those in careers related to economics, with approximately 40.0% of workers getting one. People currently working in careers related to economics tend obtained the following education levels.
| Level of Education | Percentage of Workers |
|---|---|
| Bachelor’s Degree | 35.0% |
| Master’s Degree | 23.3% |
| Doctoral Degree | 22.0% |
| Post-Master’s Certificate | 3.0% |
| Associate’s Degree (or other 2-year degree) | 2.6% |
Most workers in economics have at least a master's degree. See the chart below for the most common degree level workers in economics have received.
This of course varies depending on which economics career you choose.
Graduates with a degree in Economics are prepared to work as economists in a variety of positions researching and providing data for government organizations or private companies. Obtaining a Master's degree or Ph.D. may make you more competitive in the field; however it is not required for many positions.
Want a job when you graduate with your economics degree? Economics careers are expected to grow 13.5% between 2016 and 2026.
The following options are some of the most in-demand careers related to economics.
| Occupation Name | Projected Jobs | Expected Growth |
|---|---|---|
| Managers | 1,071,700 | 8.0% |
| Market Research Analysts and Marketing Specialists | 733,700 | 23.2% |
| Economists | 22,600 | 6.1% |
| Economics Professors | 18,300 | 10.9% |
| Survey Researchers | 14,900 | 2.1% |
Recently graduated economics students earned an average of $48,729 in 2019-2020. Earnings can range from as low as $17,854 to as high as $99,068. As you might expect, salaries for economics graduates vary depending on the level of education that was acquired.
Salaries for economics graduates can vary widely by the occupation you choose as well. The following table shows the top highest paying careers economics grads often go into.
| Occupation Name | Median Average Salary |
|---|---|
| Economics Professors | $117,180 |
| Economists | $116,020 |
| Managers | $115,590 |
| Market Research Analysts and Marketing Specialists | $70,960 |
| Survey Researchers | $63,240 |
With over 2,259 different economics degree programs to choose from, finding the best fit for you can be a challenge. Fortunately you have come to the right place. We have analyzed all of these schools to come up with hundreds of unbiased economics school rankings to help you with this.
Learn about other programs related to Economics that might interest you.
One of 12 majors within the Social Sciences area of study, Economics has other similar majors worth exploring.
| Major | Annual Graduates |
|---|---|
| General Economics | 28,837 |
| Econometrics & Quantitative Economics | 18,364 |
| Applied Economics | 618 |
| Development Economics & International Development | 593 |
| International Economics | 328 |
| Related Major | Annual Graduates |
|---|---|
| Political Science & Government | 49,282 |
| Sociology | 38,475 |
| General Social Sciences | 18,997 |
| International Relations & National Security | 14,306 |
| Anthropology | 11,415 |
