Economics is a social science that focuses on analyzing and describing the production, distribution, and consumption of wealth. Economics professionals can work as professors in colleges, universities, businesses, and consultants. Many study the economics of larger bodies like governments and corporations, while others study the economics of poverty. Individuals interested in economics can choose to earn an associate’s, bachelor’s, master’s, or Ph.D. degree.
What should I know when considering a degree in Economics ?
- Economics professionals find jobs throughout private industry and in public and private universities.
- A degree in Economics shows a potential employer you have an understanding of both the macro and micro factors in the business cycle.
- The degree types available in economics range from an associates degree, to a bachelor’s, master’s and PhD.
What Kinds of Economic Degrees Are Out There? There are four major economic degree types including an Associate’s degree, a Bachelor’s degree, a Master’s degree and Doctorate, or PhD. The differences in the degrees are in the amount of expertise gained and in the number of credit hours taken, which translates to the number of years on average it takes to earn a degree. Generally, a person will receive an Associates degree in Economics in two years, a Bachelors degree in Economics in four years, a Masters degree in Economics with one-year additional study beyond the Bachelors (sometimes two years with certain advanced programs). A Doctors degree in Economics is a Ph.D. earned in two years of study beyond the Masters degree in Economics. Of course, many people pursue these degrees on a part time basis, which can take longer than a full time course of study. Many times people will also concentrate on a particular area of Economics. This could be Micro Economics or Macro Economics, or even a particular specialty within the field that is of interest to the student. Whatever the choice of degrees or the area of specialty however, having a degree in Economics is likely to increase a person’s employability and make them even more attractive to companies or organizations looking for skilled, intelligent professionals to add to their teams.
What career opportunities are opened with a degree in economics? Many careers are open to professionals with a degree in Economics. The long list of options does of course include academic careers. People with degrees in Economics are sought after as teachers and instructors. This can include teaching the noncredit courses many schools offer for adults as well as high school Economics and social studies classes. Most people with degrees in Economics however, look at higher education. Community colleges often hire teachers with Bachelors degrees in Economics to assist students working on Associates degrees. Four-year colleges and universities prefer someone with at least a Masters degree in Economics. Industry also has room for people with Economics degrees. Many companies in the manufacturing and service industries, as well as information technology, will seriously consider an applicant with a degree in Economics, which could be your key to an upwardly mobile future. A degree in Economics would show a potential employer you have an understanding of the market place, of both macro and micro factors in the business cycle, and of the big picture in the economy. A degree in Economics would show you have knowledge and versatility.
How much money do economics majors make?A professional who holds a Bachelors degree in Economics earns and average of $23,400 a year, but earnings could go as high as $30,000. Those who hold a Masters degree in Economics could earn as much as $35,500 a year and professionals with a begin with an average salary ranging between $43,000 and $51,500. People with strong experience, advanced degrees and outstanding records of accomplishment often land consulting positions with large corporations or even foreign governments that lead to even higher income.
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