What to do With an Economics Degree?
The beauty of the economics major is its versatility. Our students develop a set of verbal, quantitative and analytical problem-solving tools to prepare for a wide range professions in private business, government, consulting and non-profit management. The B.A. in economics also provides an excellent foundation for those wishing to pursue graduate school training in economics or in MBA or law schools.
Recent graduates of NEIU’s economics program (majors and minors) have found permanent placement in a wide variety of industries and occupations, such as the Natural Resource Defense Council and Blackstone Group. We have also recently placed students in graduate-level economics programs at DePaul University and the University of Illinois at Chicago.
Employment and Earnings Prospects
Employment and earnings prospects for economics majors remain strong. According to the Bureau of Labor Statistics’ (BLS) Occupational Employment Outlook, demand for workers with economic knowledge is expected to grow faster than most occupations between 2008 and 2018.
Most economics majors will likely find employment in private-sector fields such as finance, insurance, and consulting where analytical and quantitative skills are highly valued. Don’t expect your title to be economist, though. Titles such as financial analyst or public policy consultant are more common for students without an advanced degree. The Bureau of Labor Statistics and O*NET list some common occupational titles.
Recent reports published by the American Economic Association (AEA) suggest economics majors’ median earnings are approximately $50k and $100k for entry- and mid-level positions, respectively. Economics outpaces related fields of study such as Finance, Accounting, Marketing, and Political Science.
Training and Qualifications
Economics majors are often hired to collect, analyze, and interpret economic information, so job prospects are greatest for those who develop strong analytical, quantitative, and writing/speaking skills. We recommended that students work with their advisor to develop a path of study that is a best match for their particular career goals.