I’m wondering what kinds of careers are typically available for Economics majors? I see that at many colleges, not only LACs but research univs. as well, Econ is a very popular major but I’m not sure what kinds of jobs you can get with a BA in Econ. Is grad school typically necessary? Also, what’s the difference between majoring in Econ and Business?
Thanks for the help!
Economics is the study of how people allocate resources that are not unlimited.
Business is the application of economics, sociology, psychology, statistics, rhetoric, etc. to solve business problems. Many business major programs are accredited by the AACSB.
However, many economics majors aim for general business jobs, and many economics departments (particularly in colleges without undergraduate business majors) offer business-type courses.
Economics majors aiming for graduate school in economics with a goal of research jobs (either in academia or in other organizations like “think tanks” or the banking or finance industries) generally take substantially more math and statistics than is typically required for undergraduate economics majors. Example courses include real analysis and probability theory.
My son is a combined Economics and Business major so you could do both. He went in undeclared as a freshman and his favorite class was Macroeconomics so he declared his major in Economics at the end of freshman year.
Many / most kids of any social science or humanities end up in name your company’s training program…like an automotive or consumer product…first taking calls on the 800 # and then elevating into marketing, sakes, product management, etc.
Teachers, by the way, also. Many quit and get into sales…car sales, real estate, pharmaceuticals etc.
An econ major can lead to many types of careers. The better your quant skills, the more options you will have.
Look at college career center annual reports, sometimes called ‘first destination’ reports, showing the companies where recent grads went to work, as well as job titles.
In addition to some of the positions mentioned above, econ majors are hired into various banking jobs, financial analyst, and data analysts.
Here are some resources (just for a jumping off point, you don’t have to become an economist):
BLS Occupational Outlook Handbook: https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm
O*Net: 19-3011.00 - Economists
Hi - If colleges are offering business type courses for Econ majors, for what type careers , do people go for MBA? Thanks
I think all sorts of people go for an mba regardless of major. A strong mba program won’t take students without two years plus work experience, similar to when I got mine. We had tons of engineers but also liberal arts, business, students, and the like.
The school I went to (top 30) most recent profile was 5.2 years work experience, 48% business, 3% Econ, 28% engineering.
I looked at a top 20 school and it had 5.3 years, 29% business, 17% Econ, 18% engineering, and 35% humanities, social science and science. I had a journalism and history degree when I got mine.
At some schools they don’t have business. At others, those who don’t get into business study Econ which in many ways is a better major. Nonetheless, anyone can go to b school from any major.
My daughter majored in Econ and minored in math (two courses shy of a double major). She also learned to code (python and R and I’m not sure what else). After graduation she worked for two years at the Federal Reserve as a research assistant and then started a PhD program in economics.
Ditto. This exactly describes my D’s path.
Lots of econ majors from her LAC went to law school. And many went into consulting or investment banking. Those who went that route tended to take the classes on corporate finance or accounting or banking. Those who intended to go the PhD route take lots of math and learn Python, Stata, R etc.
Yup. Most Econ majors from S18’s LAC end up in consulting or banking. Those that also code have a leg up on the competition for these high paying jobs!