Why you should major in Economics

College Majors Business Major
1

<p>I posted this in another sub forum, but I’ll repost this again here.</p>

<p>So I’m on a massive ****ing caffeine rush after an all nighter, and have decided to put it towards something constructive. Anyways… I’m a 3rd year Econ major, my brother is an econ major, my best friend is an Econ major, and I will probably end up dying while drawing a graph of some sort. I’ve been in love with Econ since high school and have never regretted it since. It has been fun, interesting, and challenging. It has recently landed me my dream internship and I have no doubts that it will serve me will upon graduation.</p>

<p>Every once in awhile I’ll hear the usual, “Isn’t business better than econ? Isn’t econ too theoretical? What can you do with econ?”</p>

<p>There are frankly just too many assumptions, misconceptions, and ignorance because none of this is backed by any actual facts or statistics. So let me give you the actual cited truths about majoring in Economics. Hopefully I will convince just one person out there to see the benefits of the major over the years. I’ll probably end up raising this thread from the grave as the next generation of transfers come to this board and point my misguided friends here.</p>

<p>There are no opinions in here. I could say a million good things about the Economics major, but why trust my own words right. Here I have merely collected facts, quotes, and data from various sources, all cited. So for you people bashing on the Econ major, feel free to throw down with me, but BACK YOUR **** UP.</p>

<p>I. Humor
II. Job Prospects
III. Respect
IV. Graduate School
V. Versatility
VI. Social Benefit
VII. Personal Benefit</p>

<p>I. Humor</p>

<p>This is a joke heard a lot in Econ, but I think it gives a pretty good idea of the versatility of economics:</p>

<p>A mathematician, an accountant and an economist apply for the same job.
The interviewer calls in the mathematician and asks “What do two plus two equal?” The mathematician replies “Four.” The interviewer asks “Four, exactly?” The mathematician looks at the interviewer incredulously and says “Yes, four, exactly.”
Then the interviewer calls in the accountant and asks the same question “What do two plus two equal?” The accountant says “On average, four - give or take ten percent, but on average, four.”
Then the interviewer calls in the economist and poses the same question “What do two plus two equal?” The economist gets up, locks the door, closes the shade, sits down next to the interviewer and says, “What do you want it to equal”?</p>

<p>II. Job Prospects</p>

<p>“Meanwhile, the economics, finance and math majors are pursing jobs with salaries that often double once they’ve gotten some decent experience under their belts.”
“The kinds of majors where you learn to integrate mathematics and science with the everyday world have a tremendous benefit in terms of earnings potential," says PayScale.com’s Lee. These include economics, engineering, finance and mathematics.”

<p>College Degrees in Most Demand: 2009
6. Economics/Finance
Average starting salary: $49,794</p>

<li>Business Administration/Management
Average starting salary: $45,887 </li>
</ol>

<ul>
<li>CNBC
*[College</a> Degrees in Most Demand: 2009 - Slideshows - CNBC.com](<a href=“http://www.cnbc.com/id/29367964?slide=6]College”>http://www.cnbc.com/id/29367964?slide=6)</li>
</ul>

<p>Best entry-level salaries for new grads:</p>

<p>Economics - $52,926
Career options for economics majors vary from private consulting for businesses to working for government agencies.
[Higher than every major except engineering]</p>

<ul>
<li>CNN
*[Best</a> entry-level salaries for new grads - CNN.com](<a href=“http://www.cnn.com/2008/LIVING/worklife/04/28/cb.salaries.grads/index.html]Best”>Best entry-level salaries for new grads - CNN.com)</li>
</ul>

<p>[Econ higher than everything except Engineering for starting salary, and even beating certain Engineering majors by mid-career salary]</p>

<ul>
<li>Payscale
*[Best</a> Undergrad College Degrees By Salary](<a href=“http://www.payscale.com/best-colleges/degrees.asp]Best”>http://www.payscale.com/best-colleges/degrees.asp)</li>
<li>[Can</a> Plato pay the bills? | blog.bioethics.net](<a href=“http://blog.bioethics.net/2008/04/can-plato-pay-the-bills/]Can”>http://blog.bioethics.net/2008/04/can-plato-pay-the-bills/)</li>
</ul>

<li>Economics
Average Starting Salary: $47,782
[Once again, higher than everything but Engineering]</li>
</ol>

<p>[Top</a> 10 Paying College Majors – Education-Portal.com](<a href=“http://education-portal.com/articles/Top_10_Paying_College_Majors.html]Top”>http://education-portal.com/articles/Top_10_Paying_College_Majors.html)</p>

<p>”The most lucrative college major is economics, which has an earnings premium of 0.33 log points and a premium of 0.19 including occupation controls.”

  • Goldin and Katz analysis of Harvard graduates

<p>”The National Association of Colleges and Employers undertook a survey in the summer of 2001 in which they identified the starting salary offers in different disciplines. The starting salary in economics/finance was $40,776. The starting salary in business administration was 7.7 percent lower at $37,844.”

  • CSUSM

<p>Major Yearly Salary Ranges</p>

<p>Business $36,000 - $55,000
Economics $40,000 - $60,000</p>

<ul>
<li>Hollins</li>
<li>[Why</a> Major in Economics? - Benefits of Economics Major - Hollins University](<a href=“http://www.hollins.edu/undergrad/economics/benefits.htm]Why”>http://www.hollins.edu/undergrad/economics/benefits.htm)</li>
</ul>

<p>According to the US Department for Labor, “Employment of economists and market and survey researchers is expected to grow faster than the average for all occupations through 2010.”

  • Roosevelt

<p>”Pooja Jotwani, a recent graduate of Georgetown University in Washington D.C., says she is certain her economics degree helped her land a job in Lehman Brothers Holdings Inc.'s sales and trading division, where she will earn $55,000, not including bonus. She says the major strengthened her business skills and provided her with something very simple: "financial security."”</p>

<ul>
<li>Wall Street Journal Online</li>
<li>[WSJ.com</a> - The Hot Major For Undergrads Is Economics](<a href=“http://webspace.ship.edu/econs/HotMajor.htm]WSJ.com”>http://webspace.ship.edu/econs/HotMajor.htm)</li>
</ul>

<p>”The mean monthly income of individuals possessing bachelor’s degrees in economics exceeded the mean monthly income of individuals with degrees in business administration and management, other social sciences, humanities, and most natural sciences”</p>

<ul>
<li>Digest of Educational Statistics</li>
<li>[Interesting</a> Facts](<a href=“http://www2.gsu.edu/~wwwecc/Interesting%20Facts.htm]Interesting”>http://www2.gsu.edu/~wwwecc/Interesting%20Facts.htm)</li>
</ul>

<p>Conclusion:
So… do you need me to keep going? Because I can keep quoting facts and statistics all day. Keep in mind that almost all of these are for just a Bachelor’s degree too. So Business is a more practical major than Economics? Then explain to me why almost every major source ranks Economics consistently higher than every other Business major (bus admin, marketing, etc), and even higher than every major except Engineering? Disprove all my sources or shut the **** up. Econ pays and it pays well.</p>

<p>III. Respect
“A few years ago BusinessWeek magazine asked the chief executive officers (CEOs) of major companies what they thought was the best undergraduate degree. Their first choice was engineering. Their second choice was economics. Economics scored higher than business administration.”

  • CSUSM

<p>”In contrast, economics and business majors ranked among the five most-desirable majors in a 2004 survey of employers by the National Association of Colleges and Employers, along with accounting, electrical engineering and mechanical engineering. It wasn’t just banks and insurance companies that expressed interest in economics majors – companies in industries such as utilities and retailing did so, too.”
”Indeed, the rising popularity of the economics major appears to be a global phenomenon. A recent McKinsey Global Institute study found that the share of degrees in economics and business awarded in Poland from 1996 to 2002 more than doubled, to 36% from 16%; in Russia, the share jumped to 31% from 18%.”</p>

<ul>
<li>Wall Street Journal Online
*[WSJ.com</a> - The Hot Major For Undergrads Is Economics](<a href=“http://webspace.ship.edu/econs/HotMajor.htm]WSJ.com”>http://webspace.ship.edu/econs/HotMajor.htm)</li>
</ul>

<p>”When adjusting for size of the pool of graduates, those with undergraduate degrees in Economics are shown to have had a greater likelihood of becoming an S&P 500 CEO than any other major.”</p>

<ul>
<li>Bently Uni</li>
<li>[SSRN-Economics:</a> A Good Choice of Major for Future CEOs by Patricia M. Flynn, Michael Quinn](<a href=“http://papers.ssrn.com/sol3/papers.cfm?abstract_id=947914]SSRN-Economics:”>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=947914)</li>
</ul>

<p>”Economics is enjoying surging popularity with college students, especially at the<br>
nation’s most elite institutions. Economics is the top major at Harvard, Princeton, Columbia, Stanford and the Universities of Pennsylvania and Chicago; second at Brown, Yale and the University of California at Berkeley; and third at Cornell and Dartmouth.”</p>

<ul>
<li>The Wall Street Journal
*[Interesting</a> Facts](<a href=“http://www2.gsu.edu/~wwwecc/Interesting%20Facts.htm]Interesting”>http://www2.gsu.edu/~wwwecc/Interesting%20Facts.htm)</li>
</ul>

<p>”Economics training provides you with virtually all of the top ten most important job skills”</p>

<ul>
<li>Job Choices Magazine, by the National Association of Colleges and Employers
*[Interesting</a> Facts](<a href=“http://www2.gsu.edu/~wwwecc/Interesting%20Facts.htm]Interesting”>http://www2.gsu.edu/~wwwecc/Interesting%20Facts.htm)</li>
</ul>

<p>” I work at the corporate headquarters of Mervyn’s as a financial analyst and internal auditor. None of my work relates to the material I studied as an undergrad, but that does not imply that my economics degree provides little value. As I have found from my own recruiting experience, an economics degree enjoys a great deal of respect because of exposure to issues related to the economy and thus business, as well as the analytical thinking that underlies economics.”</p>

<ul>
<li>Berkeley Alum
*[What</a> Can I Do With an Econ Major?](<a href=“http://www.econ.berkeley.edu/~olney/alums.html]What”>http://www.econ.berkeley.edu/~olney/alums.html)</li>
</ul>

<p>Famous CEOs with an Econ Major:</p>

<p>Ted Turner, CEO CNN, Atlanta Braves/Hawks (Brown)
Steve Ballmer, CEO, Microsoft (Harvard)
Scott McNealy, CEO, Sun Microsystems (Harvard)
Meg Whitman, CEO, Ebay Technologies (Princeton)
William Harrison, Jr., CEO, JP Morgan Chase (UNC-Chapel Hill)
John Sweeny, President, AFL-CIO (Iona College)
Kenneth Lay, CEO of Enron (University of Houston, PhD)
Donald Trump, Real Estate/TV Mogul (University of Pennsylvania- Wharton)
Warren Buffet, Financier (Columbia School of Business, Master’s in Economics)
Sam Walton, Founder of Wal-Mart, (University of Missouri)</p>

<p>*[Famous</a> Economic Majors](<a href=“http://www.ega.edu/facweb/jwhirl/famous_economic_majors.htm]Famous”>http://www.ega.edu/facweb/jwhirl/famous_economic_majors.htm)</p>

<p>IV. Graduate School</p>

<p>”A study by Craft and Baker (2003) published in the Journal of Economic Education found that lawyers with degrees in economics earned $10,000 more per year than the average lawyer with another degree.”</p>

<p>”Ed Tom, the former director of admissions for the U.C. - Berkley law school explains: “Of all majors, economics ranks in the top four or five consistently year after year for both applications and admissions… Logical reasoning and analytical skills are critical to legal studies” (Craft and Baker, 2003).”</p>

<p>”According to the latest data available, economics majors ranked first among majors with at least 2,200 students taking the LSAT. Economics majors earn an average score of 156.6, which is in the 72nd percentile.”</p>

<p>*[Do</a> Economics Majors Make Better Lawyers? | Whittemore School of Business & Economics](<a href=“http://wsbe2.unh.edu/node/13830]Do”>http://wsbe2.unh.edu/node/13830)</p>

<p>”Economics majors are ranked with physics and theology majors as the highest achievers on the LSAT, the Law School entrance exams. Employers are impressed when they see potential employees have an economics major or minor.”</p>

<ul>
<li>Roosevelt
*[Roosevelt</a> University - Why major in Economics?](<a href=“http://www.roosevelt.edu/cas/econ/whymajorinecon.htm]Roosevelt”>http://www.roosevelt.edu/cas/econ/whymajorinecon.htm)</li>
</ul>

<p>”Economics is also excellent preparation for an MBA. The same Wall Street Journal article quotes Richard Silverman, executive director of admissions at Yale School of Management, as saying “The best people are more frequently taking economics as their major than they were a decade ago.” He goes on to say “It shows they have the intellectual fire in the belly to perform well in an MBA program.””</p>

<p>*[Why</a> be an Economics Major? - Quinnipiac University – Hamden, Connecticut](<a href=“http://www.quinnipiac.edu/x478.xml]Why”>http://www.quinnipiac.edu/x478.xml)</p>

<p>”I am now in Law School at Harvard. Nowadays, an Economics degree is one of the most helpful degrees to have for an entering law student. In my experience, it is the only academic non-legal subject that every substantive introductory law class teaches; every class thereafter assumes one has an understanding of economics.”</p>

<p>”Currently, I am a Ph.D. student in physical chemistry at Princeton University. My research area is the theory of the optimal control of molecular quantum phenomena. At Berkeley, I was a double major in economics and mathematics. Originally, I had planned on doing financial economics in grad school, but I was lured into the physical sciences after working for a year after graduation as a research assistant at the UCB College of Chemistry. Many of the things I learned as an economics major are still valuable…”</p>

<p>”After my economics graduation, I continued my graduate studies and earned a Masters degree in Information Management Systems from UC Berkeley School of Information Management and Systems. With both Economics and Technical skills, I was able to gain many job interviews with Silicon Valley companies.”</p>

<ul>
<li>Berkeley Alums
*[What</a> Can I Do With an Econ Major?](<a href=“http://www.econ.berkeley.edu/~olney/alums.html]What”>http://www.econ.berkeley.edu/~olney/alums.html)</li>
</ul>

<p>V. Versatility</p>

<p>*Under Construction</p>

<p>VI. Social Benefit</p>

<p>*Under Construction</p>

<p>VII. Personal Benefit</p>

<p>*Under Construction</p>

2

<p>Wow, I am a prospective Economics/ Mathematics major, and I have to say you totally in grained my decision! Good work!</p>

3

<p>Reposted from thread:</p>

<p>[ACADEMIC OPTION]</p>

<p>The Commission on Professionals in Science Technology reports starting salaries for assistant professors by field. At $78,567, economics is well above the average of $65,205 of all fields in 2006-07. The table below reports average salary offers to newly hired economists at each academic rank by type of institution.</p>

<p>Average Academic Salary Offers for Senior Level Economists by Rank and Type of Institution, 2006-07
Rank of Academic Economist
All PhD Granting Institutions</p>

<p>BA & MA Institutions
Senior Assistant Professor $95,995 $80,167
Associate Professor with Tenure $128,600 $82,333
Full Professor $204,800 $97,500</p>

<p>Source: Nathan E. Bell, Nicole M. Di Fabio, and Lisa M. Frehill, “Salaries of Scientists, Engineers and Technicians: A Summary of Salary Surveys.” The Commission on Professionals in Science and Technology (CPST: Washington, DC 2007) selected curricula from page 268.</p>

<p>[MID CAREER EARNINGS]</p>

<p>PayScale, Inc. reported starting salaries and earnings at mid-career about 15 years after the BA for many college majors in 2007-2008. (Sarah E. Needleman, “Ivy Leaguers’ Big Edge: Starting Pay,” Wall Street Journal, July 31, 2008) The earnings are for those who hold only a baccalaureate degree. Graduates with the economics major show median starting salaries less than engineers but a higher growth rate to mid-career. Evidently, students who are attracted to the economics major and the skills learned are associated with significant earnings potentials.</p>

<p>Undergraduate Major, Starting Median Salary, Mid-Career Median Salary, Ratio of Starting to Mid-Career Salary:</p>

<p>Accounting: $46,000.00, $77,100.00, 1.68
Business Management: $43,000.00, $72,100.00, 1.68
Economics: $50,100.00, $98,600.00, 1.97
Finance: $47,900.00, $88,300.00, 1.84
Industrial Engineering: $57,700.00, $94,700.00, 1.64
Marketing: $40,800.00, $79,600.00, 1.95
Math: $45,400.00, $92,400.00, 2.04
Mechanical Engineering: $57,900.00, $93,600.00, 1.62</p>

<p>*Careers</p>

<p>As you can see Econ majors have a lower starting pay than Mechanical Engineering, but actually surpasses it by mid-career (15 years after BA). In fact, at mid-career median salary, Economics is the HIGHEST implying that, in general, Econ majors tend to move up quickly in terms of raises and promotions in the corporate world. The only major with a higher ratio of starting to mid-career salary than Econ is Math. And even then, Math is still paid lower from starting salary and mid-career salary.</p>

<p>V. Versatility</p>

<p>Portland State University
*Portland State Career Center | What Can I do With a Degree in Economics?</p>

<p>The following list of employers and job titles was derived from the Career Center’s jobs database where the employer specifically requested economic majors. This list does not reflect all potential places of employment or kinds of jobs for economics majors. This list does not reflect current openings.</p>

<ul>
<li>Anvil Media, Inc. — Account Coordinator</li>
<li>Beck Group, The — Consultant/Analyst</li>
<li>Bonneville Power Administration (BPA) — Industry Economist</li>
<li>Bureau of Land Management, U. S. Department of the Interior — Economist</li>
<li>Bureau of Economic Analysis</li>
<li>Calypte Biomedical Corporation — Business Development Analyst</li>
<li>Capital One — Analyst, Data Analyst</li>
<li>Campbell Group, The — Forestry Planning Analysts</li>
<li>City of Beaverton — Economic Development (CDBG) Project Coordinator</li>
<li>City of Hillsboro — Development Project Coordinator, Financial Analyst</li>
<li>City of Portland — Economic Opportunity Program Specialist, Senior Financial Analyst</li>
<li>City of Redmond — Budget Analyst</li>
<li>City of Salem — Labor Relations Administrator, Treasury Officer</li>
<li>Columbia Sportswear — Buyer 1</li>
<li>Columbia Grain International — Management Trainee</li>
<li>Cornerstone Revolutions, Inc. — Professional Services Associate/Technical Support Analyst</li>
<li>Cowlitz County — Chief Business-Industrial Appraiser</li>
<li>Contra Costa County — Junior Appraiser</li>
<li>Database Marketing Agency, Inc.(DMA) — Market Research Analyst</li>
<li>Economic Research Service, US Department of Agriculture — Economist</li>
<li>Economic Insight - Economic Analysis, Litigation Support and Energy Experts</li>
<li>Enterprise Rent-A-Car — Sales/Management Trainee</li>
<li>EPIS, Inc. — Energy Data Analyst, Energy Modeling Support Analyst</li>
<li>Farr Financial — Trade Desk Account Executive</li>
<li>Federal Deposit Insurance Corporation — Financial Institution Specialists through the Corporate Employee Program, a three-year career internship program where participants learn about all aspects of the FDIC’s financial institution regulatory program.</li>
<li>Federal Reserve Board — Economist, Research Assistant</li>
<li>Federal Reserve Bank of San Francisco: Employment Opportunities</li>
<li>Fisher Investments — Investments Associate, Account Executive, Financial Services Representative</li>
<li>GE Interlogix — Sales Analyst</li>
<li>Genesis Financial Solutions — Reporting Analyst, Risk Analyst</li>
<li>GTS Services, LLC — Finance Manager</li>
<li>Heestand Company, The —Benefits Specialist</li>
<li>Hobson Ferrarini Associates — Real Estate Development Analyst</li>
<li>Hollywood Entertainment — Director of Cash Management; Director of Merchandising, Games; Senior Games Buyer, Manager of Customer Analytics, Procurement Data Analayst</li>
<li>Household International — Senior Credit Risk Analyst</li>
<li>HSBC Card Services — Senior Financial/Business Analyst</li>
<li>ICW Group — Surety Underwriter Trainee</li>
<li>Intel — Finance Analyst; Operations Finance</li>
<li>Internal Revenue Service — Economist, Internal Revenue Officer, Operations Research Analysts</li>
<li>Kaiser Permanente — Senior Analyst, Technical Support Analyst</li>
<li>Kumar & Associates — Senior Analyst, Senior Manager</li>
<li>Lynx Capital Partners, LLC — Equities Trader</li>
<li>McCullough Research — Energy Associate</li>
<li>McKinsey & Company — Organization Survey Analyst</li>
<li>Mercy Corps International — Agriculture Project Officer, Small Business Loan Officer</li>
<li>Microsoft Corporation — Test Apprentice Program</li>
<li>Moss Adams LLP — Financial Analyst</li>
<li>Metro/MERC — Assistant, Associate and/or Senior Transportation Modeler, Assistant Regional Planner</li>
<li>Microsoft — Test Apprentice Program (9-month, paid, full-time employment and training for non CS/CE majors desiring to become software developers)</li>
<li>Mt. Hood Meadows Ski Resort — Vault/Audit Staff</li>
<li>NACCO Materials Handling Group — Sr. Financial Analyst</li>
<li>National Credit Union Administration (NCUA) — Credit Union Examiner</li>
<li>Nike — Capital Planning Analyst, Logistics Analyst</li>
<li>Oregon Department of Environmental Quality — Fiscal Analyst 2 - Budget Analyst</li>
<li>Oregon Department of Revenue</li>
<li>Oregon Department of Transportation, Financial Services, Financial and Economic Analysis Unit — State Transportation Economist/Chief Analyst</li>
<li>Oregon Department of Transportation, Transportation Development Division — Planner 3 (Transportation Economist)</li>
<li>Oregon Economic and Community Development Department</li>
<li>Oregon Employment Department — Employment Economist 1, Employment Economist 2</li>
<li>Oregon Health & Science University (OHSU) — Accounting Technician</li>
<li>Oregon Legislative Administration Committee — Economist</li>
<li>Oregon Lottery — Research Analyst 1</li>
<li>Oregon Office of Economic Analysis</li>
<li>Oregon Public Utility Commission, Economic Research and Financial Analysis Division — Utility Analyst (Utility Economist)</li>
<li>Oregon Secretary of State Audits Division — State Auditor 1</li>
<li>Paccess — Regional Market Manager, Latin America</li>
<li>PacifiCorp — Energy Market Trader, Risk Management Analyst, Lead Energy Market Analyst, Trader — Energy Transaction, Risk Analyst, Regulatory Consultant, Energy Portfolio Analyst, Business System Analyst</li>
<li>Pension Consulting Alliance, Inc. — Financial Analyst</li>
<li>Port of Portland — Senior Research Analyst, Financial Analyst III</li>
<li>Portland Development Commission (PDC) — Economic Development Director, Senior Project/Program Coordinator, Senior Budget Analyst, Principal Debt Analyst, Team Division Manager, Principal Budget Analyst</li>
<li>Portland General Electric (PGE) — Business Analyst, Power Analyst</li>
<li>PPM Energy, Inc. — Structuring Analyst</li>
<li>Precision Castparts Corp — Senior Buyer, Purchasing Analyst</li>
<li>Oregon Public Employees Retirement System (PERS) — Internal Auditor 3</li>
<li>Regence Group, The — Healthcare Informatics Analyst</li>
<li>R.V. Kuhns & Associates — Associate Consultant</li>
<li>Seattle City Light — Strategic Advisor for Integrated Resource Planning</li>
<li>Seattle-Northwest Securities — Public Finance Associate</li>
<li>St. Paul Travelers Companies, The — Underwriter Insurance Associate</li>
<li>State of Oregon — Fiscal Analyst 2 - Budget Analyst, Operations & Policy Analyst 3, Procurement & contract Specialist 3, Internal Auditor 1, Government Auditor 2</li>
<li>TransCanada — Business Analyst</li>
<li>Travelers Insurance — Underwriting Trainee</li>
<li>Tri-Met — Executive Director, Government Affairs, Maintenance Analyst</li>
<li>Umatilla County — Director of Economic Development</li>
<li>US Department of Agriculture — Auditor (requires 15 credit hours of accounting)</li>
<li>US District Court - Oregon — Finance Support Specialist</li>
<li>US Postal Service — Marketing Specialist</li>
<li>Waddell & Reed — Financial Planner/Advisor</li>
<li>Washington Mutual Bank — Credit Examiner</li>
<li>Worksystems, Inc. — Director of Community Investments</li>
<li>World Cancer Research Fund International — Management Development Program</li>
</ul>

<p>[SUMMARY OF FACTS]</p>

<ol>
<li>Econ BA avg starting salary is more than any social science major</li>
<li>Econ BA avg mid-career salary is more than any social science major</li>
<li>Econ BA is voted higher than any social science major by employers</li>
<li>Econ BA is voted higher than any social science major by CEOs</li>
<li>Econ BAs have a greater likelihood of becoming CEO than any major</li>
<li>Econ Professors get paid more than the average for all professors</li>
<li>Econ majors score highest on the LSATs</li>
<li>Lawyers with Econ majors earn more than any other lawyers</li>
<li>Econ is the top major at Harvard, Princeton, Columbia, Stanford, UPenn, UChicago</li>
<li>Steve Ballmer, CEO, Microsoft (Harvard)</li>
<li>Donald Trump, Real Estate/TV Mogul (University of Pennsylvania- Wharton)</li>
<li>Warren Buffet, Financier (Columbia School of Business, Master’s in Economics)</li>
</ol>

<p>I let facts speak for themselves.</p>

4

<p>Hi,</p>

<p>First of all, thanks for a few really good posts. However, I was wondering, aren’t most of those schools you mentioned top of the top? I didn’t read it all, but I did see HYPS, a Georgetown graduate, etc. So wouldn’t you say that it’s the school, not the major, that got those people that job?</p>

5

<p>

</p>

<p>I think its the school not the major too. Econ is fun to learn and all but gets you no where if you don’t have the connections.<br>
Good school = good networking = good job</p>

<p>And isn’t econ a social science just like psychology, anthropology, or sociology? Doesn’t it put you in the same pool as the other liberal arts majors? Wouldn’t a technical degree (like engineering) better off than if you want to find a job after graduating?</p>

6

<p>^ that would depend on the type of job you want.</p>

7

<p>engineering = engineer
nursing = nurse
accounting = accountant</p>

<p>economics = ??? = versatile
Don’t say to become an economist too -.- . Some say versatility is good but I think its bad. People want to hire you because you have specific skills that other people don’t have. What qualifies an econ major better more than others? Don’t say smarts or quantitative skills because other majors have that too. </p>

<p>Only positive thing I can find about econ majors is decision making. It is an important skill but seriously who is going to trust an undergrad to make important decisions? They would rather take advice from people with Phd with their money. Unless you are coming out of the an undergrad program from a prestigious school or have a graduate degree you’re pretty much stuck with a crappy desk job or unemployment.</p>

8

<p>Nice post.</p>

9

<p>@bizstudent</p>

<p>you sound like you know a lot, but do you any have proof econ majors gets crappy desk jobs or unemployment? are you a econ major? is that why you know all these? or are you just saying whatever?</p>

10

<p>No, I’m a business major. And I didn’t say all econ majors end up with a crappy desk job or unemployment. I said if you are not coming out of a good program / school or have a graduate degree you are not likely to get a good job. Good schools have good networking that will land you good jobs. If you come a mediocre school, you have less opportunities and probably have to work from the bottom up at some company.</p>

<p>Most people will get their MBA anyways, so it doesn’t matter where you go. But good jobs after undergrad doesn’t come easy. And you don’t to major in economics to get into an MBA program. You can major in anything. </p>

<p>If you like economics, then study it. If you don’t like it, then don’t. This thread is misleading because it is just listing all the great jobs you can have. Now people have the notation that they should major in econ NOT because they love the subject but because they now think that econ = money.</p>

<p>This thread should talk more about the theory of economics and why is it is so great rather than saying hey this millionaire CEO studied economics so I should study it too.</p>

11

<p>“I think its the school not the major too. Econ is fun to learn and all but gets you no where if you don’t have the connections.
Good school = good networking = good job”</p>

<p>Econ is ranked as the #2 most lucrative major in every single major publication, statistic, and analysis. They do this with data from all schools, not just the elites. This should be obvious. I don’t even understand your argument here, of course a good school leads to a better job.</p>

<p>First of all, thanks for a few really good posts. However, I was wondering, aren’t most of those schools you mentioned top of the top? I didn’t read it all, but I did see HYPS, a Georgetown graduate, etc. So wouldn’t you say that it’s the school, not the major, that got those people that job?</p>

<p>You need to read it all. I included quotes and stats from the elites, but there were many statistics and data from the averages across all schools.</p>

<p>And isn’t econ a social science just like psychology, anthropology, or sociology? Doesn’t it put you in the same pool as the other liberal arts majors? Wouldn’t a technical degree (like engineering) better off than if you want to find a job after graduating?</p>

<p>Engineering is the only major that is more lucrative than Econ. You are talking out of your ass because you have no facts or statistics to support your words, while I have clearly shown they support mine.</p>

<p>Most people will get their MBA anyways, so it doesn’t matter where you go. But good jobs after undergrad doesn’t come easy. And you don’t to major in economics to get into an MBA program. You can major in anything.</p>

<p>The facts and statistics I have posted were almost all for an undergrad degree in Econ, which still lists it as number 2. Talking out of your ass once again.</p>

<p>If you like economics, then study it. If you don’t like it, then don’t. This thread is misleading because it is just listing all the great jobs you can have. Now people have the notation that they should major in econ NOT because they love the subject but because they now think that econ = money.</p>

<p>Of course you should only major in something if you like it. However, many people (especially those from low socioeconomic backgrounds) come to college specifically to help them find a job. I don’t pay thousands of dollars and take out loans every year purely for fun.</p>

<p>This thread should talk more about the theory of economics and why is it is so great rather than saying hey this millionaire CEO studied economics so I should study it too.</p>

<p>I could go on and on about how interesting and fascinating economics is, but everyone has different preferences. Studying psychology to me is boring while I find econ to be fun. Everyone is different and nothing would persuade you to see otherwise. The point of this thread is to show through empirical data that Econ is worthwhile in terms of the job market. I can persuade more people through facts than opinion any day.</p>

<p>bizstudent, </p>

<p>You are like a stereotypical business student. I have posted fact after fact after fact and you still argue dumb things like, “Econ is fun to learn and all but gets you no where if you don’t have the connections.” You have not posted a single FACT or STATISTIC to prove any of it. Lemme make a brief summary of why you are talking out of your ass;</p>

<p>"And isn’t econ a social science just like psychology, anthropology, or sociology? Doesn’t it put you in the same pool as the other liberal arts majors? - bizstudent</p>

<p>“Meanwhile, the economics, finance and math majors are pursing jobs with salaries that often double once they’ve gotten some decent experience under their belts.”
“The kinds of majors where you learn to integrate mathematics and science with the everyday world have a tremendous benefit in terms of earnings potential," says PayScale.com’s Lee. These include economics, engineering, finance and mathematics.”

  • Forbes
    *Most Lucrative College Majors - Forbes.com</p>

<p>“People want to hire you because you have specific skills that other people don’t have. What qualifies an econ major better more than others? Don’t say smarts or quantitative skills because other majors have that too.”</p>

<p>”In contrast, economics and business majors ranked among the five most-desirable majors in a 2004 survey of employers by the National Association of Colleges and Employers, along with accounting, electrical engineering and mechanical engineering. It wasn’t just banks and insurance companies that expressed interest in economics majors – companies in industries such as utilities and retailing did so, too.”
”Indeed, the rising popularity of the economics major appears to be a global phenomenon. A recent McKinsey Global Institute study found that the share of degrees in economics and business awarded in Poland from 1996 to 2002 more than doubled, to 36% from 16%; in Russia, the share jumped to 31% from 18%.”</p>

<ul>
<li>Wall Street Journal Online
*WSJ.com - The Hot Major For Undergrads Is Economics</li>
</ul>

<p>”The mean monthly income of individuals possessing bachelor’s degrees in economics exceeded the mean monthly income of individuals with degrees in business administration and management, other social sciences, humanities, and most natural sciences”</p>

<ul>
<li>Digest of Educational Statistics</li>
<li>Interesting Facts</li>
</ul>

12

<p>Let me guess your rebuttal bizstudent,</p>

<p>“Those are just facts and statistics. Why do I need to prove my opinions with evidence? My words are inherently true because my friend told me so.”</p>

13

<p>oh dear, this is about to get ugly…</p>

14

<p>haha, i don’t think bizstudent’s gonna come back cause he just got dominated.</p>

15

<p>Okay. I’ll do business and you do econ. I like business more, so that is why I study it :). </p>

<p>Still I think you should inspire people to study econ by talking about the subject not the careers / salaries. Now people will just go into econ for the money giving less appreciation for the subject. You may have convinced people but still its for the wrong reasons.</p>

16

<p>I dunno how much moeny there is in econ though. That’s why I’m wondering if it’s mostly just the school that’s leading to these higher salaries.</p>

<p>Besides, and again correct me if I’m wrong as I don’t have too much knowledge about this stuff, even though econ may on average start out higher, doesn’t it cap out fairly quickly? I mean, yes, engineers earn the most right out of college, but nobody would become an engineer for the money since they cap out quickly.</p>

17

<p>take a look at the links provided in this thread.
check for salary after 10 years / mid-career salaries…</p>

18

<p>Its funny how your argument changed from economics is a worthless degree that will get you a crappy job to I think you should talk about theory rather than how much $ you can make with an econ degree.</p>

19

<p>right on i agree with everything that you say ive had a hard time deciding wheter majoring on economics, business, computer engineering/science, industrial engineering, but right now it seems like im going for economics</p>

20

<p>

</p>

<p>I still believe it but I don’t need to convince anyone. I’ll major in business and you guys can major in economics. I didn’t say economics is not an interesting subject either. I THINK business is more practical than economics but that is just my OPINION. Don’t try to argue that econ is practical either cause I don’t care nor I need the convincing. You guys do whatever you want, I’ll stick with business.</p>