Is Economics a Good Major? Is It Good for Jobs or Business?

You may be wondering whether taking economics as a major is useful in your career. Would economics enhance your profession? Is economics a good major?

Economics is a good major for various career paths, such as finance, foreign affairs, law, politics, consulting, entrepreneurship, public administration, health administration, and banking & accountancy.

Economic majors are trained in their analytical and problem-solving skills.

Some people believe that economics has no practical application when coupled with another profession. However, an economics major can propel you forward in your career – especially in finance. Many banking and finance professionals have economics as their major.

Business management and Administration professionals could also profit from an economics degree.

Read on to learn more about economics as a major, its pros and cons, and the career paths that economics is most useful for.

Is Economics a Good Major?

is economics a good major

Economics is a good major because the course develops problem-solving and analytical skills. If you are into banking and accountancy, an economics major would be ideal.

Economic majors could also venture into foreign affairs, consulting, politics, entrepreneurship, law, health, and public administration.

What Is an Economics Major?

An economics major is a degree that trains you to analyze data, solve problems on resource allocation and wealth using analytical and mathematical theories.

Economics is relevant to various fields that involve analysis, critical thinking, and exposition, such as entrepreneurship or business management, law, and other careers, as mentioned below.

Is Business Economics a Good Major?

Business economics is an excellent major for accountancy, banking, and finance professionals. Many people in the banking and finance sector have benefitted from their economic majors. This impact is due to the training that economics offers.

How Would You Know If Economics Is the Right Major for You?

If you are a good problem solver and your interest lies in analyzing things, studying behavioral patterns, and coming up with solutions, economics is the right course for you. You should also have enough knowledge of statistics and math.

If your undergraduate subjects are on track for an economics major, you should proceed with a linear education, a baccalaureate degree, and a post-graduate or Ph.D. later.

Note the topics that are offered for undergraduate studies on economics that are listed above. If these topics arouse your interest, then economics is the right major for you.

What Are the Requirements for Economics Majors?

There are two major fields of economics; microeconomics and macroeconomics. Microeconomics deals with individual entities’ interactions and behaviors, such as buyers, sellers, households, and companies.

Meanwhile, macroeconomics is broader as it includes industries on a national or global scale. You would be required to learn and accomplish the following:

  1. Economics undergraduate courses
  2. Calculus – a pre-requisite for microeconomics
  3. Statistics and mathematics
  4. Writing concise economic papers.
  5. Econometrics – math application to economic problems
  6. Senior thesis at the end of the course

Topics Usually Included in Economics Major Courses

  1. Poverty
  2. Inequality
  3. Marketing
  4. International trade
  5. Banking and finance
  6. International relations
  7. Behavioral economics
  8. Business law and ethics
  9. Investment management
  10. Investment management
  11. Environmental economics
  12. Labor or industrial economics

List of Careers Recommended for Economics Majors

  1. Law
  2. Politics
  3. Banking
  4. Finance
  5. Insurance
  6. Taxation
  7. Consulting
  8. Journalism
  9. Accountancy
  10. Foreign affairs
  11. Public relations
  12. Social services
  13. Entrepreneurship
  14. Community services
  15. Health administration
  16. Public administration
  17. Business management
  18. Advertising and marketing
  19. Local and national government positions
  20. All public and private sectors with administrative tasks

Pros of Being Economics Major

1. Variety of Career Options

Is economics a good major for jobs? Economics is a good major for many jobs. When you have an economics major, you can have various job options. This event can happen because you have an enhanced understating of people, governments, the economy, and markets.

Thus, you can go into any management occupation in the private and public sectors. Examples of these jobs are public administration, community service, health administration, banking, and finance.

2. Acquisition of Vital Knowledge

Economics allows you to acquire the skills to analyze cases and determine how you can solve them. Afterward, you will also learn how to administer the solutions related to social issues, people, and the surrounding circumstances.

3. Transferable Skills

Your skills are unique, but you can successfully teach other people these skills. With dedication and persistence, you could do it. Naturally, your success will also depend on how effective you are transferring your skills.

4. Broader Understanding of People and the World

You will acquire the skill of understanding the intricate system of how people lead their lives, especially regarding the social system and the economy. There is a misconception that economics is not useful in everyday life.

The fact is that the skills that you learn in your economics major are all helpful in dealing with daily occurrences in your life. You have to learn how and when to apply your knowledge.

5. Helps You Understand Yourself More

The case-based learning process in economics will enhance your ability to understand yourself more. As a result, this new knowledge will boost your morale, make you more self-confident, and motivate you to be enterprising and ingenious.

With this renewed vigor, you can become a trailblazer in your chosen profession.

6. Enhancement of Social Skills and Team Spirit

You would also learn to cooperate as a part of a team and relate effectively to other people. Team spirit is one of the most crucial traits that professionals must possess. But sadly, not everyone has this characteristic. Thus, it will be a plus factor for you as an economics major graduate.

7. Development of Analytical and Problem-solving Skills

Schools train economics majors to solve daily problems by developing the students’ analytical and problem-solving skills. Moreover, experts train students to analyze financial investment opportunities, career progression, and the crucial effects of health and public administration decisions. 

You can acquire skills in analyzing data, interpreting their meanings, and providing solutions when there are co-existing problems.

8. Promotes Logical and Critical Thinking

You will learn logical and critical thinking while learning problem-solving skills as well. And you would also learn to identify the problem’s details and group them according to each of their criteria.

This skill could also apply when solving your daily personal problems. This fact demonstrates how vital economics is to your life.

9. Hones Communication Skills

is economics a good major for jobs

You can upgrade your oral and written communication skills, together with your interpersonal relationships. Your oral skills in public speaking could catapult you to greater heights as a speaker and presenter.

This impact is because you are compelled to use teamwork and communication during the analysis of cases during your course study.

10. Provides an Excellent Foundation for Graduate Studies

An economics major will provide a good foundation for graduate studies in the professions mentioned above. It would also be an excellent major for post-graduate studies on careers involving public policy analysis.

Many economics graduates opted to pursue their Ph.D. Thus, acquiring more expertise in their field of study.

Con of Economics Majors

Jack of All Trades Master of None

You can be a Jack of all trades but a master of none; if you don’t know how to manage your unique economics knowledge in your career.

You have to learn the ropes of optimizing your economics knowledge by exploring all avenues of improvement. Be enterprising to take on challenges. Through experience, you could gain actual exposure to events that could develop your skills and boost your career. 

Hence, this so-called ‘disadvantage’ should be a challenge for you to optimize your economics knowledge.

Again, is economics a good major? Economics is a good major. Schools train economic majors in their analytical and problem-solving skills.

It is a good major in various career paths, such as law, finance, foreign affairs, consulting, politics, entrepreneurship, public administration, health administration, community services, banking, and accountancy.

U.S. Schools Offering Economics as Major

You can enroll in any of these prestigious schools offering economics majors. [1]

  1. Princeton University, Princeton, New Jersey
  2. Butler University, Indianapolis, Indiana
  3. Harvard University, Cambridge, Massachusetts
  4. High Point University, High Point, North Carolina
  5. Providence College, Providence, Rhode Island
  6. Trinity University, San Antonio, Texas
  7. Rollins College, Winter Park, Florida
  8. Williams College, Williamstown, Massachusetts

Aside from the prerequisites mentioned above, there may be other academic requirements needed by these schools. Thus, you can visit the school’s website and inquire about other necessary documents.

Tips for Optimizing Your Economics Major Skills

1. Weigh Your Options Carefully Before Deciding to Major in Economics

is business economics a good major

Majoring in economics requires diligence and genuine interest, So, weigh your options carefully. It would be best if you chose economics when you are truly interested in the course. Analyzing statistical data, problems, and numbers no end is an arduous task.

But if this task is your cup of tea, you will be enjoying what you do. You should engage in a profession that you love, and you will never ‘work’ a single day in your life.

2. Be Confident in Your Skills

When you earn an economics major degree, it signifies that you have acquired excellent skills to practice your profession. Therefore, be confident and accept all challenges that come your way.

Believe in your ability and lead your group to success. Being self-confident denotes that you have half-won the battle already.

3. The Best Career Choice Is Banking and Finance

You can select from various career options. One of the best choices as a career for an economics major graduate is in banking and finance.

You have solved problems using numbers and statistical data; thus, you would also use your extensive knowledge in math, calculus, and statistics in banking and finance.

However, as explained earlier, you need these skills too in dozens of career options. Don’t limit yourself to only a few choices.

4. Venture into Entrepreneurship

If you have adequate financial resources, you may want to establish your own business. This option is best if you want to be your own boss, have flexible working hours, and personally manage your own company.

Managing your own business would also mean the ROI (Return On Investment).

5. You Can Use Your Skills Not Only in Your Career

Avoid acquiring a tunnel vision by thinking that you can only utilize your economics major skills in your career. You can also use your analytical and problem-solving skills in cases you encounter in your personal life.

Do not listen to people who brainwash you with the misconception that economics is purely theoretical and is not applicable in your everyday dealings.

6. Think Out of the Box

You can solve cases using different methods. As the cliché goes: “There are several ways to skin a cat.” Don’t rely only on the knowledge you have acquired from school.

Learn to ask the question: “What if…what if I do it this way?” Inquisitive and enterprising minds discovered new methods and inventions. You can add new knowledge to your acquired economics skills and benefit significantly.

7. Document Your Progress

It would be best to document your progress. Documenting your journey to learn about the pitfalls you should avoid and the effective ways to resolve issues. Ensure that you include the details of the 4 vital W’s: What, Where, Who, and the When.

8. Feel Free to Help Others

No man is an island. You may become successful without helping others, but you would gain much more by helping people as you practice your profession.

Think of the process as an additional venue to hone your skills. Nothing could equal the sense of fulfillment from knowing that you have done your part in making the world a better place to live in.

Conclusion – Is Economics a Good Major?

Economics is a good major. This is because economic majors are trained to analyze and solve problems.

Hence, economics is a good major in various fields, such as law, finance, local and foreign affairs, politics, business administration, banking and finance, consulting, entrepreneurship, public administration, and health administration.

In fact, people with economics majors are needed in almost all types of professions because of their ability to analyze and solve problems.

Remember that you will need your economics skills also in your daily undertakings. Hence, keep improving your performance and gain the utmost benefits from it.