Types of Degrees Majors Are Getting

The following table lists how many economics graduations there were for each degree level during the last year for which data was available.

Education Level	Number of Grads
Bachelor’s Degree	37,777
Master’s Degree	4,686
Associate Degree	3,735
Doctor’s Degree	1,395
Graduate Certificate	165
Basic Certificate	47
Undergraduate Certificate	4

What Majors Need to Know

O*NET surveyed people in occupations related to economics and asked them what knowledge areas, skills, and abilities were important for their jobs. The responses were rated on a scale of 1 to 5 with 5 being most important.

Knowledge Areas for Economics Majors

This major prepares you for careers in which these knowledge areas are important:

• English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
• Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
• Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
• Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
• Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Skills for Economics Majors

A major in economics prepares you for careers in which the following skill-sets are crucial:

• Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
• Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
• Writing - Communicating effectively in writing as appropriate for the needs of the audience.
• Speaking - Talking to others to convey information effectively.

Abilities for Economics Majors

Economics majors often go into careers where the following abilities are vital:

• Written Comprehension - The ability to read and understand information and ideas presented in writing.
• Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
• Written Expression - The ability to communicate information and ideas in writing so others will understand.
• Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
• Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.

What Can You Do With a Major?

People with a economics degree often go into the following careers:

Job Title	Job Growth Rate	Median Salary
Compliance Managers	8.0%	$107,480
Economics Professors	10.9%	$101,480
Economists	6.1%	$104,340
Environmental Economists	6.1%	$104,340
Investment Fund Managers	8.0%	$107,480
Market Research Analysts and Marketing Specialists	23.2%	$63,120
Regulatory Affairs Managers	8.0%	$107,480
Supply Chain Managers	8.0%	$107,480
Wind Energy Project Managers	8.0%	$107,480

Who Is Getting a Bachelor’s Degree in ?

This is one of the most frequently chosen business majors. It is the 5th most popular in the country with 39,397 students graduating with a bachelor’s in economics in 2021. This major tends to be male dominated. About 65% of recent graduates are men.

Racial-Ethnic Diversity

At the countrywide level, the racial-ethnic distribution of economics majors is as follows:

Race/Ethnicity	Number of Grads
Asian	5,224
Black or African American	1,470
Hispanic or Latino	3,938
White	16,924
International Students	7,368
Other Races/Ethnicities	2,853

Geographic Diversity

Americans aren’t the only ones with an interest in Economics. About 19.5% of those with this major are international students. The most popular countries for students from outside the country are:

• China
• South Korea
• India
• Saudi Arabia
• Vietnam

How Much Do Majors Make?

Bachelor’s Degree Starting Salary

Salaries According to BLS

Average salaries range from $70,960 to $116,020 (25th to 75th percentile) for careers related to economics. This range includes all degree levels, so you may expect those with a more advanced degree to make more while those with less advanced degrees will typically make less.

To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Amount of Education Required for Careers Related to

Some careers associated with economics require an advanced degree while some may not even require a bachelor’s. Whatever the case may be, pursuing more education usually means that more career options will be available to you.

Find out what the typical degree level is for economics careers below.

Education Level	Percentage of Workers
High School Diploma - or the equivalent (for example, GED)	0.9%
Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production)	0.7%
Some College Courses	0.1%
Associate’s Degree (or other 2-year degree)	2.6%
Bachelor’s Degree	35.0%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.	1.4%
Master’s Degree	23.3%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level.	3.0%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession.	1.1%
Doctoral Degree	22.0%
Post-Doctoral Training	0.8%

Online Programs

The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level	Colleges Offering Programs	Colleges Offering Online Classes
Certificate (Less Than 1 Year)	0	0
Certificate (1-2 years)	5	1
Certificate (2-4 Years)	1	0
Associate’s Degree	148	28
Bachelor’s Degree	56	10
Post-Baccalaureate	0	0
Master’s Degree	355	16
Post-Master’s	15	0
Doctor’s Degree (Research)	202	0
Doctor’s Degree (Professional Practice)	0	0
Doctor’s Degree (Other)	0	0

Is a Degree in Worth It?

The median salary for a economics grad is $115,590 per year. This is based on the weighted average of the most common careers associated with the major.

This is 190% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $1,513,800 after 20 years!

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

• College Factual
• College Scorecard
• National Center for Education Statistics
• O*NET Online
• U.S. Bureau of Labor Statistics
• Usual Weekly Earnings of Wage and Salary Workers First Quarter 2020
• Image Credit: By pixabay under License

More about our data sources and methodologies.