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General Economics Major

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General Economics

29,898 Bachelor's Degrees Annually
1,426 Master's Degrees Annually
#5 in Popularity
$115,590 Median Salary

Types of Degrees General Economics Majors Are Getting

The following table lists how many general economics graduations there were in 2019-2020 for each degree level.

Education Level Number of Grads
Bachelor’s Degree 26,628
Associate Degree 2,948
Master’s Degree 1,132
Doctor’s Degree 408
Graduate Certificate 18
Basic Certificate 10
Undergraduate Certificate 6

What General Economics Majors Need to Know

People with careers related to general economics were asked what knowledge areas, skills, and abilities were important for their jobs. They weighted these areas on a scale of 1 to 5 with 5 being the highest.

Knowledge Areas for General Economics Majors

General Economics majors often go into careers in which the following knowledge areas are important:

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  • 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.
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • 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.
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

Skills for General Economics Majors

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

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  • 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.
  • Speaking - Talking to others to convey information effectively.
  • 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.

Abilities for General Economics Majors

As you progress with your general economics degree, there are several abilities you should pick up that will help you in whatever related career you choose. These abilities include:

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

What Can You Do With a General Economics Major?

People with a general 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
Investment Fund Managers 8.0% $107,480
Regulatory Affairs Managers 8.0% $107,480

Who Is Getting a Bachelor’s Degree in General Economics?

26,628 Bachelor's Degrees Annually
31% Percent Women
29% Percent Racial-Ethnic Minorities*
This major tends to be male dominated. About 69% of recent graduates are men.

Racial-Ethnic Diversity

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

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Race/Ethnicity Number of Grads
Asian 2,649
Black or African American 1,239
Hispanic or Latino 2,862
White 13,312
International Students 4,712
Other Races/Ethnicities 1,854

Geographic Diversity

Students from other countries are interested in General Economics, too. About 17.7% of those with this major are international students.

How Much Do General Economics Majors Make?

Salaries According to BLS

Average salaries range from $63,240 to $116,020 (25th to 75th percentile) for careers related to general 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.

Median Salary for a General Economics Major  ( 63240 to 116020 )
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250K
Median Salary for a High School Graduate  ( 30000 to 57900 )
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250K
Median Salary for a Bachelor's Degree Holder  ( 45600 to 99000 )
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250K
Median Salary for an Advanced Degree Holder  ( 55600 to 125400 )
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250K

Some degrees associated with general economics may require an advanced degree, while others may not even require a bachelor’s in the field. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

How much schooling do you really need to compete in today’s job market? People currently working in careers related to general economics have obtained the following education levels.

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Education Level Percentage of Workers
High School Diploma - or the equivalent (for example, GED) 1.4%
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) 1.1%
Some College Courses 0.2%
Associate’s Degree (or other 2-year degree) 1.5%
Bachelor’s Degree 37.7%
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. 0.7%
Master’s Degree 27.8%
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. 4.1%
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. 1.0%
Doctoral Degree 24.3%
Post-Doctoral Training 1.4%

Online General Economics Programs

In 2019-2020, 857 schools offered a general economics program of some type. 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) 4 0
Certificate (2-4 Years) 1 0
Associate’s Degree 136 31
Bachelor’s Degree 6 0
Post-Baccalaureate 0 0
Master’s Degree 160 9
Post-Master’s 7 0
Doctor’s Degree (Research) 97 2
Doctor’s Degree (Professional Practice) 1 1
Doctor’s Degree (Other) 0 0

Is a Degree in General Economics Worth It?

The median salary for a general 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!

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You may also be interested in one of the following majors related to general economics.

Major Number of Grads
Econometrics & Quantitative Economics 15,671
Applied Economics 652
Development Economics & International Development 595
Other Economics 428
International Economics 335

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.

More about our data sources and methodologies.

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