Quantitative Economics

Types of Degrees Quantitative Economics Majors Are Getting

The following table lists how many econometrics and quantitative economics graduations there were in 2020-2021 for each degree level.

Education Level	Number of Grads
Bachelor’s Degree	14,028
Master’s Degree	3,384
Doctor’s Degree	900
Graduate Certificate	52

What Quantitative Economics Majors Need to Know

People with careers related to econometrics and quantitative 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 Econometrics and Quantitative 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.
• Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
• Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

Skills for Econometrics and Quantitative Economics Majors

When studying econometrics and quantitative economics, you’ll learn many skills that will help you be successful in a wide range of jobs - even those that do not require a degree in the field. The following is a list of some of the most common skills needed for careers associated with this major:

• 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 Econometrics and Quantitative Economics Majors

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

• 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.
• Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
• Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.

What Can You Do With a Quantitative Economics Major?

Below is a list of occupations associated with econometrics and quantitative economics:

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
Regulatory Affairs Managers	8.0%	$107,480

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

This major tends to be male dominated. About 61% of recent graduates are men.

Racial-Ethnic Diversity

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

Race/Ethnicity	Number of Grads
Asian	2,573
Black or African American	376
Hispanic or Latino	1,138
White	5,260
International Students	3,784
Other Races/Ethnicities	897

Geographic Diversity

Americans aren’t the only ones with an interest in Econometrics and Quantitative Economics. About 27.0% of those with this major are international students.

How Much Do Quantitative Economics Majors Make?

Salaries According to BLS

Average salaries range from $115,590 to $117,180 (25th to 75th percentile) for careers related to econometrics and quantitative economics. This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

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 Quantitative Economics

Some careers associated with econometrics and quantitative economics require an advanced degree while some may not even require a bachelor’s. 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 econometrics and quantitative economics have obtained the following education levels.

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	30.6%
Master’s Degree	26.2%
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.	3.9%
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.	1.7%
Doctoral Degree	33.2%
Post-Doctoral Training	0.7%

Online Quantitative Economics Programs

In 2020-2021, 224 schools offered a econometrics and quantitative 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)	0	0
Certificate (2-4 Years)	0	0
Associate’s Degree	0	0
Bachelor’s Degree	14	4
Post-Baccalaureate	0	0
Master’s Degree	135	3
Post-Master’s	5	0
Doctor’s Degree (Research)	88	0
Doctor’s Degree (Professional Practice)	0	0
Doctor’s Degree (Other)	0	0

Is a Degree in Quantitative Economics Worth It?

The median salary for a econometrics and quantitative economics grad is $116,020 per year. This is based on the weighted average of the most common careers associated with the major.

This is 191% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $1,522,400 after 20 years!

Majors Related to Quantitative Economics

You may also be interested in one of the following majors related to econometrics and quantitative economics.

Major	Number of Grads
General Economics	28,837
Applied Economics	618
Development Economics & International Development	593
International Economics	328
Other Economics	315

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.