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Quantitative Economics Major

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Quantitative Economics

9,050 Bachelor's Degrees Annually
2,251 Master's Degrees Annually
#8 in Popularity
$116,020 Median Salary

Types of Degrees Quantitative Economics Majors Are Getting

The following table lists how many econometrics and quantitative economics graduations there were in 2018-2019 for each degree level.

Education Level Number of Grads
Bachelor’s Degree 9,050
Master’s Degree 2,251
Doctor’s Degree 579
Graduate Certificate 51

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

According to O*NET survey takers, a major in econometrics and quantitative economics should prepare you for careers in which you will need to be knowledgeable in the following areas:

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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.
  • 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

A major in econometrics and quantitative 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.
  • 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:

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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.
  • 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?

9,050 Bachelor's Degrees Annually
39% Percent Women
33% Percent Racial-Ethnic Minorities*
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:

Racial-Ethnic Diversity of Econometrics and Quantitative Economics Students with Bachelor's Degrees
Race/Ethnicity Number of Grads
Asian 1,646
Black or African American 283
Hispanic or Latino 737
White 3,446
International Students 2,373
Other Races/Ethnicities 565

Geographic Diversity

Americans aren’t the only ones with an interest in Econometrics and Quantitative Economics. About 26.2% 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 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 Quantitative Economics Major  ( 115590 to 117180 )
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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 careers associated with econometrics and quantitative 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.

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.

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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 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 2018-2019, 155 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 6 0
Post-Baccalaureate 0 0
Master’s Degree 93 4
Post-Master’s 6 0
Doctor’s Degree (Research) 55 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!

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

Major Number of Grads
General Economics 34,159
Applied Economics 727
Development Economics & International Development 628
Other Economics 488
International Economics 364

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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