Types of Degrees Quantitative Economics Majors Are Getting
The following table lists how many econometrics and quantitative economics graduations there were in 2019-2020 for each degree level.
|Education Level||Number of Grads|
What Quantitative Economics Majors Need to Know
In an O*NET survey, econometrics and quantitative economics majors were asked to rate what knowledge areas, skills, and abilities were important in their occupations. These answers were weighted on a scale of 1 to 5 with 5 being the most important.
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:
- 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
econometrics and quantitative economics majors are found most commonly in careers in which the following skills are important:
- 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
Econometrics and Quantitative 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.
- 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?
People with a econometrics and quantitative economics degree often go into the following careers:
|Job Title||Job Growth Rate||Median Salary|
|Investment Fund Managers||8.0%||$107,480|
|Regulatory Affairs Managers||8.0%||$107,480|
Who Is Getting a Bachelor’s Degree in Quantitative Economics?
At the countrywide level, the racial-ethnic distribution of econometrics and quantitative economics majors is as follows:
|Race/Ethnicity||Number of Grads|
|Black or African American||356|
|Hispanic or Latino||957|
Econometrics and Quantitative Economics appeals to people across the globe. About 26.0% 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 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 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%|
|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%|
Online Quantitative Economics Programs
In 2019-2020, 196 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|
|Doctor’s Degree (Research)||74||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!
Explore Major by State
District of Columbia
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|
|Development Economics & International Development||595|
*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.
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