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Natural Resource Economics Major

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Natural Resource Economics

86 Bachelor's Degrees Annually
8 Master's Degrees Annually
#84 in Popularity
$59,260 Median Salary

Types of Degrees Natural Resource Economics Majors Are Getting

The following table lists how many natural resource economics graduations there were in 2018-2019 for each degree level.

Education Level Number of Grads
Bachelor’s Degree 86
Basic Certificate 12
Doctor’s Degree 11
Graduate Certificate 10
Master’s Degree 8

What Natural Resource Economics Majors Need to Know

People with careers related to natural resource 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 Natural Resource Economics Majors

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

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  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Public Safety and Security - Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
  • Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Skills for Natural Resource Economics Majors

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

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  • 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.
  • Speaking - Talking to others to convey information effectively.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Abilities for Natural Resource Economics Majors

Some of the most crucial abilities to master while a natural resource economics student include the following:

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  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • 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.
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
  • Speech Recognition - The ability to identify and understand the speech of another person.

Who Is Getting a Bachelor’s Degree in Natural Resource Economics?

86 Bachelor's Degrees Annually
37% Percent Women
10% Percent Racial-Ethnic Minorities*
This major attracts more men than women. About 63% of the graduates in this field are male.

Racial-Ethnic Diversity

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

Racial-Ethnic Diversity of Natural Resource Economics Students with Bachelor's Degrees
Race/Ethnicity Number of Grads
Asian 1
Black or African American 2
Hispanic or Latino 3
White 71
International Students 5
Other Races/Ethnicities 4

Geographic Diversity

Students from other countries are interested in Natural Resource Economics, too. About 5.8% of those with this major are international students.

How Much Do Natural Resource Economics Majors Make?

Salaries According to BLS

The median salary for someone in a career related to natural resource economics is $59,260. This median refers to 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 Natural Resource Economics Major  59,260
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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 natural resource 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 natural resource 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) 13.9%
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) 0.6%
Some College Courses 2.0%
Associate’s Degree (or other 2-year degree) 4.4%
Bachelor’s Degree 79.9%

Online Natural Resource Economics Programs

In 2018-2019, 16 schools offered a natural resource 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) 2 0
Certificate (1-2 years) 0 0
Certificate (2-4 Years) 0 0
Associate’s Degree 0 0
Bachelor’s Degree 2 0
Post-Baccalaureate 2 0
Master’s Degree 5 0
Post-Master’s 0 0
Doctor’s Degree (Research) 3 0
Doctor’s Degree (Professional Practice) 0 0
Doctor’s Degree (Other) 0 0

Is a Degree in Natural Resource Economics Worth It?

The median salary for a natural resource economics grad is $59,260 per year. This is based on the weighted average of the most common careers associated with the major.

This is 49% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $387,200 after 20 years!

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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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