Careers in Economics
Majoring in economics prepares you for a wide variety of job opportunities in business, banking, government, and education, as well as in other fields like law, organized labor, politics, and journalism. Although many of these jobs will require graduate training for advancement, entry-level positions are available for those holding a bachelor's degree in economics.
- In business and banking, economists are hired to prepare forecasts of the general economic climate and to analyze market conditions specific to individual companies. The Federal Reserve System, our nation's central bank, also hires economics majors as research analysts. The insurance industry employs economists to project the financial effects of illness, retirement, death, and other events on benefit plans.
- In government at the federal, state, and municipal levels, economists work for agencies in the fields of agriculture, business, finance, transportation, public utilities, urban policy, and international trade.
- Combined with courses in education, a major in economics can prepare you for a career as a high school teacher, and with graduate training, for a career as a college teacher.
The value of an economics degree goes beyond getting a job. The salaries of economists tend to be higher than those in many other fields. Here are some salaries for bachelor's degree students as reported by 
Forbes.com in 2008.
Rank |
Major |
Years of Work Experience |
||
|---|---|---|---|---|
0-5 |
5-10 |
10-20 |
||
1 |
Computer Engineering | $60,500 | $80,800 | $104,000 |
2 |
Economics | $48,100 | $71,800 | $96,200 |
3 |
Electrical Engineering | $59,900 | $78,400 | $96,100 |
4 |
Computer Science | $54,200 | $75,000 | $94,000 |
5 |
Mechanical Engineering | $56,900 | $73,000 | $88,100 |
6 |
Finance | $46,900 | $64,300 | $84,400 |
7 |
Mathematics | $43,500 | $64,700 | $82,200 |
8 |
Civil Engineering | $52,600 | $67,100 | $81,700 |
9 |
Political Science | $39,400 | $55,000 | $74,400 |
10 |
Marketing | $39,400 | $54,000 | $72,300 |
11 |
Accounting | $44,600 | $57,900 | $71,500 |
12 |
History | $37,600 | $52,100 | $56,000 |
13 |
Business Management | $40,900 | $51,700 | $64,900 |
14 |
Communications | $36,400 | $50,300 | $64,300 |
15 |
English | $36,700 | $47,000 | $62,300 |
16 |
Biology | $37,900 | $52,600 | $60,000 |
17 |
Sociology | $35,700 | $46,900 | $55,900 |
18 |
Graphic Design | $34,700 | $45,300 | $54,700 |
19 |
Psychology | $34,700 | $45,400 | $54,000 |
20 |
Criminal Justice | $34,200 | $44,400 | $53,400 |
Source: PayScale.com; as reported in Forbes.com, June 18, 2008.