our everyday life

Benefits of Majoring in Economics

by Neil Kokemuller, studioD

An economics degree includes an array of business, economics and finance classes on top of a core general education program. Economics is the study of how individuals, groups and governments make choices on how to use money and other resources. A degree in this field offers a number of tangible professional as well as personal benefits.

Personal Development

Even if you have no desire to pursue a career related to economics, it offers benefits as a second major. Understanding microeconomics and macroeconomics helps prepare you for better understanding of how the business and marketplace connect. It also offers insight into budgeting, borrowing money, financial decision-making and investment opportunities. In these areas, your education helps in making wise economic choices as you finish a degree and transition into the real world.

Advanced Education

An economics degree also opens the door for advanced education in economics or business. Some economics grads add a master's of business administration, or MBA. This sets the way for a management career or high-level finance position. You can also add a graduate degree in economics to further set yourself up for the various career opportunities in the public or private sector. Economics degree earners may also go on to earn doctoral degrees to get into research and teaching.

Job Flexibility

The range of career options with an economics degree is vast. Business, banking, public and private sector and international business careers among the many possibilities. Some economics grads may also go into work for a consulting confirm or seek self-employment opportunities. Many public and private companies benefit from consulting help from economists. In this career area, you can work on various types of financial studies or economic consulting projects for a range of organizations.

Earning Potential

An economics degree can lead to one of the highest-paying careers, according to the 2012 National Association of Colleges and Employers. The overall average salary for all bachelor's degree holders was $44,259, according to the study. An economics degree holder earned an average of $58,200, also well-above the broader business category. Only engineering and computer science degreess showed higher average earnings than people with business degrees. In the business category, finance and business administration were the only degrees noted with higher average salaries than economics.

About the Author

Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. He has been a college marketing professor since 2004. Kokemuller has additional professional experience in marketing, retail and small business. He holds a Master of Business Administration from Iowa State University.

Photo Credits

  • Stockbyte/Stockbyte/Getty Images