Degree Programs in Economics

An economics degree program prepares students for careers in which they apply the principles and theories of science and mathematics to business and economics. Career economists apply their skills to a wide variety of fields in business, social sciences and humanities.
 
Four types of economics degree programs exist: an associate degree (A.S. or A.A.), a bachelor's degree (B.S. or B.A.), a master's degree (M.B.A.) and a doctorate (Ph.D.).
 
A full-time student will generally earn an associate degree in two years. Bachelor's degrees take four years; a master's degree program takes an additional one to two years. Students pursuing a Ph.D. in economics will need to study an additional two years after earning their M.B.A. Fortunately, economics is a lucrative field, so all that education pays off eventually.
 
Economics students can choose to study either macro or micro economics, or they can focus on a specialization that suits the their interests.

Skills and Knowledge Gained from Economics Degree Programs

Students who study economics in college graduate with a set of core skills that will help them succeed, no matter what field they choose to enter. These skills include:
  • Ability to recognize economic movements and patterns: Economists are able to grasp the cyclical nature of markets and businesses. For this reason, they are able to use raw data to predict economic upswings and downturns.
  • Critical thinking skills: It's not enough to just be able to read a set of numbers and understand the data. Economists also use their knowledge of how the economy works to figure out how the smaller pieces of data affect the bigger picture.
  • Data acquisition: Economists must know how to gather data from official reports and sources. They have to know how to find this information. More importantly, they must also use their interpersonal skills to find and cultivate relationships with the people who share this data.
  • Data analysis: After acquiring data, economists analyze it to uncover patterns and relationships.
  • Technical skills: Economists do their jobs using high-tech software, which helps them work faster and solve more complicated problems than ever before. Students usually learn to use this software in their economics degree program.
  • Writing and reporting skills: Although they work mainly with numbers, economists usually need to present their findings in written reports or oral presentations. Communication skills are very important in this field, since economists' work influences the decisions of politicians, businesspeople and the general public.

Economics Degree Jobs

A degree in economics prepares graduates for entry into a wide variety of jobs. The number of available economics-based positions is expected to remain stable over time. Candidates with master's or doctorate degrees, of course, have better chances of high-paying positions than those with associate or bachelor's degrees.
 
Positions available to professionals with a business economics degree include:
  • business journalist
  • econometrician
  • financial economist
  • international economist
  • labor economist
  • legislative assistant
  • macroeconomist
  • microeconomist
  • organizational economist
  • public finance economist.

Economics Salaries

Starting salaries for entry-level professionals with an economics degree tend to be higher than starting salaries in other fields. Roughly 50 percent of working economists earn between $50,000 and $90,000 a year. Graduates with strong academic records can expect to start out making over $29,000 a year in their first job.
 
Economists can find even more lucrative positions with more education and training. Ph.D. graduates who find a job immediately after leaving school can expect to earn at least $51,000 in their first year.
 
Economists who work in government positions earn, on average, $81,000 per year. The top 10 percent of private economists earn annual salaries of $120,000 a year or more.

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