Students who major in economics pursue a rigorous course of study that includes learning how to analyze labor markets, business cycles and economic growth. They also hone their ability to analytically and systematically examine social issues. Graduates who have grasped the fundamentals of economics can pursue a variety of high-paying business and academic careers, some of which may also require a graduate-level degree.
According to May 2013 salary data from the U.S. Bureau of Labor Statistics, financial managers earn a mean annual wage of $126,660. Financial managers typically have a bachelor’s degree, although some employers prefer a master’s degree. Financial managers prepare financial statements and reports, explore ways to reduce costs and improve efficiency, and develop strategies to help companies reach their long-term financial goals. They also help companies make financial decisions and supervise other financial employees.
Economists earn a mean annual wage of $101,450, reports the BLS in its May 2013 data. Most economists have either a master’s degree or a Ph.D. However, some entry-level jobs only require a bachelor’s degree. Economists may work for governments, private companies or individuals, where they analyze such economic issues as employment levels, inflation and economic growth. They may also study financial markets and exchange rates. Economists use this information to provide economic advice and make recommendations.
Economics Instructors in Colleges
Instructors who teach economics at universities, colleges and other post-secondary institutions earn a mean annual wage of $100,490, according to May 2013 wage estimates from the BLS. A bachelor’s degree may be sufficient for part-time teaching and to work at junior and community colleges, but a master’s degree or Ph.D. is required to teach at most 4-year colleges. Economics instructors teach the fundamentals of economics. They prepare lesson plans, assign projects and homework, and also assign grades and provide advice to students.
Management analysts earn a mean annual wage of $89,900, according to the May 2013 wage estimates from the BLS. The educational requirement for management analysts is a bachelor’s degree, although some employers prefer candidates with an MBA. Management analysts help organizations operate more efficiently. They analyze revenue, expenditures, work processes and equipment, consider the feasibility of organizational changes, and then offer suggestions that can help companies reduce costs and increase revenue.
- University of History: Economics Bachelor’s Degree Program
- U.S. Bureau of Labor Statistics Occupational Employment and Wages: Financial Managers
- U.S. Bureau of Labor Statistics: Financial Managers
- U.S. Bureau of Labor Statistics Occupational Employment and Wages: Economists
- U.S. Bureau of Labor Statistics Occupational Employment and Wages: Economics Teachers, Postsecondary
- U.S. Bureau of Labor Statistics: Post-Secondary Teachers
- U.S. Bureau of Labor Statistics Occupational Employment and Wages: Management Analysts
- U.S. Bureau of Labor Statistics: Management Analysts
- Photo Credit AndreyPopov/iStock/Getty Images
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