Is Economics a Good Major?

As college application season is approaching, you’re probably spending your time looking for a potential major. Feeling unsure, you might find yourself scrolling through college websites and online forums looking for inspiration.

Finally, you stumble upon something that fits with your love of math and finances: economics. But you don’t want to make your decision lightly. After all, this choice will shape your future. So, you might wonder, “Is economics a good major?”

In reality, this question doesn’t have a straight answer. Every major can be experienced differently from student to student. Still, you could call economics an objectively good major for several reasons.

To elaborate, we’ll expand on the realities of studying economics, the many benefits and where the field can take you.

Why Study Economics?

Economics takes an analytical mind and a proficiency with numbers. If you enjoyed econ ed in high school, like making budgets and keeping track of what people are buying and why, and see yourself making a career of it, there are countless reasons to do so.

You Can Earn a Considerable Salary

When choosing a degree, money isn’t your only concern; you also want to pursue a career that ignites your passion. Even so, high wages are one of the many appeals of becoming an economist. As per the U.S. Bureau of Labor Statistics (BLS), economists earn a median annual salary of $108,350.

We’ll dive deeper into potential earnings later on, but for now, rest assured that economists are usually well-rewarded for their expertise.

It Helps with Personal Financial Literacy

With your newfound income will come a need to spend and invest wisely. Luckily, economics teaches you those skills.

While college-level macro and microeconomics courses focus on resource management from a business perspective, you can apply many of the same concepts to your everyday life. The topics you’ll cover in an economics program can help you understand and manage your:

• Personal budgeting and spending
• Retirement savings
• Taxes
• Mortgage payments

The career options and possibilities in the field of economics are nearly endless, from positions in financial economics and quantitative economics to business economics and international economics. Ultimately, a background in economics empowers you to make educated financial decisions in all areas of your life and career path.

It’s About Making Decisions

Life is all about decisions. And more than anything, economists are decision-makers—they learn how to balance the facts and come to the best available conclusion.

Economists utilize vast amounts of data to support their predictions and suggestions. They pore over spreadsheets and datasets to make an educated choice.

When you major in economics, you can study the same strategies that professional economists use to make decisions. Then, you can use this ability to weigh the options in almost any situation—be it financial, personal or otherwise.

It Pairs Nicely With Other Majors

If you’re thinking about pursuing a double major, a minor or a second degree, economics goes hand-in-hand with many other disciplines. The skills and vocabulary economic students learn can help them excel in finance-related fields (and otherwise), including:

• Accounting
• Communication
• Computer science
• Engineering
• Journalism
• Marketing
• Psychology

So, even if you don’t plan to work as an economist, the knowledge and skill you’ll gain as an economics major can help your job application stand out.

The Effects of the Economy are Felt Everywhere

That old saying “money makes the world go ‘round” is largely true. Money is everywhere; income, expenditures and debt influence our choices as individuals and as a nation.

With that in mind, an economics degree can help you make sense of the world around you and contextualize the decisions others make. It can also help you understand your own motivations. When you recognize the important role economics plays in our everyday lives, it’s hard not to gravitate toward the field.

What to Expect When Majoring in Economics

By now, you might be convinced that studying economics is worthwhile. But what should you expect when you sign up for a degree program in the field?

Here’s what you can look forward to as an economics major.

You’ll Explore the Field of Economics

The first questions you’ll seek to answer are what is an economist, and what exactly do they study? In an economics program, you’ll learn to look at the world as an economist. In a nutshell, that means economics analysis on the management and exchange of goods, services and resources on a small and large scale.

You’ll work to understand the trends in what people are buying and selling—and the events and decisions that shape these trends. 

Of course, this explanation is only the tip of the iceberg. Naturally, an economics program will dive much deeper into the ins and outs of the field.

You’ll Take a Variety of Courses

While economics will take up much of your course load, it isn't the only topic you’ll study in your program. Whether you pursue a bachelor of arts (B.A.), bachelor of science (B.S.), or a bachelor of business administration (B.B.A.), you’ll have plenty of opportunities to expand your horizons.

For example, students in the economics program at North Central College take varied courses like:

• Principles of Microeconomics
• Principles of Macroeconomics
• Econometrics
• Calculus
• Data Analytics
• Financial Accounting
• Business Strategy
• Business Law and Ethics
• Corporate Finance
• Principles of Marketing

The goal of a dedicated economics program—besides teaching you about economic principles—is to provide you with critical thinking skills and a breadth of knowledge that will serve you well in your career. You’ll learn about the differences in macro vs. micro economics as well as consumer behavior within a market.