Degree in Economics (Major) Useless?

Economics Degree Really Useless? (Solved)

Are you considering pursuing an economics major and wanting to know the outcome?

Will you be employable, will an economics degree enable you to land a decent job at a quality organization?

It’s a very good question to have answered before you spend years, hard-earned money, and effort into studying for an economics degree.

The last thing you want is to come out with an economics degree or any degree (major) for that matter which is useless.

So is a Degree in economics (major) useless?

A degree in Economics is not useless. A well-respected field of study, an economics major provides the foundation of knowledge and skills that are in demand from employers.

Economic majors are well-positioned for a variety of careers in law, risk management, banking, finance, consultancy, and public administration. 

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College Interesting Stuff

An economics graduate teaches clear and logical thinking, allowing for not only helping graduates do well personally and professionally but also helping prepare students for graduate programs and law school.

In case you were wondering, the law is not a dying profession; economists’ employment is expected to expand 13% from 2020 to 2030, faster than the average for all occupations, according to BLS.gov.

Over the next ten years, over 1,600 job vacancies for economists are expected on average. Many of those positions are likely to arise as a consequence of the need to replace people who change occupations or leave the workforce for other reasons, such as retirement.

So now we have answered the main question that having an economics major is not useless, let’s discuss the top graduate job opportunities.

Most if not all jobs that economics majors do get, do not have “economics” or “economist” in their job title.

Noting this is not an exhaustive list, there will be other opportunities, however, these are the most popular graduate roles for economists.

Below are 9 popular jobs for people who have graduated with an economics major.

Market Research Analyst (Salary range $50k to $65K)

Job prospects are high with the employment of market research analysts is projected to grow 18 per cent from 2019 to 2029, much faster than the average for all occupations.

According to the Bureau of Labor and Statistics, The median annual wage for market research analysts was $63,790 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $34,350, and the highest 10 per cent earned more than $122,630.

Actuary (Salary range $50k to $185K)

The employment of actuaries is projected to grow 18 per cent from 2019 to 2029, much faster than the average for all occupations.

According to the Bureau of Labor and Statistics, the median annual wage for actuaries was $108,350 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $64,860, and the highest 10 per cent earned more than $193,600.

Economics Consultant (Salary range $55k to $185k)

The employment of economists is projected to grow 14 per cent from 2019 to 2029, much faster than the average for all occupations.

According to the Bureau of Labor and Statistics, the median annual wage for economists was $105,020 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $59,450, and the highest 10 per cent earned more than $185,020.

Credit Analyst (Salary range $43k to $145k)

According to the Bureau of Labor and Statistics, the median annual wage for credit analysts was $74,340 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $43,430, and the highest 10 per cent earned more than $145,150.

Financial Analyst (Salary range $85k to $170k)

The employment of financial analysts is projected to grow 5 per cent from 2019 to 2029, faster than the average for all occupations.

According to the Bureau of Labor and Statistics, the median annual wage for financial analysts was $81,590 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $47,230, and the highest 10 per cent earned more than $156,150.

Management Consultant (Salary range $49k to $154k)

The employment of management analysts is projected to grow 11 per cent from 2019 to 2029, much faster than the average for all occupations.

Demand for the services of these workers is expected to increase as organizations continue to seek ways to improve efficiency and control costs.

According to the Bureau of Labor and Statistics, the median annual wage for management analysts was $85,260 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $49,700, and the highest 10 per cent earned more than $154,310.

Lawyer (Salary range $60k to $208k)

The employment of lawyers is projected to grow 4 per cent from 2019 to 2029, about as fast as the average for all occupations.

According to the Bureau of Labor and Statistics, the median annual wage for lawyers was $122,960 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $59,670, and the highest 10 per cent earned more than $208,000.

Junior Procurement Associate ($63k to $107k) 

Overall employment of purchasing managers and buyers and purchasing agents is projected to decline 7 per cent from 2019 to 2029.

However, many openings are expected each year because of the need to replace workers who leave the occupation.

According to the Bureau of Labor and Statistics, the median annual wage for buyers and purchasing agents was $64,380 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $38,230, and the highest 10 per cent earned more than $107,510.

Policy Analyst (Salary range $42k to $82k)

The employment of policy analysts is projected to grow 6 per cent from 2019 to 2029, faster than the average for all occupations.

Increased demand for public policy analysis in both government and non-government organizations will support employment growth for these workers.

According to the Bureau of Labor and Statistics, the median annual wage for political scientists was $122,220 in May 2019.

The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.

The lowest 10 per cent earned less than $60,960, and the highest 10 per cent earned more than $164,210

Final thoughts

An economics degree is not useless and not a waste of your time.

An economics degree is highly regarded and well sort after qualification, opening doors for career opportunities in both the public and private sectors.

Hope you have enjoyed this article, if you are wanting to learn more about obtaining an economics major please see the article “how difficult is economics degree”

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References

  • Economists: Occupational Outlook Handbook:: U.S. Bureau of Labor Statistics (bls.gov)