Economics or Engineering, Which One Should I Study?

Economics or Engineering, Which One Should I Study? (Solved & Explained)

Thinking about what to study?

Considering whether to study Economics or Engineering?

For many deciding to study either Economics or Engineering is a daunting and stressful one.

So should I study Economics or Engineering?

Both Economics and Engineering careers attract college students because both of these fields offer strong income potential, interesting, fulfilling career paths. An Engineering degree generally has more intensive educational requirements and than Economics.

Economics offers more extensive career options and opportunities, including stronger earning potential than Engineering.

You should study Economics if you are interested in being taught how to strategically think when it comes to pursuing business planning, marketing, and management.

You should study Engineering if you enjoy thinking outside the box, adept at using maths and sciences to solve real-world problems. 

So the decision to study Economics or Engineering depends on where your interests and strengths lie.

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To become obtain an undergraduate Engineer or Economics you can expect 4 years of intense study.

If you are looking to become an Economist you will need to obtain a master’s degree or PhD.

So now we have answered the main question, let’s take a closer look into whether to study Engineering or Economics.

Better career path, Economics or Engineering?

Both Economics and Economics degrees offer varied, interesting, and well-paying careers.

Economics degrees provide employment opportunities in areas such as law, risk management, banking, finance.

While Engineering degrees offer employment in areas such as engineering firms or organizations that have in-house Engineering departments.

Graduates normally start as individual contributors and move up into management roles.

To be Economist you can expect to spend your day behind the desk.

Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.

Most economists need a master’s degree or PhD. However, some entry-level jobs—primarily in the federal government—are available for workers with a bachelor’s degree.

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Which one is harder to study, Economics or Engineering?

Engineering Degree is harder than Economics Degree as it involves a lot of varied and challenging subjects such as chemistry, physics, statistics, applied math.

Students who are not comfortable with these subjects, find Engineering Degrees hard.

However, answering this question can also be a bit tricky, owing to the many different types of engineering degrees that we can get.

Engineering ranges from electrical engineering to mechanical, industrial, chemical, and civil, to name a few.

All of these types are significantly different from each other.

Engineer is a thorough discipline, and you need to be devoted and passionate about the subject if you want to pass.

The workload each semester can also be pretty heavy and can keep you on your toes.

This does not mean Economics Degree is a piece of cake.

Economics can also be challenging, It does include mathematics and statistics.

Most students who struggle with college-level Economics are the ones who did not study Economics at final years of High School.

So if you are still in High School suggest that you study Economics and the highest level maths courses possible.

This also goes for Engineering.

Studying Physics, Chemistry and advanced Mathematics at High School will put you in a strong position to do well at College.

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Who earns more, Engineer or Economist?

Economists earn slightly more than Engineers, with the median wage of an Economist being $108,350 compared to an Electrical Engineer at $103,390 per annum. 

Engineer wages do differ depending on the branch.

Below are some popular Engineering branches.

According to the Bureau of Labor and Statistics, even the lowest-paid Engineering branch in the table below is higher than an Accountant’s wage.

The wages below should be used as a guide only and that wages will vary on the number of years of experience, geographical location, etc.

Role Median Pay 2020
Economist  $              108,350
Electrical Engineer  $             103,390
Mechanical Engineer  $               90,160
Chemical Engineer  $             108,540
Civil Engineers  $              103,390

Source: Architecture and Engineering Occupations: Occupational Outlook Handbook: U.S. Bureau of Labor Statistics (bls.gov)

Not everyone with an Economics Degree becomes an Economist.

Many Economic graduates pursue other professional occupations.

Below are some examples of those occupations and the median wage.

Occupation ENTRY-LEVEL EDUCATION 2020 MEDIAN PAY
Actuaries Bachelor’s degree $111,030
Budget Analysts Bachelor’s degree $78,970
Financial Analysts Bachelor’s degree $83,660
Market Research Analysts Bachelor’s degree $65,810
Mathematicians and Statisticians Master’s degree $93,290
Operations Research Analysts Bachelor’s degree $86,200
Political Scientists Master’s degree $125,350
Postsecondary Teachers Bachelor’s degree $80,790
Survey Researchers Master’s degree $59,870
Urban and Regional Planners Master’s degree $75,950

Source ://www.bls.gov/ooh/life-physical-and-social-science/mobile/economists.htm

Engineers smarter than Economists?

Economists and Engineers are equally as smart as each other.

Multiple studies have shown that both Engineers and Economists are equipped with above-average IQ, combined with drive, hard work, and ambition

Engineering and Economics require above-average IQ to be able to apply mathematical and scientific principles to design and develop, maintain new products and solutions.

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Final Thoughts

Studying either Engineering and Economics offers interesting, varied, and well-paying jobs.

You should study Economics if you are interested in being taught how to strategically think when it comes to pursuing business planning, marketing, and management.

You should study Engineering if you enjoy thinking outside the box, are adept at using maths and sciences to solve real-world problems

To obtain an undergraduate degree in Engineering or Economics is no easy task.

The decision to study either Engineering or Economics comes down to your interests and where your strengths lie.

As with any career that you want to pursue, analyze yourself and your strengths and weaknesses, seek career counselling.

Speak with your friends and family to get their feedback and thoughts before deciding which career path you want to pick.

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