Economics or Sociology, Which One Is Better

Economics Or Sociology, Which One Is Better? (Solved & Explained)

Thinking about studying Economics or Sociology?

Deciding on what to study can be difficult.

In this article, we’ll help explain their differences and career path options.

Economics Or Sociology, Which One Is Better?

Neither one is better than the other.  Economics Or Sociology are both popular in college, attracting a large number of students because they are interesting and valuable degrees that offer a variety of career paths that are frequently in demand and well paid.

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The answer to this question lies in a person’s interests in any of the two fields.

Both fields can offer a rewarding career; however, that depends on how well you can adapt to the domain you choose.

Perhaps the best way to identify and find your interests is by knowing the differences between the two fields, giving you a deeper insight.

You can then make the right decisions by keeping job prospects, salaries, and, most importantly, your interests in mind.

Both Economics and Sociology is a social science that is related. 

Economics studies the factors of production, the consumption of goods and services, and the management of resources.

Sociology is the study of human behaviour, development, and how various human societies function within various organisational structures.

An Economics degree teaches you to look at the bigger picture in light of the local and global economy.

It can thus prepare you to keep up with changing global trends and take your company to new heights.

An economics degree involves honing your critical thinking and analytical soft skills, both of which are highly valued in the banking and financial sector.

Studying Economics will benefit you greatly as it allows you to understand the workings of the economy, which will benefit you and your company wherever you work.

An Economics degree offers a variety of career paths.

Below are some popular career paths, just to name a few.

  • Economist.
  • Financial risk analyst.
  • Data analyst.
  • Financial planner.
  • Accountant.
  • Economic researcher.
  • Financial consultant.
  • Investment analyst.

So now let’s talk about Sociology.

Sociologists study human society, both past and present, to gain insight into how societies develop and organise themselves.

Depending on your interests, the topics covered in a sociology degree can be extremely diverse.

Students of sociology will learn about the social causes and consequences of everyday human experiences and issues.

If you are interested in the study of human social activity, relationships, and social structures then Sociology might be for you.

Sociologists examine aspects of society such as race, class, criminality, legal issues, poverty and welfare systems, education and social change.

Sociology graduates have numerous career options in the public and private sectors, media, community services, youth work, and social policy.

Below are some popular career paths, just to name a few.

  • Banker
  • Business analyst
  • Consumer relations specialist
  • Consumer researcher
  • Criminology researcher
  • Data analyst
  • Human resources manager
  • Interviewer
  • Juvenile court specialist
  • Market analyst
  • Market researcher
  • Parole officer
  • Police officer
  • Rehabilitation counsellor
  • Public health supervisor
  • Rural health outreach worker
  • Social researcher
  • Substance abuse counsellor
  • Statistician

Economics, what you can expect to study (explained)

Because of the nature of an economics degree, you will be covering a wide range of topics and then connecting them to economics.

This is where you will learn transferrable skills, as you will gain an understanding of politics, law, finance, geography, history, globalisation, and much more.

Most economics degrees are three years long and can be obtained as a BSc or BA. The BSc will be more technical, requiring more mathematics, statistical analysis, theory, and techniques.

The BA will continue to emphasise these core elements while also delving deeper into sociology, psychology, and other social sciences. Both will teach and require investigative, big-picture thinking, and problem-solving skills.

Sociology, what you can expect to study (explained)

A sociology degree will give you a better understanding of how society works on a local and global scale.

Learn about topics such as family interaction, religious traditions, and organised crime, as well as issues such as race, gender, and social class.

Sociology, like social science, helps us understand ourselves and each other by investigating how the social world influences the way we think, feel, and act.

You’ll also think about the experiences of different people and groups in our increasingly complex and multicultural world.

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Economics Vs Sociology, who earns more?

Economists earn more than Sociologist, with the median wage from Economist being $108,350 compared to Sociologist of $59,220 per annum 

These comparisons are only for Economist and Sociologist roles, not for other jobs related to Economics or Sociology degrees.

Also, these numbers should be used as a rough guide as they will vary depending on location, public or private etc.

According to the BLS, the median annual wage for economists was $108,350 in May 2020.

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 $59,220, and the highest 10 per cent earned more than $198,230.

The employment of economists is projected to grow 14 per cent from 2019 to 2029, much faster than the average for all occupations. However, because it is a small occupation, the fast growth will result in only about 2,900 new jobs over the decade.

Many of the new jobs for these workers are expected to be in firms that specialize in research and consulting services.

The median annual wage for sociologists was $86,110 in May 2020.

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 $52,640, and the highest 10 per cent earned more than $143,020.

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

Candidates with a PhD, strong statistical and research skills, and a background in applied sociology will have the best job prospects.

However, PhD holders can expect to face strong competition for sociologist positions because sociology is a popular field of study with a relatively small number of positions.

Final Thoughts

The fields of economics and sociology are inextricably linked.

They are both popular in college, attracting a large number of students because they are intriguing and worthwhile degrees that provide a variety of career routes that are in high demand and pay well.

Deciding on what to study is an important one.

Speak with trusted friends and family, even consult with a career consultant for advice

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References

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