Economics is one of the most popular degrees in the world right now with over 26,000 people graduating each year in the United States alone. In other parts of the world, most people also graduate each year with a bachelor's or master's level degree in Economics. One of the main reasons for this is because almost every university in the world offers an Economics degree or economics related degree. In today's post, I discuss if an Economics degree is worth it and if you should take it.
Overall, An Economics degree is generally worth it looking at factors such as Job availability, potential outcome, flexibility and salaries. However, it is best if it's coupled with other Majors such as Mathematics, statistics, Data science, finance, accounting etc. This is going to make you well sought for in the job market.
What is Economics Degree about
Economics isn't a business degree to be specific. Economics is a social science degree that studies how money flows through society. It studies how human behavior affects the production, distribution, consumption of goods and flow of money. With an Economics degree, you're going to have knowledge about how our society relates and utilizes resources.
Jobs You Can Do With Economics Degree
Although economics teaches very important knowledge for our society, it's very difficult to get a job with an Economics degree, especially undergraduate. Most jobs that employ economics graduates are sought out for people with a masters level degree. With luck and experience, you can earn a job as a financial analyst, or business consultant with an Economics degree. Economics jobs usually have very low Job satisfaction and meaning according to pay scale. Also, according to BLS, economics is one of the degrees with highest unemployment rates in the United States. Nevertheless, most millionaires have an Economics degree and with this degree, you can start your own business. Economics related jobs show no sign of automation in the near future which means these jobs are very secure.
Salary of Economics degree graduate
Since you can get a lot of jobs with an Economics degree, it can be very difficult to estimate the salary of an Economics graduate. However, it's estimated to be around $58,000 to $107,000 per year in the United States on average.
The Downside of Economics degree
The major Downside to getting an economic degree is the saturation of the field. With the number of students graduating and the high rate of unemployment, it's difficult for you to land a job with only an Economics degree. Economics is also a very general course and businesses usually find it difficult to fix you into a position. This is why I suggest you double major in Economics and other business or mathematics related Degrees to increase your chances of earning a high paying job or a job at all.
Although economics is a very important degree in our world, it can also have its downsides. Economics Degrees can be made more practical in today's Job market by double majoring, taking internship programs, learning programming and networking with other people. This will go a long way to help you. Thank you.
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