Economics is an integral part of our lives. Every activity we do involves economics, from paying bills to buying groceries.
We all have basic knowledge of economics. Basic knowledge influences our daily decisions, such as choosing the best health care plan, just to mention a few.
More knowledge of economics helps one to understand the complex environment. With this knowledge, you can analyze financial and regional economic issues.
Economics also helps us identify policy measures that focus on prosperity and efficiency. It leads to sustainable economic growth.
The demand for economists in the government and businesses is high. It has made a lot of people do economics. But some still doubt if economics is the right path to take hence the question.
Is economics a good major?
Yes, the study of economics will equip you with a toolkit of skills. An economics degree gives you a better understanding of statistical and mathematical skills. It also teaches you how to use various economic models and principles in solving problems in the public sector and finance. All in all, it does prepare you for multiple careers in economics or related to economics.
What Is Economics?
Economics is not only about money. It is the study of how humans make decisions when faced with scarcity. Economics has made a considerable impact on other fields. Such as law, geography, medicine, political science, etc.
Its main goal is to determine how to use resources effectively and logically. It helps us to achieve both public and private economic goals. Economics is divided into two major fields;
Microeconomics involves the study of humans at an individual level. It focuses on how a person makes financial decisions and actions. It also gives a guide on how to improve a person’s financial health.
As individuals, we also have a scarcity of personal resources. To survive, we need to be brilliant in how we allocate our resources.
Most economists do understand how to make such decisions. They can be of great help to anyone who needs need advice on saving and investing. They will help you in making short-term or long-term life decisions. They can offer advice to others on a professional or personal level.
It is a general economics study and includes things like the gross domestic product, inflation, national income, and growth rate.
A good understanding of macroeconomics influences our decision-making and leadership skills. It also affects our planning for a better society.
To ensure all the aspects of macroeconomics are well understood. The department of economics developed a multi-disciplinary curriculum that sharpens the student’s skills. This helps the economists to be able to shift seamlessly from one area of work to another.
Choosing An Economics’ Bachelor Degree
There are two types of bachelor’s degrees in economics. They both prepare graduates for similar careers but do have some notable differences.
BA in Economics has a more qualitative approach. It outlines the economic and social implications that surround supply and demand. BS in Economics focuses on statistics and mathematics around the economy.
Skills you learn in economics
An economics degree equips you with an array of skills. Employers widely seek these skills. They include;
- Logical and critical thinking.
- Research and presentation skills.
- Time management.
- Good communication.
- Data analysis.
- Problem-solving techniques using your initiative.
- Ability to break down complex issues and find the most relevant information
These skills can also be applied in other different fields. By those who do not want a finance-related career.
Requirements To Study Economics
Economics does revolve around mathematics. Therefore, mathematics is one of the requirements for an economic degree. For a BS degree, the required mathematics level is calculus. In contrast, a BA degree requires up to statistics.
The BS degree focuses on the application of mathematics. The BA degree encompasses modules from different fields such as sociology and language.
To do an economics degree, you must have a good understanding of statistics. You should be able to apply math in solving macro and microeconomics problems.
Writing is another essential requirement. Economics students are required to write academic reports and essays.
The grades needed to do an economics degree widely vary depending on the institution. In the United States, one must have attained an average grade point of about 2.5.
For admission, you are required to submit a filled admission form, transcripts, recommendation letter from your high school, and documents containing your SAT and ACT scores. You also pay an application fee of $20 to $100 to the institution.
How Long Does It Take To Acquire A Bachelor’s In Economics?
The full-time program of a bachelor’s degree in economics takes four years. The degree program requires at least 120 credits.
The credits are the general electives, core requirements, and the programs-specific courses. The coursework varies depending on the type of bachelor’s degree.
Those who want a flexible program can do an online economics course. Online courses are accelerated, and one can graduate in less than four years.
Cost Of A Bachelor’s In Economics
It depends on the student’s residency and the type of university. Private universities are expensive compared to public universities. Learners looking to save money should research public colleges.
The yearly average cost of the degree is $9000 to $35000. You can cut the cost by going to an institution that is in your state. Alternatively, you can do an online degree in economics from an institution offering in-state tuition prices.
Universities Offering Economics
1.Massachusetts Institute of Technology (Located in Cambridge, MA)
It is among the most renowned business institutions globally. It has made a significant impact in the business world. Massachusetts has produced great alumni who have managed to occupy unique roles in corporations.
2. Stanford University (Located in Stanford, CA)
It is in the heart of Silicon Valley. Stanford University is known as the center of innovation and technology.
The annual revenue of companies that its economics alumni started is worth over 2.7 trillion. Their economic program aims at revolutionizing the way people think about economics.
3. Harvard (Located at Cambridge, MA)
It has consistently been recognized as the best business school in the world. Their economics program is just as impressive as their business program.
4. Princeton University (Located at Princeton, NJ)
This university does not have a business school. Its focus is on finance and economics. It is famous for having one of the best research centers and programs.
Princeton has produced some of the world’s best economists and mathematicians.
5. The University of Pennsylvania (Located in Philadelphia, PA)
It’s among the best business institutions. Its goal is to become the most comprehensive source of business information in the world. It also harbors good economics professors and researchers.
Careers For The Economics Major
Aspiring economists can work at government agencies, global organizations, and corporate businesses.
The degree does polish the economists for different careers in their immediate society. Below are some of the most popular specializations for economists.
They do process financial data for companies and individual clients. They have another role in preparing tax reports. Accountants also carry out income forecasts for the future.
The economics degree does give students a foundation in accounting education. However, some employers prefer certified public accountants. An accountant’s salary ranges from $71,550.
They analyze the company’s financial data. They help the company in making important financial decisions. A financial analyst also offers advice on future investments.
They do identify and analyze risks, then report on the company’s financial health. The information does contain a short and long-term outlook of growth potential.
Financial analysts do study the company’s budget. Then offer advice about weathering economic downturns. A financial analyst’s salary for an entry-level position is $54,620.
Actuaries evaluate risks and review the cost of accidents, sickness, mortality, and disability. They use various statistical analysis tools to do these reviews. An actuary helps the company to plan for the insurance and retirement benefits of their employees.
Actuaries can work for insurance companies and various government agencies. An actuary salary for an entry-level position is $60,900.
Market research analyst
They design the marketing content for the company’s audience. They do work with marketing strategists.
They use marketing tools to understand the consumers’ behaviors and experiences. They also help in setting product prices and oversee product distribution. Their entry-level salary is $49,170.
Compensation and benefits manager
Most Successful companies have heavily invested in their employees. Employees are the first face of the company.
These managers ensure the company remains competitive in the labor market. They also draft workers’ benefits that meet or exceed the expectations of the industry.
They work in the human resource department. Their role is to enforce the company’s policies, employment laws, and regulations—their Salary ranges from $122,270.
Economics will never lose its relevance. Each day new businesses, International corporations, and government agencies are being established. These sectors will always require economists to push their products and services to the people successfully.
Economics allows learners to learn and develop new skills. Pursuing economics can prove to be costly. That’s if you decide to do it in a private university.
However, the program is very affordable in several public universities. Their program quality is also impeccable. However, the program’s cost should not deter you from doing it since the economics job pays quite well.
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