Is an Economics Degree Worth It? – Explore the Value of Economics Degree

Social science developed in the 18th century. Economics is an amalgam of almost every social science ranging from psychology to mathematics. The purposes of economics are many, with the main purpose being the production, distribution, and consumption of goods and services. In this piece, we will be focusing on why economics is important and why an Economics degree may or may not be worth it. I will try to be as honest as possible and compile both pros and cons of an economics degree.

Two main Divisions of Economics

Modern economics has many sub-divisions. The two main divisions are microeconomics and macroeconomics.

Microeconomics: Microeconomics focuses on the direct dynamic between individuals and industries, microeconomics focuses on small-scale metrics such as supply and demand.

Macroeconomics: Macroeconomics focuses on the economic activity of a whole country; or other large-scale operations related to the economy by employing metrics like PPP (Purchasing Power Parity) and HDI (Human Development Index).

Is an Economics Degree Worth It?

Let’s weigh the various pros and cons of an economics degree first.

Pros

Market demand

Despite being a new social science, Economics graduates are in high demand and preferred in many segments of the job market; specializing in a discipline related to economics is beneficial as it opens more doors and provides countless opportunities. Economics acts as a foundational base for many jobs because it covers many areas. This proves that the versatility that an Economics degree offers cannot be matched.

Versatile job prospects

A common misconception about economics is that it is a discipline of business. While the business industry does indeed offer a lot to economics graduates, it’s still worth considering that an economics degree does not cover only business and can also be used in many other fields like sociology and psychology.

Get paid more than other majors

Due to the recent demand for economists in the market, you are most likely to get paid more than people with different majors.

Additional skills acquired while studying Economics

Developing applicable skills is an important part of studying economics; economics is often referred to as a tool that is used for the cognitive analysis of society. Some skills which you will get while studying economics are:

• Time management
• Research
• Problem Solving
• Communication
• Numeracy

Challenges and self-reflection 

Economics isn’t restricted to just good career prospects and the acquisition of new skills as it can also be applied in everyday life. Earning an economics degree is not easy; it will push you to conquer all the challenges that it will bring your way. Analytical thinking will also impact your everyday life; letting you practice what you are majoring in, in reality.

The influence and importance of Economics

Economics impacts everything around us. Whether it is inflation or taxes, economics has got an answer to everything that has been happening or will be happening around us.

Sociological perspective of the international community

Economic metrics can also help you understand how people living in different geographical locations interact with each other. This information is mainly vital in business, but it can also give us a better insight into the world.

Cons

Competitive job market

The large number of job opportunities and options for economics graduates does mean that you won’t be alone in the pursuit of an Economics Degree. Due to this, the competition in the job market for any related degrees is cut-throat.

A graduate degree is compulsory for a decent job

Well-paying government jobs require applicants with a Master’s or Ph.D Degree, as those are considered to be more qualified.

Low chances of getting a mainstream job associated with your degree

As discussed before, an economics degree offers many potential career options as people with the degree are preferred over most people with other majors. Getting a mainstream job related to economics will however not be easy.

It will be difficult

Getting an economics degree is not easy. You will have to work harder and will likely have to attend more classes than your peers.

Offered Economics Specializations and Jobs

• Development economics: The study of the economy in developing countries.
• Labor economics: Focuses on the labor market and especially its challenges.
• Organizational economics: Organizational economics targets workplace interactions between people and how they behave when they are a part of an ‘organization.’
• Urban economics: Urban economics is a discipline of economics focusing on the development of urban centers.
• Education economics: Discusses the employment of economics for the analysis of education policy.

Job Prospects for Economics Graduates

• Banker
• Accountant
• Political risk analyst
• Stockbroker
• International trade specialist
• Market Research Analyst
• Business Reporter
• Lawyer
• Credit Analyst
• Actuary
• Compensation and Benefits Manager
• Market Research Analyst
• Banker
• Accountant
• Political risk analyst
• Stockbroker
• International trade specialist
• Market Research Analyst
• Business Reporter
• Lawyer
• Credit Analyst
• Actuary
• Compensation and Benefits Manager
• Market Research Analyst

Statistics related to Economics

Largest employers of economists in 2016.

Median annual wage for economists in 2016.

Top Economic Programs:

Top 10 Universities for Economics and Econometrics in the World Based on the QS World University Rankings by Subject 2020

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