Choosing a major in this tight economy can be a difficult and stressful decision for any new college student. My previous article “Recession Proof College Majors” http://www.associatedcontent.com/article/1807656/recession_proof_college_majors.html?cat=3 offers some brief detail on 5 different college majors and how they are expected to grow in the next few years. Economics deals with analysis of different markets with models and critical thinking; however this does not mean the math is too hard, you will have to know algebra and basic calculus. Due to the critical thinking involved in the economics major, students will have a variety of options upon graduation such as, employment at a financial institution, graduate school, and law school. Before deciding on which major to choose for your college career read this review!
Pay
For anyone still undecided on which major they will choose then it is often helpful to look at the pay scale for each major. According to www.forbes.com economics has the second highest paying college major just short of computer engineering. According to www.vanderbilt.edu in 2008 economics majors were expected to earn $52,926 their first year out of college (2008) with expected growth over the next few years. There are many different job opportunities which will broaden the pay scale depending on if you go into private sector or public service upon graduation.
Flexibility
The beauty of the economics major is the flexibility of job options upon graduation. When I was choosing my college major I chose economics due to the wide variety of choices, which will ensure I will never be bored. Some jobs include finance, CEO, financial advisor, teacher, economist, and many, many others. With the economy struggling, having the ability to choose which field you want to go into provides many job and career options which are profitable and fulfilling. Graduate schools as well as law school are favorites for economics majors; they will not only increase your pay scale but also your job opportunities. Economics majors are favored to score the highest on the LSAT and GMAT due to the critical thinking and analysis skills they achieve in their undergraduate program.
Ability to Double Major
Economics is a moderately difficult major; however it ties well into sociology, psychology, math, management, and politics. The ability to be able to double major will give you a specified field of employment upon graduation, which will give you the advantage over other applicants. I do not recommend double majoring if you are easily overwhelmed since it does require scrupulous amounts of work.
Don’t Like The Stock Market?
One of the greatest myths to the economics major is that people are assuming that we know all there is about the stock market. Economists study different habits of consumer spending and behavioral patterns, as well as analysis of graphs and data. Economists can make educated predictions on which way the economy is going, but in reality do not know which way it will go. There are some common misconceptions to the major which should be looked at before choosing it.
Overall
Economics as a college major provides job security, good pay, and flexible job opportunities. No matter which field you end up choosing give economics a chance, there are many different career choices available upon graduation that the average student may never have known. The growth of this major is expected, especially as the economy starts to grow, economists do not just work on Wall Street, and almost every business will have a team of economists to help with their growth! If you choose to go to graduate school upon graduation you will have the upper hand in both business and law. Economics majors tend to score the highest on the LSAT for law school and also the highest on the GMAT for business school due to their critical thinking and analysis skills.
Sources:
www.vanderbilt.edu
www.forbes.com
