A Degree in Economics
Economics studies how resources are produced, allocated, and consumed by society to meet the needs of individuals or groups and satisfy human wants. A degree in Economics equips you with an array of specialized analytical skills that you can apply in various industries, according to your interests. The skills you will acquire during your degree program are highly sought-after and will set you up for an exciting business, finance, government, or academia career.
Undergraduate Studies: B.A. versus B.S.
Your career in economics begins at university, where you will complete your undergraduate degree. Depending on where you attend school, you may have the option to choose whether you will pursue a Bachelor of Arts (B.A.) or Bachelor of Science (B.S.) in Economics. The two programs will differ in their admission and graduation requirements. Your choice depends on your interests, abilities, and ultimate career goals.
A B.A. program is a good fit for students interested in using their qualitative analytical skills to explain social phenomena or applying their understanding of economics to solve challenging public policy issues. However, if developing strong quantitative mathematical skills is a thrilling prospect, you will be happier in a B.S. program that requires higher-level math and science courses.
It is also essential to consider your long-term educational and career goals when deciding whether to pursue a B.A. or B.S. Economics degree. For most students, entering the workforce after completing a four-year degree is sufficient for achieving their goals. Others may use their undergraduate studies as a springboard into a graduate economics program or professional degree such as law (J.D.) or business administration (M.B.A.). If you intend to pursue additional education, it is advised that you earn a B.S. so that you will have completed any prerequisites required by your graduate program.
Graduate Studies: M.A. in Economics versus M.B.A.
Often, people are unfamiliar with the difference between a degree in economics and a degree in business. Aren’t they the same thing? Well, no. Economics studies the consumption of goods, while a business degree studies the efficiency of consumption; economics majors study the behavior of individuals in a market, while business majors study the behavior of businesses in a market. The two degrees are complementary, and some of the skills and knowledge you learn in an undergraduate economics program will translate into an M.B.A. program quite nicely. Ultimately, though, the decision rests on your long-term career goals. If you wish to enter the corporate world, an M.B.A. is the right choice. But, if you desire to be a professional economist - or a professor of economics - then you must complete a Master’s degree in preparation for doctoral studies (Ph.D.).
Advanced Studies: Doctor of Philosophy in Economics (Ph.D.)
For individuals passionate about furthering the field of economics, the next step in their personal and professional development is to attend a doctoral program. If you complete your Ph.D., you will have access to unique opportunities for applying your depth of knowledge and skill. Upon completing their Ph.D., many individuals stay in academia and continue to build their teaching and research portfolio. Others seek highly specialized government, finance, international relations, or public policy opportunities.
Career Options in Economics: At-a-Glance
Professional Economist
Education Required: Post-graduate degree
Median Annual Salary: $75,000
As a professional economist, you will research and analyze economic data and trends for a corporation, government, or multi-national organization. These highly specialized careers require that you have completed at least a Master’s degree. Other personal strengths and skills needed for this career include strong communication skills, the ability to work well with a team, and the confidence to demonstrate leadership on policy and business strategy issues.
Actuary
Education Required: Undergraduate, plus non-degree certification
Median Annual Salary: $97,000
Actuaries are business professionals who study the financial impact of risk on behalf of an individual or business. They rely on their understanding of mathematics, statistics, historical data, and behavior to evaluate the likelihood of a particular event and the inherent risk. Insurance companies employ most actuaries. Others work with pension funds and investment firms or as business consultants. In addition to completing a four-year bachelor's degree in economics, actuaries must be professionally certified by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS), which requires applicants to take several exams and attend professional seminars. Completing professional certification takes four to six years to complete.
Investment Analyst
Education Required: Undergraduate is sufficient; Post-graduate recommended
Median Annual Salary: $80,000
Investment analysts provide stockbrokers, fund managers, and stock traders with financial information and recommendations based on data, trends, and quantitative models. While fund managers are responsible for making decisions about investments, the investment analyst is responsible for synthesizing information from multiple sources to equip the fund managers to make informed, reasonable decisions. Working as an investment analyst requires a high degree of personal responsibility and a willingness to work long, stressful hours. However, reliable, well-respected analysts are rewarded with good promotion opportunities and impressive financial incentives.
A Career in Economics: Poised for Growth
Now is a fantastic time to prepare for a career in economics. According to the Bureau of Labor Statistics, the median annual wage for economists was $102,490 in May 2017. It is expected that available jobs for economists will increase by 6% over the next decade - with most jobs requiring a master’s degree or Ph.D., strong analytical skills, and statistical modeling software experience.
Top Ranked Economics Programs
The study of Economics is divided into two partsâ€"macroeconomics and Microeconomics. Microeconomics includes analyzing economic decisions made at a micro level, like the effect on a family's purchase decision by the increase or decrease in a product's price. Macroeconomics, on the other hand, includes the total choices made by people in society, like how any change in the rate of interest influences national savings.
Harvard University
Economics from Harvard
The Department of Economics at the famous Harvard University is one of the country's top schools/educational institutions for pursuing a degree in the subject. Harvard offers undergraduate, graduate, and Ph.D. Program course in Economics.
Student Qualification/Criteria for a Graduate Level Course
The student should have done prior research or have prior experience having worked as a research assistant. If it's the latter case, then a letter from a supervisor stating the capability to perform the research would be critical.
The minimum mathematical preparation level to be considered includes linear algebra, calculus, and proof of mathematics proficiency. Most successful applicants, in particular, take up accurate analysis now, although that isn't a significant requirement. The average score on the GRE test taken among students admitted to the University in the past few years has been 797.
Application Information
All those applicants whose first language isn't English and all those who haven't gotten their bachelor's degree from an educational institution with English as their first language ought to meet TOEFL's - Test of English as a Foreign Language minimum score requirements.
Financial Aid
The economic students at this University receive stipend support and full tuition while they are admitted and making satisfactory progress towards their degree. The Economics Division strongly urges applicants to apply for financial support from extramural agencies. Pupils who get extramural fellowships, which are competitively funded, might be eligible for an educational allowance.
If you have already applied for external funding, you must mention that in the application. If an applicant does not have to fund while applying but can source it later, they ought to ensure that they communicate the same to the department.
Tuition Fee
The tuition fee for full-time students of Economics at the University's Economics Department for a year is about $35,000, which is different from other expenditures.
Stanford University
The Admissions Committee of the Department makes admission and financial aid decisions for the class, which will enter the following September, in February of each year. The Department receives more than 700 applications per year, and about 50 are admitted. The entering class size usually consists of 25
students. The Department does not defer admission; applicants must begin their studies in September of the year they are accepted.
Princeton University
Each year, the department receives over 800 admission applications. The program is very competitive, enrolling only twenty-five new students each year. Students are required to take the Graduate Record Exam. The average score on each section of the GRE is 780 - 800. The department is particularly interested in the Quantitative score. Students who are non-English speakers and have not attended a U.S. College or University must take the TOEFL Examâ€"working knowledge of multivariate calculus and matrix algebra is required.
The University of Wisconsin, Madison
The Admissions and Aid Committee plans on an entering class of 30 students. To achieve this, 120-140 students are admitted to the class size. The average GRE scores for applicants admitted to the program for fall 2002 are Verbal 600 (76%), Quantitative 790 (95%), and Analytical 760 (92%). The average GPA was 3.74.
To qualify for a visa, all international students must submit a Financial Statement to the Graduate School showing that they have sufficient funds available to support themselves for the duration of the program (four years). The amount required for the academic year 2003-04, excluding travel to Madison but including tuition and living expenses, is $35,000 (Age 25 and under) and $35,188 (Age 26 and over).
University of California - Riverside
For the Master's program, students should have first-year calculus, a statistics course, and some economics background before beginning coursework. Students who do not meet these requirements may still be admitted but usually must take these courses as prerequisites to the required courses. Applicants to the M.A. program are expected to have the same academic potential as Ph.D. applicants, as reflected by GPA and GRE scores. Admission to the M.A. program does not guarantee later admission to the Ph.D. program.
Following is a list of Economics degree programs:
Best programs in Economics (outside USA)
- London School of Economics
- Oxford University
- University of Cambridge
- University of Toronto
- Barcelona Graduate School of Economics
