Economists analyze financial information to forecast trends and understand consumer behavior. In addition to careers as economists, individuals with economics degrees pursue employment as financial analysts, market researchers, and management consultants.
This guide answers the question, "what can you do with an economics degree?" by exploring career paths in economics and the earning potential for different economics degrees. It also examines professional certifications that can help economics professionals increase their earning potential and advance their careers.
Careers in Economics
Economics graduates can find careers in banking, investing, insurance, finance, and consulting. In these roles, professionals analyze economic data, forecast business trends, and recommend investing strategies.
This section explores available career paths in economics, including their median salary data, recommended education, and job growth projections. In addition to opportunities as researchers, analysts, and economists, these majors can also find employment in other fields.
Associate or Bachelor's Degree Required
Source: Bureau of Labor Statistics
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Master's or Doctoral Degree Required
Source: Bureau of Labor Statistics
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What Kinds of Economics Degrees Are There?
Economics is the study of production and consumption. During an economics degree, students learn about international trade, individual decision-making, and economic policy. There are a variety of specialties available for economics degrees, preparing graduates for different career paths. For example, many management-level roles require graduate degrees, while an analyst typically needs a bachelor's degree.
Associate Degree in Economics
An associate degree introduces students to the field of economics. They take foundational courses in economic theory, the financial system, and applied economics. Associate programs also include general education courses in the humanities, social sciences, and math.
Full-time students can complete associate degrees in two years. After earning their degrees, graduates can pursue roles as financial clerks, insurance account managers, and customer service representatives. Graduates can also transfer into bachelor's programs to advance their education and increase their career opportunities.
Bachelor of Economics Degree
Economics majors study supply and demand, financial markets, and consumer behavior. They also learn about economic policy and international trade. In addition to economics courses, undergrads take classes in statistics, business, and social science. Some online bachelor's programs in economics include internships to help economics majors build their professional networks.
Earning a bachelor's degree generally takes four years for full-time students. Degree-seekers with prior college credit or associate degrees can earn bachelor's degrees in less time. Bachelor's degree-holders can find employment as economic researchers, risk analysts, forecasters, and economic analysts.
What's the Difference Between a BA and a BS in Economics?
Bachelor of arts (BA) and bachelor of science (BS) degrees in economics both deliver a rigorous education in economic theory, forecasting, and economic policy. However, the degrees come with different general education and coursework requirements. A BA typically requires more humanities, social science, and foreign language courses, while a BS often features more math and statistics courses.
Both degrees prepare graduates for careers in economics, though research-heavy graduate programs may prefer candidates with a BS.
Master's Degree in Economics
A master's degree in economics provides advanced training in microeconomic theory, macroeconomics, and econometrics. Learners also strengthen their research and analytical skills. Depending on the program, graduate students can specialize in political economy, econometrics, or financial economics. Many programs incorporate internships and capstone projects to help enrollees build practical experience.
Earning an online master's in economics typically takes two years. This degree leads to opportunities at the management and supervisory levels. Financial managers and management consultants often hold graduate degrees. Similarly, most economists need master's degrees.
What's the Difference Between a Master's Degree in Economics and an MBA in Economics?
At the master's level, graduate students can choose between a master's degree in economics and an MBA with a concentration in economics. The two degrees prepare graduates for different career paths.
A master's degree in economics emphasizes theory and research, preparing graduates for doctoral research and academic careers. Graduates can also work in research-heavy fields as economists and analysts. By contrast, an MBA in economics emphasizes practical business skills and trains students for management-level roles.
Doctoral Degree in Economics
Doctorates in economics prepares graduates to work as economics professors or researchers. Working economists often hold a Ph.D. While earning an online doctoral degree in economics, graduate students take specialized courses and pass comprehensive exams. Doctoral candidates must also write and defend dissertations to earn their degrees.
Completing a doctorate requires a substantial time commitment. A Ph.D. typically takes 4-6 years, on top of the time it takes to earn a bachelor's and a master's degree.
Accreditation for Economics Programs
Prospective economics students should research accreditation before applying to programs. Accredited colleges and universities meet the highest standard for educating students. For social science programs like economics, applicants should look for regionally accredited schools.
In addition to regional accreditation, economics degrees may hold programmatic accreditation from specialized agencies. For example, the Association to Advance Collegiate Schools of Business offers accreditation for economics programs.
Certification and Licensure
Professional certifications and licenses help economics professionals demonstrate their experience and specialized skills. It's common for economic developers and economists to pursue voluntary certifications to help them stand out in the job market. In addition to the following certifications in economics, graduates should also consider finance certifications.
