Economics is a good degree by itself. However, economics is an outstanding degree to have when it is coupled with more applied fields such as finance, marketing, accounting, programming, stats, and data science.
Potential economics students often wonder whether an economics degree alone will help them achieve a high paying and stable career. Sorry for shattering your illusions, but employers today demand more than a standalone degree when shortlisting potential employees.
Just like any other, an economics degree must be supported by relevant experience such as internships and specialization in more applicable subjects.
Is an Economics Degree Worth It?
An economics degree is absolutely worth it. Economics is a highly relevant field as it helps us understand the production, distribution, and consumption of goods and services. The study of economics paves way for improving the living conditions of people. These factors combined together make pursuing an economics degree very worthwhile.
An economics degree by itself can help you get banking, finance, or consulting jobs. You can expect wages close to the average salary in your country. However, most of these jobs are not considered to be high paying ones.
By taking additional stats, econometrics, maths, and modelling courses you can upgrade your quantitative and critical thinking skills. These skills will make you employable in a number of new fields.
You will have access to more senior-level positions and get opportunities in data analysis, supply chain, and research. Strong quantitative skills are a must for such positions.
The overall world economy is rapidly growing. More people open bank accounts, invest money, ask for financial advice, want to improve their living standards and consume greater goods and services than ever before. Economists play an integral role in all of these activities which explains why getting an economics degree is still worth it.
The sheer flexibility in selecting your advanced courses can open up so many avenues for you. For instance, by taking behavioural economics, economic policy, and economic law can you can be hired as an economic strategist.
On the other hand, filling up your advanced classes with accounting and math courses will enable you to take up accounting jobs.
Similarly, economics mixed with programming and computer courses is an awesome amalgamation that employers would love to see.
Moreover, economics will help you understand human incentives as well as those of the financial markets. Together these will broaden your perspective of the business as a whole. You will be able to appreciate the economy more holistically than ever before.
Is an Economics Degree Useless?
An economics degree is not useless but it is not very useful either. Economics is a very theoretical degree whereas most employers are looking for more practical and applied skills in their potential employees. Since a degree in economics, alone will not land you a high paying job straight out of college many people call it a useless degree.
The hands-on approach of applied degrees such as engineering and accounting allows for greater career opportunities upon graduation. Employers are looking for people who need minimal training and can start work immediately.
Degrees such as economics, psychology, and mathematics are more theoretical. Employers are reluctant to hire people with such degrees since they require more training.
People who do not find jobs with such qualifications are quick to announce the uselessness of their degrees. Whereas this is not the case.
In reality, such degree holders need experience and in-depth practical knowledge prior to being considered as competitive applicants by employers.
They can get the required experience through internships, co-op programs, and entry-level positions. The in-depth knowledge can be gained by working as well as specializing in practical fields such as accounts and finance.
Is it Hard to get a Job with an Economics Degree?
Getting a job with an economics major is moderately hard. An economics degree along with quantitative courses and relevant experience can increase your chances of getting a job. Economics is a theoretical degree and employers are hesitant in awarding jobs to employees with economics degrees but no other supporting credentials.
The political section of your economics degree will be a hindrance when convincing employees to give you a job. This is because the political aspect of your is not as marketable due to the lack of translatable hard skills that employers are looking for.
On the other hand, quantitative courses such as advanced microeconomics and macroeconomics, econometrics, stats, programming and mathematics will surely advance your career opportunities by making you employable for a greater number of jobs.
Overall, an economics degree is well respected in the eyes of employers.
After graduating you might face some challenges in the labour market due to the nature of the degree. However, in the long run, an economics degree will prove to be an invaluable asset.
Economics majors often end up with some of the highest paying careers.
Fiance and accounting majors learn more skills that employers want but they are less versatile and flexible when compared to economics majors. Economics majors have the advantage of being employed in finance and accounting positions as well as several others.
Is an Economics Degree Boring?
An economics degree is not boring. Economics is a very interesting subject especially if you are passionate about it. Economics is relevant in every sphere of our life. However, some students do find economics boring since it is a theoretical degree and difficult to apply in real life as opposed to more hands-on degrees like engineering.
Economics is highly relevant to our daily lives. You will have the opportunity to understand inflation, change in prices, recessions, taxes, and why some businesses succeed while others fail.
You will also learn to critically dissect business practices, human inclinations, and government decisions. This will allow you to have a better understanding of the economic structures around us.
It is crucial to have a strong interest and passion for studying economics before selecting the major. Economics is quite an intense, mathematical, and abstract degree.
You will have to understand the underlying principles to fully appreciate economics. Unless you are really interested in the subject this can be quite a tedious task, which explains why several students claim economics to be a boring subject.
Some degrees require additional support in the form of specializations and relevant experience before they are marketable. Economics is one such degree that is not as easily employable as other more applied degrees such as engineering and accounting.
However, economics is definitely worth pursuing. Economics is extremely relevant to our current and future lives. You may struggle with an economics degree in the short term, especially after graduating. In the long run, it is an excellent degree to have.