Research.com is an editorially independent organization with a carefully engineered commission system that’s both transparent and fair. Our primary source of income stems from collaborating with affiliates who compensate us for advertising their services on our site, and we earn a referral fee when prospective clients decided to use those services. We ensure that no affiliates can influence our content or school rankings with their compensations. We also work together with Google AdSense which provides us with a base of revenue that runs independently from our affiliate partnerships. It’s important to us that you understand which content is sponsored and which isn’t, so we’ve implemented clear advertising disclosures throughout our site. Our intention is to make sure you never feel misled, and always know exactly what you’re viewing on our platform. We also maintain a steadfast editorial independence despite operating as a for-profit website. Our core objective is to provide accurate, unbiased, and comprehensive guides and resources to assist our readers in making informed decisions.

2026 Is Economics a Good Major? Salary, Job Opportunities & Requirements

Imed Bouchrika, PhD

by Imed Bouchrika, PhD

Co-Founder and Chief Data Scientist

Choosing an economics degree is really a decision about how you want to analyze problems. Economics teaches you to work with data, incentives, markets, and public policy so you can explain why prices change, how firms make decisions, why labor markets shift, and how governments and households respond to limited resources. For students who want a degree that can lead to careers in finance, consulting, analytics, policy, business, or graduate study, economics can be a strong option if they are willing to build quantitative and research skills.

This guide explains what economics is, what students study in an economics degree, how long the degree usually takes, what it can cost, which careers it can support, and how to judge whether it is worth the investment in 2026. It is written for prospective students, parents, working adults, and anyone comparing economics against other majors and trying to make a practical, career-focused choice.

Quick Answer: An economics degree can open doors to analyst, research, policy, finance, consulting, and business roles. It is especially valuable for students who like math, evidence-based thinking, and solving real-world problems. The strongest outcomes usually come when students add internships, data tools, and electives that match a target career. A bachelor’s degree can be enough for many entry-level jobs, but economist positions often require graduate study.

What this guide covers

  1. What economics is
  2. What you study in an economics degree
  3. Key economics statistics
  4. Admissions requirements
  5. How long the degree takes
  6. How much it costs
  7. Top universities for economics
  8. Common careers for economics majors
  9. How much economists earn
  10. Emerging fields
  11. Skills you build
  12. Specializations and related pathways
  13. How to improve employability
  14. How to decide whether economics is worth it
  15. Questions to ask before choosing a program
  16. Key insights

What is economics?

Economics is the study of how people, businesses, markets, and governments make choices when resources are limited. It looks at production, prices, wages, inflation, trade, growth, inequality, public policy, and the incentives that shape behavior. In plain language, economics asks who gets what, why they get it, what it costs, and what the outcome means for everyone else.

The subject is usually divided into two major areas. Microeconomics focuses on individual decision-making, firms, consumers, and specific markets. Macroeconomics looks at the economy as a whole, including inflation, unemployment, GDP, and interest rates. Students should treat them as connected rather than separate worlds. A business pricing decision may be microeconomic, but inflation or a recession can change the result.

Branch of economicsMain focusTypical questionsCommon uses
MicroeconomicsConsumers, firms, industries, prices, and incentivesHow do buyers react to price changes? Why do firms adjust pricing? How does competition affect supply?Pricing, market research, labor markets, business strategy, consumer behavior
MacroeconomicsNational and global economic systemsWhat drives inflation? Why does unemployment rise? How does GDP change? What affects long-term growth?Public policy, forecasting, central banking, fiscal policy, trade

Economics also overlaps with mathematics, psychology, political science, sociology, business, finance, and data analytics. That overlap is part of its value. A degree in economics does not force graduates into one career path. Instead, it prepares them for jobs where they need to interpret data, weigh trade-offs, and explain complicated ideas clearly.

What will you learn in an economics degree?

Economics programs train students to build models, test assumptions, interpret evidence, and make decisions based on data. At the undergraduate level, coursework usually combines theory, statistics, mathematics, writing, and applied research. Students also study how economic forces shape housing, labor, education, healthcare, business decisions, and inequality.

Most schools offer both a Bachelor of Arts and a Bachelor of Science in economics. The two degrees can lead to similar careers, but they usually emphasize different strengths. A BS is often more quantitative and may include more calculus, econometrics, and statistics. A BA usually leaves more room for liberal arts electives and can be a better fit for students who want to connect economics with politics, history, communication, or international affairs.

Degree typeBest forTypical focusPossible next steps
Bachelor of Science in EconomicsStudents who enjoy math, data, and researchCalculus, econometrics, quantitative methods, advanced theoryGraduate study, research roles, analytics, finance, economist-track preparation
Bachelor of Arts in EconomicsStudents who want economics with broader social science or policy courseworkEconomic theory, writing, politics, history, policy analysisBusiness, consulting, public policy, law school, communications, public administration

Economics is more math-heavy than many students expect. You will likely work with supply and demand graphs, regression, probability, inflation, GDP, and statistical interpretation. But the major is not only about calculations. Good economics students also learn how to write clearly, defend a conclusion, and explain what a dataset can and cannot prove.

Students comparing finance vs economics should know that economics is usually broader and more theory-driven, while finance tends to focus more directly on investments, corporate finance, and money management.

Common economics subjects include:

  1. Development economics. This area examines poverty, inequality, growth, infrastructure, institutions, and the economic challenges facing developing countries.
  2. Labor economics. Students study wages, employment, worker behavior, unions, discrimination, productivity, and workplace policy.
  3. Science economics. This field explores how technology, innovation, and research affect firms, industries, and competitiveness.
  4. Urban economics. This topic covers cities, housing, transportation, land use, and regional development.
  5. Organizational behavior. Students look at how incentives, leadership, communication, and workplace structure affect performance.
  6. Game theory. This subject studies strategic decision-making when multiple people or firms are reacting to one another.
  7. Tax policy economics. Students examine how tax rules influence behavior, prices, revenue, and business planning.

Key economics statistics

These statistics help show how economics education and careers fit into the broader labor market. They are useful for context, but they do not guarantee any particular outcome for an individual student.

  1. Research on economics curricula in Australia, Canada, and the United States found that economics teaching became more formalized after World War II, especially through greater use of mathematics (Akbari & Aydede, 2024).
  2. IPEDS data on first and second majors in the United States show that an average of 38,000 degrees were conferred to economics majors per year, and economics is more commonly chosen as a second major than as a first major (Stock, 2024).
  3. In 2024, about 13% of graduates at Middlebury College earned economics degrees, making it the school’s most popular major (Middlebury College, 2024).
  4. Majors in other social sciences earn 22% less than demographically comparable economics majors (Brough, 2024).
  5. Business administration majors earn 15% less than economics majors (Georgetown University Center on Education and the Workforce, 2024).
  6. In 2025, an estimated 82.4% of colleges in the U.S. offered economics programs, and the top 100 schools accounted for 58% of all economics majors (National Center for Education Statistics, 2025).
  7. At the lower end of earnings, accounting majors earn approximately 8.5% more than economists, but at the 90th percentile, economics graduates outpace accountants by roughly 14.2% (National Association of Colleges and Employers, 2024).
  8. Approximately 34 percent of economics bachelor’s degrees in the United States continue to be awarded to women (Bayer et al., 2024).
1773729970_1328__3__row-3__title-how-many-job-openings-are-there-for-economists.webp

What are the requirements to study economics?

Admissions standards vary by country, school, and degree level, but economics programs usually expect students to be comfortable with math and analytical writing. In the U.S., BS programs commonly ask for math through calculus, while BA programs may require math through statistics (International Student, nd). The BS track usually leans more quantitative, while the BA track tends to be broader.

Writing matters too. Economics students often complete essays, policy memos, research papers, data summaries, and timed exam responses. If a student can calculate an answer but cannot explain what the answer means, the student may struggle in upper-level coursework and in economics-related jobs.

Some prior exposure to microeconomics or macroeconomics helps, although it is not always required. High school courses in statistics, calculus, government, business, history, or computer science can make the first year of study easier.

Requirement areaWhy it mattersHow to prepare
MathematicsEconomics uses models, functions, statistics, and quantitative reasoning.Take algebra, pre-calculus, statistics, calculus, or similar courses when possible.
WritingStudents must explain evidence, policy effects, and research findings.Practice analytical essays and concise data interpretation.
Economics backgroundBasic familiarity makes introductory material easier to follow.Learn the basics of supply and demand, inflation, GDP, and market behavior.
Admissions documentsSchools use these to judge readiness and fit.Prepare transcripts, recommendation letters, test scores if required, and a complete application.

Many U.S. bachelor’s programs in economics expect an average GPA of about 2.5. Applicants are often asked to submit an application form, academic transcript, two to three letters of recommendation from former high school teachers, ACT or SAT scores, and an application fee of $20 to $100 (Best Colleges, nd).

In the United Kingdom and parts of Europe, A-level results can matter, with AAB listed as a typical requirement among universities (Universities and Colleges Admissions Service, nd). Other accepted qualifications may include Scottish Highers, vocational courses, a Higher National Diploma, or at least a Higher National Certificate (The Economics Network, nd).

1773729969_988988__7__row-7__title-how-fast-is-the-growth-rate-of-the-social-sciences-sector.webp

How long does it take to finish an economics degree?

A standard undergraduate economics degree usually takes four years. Students generally choose either a BA or BS pathway, depending on whether they want more quantitative depth or a broader liberal arts structure. A BS can be a good choice for students who want graduate study, research, or technical analysis. A BA can suit students aiming for finance, policy, business, investment, or other applied work.

Graduate study takes longer. A master’s degree in economics often takes one or two years, while a doctorate usually takes five to seven years. A Ph.D. is a serious research commitment and is best suited for students who want academic work, advanced analysis, or specialized research roles.

CredentialTypical completion timeBest for
Bachelor’s degree in economicsFour yearsEntry-level roles in business, finance, analytics, policy, research support, and graduate-school preparation
Master’s degree in economicsOne or two yearsAdvanced analyst roles, policy work, consulting, applied research, and career advancement
Doctorate in economicsFive to seven yearsUniversity teaching, academic research, senior research roles, and specialized economic analysis

How much does it cost to study economics?

The cost of an economics degree depends on school type, residency status, delivery format, financial aid, transfer credits, and living expenses. Tuition can range from $8,000 to $60,000 per year (Career Igniter, nd). Public universities often charge less for in-state students, while private institutions usually do not use state residency the same way.

For example, in-state students may pay around $7,500 per semester, while out-of-state students may pay $19,000. Yale University, as a private institution, has an annual fee of $37,600 (Career Igniter, nd). Students who need flexibility may consider online programs, but they should compare total cost, accreditation, faculty support, transfer-credit rules, and career services before enrolling.

Cost matters because borrowing can shape post-graduation choices. On average, students who finish four-year programs accumulate debt of $146,812 (Hanson, 2024). Before enrolling, compare net price, scholarships, grants, work-study, expected loans, living costs, and the kind of career the degree is likely to support.

Cost factorWhy students underestimate itWhat to verify first
TuitionSticker price does not always match the actual net price after aid.Ask for the full aid package and compare annual net cost.
Residency statusOut-of-state tuition at public universities can be much higher.Confirm residency rules and whether the rate changes later.
Fees and materialsTechnology, student services, and course fees can add up quickly.Request the full cost of attendance, not tuition alone.
Living expensesHousing, food, transportation, and insurance may exceed expectations.Compare campus, commuter, and online options.
Time to completionChanging majors or losing credits can add semesters.Review the degree plan and transfer-credit policy carefully.

The best universities to study economics

The 2025 Quacquarelli Symonds (QS) World University Rankings use measures such as academic reputation, employer reputation, and research quality. In that ranking context, universities from the U.S. and the U.K. filled the top 10 (QS, 2024). The U.S. has 197 schools in the ranking, while Europe accounts for 481. Asia has 319, South America 94, Oceania 46, and Africa 34.

For the third consecutive year, Harvard University from the U.S. held the top position in the 2024 QS World University Ranking for Economics.

  1. Harvard University (United States). Harvard is known worldwide for academic prestige and employer reputation. The private university has produced eight U.S. presidents, 359 Rhodes scholars, and 242 Marshall scholars (Top Universities, nd). Students can find both campus-based and online economics courses.
  2. Massachusetts Institute of Technology (MIT) (United States). MIT is also highly ranked overall and has a strong reputation in economics. Its researchers have contributed to work in technology, healthcare, poverty reduction, environmental protection, and related areas (Top Universities, nd).
  3. Stanford University (United States). Stanford is closely connected with innovation and Silicon Valley. The private university supports extensive research and houses 18 interdisciplinary research institutes (Top Universities, nd).
  4. University of California, Berkeley (United States). UC Berkeley is a public research university with major academic influence. It has produced 110 Nobel prize winners, including economics honorees. Alumnus George Akerlof won the Nobel Prize for Economics for work on information asymmetry between buyers and sellers (University of California, Berkeley, 2024).
  5. London School of Economics and Political Science (LSE) (United Kingdom). LSE is widely respected for economics and social science education. It is also recognized for world-leading research and has the highest percentage among all U.K. universities (Top Universities, nd).
  6. Princeton University (United States). Princeton is one of the world’s major research universities and is associated with more than 40 Nobel laureates. It is part of the Ivy League (Times Higher Education, nd).
  7. University of Chicago (United States). The University of Chicago has had a major impact on modern economics and has contributed influential economic theories as well as sociology scholarship (The University of Chicago, nd). It received a total score of 376.7 in the Shanghai World Ranking of Universities for economics, making it the top economics institution in that ranking.
  8. Yale University (United States). Yale is an Ivy League university known for teaching quality and broad academic strength. Students complete a liberal arts curriculum before choosing a major, and writing, reasoning, and language study are part of the structure (Times Higher Education, nd).
  9. University of Oxford (United Kingdom). Oxford is the oldest university in English-speaking countries. It includes 44 colleges and the largest library system in the U.K. (Top Universities, 2024). Times Higher Education named it the world’s top university in 2025, supported by its research output and student body.
  10. University of Cambridge (United Kingdom). Cambridge is the fourth-oldest university in the world. It has more than 100 libraries and nine major museums, and it is highly regarded across science, law, politics, mathematics, and other disciplines (Top Universities, nd).

Rankings are helpful, but they should not drive the decision alone. Students should also weigh curriculum fit, affordability, internships, faculty expertise, alumni outcomes, class size, and whether the school supports the career path they actually want.

What can you do with an economics degree?

Economics is a flexible degree rather than a narrow professional credential. It can prepare students for many fields, especially when they add internships, technical tools, business knowledge, or graduate education. The strongest candidates know how to translate data into decisions and explain how incentives affect behavior.

Career pathWhat the role involvesHow economics helps
EconomistStudies market behavior, policy, trends, and data; prepares forecasts and reports.Uses theory, statistics, research methods, and forecasting models.
Market research analystEvaluates demand, customers, competition, and product potential.Applies supply and demand, pricing analysis, and consumer behavior.
Financial analystReviews investments, sectors, securities, and financial performance.Connects markets, risk, and economic indicators to decisions.
AccountantMaintains records, prepares tax documents, and supports compliance.Adds broader context around incentives, costs, and business performance.
StatisticianCollects, analyzes, and explains data for decision-makers.Builds on econometrics, data analysis, and research design.
ActuaryAssesses risk and uncertainty, often in insurance or finance.Uses probability, quantitative reasoning, and modeling.
Management consultantDiagnoses organizational problems and recommends strategy improvements.Uses problem-solving, cost-benefit analysis, and structured communication.
Policy analystResearches laws, programs, and public policy options.Applies evidence-based reasoning and policy evaluation.
Economics professorTeaches, researches, publishes, and mentors students.Usually requires advanced graduate training and deep research skills.
Data scientistUses data tools and models to find patterns and guide decisions.Combines econometrics, statistics, and business interpretation.

Common career options for economics majors include the following:

  1. Economist. Economists analyze trends, markets, policy, and data, then explain what the results mean for organizations or the public (StudentScholarships, nd).
  2. Market research analyst. These professionals study whether products or services are likely to succeed in a given market and often produce reports, dashboards, and recommendations.
  3. Financial analyst. Financial analysts evaluate companies, sectors, securities, and market trends before making recommendations.
  4. Accountant. Accountants keep financial records, prepare tax returns, interpret financial data, and help manage costs.
  5. Statistician. Statisticians design studies, manage datasets, analyze results, and present findings that support decisions.
  6. Actuary. Actuaries use mathematics and statistics to measure risk, often in insurance, healthcare, finance, or software.
  7. Management consultant. Consultants identify inefficiencies, recommend strategy improvements, and help organizations solve business problems.
  8. Policy analyst. Policy analysts evaluate laws, regulations, and public programs for government agencies, nonprofits, and advocacy groups.
  9. Economics professor. Professors usually need graduate study, often a Ph.D., and may teach, publish, and contribute to research or policy (Wharton University of Pennsylvania, nd).
  10. Data scientist. Data scientists apply statistical and machine learning methods to large datasets. Economics training is especially helpful in consumer behavior, pricing, forecasting, and market analysis.

How much do economists earn?

Students comparing the highest paying majors often include economics because the degree has strong business and quantitative value. According to recent U.S. Bureau of Labor Statistics data (2024), the median annual earnings for economists across educational levels were $115,440.

The Occupational Outlook Handbook from the U.S. Bureau of Labor Statistics also reports a 1% job outlook growth rate for economists and 17,600 jobs with an economics degree available in 2024 (U.S. Bureau of Labor Statistics, 2025). Many economics graduates also work in management, finance, sales, business, or research support roles.

Salary should be interpreted cautiously. A bachelor’s degree does not automatically lead to economist-level pay. Many economist roles require a master’s degree or doctorate, while bachelor’s graduates often start in analyst, finance, consulting, research, or business positions. Earnings depend on location, industry, employer, technical skills, and prior experience.

Emerging fields of opportunity for economics graduates

Economics graduates are especially useful in industries that need forecasting, pricing, policy evaluation, risk analysis, and large-scale data interpretation. The strongest opportunities often combine economics with another field such as coding, sustainability, health policy, or fintech.

Technology and data science

Economics and technology now overlap in analytics, product experimentation, platform strategy, pricing, and machine learning. Graduates with econometrics, statistics, and data analysis skills may move toward data science, machine learning, or operations research roles. Economics adds value by linking technical findings to incentives and market behavior.

Environmental economics

Environmental economics studies how regulation, markets, and resource allocation affect sustainability. Governments, nonprofits, and private firms may need professionals who can measure the economic impact of climate policy, renewable energy investment, and resource use decisions.

Global health economics

Health economics examines cost-effectiveness, access, outcomes, and resource allocation in healthcare. Graduates may work in public health agencies, pharmaceutical firms, consulting, or international organizations such as the World Health Organization.

Creative and digital economies

Digital marketplaces, gaming, media, intellectual property, and creator platforms all rely on pricing, incentives, network effects, and consumer behavior. Economics graduates can help analyze monetization models, platform dynamics, and market structure in these industries.

Students who are still comparing majors can use economics as a flexible foundation rather than a single-track plan. If you want to compare options, review this guide to good degrees to get and match each major to your strengths and career goals.

What skills can you develop with an economics degree?

An economics degree can build a useful mix of technical, analytical, and communication skills. Employers value these skills because many jobs require people who can work with incomplete information, judge trade-offs, and explain what the evidence means.

  1. Quantitative and analytical reasoning. Students learn to use data, statistics, models, and theory to interpret behavior and forecast outcomes.
  2. Critical thinking and problem-solving. The major trains students to ask what is driving a problem, what incentives are involved, and what trade-offs each solution creates.
  3. Communication and presentation. Students practice turning models and data into reports, charts, memos, and presentations for non-specialists.
  4. Research and data interpretation. Coursework often includes collecting, cleaning, analyzing, and explaining data for business, policy, or research settings.
  5. Adaptability. Because economics applies to many industries, graduates can move across markets and adjust to changing conditions.
  6. Understanding of global and social issues. Students study trade, inequality, labor, development, public finance, and institutions, which can be useful in government, nonprofits, and global business.

Can specialized study improve your economics career?

Yes. Adding a specialization can make an economics degree more useful in the job market, especially when the specialization matches your target role.

Can specializing in taxation help?

Taxation can be a smart choice for students interested in public finance, compliance, consulting, or corporate planning. It connects closely to incentives, revenue, household behavior, and business decisions. Students who want deeper technical preparation may consider an online master's in taxation.

Can an economics degree support a finance career?

Yes, but finance employers usually expect more direct preparation in valuation, portfolio theory, accounting, financial modeling, and risk management. An economics background is useful because it teaches markets, incentives, and macroeconomic context. Students who want a quicker bridge into finance may look at accelerated finance degree programs.

Can economics strengthen business administration skills?

Economics helps students understand pricing, competition, resource allocation, and strategic trade-offs, which are central to business decisions. If you want broader managerial training, an online degree for business administration can add leadership, operations, and organizational skills.

Can economics help in accounting careers?

Yes. Economics adds context about markets, forecasting, cost behavior, and risk, while accounting focuses on reporting, compliance, auditing, and controls. Students aiming for advanced accounting or financial management roles may also explore the highest paying accounting jobs.

Can economics lead into fintech or cryptocurrency work?

Economics can be a strong starting point for fintech because digital finance still depends on pricing, incentives, regulation, markets, and consumer behavior. Students who want more direct training in blockchain or digital assets may explore a cryptocurrency degree online.

Can economics prepare you for a DBA?

Yes. Economics develops research methods, quantitative analysis, and evidence-based reasoning, all of which are useful in a Doctorate in Business Administration. Professionals who care about flexibility and price may also look at cheapest DBA programs online.

How can an economics major improve employability?

An economics degree becomes more valuable when students turn classroom learning into proof of skill. Employers want more than a transcript. They want evidence that you can use tools, solve problems, communicate clearly, and contribute in a real workplace.

  • Learn data tools early: Build confidence with Excel, R, Python, or similar tools, and use them in class projects or personal work.
  • Complete internships: Finance, consulting, analytics, research, policy, business operations, and nonprofit internships can strengthen your resume and clarify your interests.
  • Network with purpose: Attend events, join student groups, talk to alumni, and look for mentors in fields you want to enter.
  • Add targeted credentials: Certifications in data analytics, finance, or related technical areas can help support a data-heavy job search.
  • Improve communication: Take writing and presentation courses so you can explain data and recommendations to managers, clients, or policymakers.
Common mistakeWhy it hurtsBetter approach
Choosing economics only because it sounds prestigiousThe major can be difficult if you dislike quantitative work.Review required courses and take an intro economics or statistics class first.
Ignoring technical skillsA degree alone may not prove readiness for analyst roles.Build a portfolio using data, spreadsheets, statistics, or coding.
Assuming a bachelor’s degree is enough for economist rolesMany economist positions prefer graduate credentials.Research job postings early and check whether a master’s or Ph.D. is expected.
Choosing a school only by rankingA high rank does not guarantee affordability or fit.Compare cost, curriculum, internships, faculty, and outcomes.
Overlooking transfer and online rulesPoor transfer policy or weak support can delay graduation.Verify accreditation, credit transfer, advising, and course access.

How do you decide whether an economics degree is worth it?

An economics degree is usually a good fit for students who enjoy numbers, systems thinking, policy questions, and business problems. It is less suitable for students who want a highly structured professional program with a direct licensure path or for those who strongly want to avoid math and statistics.

Choose economics if...Consider another path if...
You like studying why people, firms, and governments make decisions.You want a degree tied to one specific licensed profession.
You are willing to work with statistics, calculus, and data.You want to avoid quantitative coursework as much as possible.
You want flexibility across finance, consulting, policy, analytics, and business.You want hands-on training for a narrowly defined trade or occupation.
You may continue on to graduate school or research-focused work.You need the fastest path into a single entry-level job.
You are ready to pair the major with internships and technical tools.You expect the degree alone to guarantee a high salary.

Questions to ask before choosing an economics program

  • Is the program a BA, a BS, or both, and how much math is required?
  • Does the curriculum include econometrics, statistics, research methods, and data analysis?
  • Can students take electives in finance, public policy, business, computer science, or international development?
  • What internship, research, and career support do economics majors receive?
  • What is the full net cost after grants, scholarships, and required fees?
  • How do graduates use the degree after completion?
  • Does the school support students who want graduate school later?
  • If the program is online, is it accredited and accepted by employers or graduate schools in your target field?

Current trends shaping economics degrees in 2026

Economics remains relevant because organizations still need people who can interpret data, forecast demand, evaluate policy, and understand risk. Several trends make the degree more practical when students build the right skill set.

AI and automation are increasing demand for human judgment. Many routine tasks can now be accelerated by software, but employers still need people who can ask the right questions, evaluate assumptions, and interpret results in context. Economics students who learn to combine analysis with judgment are often better positioned than those who rely on theory alone.

Data literacy matters more than ever. Employers increasingly expect graduates to know spreadsheets, statistics, visualization, and at least one programming language or analytics platform. This is especially important in finance, consulting, policy, and research roles.

Employers want specialization. A general economics degree can still work well, but targeted electives, internships, and projects in areas such as taxation, health economics, environmental economics, fintech, or data science can help candidates stand out.

Return on investment is under closer review. Students and families are paying more attention to net price, loan levels, and the actual career outcomes a degree can support. That makes program fit, accreditation, and career services more important than reputation alone.

Pros and cons of an economics degree

ProsCons
Flexible degree with many career optionsNot a direct license for one profession
Strong preparation in data, reasoning, and decision-makingCan be math-heavy and conceptually demanding
Useful in finance, consulting, policy, analytics, and researchMany roles require additional experience or graduate study
Works well with minors, certificates, and double majorsOutcomes depend heavily on internships and skill-building
Good foundation for graduate studyHigh-ranked programs may be expensive

Famous people who studied economics

Many public figures, executives, athletes, and entertainers studied economics. That does not mean the degree caused their success, but it does show how widely the training can be applied in leadership, business, public service, sports, and media (Merrimack College, nd).

  1. Donald Trump, U.S. president and business leader
  2. Elon Musk, business leader
  3. Ronald Reagan, U.S. president
  4. George W. Bush, U.S. president
  5. Warren Buffet, business leader
  6. Kofi Annan, U.N. Secretary-General
  7. Arnold Schwarzenegger, governor and actor
  8. Cate Blanchett, actress
  9. Lionel Richie, singer
  10. David Emerson, Canadian foreign affairs minister
  11. Paul Newman, actor
  12. David Rockefeller, business leader
  13. Mick Jagger, singer
  14. Ryan Fitzpatrick, hockey player
  15. Scott Adams, cartoonist
  16. Steve Ballmer, business leader
  17. Ted Turner, business leader
  18. Tiger Woods, golfer
  19. William Shatner, actor

Conclusion

An economics degree can be a smart choice for students who want a flexible, analytical major that connects data, markets, policy, and decision-making. It can lead to careers in finance, consulting, research, policy, analytics, accounting, entrepreneurship, and graduate study. The degree tends to work best for students who are comfortable with math, willing to build practical skills, and interested in how systems behave.

The investment can be substantial. Tuition can reach $60,000 per year (Career Igniter, nd), and undergraduate programs usually take four years. Prestigious universities may offer strong networks and research opportunities, but many students will get better value from an accredited program with a lower net price, solid coursework, and strong career support.

Harvard University, ranked as the world’s best economics school in the 2025 QS World University Rankings, is one example of the field’s elite training environment. Still, the best choice is not always the highest-ranked one. The right program is the one that matches your academic strengths, financial reality, and career goal.

If you eventually want to move beyond entry-level work, a graduate degree may help. Students may want to explore one of the best online master’s degrees in economics if they need more advanced training with flexibility. Before enrolling anywhere, compare curriculum, accreditation, cost, career support, and the actual jobs graduates get.

Key insights

  • Economics is a broad analytical major: It prepares students to study markets, incentives, policy, and decision-making across many industries.
  • BA and BS paths are not identical: BS programs usually emphasize more math and data, while BA programs often allow more flexibility in social science and policy coursework.
  • The major alone is rarely enough: Internships, data tools, writing ability, and targeted electives often determine whether graduates become competitive candidates.
  • Graduate school matters for some roles: Many economist positions require a master’s degree or doctorate, especially in research-heavy settings.
  • Cost should be judged against outcomes: The best program is not always the most prestigious one; it is the one that offers solid training at a price you can manage.
  • Economics fits emerging careers well: Data science, fintech, taxation, environmental economics, and health economics all use skills developed in the major.
  • The right fit depends on your strengths: If you like numbers, evidence, and trade-offs, economics can be a powerful foundation for your career plan.

References

  1. Aarons, A. (n.d.). What is better: a B.A. or a B.S. in economics? SeattlePI.
  2. ACGAS Editors (2024, August). Statistician. Prospects.
  3. ACGAS Editors (2024, May). Data scientist. Prospects.
  4. ACGAS Editors (2024, February). Actuarial analyst. Prospects.
  5. Ahlstrom, L. (2024, October 26). The Gender Gap in Undergraduate Economics Course Persistence and Degree Selection. SemanticsScholar.
  6. Akbari, A., Aydede, Y. (2024). Economic benefits of studying economics in Canada: A comparison of wages of economics majors with wages in other fields of study, circa 2005. Canadian Journal of Higher Education, 45 (4), 143-165. ERIC.
  7. Best Colleges (n.d.). Bachelor’s in economics program guide. BestColleges.com.
  8. Black, D., Sanders, S., Taylor, L. (2024 July). The economic reward for studying economics. Economic Inquiry, 41(3), 365-377. https://doi.org/10.1093/ei/cbg014.
  9. Blaug, M. (n.d.). Economics. Britannica.
  10. BLS (2024, April 10). Economists. Washington, DC: US Bureau of Labor Statistics.
  11. Career Igniter (n.d.). How much does economics school cost? CareerIgniter.com.
  12. Chappelow, J. (2024, June 29). Economics. Investopedia.
  13. Chappelow, J. (2024, April 30). Microeconomics. Investopedia.
  14. Chappelow, J., & Segal, T. (2024, July 23). Macroeconomics. Investopedia.
  15. Conerly, B. (2024, April 29). Career advice for economics majors. Forbes.
  16. Crowe, P., & Kiersz, A. (2024, August 30). The most popular college major on Wall Street. Business Insider.
  17. DePietro, A. (2024, January 14). Here’s how much money economists make in every state. Forbes.
  18. Duda, R. (2024, June 17). Economics PhD. 80000hours.org.
  19. FindUniversity (n.d.). AB economics in the Philippines. FindUniversity.ph.
  20. International Student (n.d.). Undergraduate Degree in Economics. InternationalStudent.com.
  21. Kenton, W. (2024, August 4). Neoclassical economics. Investopedia.
  22. Lane, C. (2024, March 4). Top universities for economics in 2024. QS Top Universities.
  23. McKay, D. (2024, January 13). What does a management consultant do? The Balance Careers.com.
  24. McNulty, D. (2024, November 13). The basics of game theory. Investopedia.
  25. Merrimack College (n.d.). Famous economic majors. Merrimack.edu.
  26. Miller, K. (2024, September 6). What does an accountant do? Role, responsibilities, and trends. Northeastern.edu.
  27. Profita, M. (2024, June 25). 10 jobs for graduates with an economics degree. The Balance Careers.
  28. Shanghai Ranking (n.d.). Shanghai Ranking’s Global Ranking of Academic Subjects 2024 Economics. Academic Ranking of World Universities.
  29. Student Scholarships (n.d.). Economists — what they do. StudentScholarships.org.
  30. The Economics Network (n.d.). What qualifications do I need to study economics? Why Study Economics.
  31. Times Higher Education (2024, November 15). What you can do with an economics degree? THE World University Rankings.
  32. Times Higher Education (2024, May 27). The cost of studying at a university in the United States. THE World University Rankings.
  33. Times Higher Education (n.d.). Princeton University. THE World University Rankings.
  34. Times Higher Education (n.d.). Yale University. THE World University Rankings.
  35. Times Higher Education (n.d.). University of California, Berkeley. THE World University Rankings.
  36. Top Universities (n.d.). Harvard University. QS Top Universities.
  37. Top Universities (n.d.). Massachusetts Institute of Technology (MIT). QS Top Universities.
  38. Top Universities (n.d.). University of Oxford. QS Top Universities.
  39. Top Universities (n.d.). The London School of Economics and Political Science (LSE). QS Top Universities.
  40. Top Universities (n.d.). University of Cambridge. QS Top Universities.
  41. Top Universities (n.d.). Stanford University. QS Top Universities.
  42. Tucker, L. (2024, November 11). What can you do with an economics degree? QS Top Universities.
  43. Universities and Colleges Admissions Service (n.d.). Economics. UCAS.com.
  44. University of Chicago (n.d.). Breakthroughs. UChicago.edu.
  45. Wharton (n.d.). 3 things you can do with an economics degree. Wharton University of Pennsylvania.com.
  46. Zafirovski, M. (2024, December 11). What is the main significance of economic for sociological theory? The American Sociologist, 44, 177-197. https://doi.org/10.1007/s12108-012-9169-y.

Other Things You Should Know About Economics

What are the requirements to study economics in 2026?

In 2026, requirements to study economics typically include a good high school GPA, especially in mathematics and social sciences. Applicants often need to submit SAT or ACT scores and personal statements. Some institutions may also require completion of prerequisite courses in subjects like calculus or statistics.

What are the key benefits of pursuing an economics major in 2026?

In 2026, an economics major offers diverse career paths, analytical skill development, and a foundation for graduate studies. It prepares students for high-demand roles in finance, policy, and consulting. Graduates are positioned for impactful work in an increasingly data-driven economy.

Is an economics degree worth it?

Yes, an economics degree is valuable due to its relevance in analyzing resource allocation and economic trends. Graduates have high earning potential and diverse career opportunities. Prestigious programs offer additional advantages but come with higher costs. 

How much do economists earn?

Economists have a median annual salary of around $105,630, with job growth projected at 8%. Earnings can vary based on experience, education level, and specific job roles within the field.

Related Articles
2026 Most Affordable Online Master’s Degrees in Human Resources thumbnail
Degrees JUN 16, 2026

2026 Most Affordable Online Master’s Degrees in Human Resources

by Imed Bouchrika, PhD
2026 Easiest Real Estate Courses & Degree Programs thumbnail
Degrees JUN 17, 2026

2026 Easiest Real Estate Courses & Degree Programs

by Imed Bouchrika, PhD
2026 Best Online Master’s in Coaching Programs thumbnail
Degrees JUN 15, 2026

2026 Best Online Master’s in Coaching Programs

by Imed Bouchrika, PhD
2026 Certificate vs. Degree in Human Resources: Explaining the Difference thumbnail
2026 Most Affordable PhD in Public Administration Online Programs thumbnail
Degrees JUN 17, 2026

2026 Most Affordable PhD in Public Administration Online Programs

by Imed Bouchrika, PhD
2026 Hospitality and Tourism Degree Guide: Costs, Requirements & Job Opportunities thumbnail

Newsletter & Conference Alerts

Research.com uses the information to contact you about our relevant content.
For more information, check out our privacy policy.

Newsletter confirmation

Thank you for subscribing!

Confirmation email sent. Please click the link in the email to confirm your subscription.