Economics Major: A Complete Guide to Degrees, Careers, and Salaries

Choosing a major is a big decision. You’ve likely heard that economics is a lucrative and prestigious degree, but you’re probably also wondering: is it too hard? And what jobs can you actually get with it?

This guide will give you the real answers to help you decide.

The Most Important Question: Will You Like Economics?

Let’s get the biggest "con" out of the way: math. A pure economics degree is highly quantitative. You will not succeed if you dislike math. Most programs require Calculus I, II, and advanced statistics (econometrics).

• You will likely love economics if you are a critical thinker and problem-solver. You enjoy using math and data to understand why the world works the way it does. You are analytical, curious, and comfortable with charts and data.
• You should reconsider economics if you strongly dislike math, prefer purely creative or hands-on work, or want a single, clearly defined career path (like nursing or accounting)., prefer purely creative or hands-on work, or want a single, clearly defined career path (like nursing or accounting).
  
  

But what if you love the ideas of economics but hate the heavy math? You have a critical option.

Your First Big Choice: B.A. vs. B.S. in Economics

Of the Equedu-supported Economics placements since 2018, roughly two-thirds chose European programs — LSE, Bocconi, Tilburg, Sciences Po, HEC, Pompeu Fabra. The average post-graduation starting salary in London + Northern Europe finance roles is competitive with US salaries; the tuition differential vs a US private exceeds $200,000 over a four-year degree. The European degree opens the same career doors as its US counterpart, at substantially lower cost.

This is the most important distinction most students miss. The "econ" degree is not one-size-fits-all. A Bachelor of Arts (B.A.) in Economics is the "big picture" degree. It treats economics as a liberal art, focusing more on theory, policy, and writing. The math requirements are much lighter (often just one semester of calculus). This is an excellent choice if you want to double-major in something like Political Science or History and are aiming for a career in law, public policy, or journalism.

A Bachelor of Science (B.S.) in Economics is the "quantitative" degree. This is a math-heavy, technical program. You will live in statistics and data analysis (econometrics) and will likely take multi-variable calculus and linear algebra. This is the degree for students aiming for finance, data science, consulting, or a Ph.D. in economics.

Equedu Pro-Tip: When you research colleges, look at their course catalogs specifically to see if they offer a B.A., a B.S., or both. This one choice could be the difference between a major you love and one you struggle with.

How Does Econ Compare to Other Majors?

Students often get stuck between these common business-related majors. Here’s the simple difference:

• Economics vs. Finance: A finance major learns how to manage money (investing, corporate finance). An economics major learns why money moves (market theory, incentives, policy).
• Economics vs. Business Admin: A business major learns the practical skills to run a single company (marketing, management, accounting). An economics major learns the theory of the entire market that the company operates in.

What Can You Actually Do With an Econ Degree?

The best part of an econ degree is its flexibility. You are not hired for a specific skill; you are hired for your analytical mind. Graduates are found in nearly every industry.

The career paths generally fall into three main categories:

1. The Corporate and Finance Path: This is the most common and highest-paying route. You’ll use your analytical skills in banks, corporations, and consulting firms. Common jobs include Financial Analyst, Management Consultant, and Business Analyst.
2. The Data and Tech Path: A B.S. in Economics is essentially a "Data Science lite" degree. This field is growing extremely fast. You would work as a Data Analyst, finding patterns in data, or a Market Research Analyst, helping companies understand consumer behavior.
3. The Public Policy and Research Path: This is ideal for B.A. graduates who want to make an impact. You could work as a Policy Analyst for the government or a "think tank" to study the impact of new laws. To get a high-level job as an "Economist" (like at the Federal Reserve), you will almost always need a Master’s degree or a Ph.D.

Salary & Job Outlook

The job outlook for economics graduates is excellent. In a world full of data, companies are desperate for people who can make sense of it all. While salaries vary by location and industry, the degree provides a high floor and a very high ceiling for your career potential.

Here are median pay figures for common econ-related jobs (Source: U.S. Bureau of Labor Statistics):

• Financial Analysts: ~$99,010
• Management Analysts (Consultants): ~$99,410
• Market Research Analysts: ~$78,880
• Data Scientists: ~$139,010
• Economists (Requires graduate degree): ~$115,730

How to Prepare for an Econ Major in High School

If you think economics might be for you, start preparing now:

• Excel in Math: This is your #1 priority. Take AP Calculus (AB or BC) and AP Statistics. Success here proves you are ready.
• Take an Econ Class: AP Microeconomics and AP Macroeconomics are the best way to test-drive the subject.
• Strengthen Your Writing: Economists don't just crunch numbers; they have to explain what those numbers mean. Practice writing clear, persuasive essays.
• Stay Curious: Read the news and ask "why" about business and government decisions.