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Economics. Go Anywhere. Go Everywhere.
Economics majors are successful in a wide variety of careers. Although various roles in businesses are most common, economics majors are successful in law, medicine, government, non-profits, and international relations, as well as in academic roles. By studying Economics, you learn a set of highly-desirable skills:
- Critical thinking (putting pieces together).
- Analytical thinking (breaking complex issues apart for analysis).
- Quantitative reasoning (using data and mathematical tools).
- Inquiry and argument (supporting statements with logic, reasoning and information).
- Scientific thinking (testing hypotheses about the way things work).
- Behavioral analysis (understanding what drives people's actions).
- Cultural/Social analysis (accounting for social/cultural contexts).
- Problem solving and value creation (finding better paths forward).
These skills are used in many different settings. Further, Economics is all about scarcity and scarcity is almost everywhere (topics/issues in a wide array of industries/settings/environments are discussed). Firms highly value skilled individuals with a desire to make things work a little bit better.
Economics doesn't just prepare you for one type of job. There are many job opportunities for you. Discuss job options with your faculty advisor today!
- One way to think about career opportunities is to consider the level of earnings typically found with different levels and kinds of education. Review salaries by major at Payscale.com (Economics often holds many spots in the top 100 majors) and take a look at the Radford University Scorecard from the Department of Education.
- Do you already have a job type or job title in mind? Check out trends in the job market at the Department of Labor Occupational Outlook Handbook. You'll be surprised at what you find.
The Corporate World and the MBA
- Most economics majors pursue employment in the private sector. Graduates in economics succeed in many occupations. Some students plan to earn the Masters of Business Administration (MBA) degree in time. Others find employment with a bachelors degree is sufficient to fulfill their aspirations.
- Some economists with bachelors degrees find employment as research associates with economic consulting firms. Consultants advise firms on business strategies, prepare economic evidence for court cases, and develop analyses to influence public policy.
Law and Other Professions
- Law school is also a common destination for recent graduates in economics. The careful reasoning in economics is a good fit for law and many careers in the law influence significant economic decisions for firms.
Government and Not-For-Profits
- Some students enter government service or choose jobs with non-profit entities. Governments at every level hire economists for their facility with statistics and analysis.
Professors, Teachers and Researchers of Economics
- Some graduates in economics are interested in academic careers. They are drawn by the love of the study of economics and the prospect of teaching and writing about economics as a career.
(Source: American Economic Association)