Economics is the study of currency and financial institutions as they relate to individual consumers, households and corporations, as well as individual cities, states and countries. Students who earn a college degree in this field may go on to pursue careers as accountants, financial managers and advisors, bankers, corporate executives and university-level educators. Prospective economists can learn more about the finer points of this profession by enrolling in open courses offered free-of-charge through accredited colleges and universities.
Most undergraduate economics programs highlight the fundamentals of individual and organizational finances, respectively known as the fields of micro- and macro-economics. Graduate-level economics majors often choose specializations that revolve around the role they wish to play in the financial market once they've graduated and entered the workforce. Some will find work with private or public sector organizations, and others will work at the forefront of the industry as independent economic theorists or academic researchers. A deep understanding of how and why money impacts society and its individual members is required for a successful career in economics.
Sample Courses
Typically, undergraduate-level economics programs will consist of full course sequences for both micro- and macro-economics. These sequences will begin with introductory courses, and then proceed to discuss Game Theory, industrial organization, supply chain management and other complex concepts that can be applied to virtually any firm or organization. Graduate-level economics majors will often review case studies, research different (and often contradictory) economic theories and explore economic activity in specific countries or regions of the world.
Possible Specializations
Specializations in economics vary between colleges and universities. At some schools, economics itself is considered a specialization of finance or business management, or may be chosen as a minor. Other schools will offer specializations in economics such as international trade and business, mathematics, accounting or statistical analysis. Students who are interested in pursuing a specialization in economics should carefully research their college options to ensure that at least one of the schools offers this type of concentration.
Degree Types
In addition to the specialization, prospective economists must decide which degree(s) to earn in order to effectively compete for jobs. Here is a breakdown of the four most common degrees awarded in the field of economics:
Associate
An associate degree may consist of one or two lower-level economics courses, but this credential emphasizes general education over specialized study. This degree track will introduce key economic concepts and enable students to determine if this field is the right fit for them, but a higher degree will be required for most professional positions.
Bachelor's
Bachelor's degree programs in economics highlight the fundamentals of the field without awarding a specialization. Although a bachelor's degree will be sufficient for some entry-level finance or accounting positions (particularly with the U.S. government), most students use their undergraduate credential as a springboard for attaining a master's and/or doctoral degree in economics.
Master's
According to the Bureau of Labor Statistics (BLS), a master's degree or Ph.D. is required for the majority of economics positions. A master's program will delve into the broad concepts first introduced during undergraduate studies, and allow students to apply what they have learned to real-world markets and organizations.
Ph.D.
This credential will generally be required for anyone who wishes to teach economics at the college or university level, as well as those who want to pursue careers in advanced economic theory. Ph.D. programs usually entail an extensive research project, and many will require the student to complete an internship at a local business, nonprofit organization or financial institution.
In addition to the degrees listed above, certain professionals will be required to complete additional coursework in order to be considered for employment. Accountants, for instance, must pass the CPA Exam in order to earn state certification.
Ideal Candidates for Economics
Economics is a field heavily saturated with numbers and statistics; those who wish to earn a degree and pursue a career in this field should be comfortable working with different data sets and have a solid grasp on different mathematical disciplines. Since economics is difficult for many people to understand, professional economists should also be equipped with presentation skills and the ability to explain complex ideas and theories in a straightforward manner.
Career Pathways
The BLS notes that the field of economics is expected to grow 14% between 2012 and 2022, which is on par with the average rate of growth for all occupations. There are currently about 16,900 economists employed in the U.S. today. Individuals who earn a Master's Degree in Economics earned a median annual salary of $91,860 in 2012.
The BLS points out that employment rates for economists will vary by the sector they choose. Many private firms and organizations have begun to hire more economists to help analyze monetary trends and improve financial performance – but competition for top-tier positions remains high. The federal government, on the other hand, has consistently been the largest employer of professional economists – but the number of hirees expected to land jobs with the government will likely decline in the years to come.
Students who are interested in economics should explore student associations and clubs at their higher-learning institution dedicated to finance, business management, and other related fields. Through these groups, students can network with fellow economists, attend conferences and receive information about employment opportunities. Professional organizations and economics-oriented magazines (such as Forbes and Fortune) are also great resources for aspiring economists.
Related Degrees
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Journals
Publishing new research and position papers from economists the world over, this journal focuses on the microeconomics of international trade, political economy and finance.
Annals of Economics and Finance
Find original theoretical and applied papers in all fields of economics, finance, and management.
This journal publishes in both English and French and focuses especially on theoretical and empirical trade articles across economic fields.
Economics and Finance Research
Economics & Finance Research is a fully open access journal offering rapid publication and wide dissemination of new research to a global audience.
International Journal of Economics & Management Sciences
This journal includes studies, reviews, surveys, articles, and more that contribute to the disciplines economics and management sciences.
International Journal of Economics and Finance
IJEF is dedicated to promoting scholarly exchange among teachers and researchers across the fields of economics, financial economics and finance.
Providing a forum for economists and academicians worldwide to discuss developments in the areas of modern economy.
This open access journal contains research articles, reviews, letters, and guest edited single topic issues in all areas on the science of economics and its applications.
Promotes studies aimed at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems.
Contains articles in broadly defined applied economics that enhance the study of economic issues.
Research in Business and Economics Journal
Find original studies in international business, management, and related subjects in the Research in Business and Economics Journal.
Research in World Economy publishes theoretical studies and empirical articles from various economic areas of study.
Focusing on general fields in economics and finance, REF is a peer-reviewed, open access journal, sponsored by Academic Research Centre of Canada .
A "general-interested economics journal" and one of the country's oldest publications, this journal includes scholarly papers across all areas of economics.
Published by the Royal Economic Society, this journal provides policy papers and research on economics issues affecting the worlds of business, education and government.
The Journal of Economic Perspectives
This journal attempts to fill a gap between general interest press and academic economics journals by publishing articles that offer both clear analysis and interdisciplinary ideas.
Started at Cornell University, this is a peer-reviewed, academic journal for undergraduate students of economics.
Published three times a year, this journal showcases leading research in economic theory.
This journal publishes short papers in all topics in economic theory and mathematical economics.
Published by Wesleyan University, the UER is a peer-reviewed journal promoting high-quality economic research by undergraduates.
This is the official journal of the World Economic Association. It is a peer-reviewed, open access journal that requires no subscription for its current and recent editions.
Trade Magazines
This finance magazine touches on many worldwide economics issues, giving readers analyses of financial trends as well as investing tips.
This magazine aims to provide economic information readers can't get in other publications, and it provides clear analysis of current economic issues and…
Forbes is a leading, reliable source for business, financial, economic, and political news.
Publishing a mix of business and economics articles, Forbes is one of the most widely read magazines amongst economists and the public.
Publisher of the Fortune 500, readers will find business and economic news with analysis of global business drivers
This magazine focuses on personal economics and finance, providing both in-depth analysis of economic issues as well as tips for individual consumers.
This magazine is for both economists and healthcare professionals interested in the intersection between the two fields.
This online publication includes all articles from print editions and online-exclusive, multimedia content that includes audio/video programs.
One of the most widely read magazines from any industry, The Economist provides articles for general consumption as well as high-level analyses of economic…
Grants
EERC Research Grant Competition
Deadline: April 12
Award Amount: Maximum $12,000
This grant from the Economics Education and Research Consortium is meant to support "policy-relevant research projects" that fall into one of five economics categories.
National Science Foundation Economics Grants
Deadline: August 18, January 18
Award Amount: Varies
The NSF requests grant proposals from researchers who want to improve "the understanding of the processes and institutions of the U.S. economy and of the world system of which it is a part."
Partnership for Economic Policy Funding
Deadline: March 10
Award Amount: Varies
PEP is awarding grants to research teams in developing countries who want to research one of their "priority issues" in economics, which cover inclusive growth and employment.
Russell Sage Foundation Project Awards
Deadline: Rolling
Award Amount: Typically $35,000-$200,000
This foundation supports research in behavioral economics, cultural contact, future of work, immigration, and social inequality and welcomes grant proposals from post-doctoral researchers.
The Association for Social Economics: William R. Waters Research Grant
Deadline: November 1
Award Amount: $5,000
For graduate students in Ph.D. programs who have not yet completed their dissertation.
Deadline: July 7
Award Amount: $1,000-$2,500
This grant/award is given to a dissertation relating to unemployment, employment, or social insurance programs, and the funds awarded are meant to help the winner continue his or her research.
Scholarships
American Planning Association: Economic Development Division Travel Scholarship
Deadline: February 1
Award Amount: $1,000
This scholarship is given to graduate students enrolled in a PAB-accredited planning department program, and it supports that students travel to come to the annual APA meeting.
Deadline: June 1
Award Amount: $2,500
Awarded to female undergraduates majoring in political science, government or economics who have successfully completed at least two years of college.
Boise State University Scholarships
Deadline: Varies
Award Amount: Varies
BSU offers full-time junior or senior economics majors four different scholarships from its department, each of which requires a certain GPA and course load; one requires "high moral character."
Detroit Economic Club Scholarship Program
Deadline: May 1
Award Amount: $2,000, renewable
This award is given to a student from Detroit or the surrounding area in order to help him or her pursue an undergraduate education in economics and leadership.
Economic Club of Washington D.C.: David M. Rubenstein Scholarship Program
Deadline: February 28
Award Amount: $10,000
Given to 50 high school students in Washington D.C., this scholarship is meant to recognize academic achievement and encourages students to pursue higher education.
Enid Hall Griswold Memorial Scholarship
Deadline: February 15
Award Amount: $1,000
For junior or seniors pursuing a major in either political science, history, government, or economics.
Epilepsy Foundation: Behavioral Sciences Student Fellowship
Deadline: Spring
Award Amount: $3,000
A fellowship for undergraduate and graduate students whose studies are related to epilepsy research or clinical care.
Deadline: varies
Award Amount: $5,000
Students of Hispanic heritage majoring in business administration, economics or finance.
International Atlantic Economic Society Best Undergraduate Paper Award
Deadline: June 15
Award Amount: $500
Sponsored by the IAES to encourage undergraduate interest in economic issues.
MillerCoors National Scholarship
Deadline: June
Award Amount: $3,000
A scholarship for junior and senior business, accounting, communications, economics, marketing, or public relations majors of Hispanic descent.
National Academy of Social Insurance: John Heinz Dissertation Award
Deadline: November 1
Award Amount: $2,500
Recognizes outstanding research by new scholars addressing social insurance policy questions.
Streamline Refinance: Scholarship for Finance & Economics
Deadline: December 15
Award Amount: $1,000
Streamline Refinance offers scholarships for students currently enrolled in finance, economics, or investment related fields.
Tau Kappa Epsilon: W. Allan Herzog Scholarship
Deadline: March 15
Award Amount: $3,000
A scholarship for fraternity members pursuing a degree in accounting, finance, or economics.
Deadline: July 15
Award Amount: $1,500
For female undergraduate and graduate students interested in international economics and related majors.
Thomas R. Pickering Graduate Foreign Affairs Fellowship
Award Amount: $40,000
Targeted for aspiring PhDs at the dissertation level in major areas of the social sciences, including anthropology, psychology, and sociology.
Deadline: March
Award Amount: $8,000
A scholarship for minority students attending UNCF Member Colleges and Universities majoring in a business discipline such as economics.
University of South Dakota Scholarships
Deadline: Varies
Award Amount: Varies
USD offers eight different scholarships to its undergraduate and graduate economics students; some scholarships have GPA requirements or South Dakota residency requirements.
American Economic Association Summer Economics Fellows Program
Deadline: February 15
Sponsored by the AEA and the National Science Foundation grant, fellows spend a summer in residence at a sponsoring research institution.
American Economic Association Summer Training Program
Deadline: January 15
A six-week intensive curriculum designed to help undergraduate students learn skills and conduct research in economics in preparation for studies at the doctoral level.
American Institute of Economic Research: Internship Program
Deadline: April 1
Summer research internships are available with the American Institute for Economic Research.
Deadline: Rolling
This summer intern position involves researching issues pertaining to illicit economics issues, conducting data analysis, summarizing and synthesizing documents, and attending relevant events.
Brookings Institutions Research Internship, Center for Effective Public Management
Deadline: March 7
Undergraduate students in economics, public policy, and political science can serve as interns in the CEPM department, assisting with research, data collection, and general administration.
Central Intelligence Agency Internship Program
Deadline: varies
The CIA undergraduate internship program seeks motivated undergraduate students to serve internships in the analytic offices and centers of CIA's Directorate of Intelligence.
Congressional Budget Office Summer Internships
Deadline: February 28
Designed for graduate economics students, these internships give participants a chance to collaborate with CBO analysts on budget and economic policymaking projects.
CSWEP: Summer Economics Fellows Program
Deadline: February 15
Sponsored by the American Economic Association and National Science Foundation, this gives graduate students a chance to conduct research as well as collaborate with economics mentors and colleagues.
DC Internships: International Affairs and Economics
Deadline: March
DC Internships places students looking for experience with an international policy group, think tank, embassy, or global non-governmental organization.
DC Internships: Public Policy and Economics
Deadline: March
DC Internships helps students looking for experience in public policy and economics find placement with a government agency, Congressional office, policy group, political organization, or law firm.
International Monetary Fund Economist Program
Deadline: September 2
Macroeconomics graduate interns work in numerous departments of the IMF, but all last 10-13 weeks and require an economic research paper at their conclusion.
International Monetary Fund Internship Program
Deadline: September 2
This graduate internship is for students pursuing PhD degrees in macroeconomics and is meant to help students gain a better understanding of the IMF's workings as well as contribute to its mission.
International Monetary Fund Internship Program
Deadline: February 23
This graduate internship is for students pursuing PhD degrees in macroeconomics and is meant to help students gain a better understanding of the IMF's workings as well as contribute to its mission.
National Economic Association Summer Training & Minority Fellowship Program
Deadline: February 14
This six-week internship aims to give undergraduates the ability to study economics at the graduate level, collaborate with a team, learn from AEA mentors, and form a network of future contacts.
The Economist: Editorial & Research Internship
Deadline: varies
The Economist Group offers internships at locations across the globe in various areas, including editorial and research.
The Federal Reserve Board Internships
Deadline: March 1
Undergraduate and graduate students considering careers in economics can gain valuable work experience interning at the Federal Reserve.
Deadline: December 31
This internship takes place in Beirut; the chosen intern will conduct research on economic and social policy with the Economic and Social Commission for Western Asia.
United Nations : UN Internship Opportunities
Deadline: varies
Various internship opportunities are available for a range of majors including economics.
Urban Institute Internship Opportunities
Deadline: Varies
Internship opportunities vary widely but are available to undergraduates in economics or related fields; interns assist senior researchers at the institute to conduct economic and statistical studies.
Student Organizations
National Association for Business Economics Student Chapter
Students interested in pursuing a career in business economics are invited to join NABE or an existing student chapter.
Economics honor society, Omicron Delta Epsilon honors outstanding achievements in economics and fosters discussion of economic issues.
An annual, international economics conference at Georgetown University, brining together the world's top economics undergraduates for research and discusssion.
Professional Organizations
The AEA was founded to encourage economic research, publish developments in economics, maintain
The AEA encourages economic research, statistical study of industrial life conditions, publication of economics papers, and freedom of discussion.
Founded in 1938, AEI is a private, nonpartisan, not-for-profit institution dedicated to research and education on issues of government, politics, economics and social welfare.
The Brookings Institution is a nonprofit public policy organization based in Washington, DC established to conduct high-quality, independent research.
Canadian Economics Association
The CEA tracks economic progress in Canada as well as advancing economic knowledge worldwide through research and publication.
Center on Budget and Policy Priorities
The Center on Budget and Policy Priorities works at the federal and state levels on fiscal policy and public programs that affect low- and moderate-income families and individuals.
Aiming to broaden awareness of the economic needs of low- and middle-income workers, the EPI focuses on changing policies to include them.
The highly respected EEA is an international scientific community for scholars of economics, trade and social policy.
The IMF and its 188 member countries work to enhance global levels of financial security, trade collaboration and economic development in an effort to reduce poverty and promote equality worldwide.
The Milken Institute strives to provide workers and researchers with information necessary to solving problems and improving lives.
National Association for Business Economics
Established in 1959, the NABE, is a professional association for business economists and others who use economics in the workplace.
The NEA was originally the Caucus of Black Economists; today it continues the mission of advocating for economic equality as well as exploring issues of interest to U.S. minorities.
As the International Honor Society for Economics, this Greek organization has member chapters on campuses across the world and recognizes and promotes scholastic achievement among its members.
Founded over a century ago, the RES has the simple aim of promoting global study of economic science and boasts 3,000 members from around the world.
Society for the Advancement of Behavioral Economics
SABE is an association of scholars who are committed to the rigorous economic analysis of the world we live in.
Brookings conducts independent research to make policy recommendations to Washington. It is one of the most highly regarded economic think tanks in the country.
Focusing on the nation's economic challenges, the UI strives to make Americans aware of issues "to foster sound public policy and effective government."
This institute makes a mission of collecting data, conducting research, evaluating programs, offering technical assistance, and educating Americans on social and economic issues.
A new professional organization, this group aims to be "truly international and pluralist" and prides itself in valuing the opinions of its growing global membership, regardless of any individual's…