Economics majors can be found in nearly every field imaginable. From worldwide research projects to NGOs, your local bank officers to IRS employees and even entrepreneurs. No matter what type of career or adventure you’re looking for, an economics major is a great choice because it expands your options, unlike many other majors.
If you are still in school and plan on running a business one day, here are 4 reasons why a major in economics may be something to consider.
Higher Education: Economics Won’t Limit Your Future Choices
If you’re currently pursuing a bachelor’s degree or just about to start college but aren’t sure where you want to end up in the future, a major in economics won’t limit you. For example, maybe you are interested in large-scale research projects.
With an economics degree, you can be an analyst or research assistant right after graduation. But you could also go on to get a master’s degree and lead these types of projects.
Alternatively, if you develop an interest in the law and want to pursue that, an economics major will prepare you to enter any major law school program. Economics is also a great degree to have before you start on your MBA if you want to go into a business field or even start your own company.
A Valuable Degree in Any Field: Higher Pay, More Job Opportunities
Economics majors are just as valuable to charitable organizations as medical professionals. An economics major can help limited funds, personnel, and supplies to do the most good. Economics majors can help solve global issues or improve the local community equally.
With this type of value across the board, a degree in economics is an easy entry on the list of fastest-growing jobs and those with the highest median pay. In the US, the average salary for someone with a bachelor’s degree in economics is about $70,000.
Long-Term Employment Possibilities: Stability and Benefits
Many degrees these days will inevitably lead to a well-paying job with some effort. Today, however, few degrees will lead to a job that lasts more than a handful of years. A degree in economics allows you to choose from many steady, established career opportunities. You can settle in and not worry about your future.
Many of these careers exist within the federal government and have an average tenure of nearly 7 years. In the private sector, economics majors can also find long-term jobs in both the financial and business sectors that offer better-than-average pay and job growth in addition to stability.
Flexibility if You Want a Career Change
If you ever get tired of the status quo and want something more than stability, the careers you can get with an economics degree aren’t limited to “safe” or “classic” choices. Not only that, but any experience you gain is easy to transfer.
For example, if you have a decade of experience in traditional banking, maybe even as a bank officer, you can easily move into economic consulting or take a job as a price analyst. Both of these positions could offer you a completely different day-to-day but still capitalize on the skills you already have.
All of these benefits can help you make a comfortable living. These benefits will also make the transition to entrepreneurship much less stressful as you will have a valuable degree that you can fall back on and many opportunities to become financially stable at an early age.