An economics major prepares students for careers in business, such as in banking, financial markets, insurance, law, management and consulting; in national, state and local governments; and in teaching, and for graduate study in economics and related fields, including business administration, finance, public policy and law.
What Economists Do
Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data. Duties may be some or all of the following:
- Research economic issues related to education, the labor force, international trade, and other topics
- Conduct surveys and collect data
- Analyze data using mathematical models, statistical tools, and other software
- Interpret and forecast trends, such as of financial markets
- Advise businesses, governments, and individuals on problems related to fiscal policy or other economic topics
- Present research in tables, graphs, and articles for academic journals, government publications, and other media
Source: Occupational Outlook Handbook
Pathways
Explore the following career pathways described by the American Economic Association's website:
A major in economics provides the logical structure that pays off in understanding the big picture, the context for entering several fields in the corporate world. Its emphasis on logical thought and problem solving skills has universal value. Many employers seek to hire graduates with these skills.
- Some students aspire to earn Master of Business Administration (MBA) degrees, typically expecting to complete a two-year program in a graduate business school.
- In addition to careers as general managers and entrepreneurs, economics majors also often pursue careers in specific occupations common to the corporate world. Economics majors with the BA degree find jobs in the financial world, in marketing, and consulting.
Some pursue one-year post baccalaureate programs for entry into a target career. The Master of Accountancy (MAc), for example, will launch an accounting career and go a long way toward completion of requirements for the Certified Public Accountant title.
Read more from the source: American Economics Association.
Economics graduates with good analytic and communication skills find employment with consulting firms. Analysts with consulting firms often work with data, develop models of specific markets, and provide testimony in public hearings and in lawsuits.
Read more from the source: American Economics Association.
The economics major is one of many common paths to law school. Many careers in law involve shaping economic decisions. Writing and interpreting contracts, supporting mergers and acquisitions, dealing with the tax system, addressing disputes of workers, landlords, and vendors; all involve decisions with significant economic content and implications.
Read more from the source: American Economics Association.
Global central banks routinely hire economists. Economists in the Federal Reserve System conduct cutting edge research on a broad range of topics in economics and finance and contribute substantive policy analyses used by the Board of Governors, the Federal Reserve Banks, and the Federal Open Market Committee.
Governments at every level hire economists to manage and evaluate their operations. There are often openings for economists with BA, MA, and PhD degrees.
One way to learn about employment with non-profits is to go to the Idealist website and look for roles in economic development or other areas of interest.
Read more from the source: American Economics Association.
The Doctor of Philosophy degree (PhD) in economics is necessary for a faculty position in economics at most four-year colleges in the US. A masters degree is the typical credential for faculty at two-year colleges. Although some students complete masters programs before entering PhD programs, many go directly from BA programs into PhD programs. Completion of a PhD requires about six years of full-time study. Holders of the PhD often also choose research careers outside of academics, including roles at the Federal Reserve, international agencies, and government policy and evaluation departments as well as in private banks, investment houses, and other for-profit ventures.
Read more from the source: American Economic Association.
Pay
According to the Occupational Outlook Handbook, the median annual wage for economists was $115,440 in May 2024.
The median annual wage for economists was $115,440 in May 2024.
- Federal government, excluding postal service $141,590
- Scientific research and development services 129,430
- Management, scientific, and technical consulting services $102,450
- Local government, excluding education and hospitals $92,440
State government, excluding education and hospitals $74,520
Source: Occupational Outlook Handbook
Economics Careers
Learn more from MSU alumni about the careers and opportunities available to you with a degree in economics.
Economics Careers
The American Economics Association created this video describing the career opportunities for economics majors with examples of professionals in business, medicine, research and academia.
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