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 on the American Economic Association's website:
- The Corporate World and MBA
- Economic Consulting Firms
- Law
- Banks, Government and Non-Profits
- Academia, Research and Teaching
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
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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