About Economics

Economics is a social science involved in manufacturing, distributing, and consuming goods and services. It explores how individuals, businesses, governments and nations make decisions for resource allocation. Microeconomics (focuses on the behaviour of individual consumers and producers) and Macroeconomics (examines overall economies on a regional, national or international scale) are the two major types of economics.

　　Economics is mainly focused on production and exchange efficiency, employing models and assumptions to understand how to create incentives and policies that maximise economic efficiency. Economists develop and publish various economic indicators, including GDP and the Consumer Price Index (CPI). Economists also determine which methods produce the best results because there are numerous applications for human workers and resources.

　　

Is Economics right for me?

The field of economics is rapidly expanding due to increased global trade. Cryptocurrencies and Fintech are also reshaping today's economic landscape and economists with a robust economic foundation will be able to benefit the economies of countries.

　　The connections between the economies will provide you with an international understanding of how the world works and insights into various cultures, people, and societies. Economics places you in an excellent position to hone your analytical and complex problem-solving abilities.

　　

Study options and costs

　　After completion of high school, students may pursue a bachelor’s degree or an associate’s degree in economics. An associate degree introduces students to economic theory, financial systems and applied economics. General education courses in the humanities, social sciences and math are also included in associate programmes. The degree spans two years and costs up to $31,680.

　　A bachelor’s degree in economics tutors students in economic theory, forecasting, and economic policy. The programme spans four years and may cost up to $140,000.

　　Graduates in economic studies may pursue a master's degree in economics or an MBA with a concentration in economics. A master's degree in economics focuses on theory and research, preparing students for doctoral studies and academic careers. On the other hand, MBA in economics focuses on practical business skills and prepares students for management positions. The degree spans two years and may cost up to $80,000.

　　Students who want to pursue studies further and long for a career as a professor may undertake a PhD in Economics. A degree is awarded only after completion of research work. The degree may span three to five years and may cost up to $150,000.

　　

Future outlook

Economic activities are growing rapidly due to better communication infrastructure and technological advancements. According to the U.S. Bureau of Labor Statistics employment opportunities for economists are expected to grow by 13% in this decade. On average, 1,600 job openings are estimated for economists every year. The average annual salary for economists is $105,630 in the US.

　　Demand for economists is expected to rise as businesses increasingly employ economists to apply big data analysis for pricing, advertising, and other areas. The global economy's increasing complexity and competitive business environment are also expected to boost demand for economists.

　　

Career pathways for Economics graduates

　　

Supply Chain Analyst

　　Supply chain analysts examine the processes that occur throughout the operations of a supply chain to identify inefficiencies and areas for improvement. They are expected to increase output at the lowest possible rates. The average annual salary of a supply chain analyst is $67,947 in the US.

　　

Economic Consultant

　　Economic consultants frequently collaborate with legal professionals to produce analyses and data for finance-related legal cases. While paralegals typically handle most of these responsibilities, consultants may be called in for larger, more complicated cases. The average annual salary of economic consultants is $67,968 in the US.

　　

Loan Officer

　　Loan officers collaborate with applicants to reach an agreement that benefits both the individuals and the lending institution. They are in charge of determining the creditworthiness of applicants and devising a solution for the customer. The average annual salary for loan officers is $75,911 in the US.

　　

Portfolio Manager

　　Portfolio managers are in charge of the funds or fund groups assigned to them. To make the best decisions for their fund, they must research the economic climate, trends, sentiments, and perform other analytics. The average annual salary of a portfolio manager is $77,641 in the US.