Graduate Studies and the M.B.A.: A degree in Economics not only prepares you for graduate study in Economics but also for graduate studies in a variety of related fields. Economics is an excellent companion for interdisciplinary majors such as business management, history, urban studies or environmental policy.
Economics provides solid preparation for a Masters in Business Administration, to enter law school, or to pursue different types of graduate programs in public policy or international affairs. Leading MBA programs often give preference in admission to applicants with technical backgrounds such as engineering, physics, math, and economics.
Law School and Economics: The economics major is one of many common paths to law school. The Law School Admission Council provides the official guide to law schools for the American Bar Association. The Guide emphasizes extensive reading and library research, skill in synthesizing large amounts of information, and logical thinking. In addition to general skills, the Guide points to a breadth of knowledge of history, politics, finance, human behavior, and diverse cultures.
Economics majors with the BA degree find jobs in the corporate and financial world, in government, in areas such as finance, marketing and consulting. Graduates who have acquired good analytic and communication skills are in demand by business, government and consulting firms who work with data, developing models of specific markets, and who must provide testimony in public hearings and in lawsuits.
Specialized Training and Economics: Students who have specific occupational goals often enroll in a program of training for their occupation. For example, a finance specialization leads to careers in banking, actuarial work, budget analysis, data analysis, financial planning, forecasting, stock brokers and investment, and retirement planning.
Graduates with a degree in economics earn, on average, high salaries. A survey by the National Association of Business Economists found the median annual base salary for economists was $70,000.
Economics minors and co-major students find that the study of Economics enhances quantitative skills and critical thinking. Many degree programs, especially those that require extensive reading and library research, require skill in synthesizing large amounts of information. Logical thinking is enhanced by economic theory.
Careers such as business, law, public health, politics, and education involve decisions that are economic in nature and which have significant implications for our future. Decision makers with a background in economics and who understand its historical impact are crucial in these areas.
Many graduates find that a few years experience with a consulting firm is a good lead into an MBA, law program, or graduate study in economics. Economists routinely serve as consultants in many areas.