It's difficult to know if a major is the right fit for you. It must combine your interests and your talents, and also give you career options when you leave college. Is economics the right major for you? Here are the pros and cons.
Pro: You will almost definitely have a job when you graduate.
There are many employers who want to hire economics majors, in a wide variety of fields. This means that the job outlook for your future is pretty optimistic. Economics majors go on to do everything from accounting to law.
Con: There’s a good chance that the job won’t be in your field.
Since there’s a much higher demand for economics majors than there is for economists, most people go on to work in a data entry position rather than studying the engaging topics that got them interested in economics to begin with.
Pro: You’re learning valuable skills.
Studying economics equips you with the tools needed to understand the forces that help to shape our community. These translate into other areas of life, as you see how people live and work together. At its core, economics is about studying the choices people make and why they make them.
Con: You need to get a graduate degree.
The main industries looking to hire economists are government and academics, both of which are looking for qualified individuals who are willing to go above and beyond in their pursuit of economics. This typically means that you need a master’s or doctorate degree to be considered for these positions.
Pro: You’re learning interesting things.
It’s not all facts and figures. While your friends majoring in finance are focused on money, you’re looking at people. This is why in some universities the economics department is found in the social sciences, rather than the college of business.
Con: It has a bad wrap.
The public view of economics majors seems to be that they are people who simply want a degree so that they can get a job - any job. For this reason, it tends to be placed on lists of worthless degrees. So, your friends and family may not see what you are doing to be as meaningful as you do.
Pro: This is a great major for indecisive people.
Since you’re learning a diverse range of material and you have so many different opportunities when you graduate, economics is a great major for people who aren’t quite sure what they want to do after college. This way, you can find out what you like without getting off-track for graduation.
Con: You will have to take more math classes than many of your friends.
While you’re learning about people and how they function, math still plays a huge role in the field of economics. You have to learn advanced formulas that may scare some people off. It comes with the territory.
Pro: It is one of the top grossing majors.
You will have a higher average starting salary than most others, depending on where you end up. Economics majors provide a valuable service and people are willing to pay a little extra for it.