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What Can I do with a Major in Economics?
So, you want to be an Econ Major! What's in it for you?
Economics is a major that plays different roles for different people. At Illinois College, all major's in the Economics, Finance and Accounting department are deeply embedded in a liberal arts program. Although there are several disciplines within the department, the economics major is most deeply embedded in the liberal arts. You can major in economics to prepare for careers in for-profit businesses, non-profit business, government, law, and charitable organizations.
The most important skill that all organizations want their people to have is the ability to think and solve problems. Particular occupations may require special skills, but the needed skills change. The need for people who can think and solve problems does not. Economics is probably the major that best trains you to think in a way that's useful for solving problems. That's what's in it for you. It turns you into a thinking machine that organizations highly value. As a sidelight, becoming a thinking machine changes the way you view life and understand problems.
What do Econ Majors Do after Graduation?
Econ majors enter all kinds of careers after graduation. For example, consider the following individuals who majored in economics.
Business Leaders
Ted Turner – CNN, Atlanta Braves.
Richard Trumka – President of United Mine Workers
Steve Ballmer – CEO Microsoft
Esther Dyson – Silicon Valley Software Pioneer
Diane von Furstenberg – Fashion Designer
Meg Whitman – CEO E-bay Technologies
Athletes and Sports Figures
John Elway – NFL quarterback
Bernie Kosar – NFL quarterback
Mike Mussina – MLB Pitcher
Tiger Woods – Professional Golfer
Politicians and Policy Makers
George H.W. Bush – Former US President
Ronal Reagan – Former U.S. President
Gerald Ford – Former U.S. President
Phil Gramm – US Senator
Arnold Schwarzenegger – Actor/Governor
Musicians and Actors
Mick Jagger – Rolling Stones
Mario Van Peebles – Actor/Director
Young M.C. – Singer
Lionel Richie – Singer/composer
Danny Glover - Actor
Economics should be seen as an all round major that prepares you to be an all round person. All the other business majors developed as spin-offs of economics. With economics you study the core reasoning that underlies all business decisions. It's like studying the operating systems of computers rather than studying software. John Maynard Keynes said, "the theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique which helps its possessor to draw correct conclusions."
His quotation helps to explain why economics majors pursue a wide variety of careers after graduation. Economics is an approach to decision making that is valuable to all aspects of life. Individuals, employers and graduate schools find the techniques used in economics "to draw correct conclusions" very useful. For these reasons economics majors are found pursuing all sorts of careers after graduation, and very often they are not in positions titled "economist." If you're thinking of becoming a lawyer, economics is a perfect major. If you're planning on becoming a CEO or running your own business, economics is a perfect major. If you're planning on becoming an investment banker, economics is a perfect major. However if you're planning on becoming a CPA, economics is not the major for you but accounting majors are well served with at least a minor in economics. Many accounting majors double major in economics.
Here are some potential job titles and hiring organizations
Potential Job Titles for Econ Majors.
REPRESENTATIVE HIRING INSTITUTIONS
Source: University of Mary Washington The Office of Career Services
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