A General Description

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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 and Business Administration 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 agencies.

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 do all kinds of things after graduation. For example, consider the following individuals who majored in economics.

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.

The 3 General Types of Economists

There are three general categories of economists: business economists, government economists and academic economists. Each type of economist applies the economic approach to decision making in a different setting.

Business Economists

Business economists work in manufacturing, mining, transportation, communications, banking, insurance, retailing, investment, and other types of organizations. They also work in trade associations and consulting organizations.

For more information on business economists, see the web site for the National Association of Business Economists (NABE).

Government Economists

Many economists are hired by federal, state, and local governments and serve in a wide variety of positions involving analysis and policy making.

For more information about positions for economists in government, go to USAJobs (use the keyword 'Economist'), which lists job openings at Federal agencies or see positions listed on the Federal Reserve Board of Governors web site. From the Board of Governors web site you can also go to each of the 12 Federal Reserve Bank home pages and check their job listings.

Academic Economists

Some economics majors graduate and go on to post-graduate studies in economics. Vanderbilt has a listing of the universities in the United States and Canada offering PhDs in economics. Many of these become academic economists, like your professors at Illinois Colleger. If you are interested in seeing the types of jobs available in academia, check out Job Openings for Economists.

Women and Minorities in Economics

Women and minorities make up a small, but growing percentage of economists. Several organizations support women and minorities in the economics profession. Visit the web sites of the Committee on the Status of Women in the Economics Profession (CSWEP) and the National Economics Association (NEA - formerly the Caucus of Black Economists)

Salaries

Graduates with a degree in economics earn, on average, high salaries. A survey by the National Association of Business Economists found the following median starting salaries for economics majors with a median salary of $65,000 in 2009.

Source: NABE.com

If you want an idea of what Federal Employees earn at various pay scales, you can find it in the Office of Personnel Salary Tables.

Economics as Preparation for Graduate Studies

A degree in economics prepares you not only for graduate study in economics, but also for graduate study in a variety of related fields. Economics majors do very well getting into and out of law school. Economics is excellent preparation for a Masters in Business Administration. Economics majors also go on to different types of graduate programs in public policy or international affairs. Economics is also excellent preparation for many interdisciplinary majors such as urban studies or environmental policy.

To see a listing of economics departments, institutes, and research centers around the world, go to the EDIRC web site.

The Search

For an overall view of occupations available, check out the Occupational Outlook Handbook. It describes almost every possible job, lists what education is needed as well as earnings and job prospects. After you've decided what job you're looking for, you'll have to prepare a resume, find job openings and get ready for the interview. A number of web sites provide help in all these areas. Quintessential Careers provides resources specifically for college students. Careers in Business has links to various career areas, a list of books on jobs in business and links to help you write resumes and cover letters.