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Economics Definition

An economics degree is the study of production and consumption of goods and services. A degree in economics will ask students to evaluate market systems, understand economic principles and evaluate models of production, distribution and consumption through deductive reasoning.

Economics relies on a foundation of mathematics and social understanding and attempts to understand the behavior of people in on a small on large scale. Studying economic growth and interaction is the primary focus of an economist, and requires several skills sets in order to accomplish.

Career Summary

MEDIAN SALARY

$112,860

PERCENT ABOVE NATIONAL
INCOME AVERAGE

67.16%

TOTAL SECTOR EMPLOYMENT

19,380

Degree Median Salary vs Adjacent Degree Types

Source: BLS, US Census, and IPEDS

2024 Best Economics Degree

Harvard University never leaves the spotlight as one of the leading universities. It always gives quality education and lots of opportunities for the students in all areas of study. Including the Economics program where on our site. Harvard ranked number 1 that offers the best Economics degree program in the United States. The university’s Department of Economics always aimed for the best and excellent education that they could offer to the students. They believe that an organized and well-diverse environment is the most perfect place that students can acquire the knowledge and skills they need in the world of Business Industry and Economics. Moreover, the program prepares the students to become a stimulating and productive economist in the future. 

Acceptance Rate

4.64

Student to Faculty Ratio

7:1

Columbia University is located in heart of New York City and has placed as the 2nd best school that offers a top rated economics degree. It offers a great opportunity to learn more about economics as well as its multiple other pursuits. The economics program is designed to provide research across money markets, financial frictions, business cycles, macroeconomics and more. The university’s economic program is able to give a broad knowledge about real world issues. After graduation, Columbia students will learn to leverage knowledge and data to better understand market trends and thorny problems of all types.   

Acceptance Rate

5.45

Student to Faculty Ratio

6:1

Brown University is one of the leading universities that offers an excellent program in different areas of study. One such program is the top economics degree which is offered as an undergraduate degree, PhD, as well as a masters degree at Brown University. The economics department is designed to provide much broader scope on race, media, global warming, big data, employment, taxes, globalizations, and more. Brown offers several concentrations in economics where students are required to meet with school advisors before declaring at concentration and approved by ASK. BU  offers financial aid programs for qualified student to help defray the cost of earning a degree and minimizing debt upon school completion.   

Acceptance Rate

7.07

Student to Faculty Ratio

6:1

University of Pennsylvania offers equal opportunities to all of its students, faculty members and staff. Each degree-based program is designed to be engaging and challenging to extend thinking and stretch personal limits.  The academics at UPenn have garnered national attention for decades and continue to produce quality programs and outstanding academic results year over year.   Specifically, the top rated economics degree at UPenn has been ranked as one of the best in the country in our study this year.  The economics track provides undergraduate degree and master's degree programs for students of varying interests and abilities.   The school provides an important liberal component to its curriculum to help students think in a more comprehensive, well-rounded fashion. 

Acceptance Rate

7.66

Student to Faculty Ratio

6:1

University of Chicago empowers the students through giving them a rigorous interdisciplinary core curriculum. The degree programs at the University of Chicago have a diverse and creative way of imparting knowledge to the students.  With those techniques  in mind, students will develop critical thinking, writing skills, observations skills and understanding about the world around them.  The economics degree program is an undergraduate degree at UChicago that we found to be one of the best in the nation.  Students can leverage this degree to move on to graduate studies or jump into the workforce in a variety of industries.

Acceptance Rate

6.17

Student to Faculty Ratio

5:1

Stanford University has been offering various programs for over one hundred and twenty-five years with astounding results. The university has earned yet another arrow in its proverbial quiver for placing as one of the top rated economics degrees in the country this year.  Professors at Stanford crafted a unique program to provide a broad study of economics to help better understand market systems and understand economic principles that affect our everyday life.  The Department of Economics assures that students academic rigor in an effort to best prepare them for life after school as economists.  The lectures and economic case studies help provide color and context to an ever-changing market we all grapple to understand. 

Acceptance Rate

4.34

Student to Faculty Ratio

5:1

Dartmouth College creates a holistic approach to learning and development for the benefit of students and faculty alike.  This highly regarded university offers a bevvy of academic opportunities for students at the undergraduate and graduate level.  In addition, Dartmouth Faculty partner with adjacent departments and community organizations to provide the best learning experience for their student body.  Likewise, the economics degree program at the university is specifically crafted to provide students an engaging, robust experience.   Students are exposed to different courses that are intertwined with economics such as finance, macroeconomics, strategy and competition, international trade and labor economics to provide perspective and context to the course material.  All of which are taught by some of the most renowned faculty members in higher education.

Acceptance Rate

7.93

Student to Faculty Ratio

7:1

Duke University is one of the best universities in the country and one that continues to offer a high-quality education from exceptional staff and faculty.  The university is rated very highly yet again for accredited colleges and universities that offer an economic degree program.  Within the economics department at Duke, students offer majors and minors in econ at the PhD, graduate, and undergraduate level.  The course catalog reveals the school offers a BA in economics, BS in economics, a minor in economics, and a STEM designation for qualified students.  Learn more about the varied econ programs at Duke University today and find out where a quality education can take you.

Acceptance Rate

7.6

Student to Faculty Ratio

6:1

California Institute of Technology popularly known as Caltech is a notable university for its rigorous curriculum and outstanding academics. Caltech offers students the education they deserve in a challenging, academically inclined environment. Staff and faculty at CalTech work hard to provide coursework and materials to intellectually stimulate students and expand thinking systems.  The institution’s economic degree program is rated highly on our study this year for its academic strength and leading edge economic theories. 

Acceptance Rate

6.42

Student to Faculty Ratio

3:1

Pomona College located at Claremont, California is a private liberal arts college that was established in 1887. The university offers a variety of programs for undergraduates, graduates, and professional degrees.  The liberal arts school placed high on our list this year for accredited colleges offering majors in economics.  The economics degree program at PC offers students wide range of courses to best understand the forces that continually shape our society and economy at large.  Student will typically take core economics courses that include allocation of resources, global issues, statistics, local issues, economic theory, and  policy.  Pomona College has designated the economics degree as a STEM designated program by DHS which provides opportunities for those F-1 students.

Acceptance Rate

7.4

Student to Faculty Ratio

7:1

Swarthmore College has always been a student-centered school. It offers a robust liberal arts curriculum in a challenging, supportive environment.  The college fosters innovation and a high level of communication as a means to collaborate with faculty, other students, and staff. They believe that building a diverse and inclusive residential community that enriches each student’s perspective and world perceptions. Courses in the econ degree program at Swarthmore include international trade, game theory, finance, labor markets, econometrics, health services, and economic development.  

Acceptance Rate

8.93

Student to Faculty Ratio

8:1

The SC Johnson College of Business at Cornell University offers a high quality applied economics degree program.  The school is of the Ivy League and the Dyson School of Econometrics and Management exceeds expectations.  The major in applied economics and management is offered as an undergraduate degree with flexible degree requirements.  In addition, Cornell provides a number of robust graduate degree programs for students to pursue.  Examples of graduate degrees include a Master in Professional Studies program in Applied Economics, MS in Applied Science, and a PhD in Applied Science. 

Acceptance Rate

10.85

Student to Faculty Ratio

9:1

Northwestern University is a highly regarded academic institution with a stellar reputation for quality programming and rigorous curriculum.  Within the Weinburg College of Arts and Science, students will find an exceptional economics degree program that basically helps students understand how choices are made in a market-based society and evaluate outcomes of those decisions in discrete terms.  Economist use criteria such as equity, efficiency, stability, and alternative choices to assess consumer decisions.  Economics affects all aspect of our lives from grocery shopping to health care and from automobiles to child care.  With the myriad decisions available, economists work to provide insights to the noise to better inform individuals and corporations. 

Acceptance Rate

9.05

Student to Faculty Ratio

6:1

University of Notre Dame is one of the most popular Catholic Schools in the United States. It offers a variety of programs from graduate studies to undergraduate degree programs in a wide variety of studies. UND believes that a degree in economics is both valuable and versatile.  You can find the economics major within the College of Arts and Letters at UND in the school’s course catalog.  Economics students learn strong quantitative analysis in addition to communication and analytical skills within the nexus of a liberal arts education.  Graduates from the program have let us know the scientific and social insights help better understand the myriad forces at work in our society. 

Acceptance Rate

15.83

Student to Faculty Ratio

10:1

The School of Economics at Georgetown University has made the list in this years study for best economics degree programs in the country.  Georgetown strives to provide the  education and tools for students to excel in the vocation of their choosing after graduation.  In fact, the student-centered university provides intellectual rigor, self-reflection and social justice knitted together in a holistic curriculum.  The economics degrees offered at GU include the span of undergraduate, graduate, and PhD programs.  GU provides a roadmap for students in the economics program that include coursework, research, tutoring, applications for teacher assistants, advising, and honors society. 

Acceptance Rate

14.36

Student to Faculty Ratio

11:1

Rice University has created an integrated learning culture that weaves values, academic rigor, and community into everyday life.  As a leading higher education university, Rice has remained distinctive and committed to its mission to inspire students. Specific to the degree in economics, prospective students can find the programs in the Department of Social Sciences for graduate and undergraduate degree levels.  By fostering a deeper understanding of economic forces, the faculty help students understand how public policy is formulated and assessed.  The combination of applied economics, theoretical, and empirical knowledge to advance the understanding of economics in the micro and macro scope of commerce. 

Acceptance Rate

8.72

Student to Faculty Ratio

N.A

Vanderbilt University offers a variety of programs that help students expand their thinking with rigorous curriculum and leading-edge tools.  The Department of Economics can be found within the College of Arts and Science at Vanderbilt University.   Generally, the students enrolled in economics will note the courses are constructed to provide theoretical,  analytic, and quantitative problem solving skills. In addition to courses in macroeconomics and microeconomics, students will take statistics and math-based classes in addition to targeted electives. The minors and majors in economics can be found via the Department of Economics along with a course list and application to the program. 

Acceptance Rate

9.12

Student to Faculty Ratio

7:1

Washington University in St Louis offers a leading economics degree program for qualified students.  The economics program can be found within the School of Arts and Sciences at Washington University in St Louis.  The faculty have published information on both graduate degree programs and undergraduate degree programs in economics.  In addition, the research, career information, and news help current and prospective students better understand the school’s commitment to the study of economics.  Students can expect in-depth learning in the broad-based economics learning domain in addition to specialty fields of study such as Behavioral Economics, Development Economics, Financial Economics, Market Design, Game Theory, Industrial Organization, Public Finance, and Mathematical Economics.

Acceptance Rate

13.85

Student to Faculty Ratio

7:1

Johns Hopkins University is one of the leading higher education institutions in the country.  The academic reputation, published works, and alumni help perpetuate a culture of excellence year over year.  The Economics Department at JHU is a leading program offering a robust graduate degree and undergraduate degree in economics.  Faculty at JHU strive to provide insights and perspective on markets, government, and industry from an economic lens.  Both macro and microeconomics come into play to better understand local and national inflation, growth, monetary policy, public policy, unemployment, and business cycles.  

Acceptance Rate

11.17

Student to Faculty Ratio

7:1

Barnard College offers advanced research opportunities, digital literacy, and a flexible curriculum to help shape student thinking.  The economics program at Barnard College is yet again on our list of top schools for its rigor, quality, and alumni feedback.  The school offers economic degrees as both majors and minors.  Specifically, you can find the programs that include an economics major, economics major with an emphasis in political economics, economics and math major, social history and economics major, statistics and economics major, and a 4 + 1 operations research economics major.  All share similar foundational classes plus additional classes to help student specialize in differing areas of study. 

Acceptance Rate

11.77

Student to Faculty Ratio

9:1

The economics degree at Washington and Lee University is offered as a Bachelor of Arts degree program.  The overall strength of quality of the degree pathway helped W&L jump into the list of economic programs this year in our comprehensive study.  The faculty provide a quality curriculum to allow students to think critically about economic and social events through the lens of economic analysis.  Learn more about the research initiatives, field experience, student activities, scholars on-site, fellowships, and employment opportunities for those completing the Washington and Lee economics degree program.

Acceptance Rate

18.57

Student to Faculty Ratio

8:1

University of Southern California offers a diverse curricular program and extensive opportunities to all of its students, faculty members, and staff.  As one of the leading universities in both academics and research, USC offers qualified students undergraduate and graduate degrees in economics.  A typical school year at USC reveals over one thousand undergraduate students, two-hundred plus graduate students, and over fifty faculty members in the economics department.  Integrative thinking about the economy is combined with the ability to leverage relevant economic theories in addition to creative and critical analysis to arrive at novel conclusions about the economy.

Acceptance Rate

11.42

Student to Faculty Ratio

9:1

Claremont McKenna College is popularly known for the quality education they offer from computer science to engineering.  This year, our study revealed a suite of robust degrees in economics that have vault the program into the national limelight.  Degrees in economics offered by CMC include an economics major plus dual degree programs in economics and accounting.  Student successfully completed the econ major at Claremont will typically move on the graduate school or enter the workforce in industries such as politics, teaching, accounting, law, or business.  Both majors and non-majors of economics can participate in electives offered by the department. 

Acceptance Rate

10.3

Student to Faculty Ratio

8:1

Middlebury College is a student-centered university that is committed to providing strong education in the liberal arts tradition.  Specific to the economics program, the faculty at Middlebury have simply stated that economics is structured to provide insights into how the world around us functions.  The major in economics equips students with quantitative and qualitative thinking methodologies in combination with solid reasoning to discern facts about economic events.  In addition to standard classroom work, students at MC will often collaborate with faculty on designated research projects that can lead to publication. 

Acceptance Rate

15.36

Student to Faculty Ratio

8:1

Hamilton College is a liberal arts school that instills students with a strong purpose for being and investing in their community of active learners.  The curriculum program designed by Hamilton faculty ensures a sharpening of critical thinking skills and  communication skills as foundational elements of their studies.   The economics degree crafted by the Hamilton College faculty help students identify and assess economic issues both past and present.  In addition, students are taught how to structure economic policy around those issues and analyze those decisions as intended and/or unintended consequences of such policies. 

Acceptance Rate

16.39

Student to Faculty Ratio

9:1

Economics Students Admissions Programs

Economics degrees are available from the associate level onward, though a minimum of a bachelor's is usually necessary for most entry level work, and a doctorate for the highest-level positions.

Students participating in an economics curriculum will learn the basics of economics through macroeconomic and microeconomic courses, which cover market analyses principles at the international and personal levels.

Economics majors will have been exposed to various economic principles, such as supply and demand, cost-benefit analyses, and diminishing returns, as well as a study of economic systems and how they affect economic principles in their implementation and execution.

Students will also study cases and participate in the construction and analyses of models of increasing complexity in order to better comprehend the practical application of economic theory in a real-world setting. Courses in an economics program may include:

Online Economics Courses & Degrees

Online degrees in economics provide students a number of degree types to select when considering programs. The most common type of online degree in economics is the doctorate degree with over 58% of those surveyed by the U.S. Department of Labor having a PhD.

The next most popular degree in economics is a masters degree with nearly 30% of survey respondents holding this degree which is followed by a bachelor degree at just under 10% of those survey respondents. With a designated economics degree major, many students add a minor area of concentration or double-major.

Typical minors and double majors include finance, business management, operations management, organizational design, statistics, and organizational leadership. To help you decipher the best universities for economics and the best economics degree for you, simply study the section below to being your research.

Online Bachelor Degrees in Economics

The on-site or online bachelor degree in economics will typically take students 4-years of full-time matriculation to complete. The program will blend core economics curriculum with general education courses such as philosophy, English, math, and psychology to help expand a students way of thinking about the world.

The core curriculum in an economics program will depend on whether you enroll in a Bachelor of Arts (BA) or Bachelor of Science (BS) program but will likely include classes such as: macroeconomics, microeconomics, financial management, analytics, investments, capital markets, statistics, financial markets, financial analysis, and probability.

Most colleges encourage students to choose a specialization within economics. Specialized knowledge allows students to go deeper and wider into specific learning domains. Examples of economics specializations that are extremely popular include: statistical analysis, actuarial science, macroeconomics, real estate, quantitative finance, world economics, and microeconomics.

Master Degree Courses in Economics

The masters degree earned online in economics can be found as a Master of Science (MS), Master of Arts in Economics (MA), or as a Master of Business Administration (MBA). The school's admissions team will be able to quickly let you know which is offered if you cannot find it online. Masters degree programs are designed to help students develop analytical skills, data analysis, data synthesis, market knowledge, and critical thinking skills to the economic field.

Students will typically have the opportunity to take classes such as market analysis, global economy, energy management, healthcare markets, emerging economies, sports economics, data analysis, monetary policy, finance management, policy analysis, financial markets, behavioral economics, banking, econometrics, urban systems, and big data.

In either case, students will focus time on understanding of financial markets, financial intermediaries, valuation of financial instruments, rates of return, market behavior, and incentives in the market.

By leveraging academic theory and real-world application of business, data, behavior, and policy, students will be exposed to a variety of tools to be used across myriad industries. Masters degrees in economics typically take students 1-2 years to complete after meeting all lower-level course requirements depending on the courses taken at a given time.

Online PhD in Economics

Doctorate degrees in economics are constructed to prepare students for teaching positions in higher education, research careers in government agencies, careers in business, law, or healthcare organizations. PhD degrees in economics are considered postgraudate terminal degrees with no additional degree programs after it.

Doctoral programs in economics build on macroeconomics, microeconomics, and econometrics to offer specializations in fields such as environmental economics, behavioral economics, finance, labor economics, international trade, public finance, political economy, and development.

The PhD program in economics will likely take three to five years to complete after all lower-level requirements are met. Most economics programs will end with students assembling, crafting, and defending an economics-based dissertation.

Business Programs for Students in Economics

Pursuit of employment opportunities as an economist is difficult due to the limited number of positions available and the high level of education required. More typically, students who have pursued a degree in economics will use that education to pursue employment and job opportunities in related fields.

Some may choose to augment their education with additional courses in business, finance, marketing or find ways to apply economic theory to other fields. Since economics primarily deals with the analyses of systems, specifically in regard to money, jobs in analyses are often considered a good alternative. Other fields an economics degree holder may pursue are:

  • Investment Banking Analyst
  • Investment Banking
  • Financial Analyst
  • Market Research Analyst
  • Sales Analyst
  • Data Analyst

How Much Do Business Economics Majors Make?

How much income you can make after earning a degree in economics will depend upon a number of factors that include your degree choice, work experience, geographic location, industry, employment demand, skills, organizational structure, and professional network. As a result of these factors, we have gathered information from the BLS to help you understand a span of careers associated with economics and ranges of income to consider.

Economist: The median annual income of an economist is $101,050 with an expected growth rate of 6% in the coming decade which will add some 1,200 jobs during this time.

Financial Analyst: Annual median income for financial analysts is $81,760 based on the most recent data available. A 7% employment growth rates is expected for financial analysts which translates to 32,300 additional jobs in the coming decade.

Budget Analyst: Annual median compensation for a budget analyst is $73,840 with a steady employment outlook in the years ahead.

Cost Estimator: Job prospects for a cost estimator look good with an expected growth rate of 9% in the coming decade with an annual median income of $61,790 on a national basis.

Political Scientist: Political scientists make an average of $114,290 on a national basis with the top 25% making $141,5500 and the bottom 25% surveyed making $86,600.

Statistician: The median annual income for a statistician is $80,500 with a whopping 35% employment growth forecast which should add over 10,000 jobs in the coming decade.

Mathematician: The annual median income for mathematicians is $105,810 with the top 25% averaging $129,730 and the bottom 25% making $72,440 a year. Jobs should grow at an 21% clip in the coming decade adding around 1,000 jobs during that time.

Economics Majors in Business

Careers in economics are incredibly diverse. In fact, we are asked on a weekly basis 'what can you do with an economics degree' by prospective students. Students earning an economics degree can find themselves working in a non-profit organization, publicly traded company, or private corporation in a variety of capacities.

Your area of interest, skills, and specialized knowledge will meld with a job opportunity to enable you to enter an industry that makes sense for you. A list of the most popular jobs you can get with an economics degree can cut across industries such as healthcare, sports management, finance, banking, business, insurance, government agencies, and consultant organizations of all types. The list of economics degree jobs includes:

Environmental Economist Stockbroker
Research Analyst Controller
Business Intelligence Director Teacher
Auditor Financial Planner
Market Research Analyst Banker
Economist Risk Analyst
Pricing Analyst Public Taxation Specialist
Entrepreneur Transportation Manager
Statistician Energy Specialist
Sales Manager Data Analyst
Financial Consultant Private Consultant

Economist Careers & Salary Outlook

Economists annual income is $112,500 per year which is nearly three times the national average salary. Top economists average over $170,000 a year while the bottom 10% average around $56,000 per year. Income is driven by work type, organization, work experience, education, and scope of job duties. The largest employers of economists are government agencies followed by private consultants, and R&D firms.

The projected job growth for an economist is expected to be steady over the coming decade adding some 1,200 jobs during that time. Economists tend to occupy research long term research positions for various foundations and universities, as well as government sectors.

Individuals seeking a position in economics research and application will find that they must typically pursue higher levels of education and demonstrate and extensive understanding of economic theory and principle necessary to propose and complete projects. Individuals may work under more notable economists for several year prior to pursuing individual projects as part of their overall career development.

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