It may be hard to imagine that whales were a key driver of the U.S. economy less than 200 years ago. Yet, whaling was a booming business in the mid-19th century—among the five largest contributors to the national GDP.
But by the late 1800s, the whaling industry was floundering. Some economics scholars blame this on changes to market conditions and technological innovation, claiming these economic shifts put the whaling industry belly-up.
The U.S. no longer participates in whaling, but economists still use their analytical skills to assess economic successes and failures among businesses and entire industries. With a bachelor’s degree in economics, you can join this force of professionals who use the past to predict how current market conditions might impact modern societies.
If analyzing economic trends and forecasting market behavior sounds like an exciting career path, a bachelor’s in economics might suit you. Keep reading to learn everything there is to know about earning an economics bachelor’s degree.
What Is a Bachelor’s Degree in Economics?
A bachelor’s in economics is a four-year undergraduate degree exploring the systems that govern the production, consumption and exchange of goods and services. Economics majors also study how populations manage scarce resources.
An economics degree prepares graduates to enter the workforce with a strong understanding of the national economy and how to solve complex, business-oriented problems.
Bachelor’s programs typically comprise 120 credits. A bachelor’s degree in economics usually involves courses like macroeconomics, microeconomics and statistics. Most programs also offer concentrations such as business economics, law and economics, financial economics and international economics. Some schools require internships as part of their curricula.
Admission Requirements for a Bachelor’s Degree in Economics
Admission requirements for economics programs vary by institution. However, most schools require applicants to submit a high school diploma or the equivalent (such as a passing score on the GED® exam). They also ask for official transcripts.
Some schools ask applicants to send standardized test scores, while others are test-optional. If your school is test-optional, but you scored well on the SAT or ACT, consider sending your scores anyway to further highlight your academic strengths.
Other common application materials include personal statements, college application essays, and letters of recommendation from teachers or guidance counselors.
Specializations for a Bachelor’s Degree in Economics
Many economics programs allow students to pursue a specialized field of study. Below are a few common options.
Financial Economics
Financial economics examines the key drivers for financial markets. This subdiscipline analyzes how individuals, corporations and governments make financial decisions.
International Economics
This specialization focuses on the economic interactions between nations. Scholars in this subfield analyze these interactions to determine their economic and political implications for international markets and foreign investment.
Law and Economics
Students pursuing this concentration study the intersection of law and the economy, often in preparation for law school. This specialization emphasizes why specific finance-related laws exist and how they impact the economy.
Common Courses in a Bachelor’s Degree in Economics
A bachelor’s in economics exposes students to various business, economics and math courses. Here are a few common examples:
Microeconomics
Microeconomics courses focus on the fundamentals of economic institutions and concepts. Students learn about the market economy, how prices are determined and how buyers and sellers interact.
Macroeconomics
In macroeconomics classes, learners study concepts like consumption, economic growth, inflation, money and stabilization policies.
Introduction to Statistics
Introductory statistics courses introduce students to probability, statistics theory and data science applications. Students learn data collection and analysis principles, including descriptive and predictive analysis.
Economics of Urban Policies
Many urban policy problems are rooted in economics. This class helps learners understand how economics principles can address contemporary issues like rent, income, homelessness, housing taxation and urban poverty.
International Economics and Finance
This course covers international trade and finance, delving into topics such as trade policy, factor mobility, international capital flow rates and foreign exchange rates.
Bachelor’s Degree in Economics vs. Bachelor’s Degree in Finance: What’s the Difference?
At first glance, a bachelor’s degree in economics might seem similar to a degree in finance, but these business-oriented fields differ considerably.
A bachelor’s in finance focuses on how individuals, businesses and other organizations allocate capital resources. The degree explores how personal and business finances interact with assets such as money, investments, stocks and bonds. It also covers concepts such as budgeting, saving and planning for retirement.
Economics, on the other hand, studies how people and societies distribute resources. Economics majors examine the behavior of microeconomic agents like governments, businesses and individuals. They also study macroeconomic issues such as inflation, economic expansion and unemployment.
Ultimately, a finance degree focuses more on the practical aspects of managing money. Economics, by contrast, is more concerned with economic theories and principles.
What Can You Do With a Bachelor’s Degree in Economics?
A degree in economics opens the door to various career paths in business and finance. The below salary data comes from the U.S. Bureau of Labor Statistics.
Economist
2022 Median Annual Salary: $113,940
Minimum Required Education: Bachelor’s degree required, master’s in economics or a related field preferred
Job Overview: Economists research and analyze monetary and fiscal policy. They interpret forecasts of economic trends, conduct surveys, and present their research findings in academic papers and presentations. Economists study education, international trade and the domestic labor force.
Financial Analyst
2022 Median Annual Salary: $95,080
Minimum Required Education: Bachelor’s degree
Job Overview: Financial analysts help businesses and individuals make sound financial decisions. They study financial statements, make investment recommendations, and monitor the health of organizations’ or individuals’ portfolios. Financial analysts stay updated about financial and economic trends, prepare written reports for their clients, and know how to interpret and act upon historical financial data.
Management Analyst
2022 Median Annual Salary: $95,290
Minimum Required Education: Bachelor’s degree
Job Overview: Management analysts—also called management consultants—work with management teams to help make organizations more efficient. They gather information about problems in the workplace by interviewing personnel and conducting in-person observations. Management analysts also collect data about organizations’ revenue and expenditure history to make recommendations about increasing profit and efficiency.
Project Management Specialist
2022 Median Annual Salary: $95,370
Minimum Required Education: Bachelor’s degree
Job Overview: Project management specialists oversee the completion of projects across industries like business, construction and finance. They direct teams of workers to carry out the various steps needed to complete the project. They also serve as liaisons between clients and organizations. Typically, project managers aim to keep a project within its allotted budget and schedule while overcoming unexpected obstacles as they arise.
Learn more with our guide on how to become a project manager.
Statistician
2022 Median Annual Salary: $98,920
Minimum Required Education: Bachelor’s degree required, master’s degree preferred
Job Overview: Statisticians leverage mathematical and statistical models to solve problems in fields like business and engineering. They collect data via polls, surveys and interviews, interpreting results using specialized software. Some of these professionals also write software programs to analyze data more efficiently.
Frequently Asked Questions (FAQs) About a Bachelor's Degree in Economics
What jobs can I get with an economics degree?
An economics degree can open the door to an array of careers in economics, including financial analyst, project manager and statistician roles.
What type of economics degree is best?
The best economics degree depends on your specific career goals. Workers with a bachelor’s in economics can qualify for roles like project manager, statistician and financial analyst. However, advanced or research-intensive positions, such as a statistician or economist, often prefer candidates with a master’s degree in economics.
