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FOCUS ON MAJORS

Economics

Do you enjoy analyzing behavior through a mathematical lens? Do you invest your birthday money in stocks? If so, a major in economics might be a match for you. 


A major in economics educates a student about how resource allocation, incentives, and wealth interact. The program first begins by establishing a base in macroeconomics, microeconomics, and calculus.

Macroeconomics focuses on large-scale factors in economics. For example, interest rates and national productivity are considered in macroeconomics. In contrast, microeconomics focuses on the impact of individual economic decisions.

After a student establishes a strong foundation in economics, there are a variety of concentrations he or she can take in the program. Perhaps the most important thing to consider when entering an economics program is whether it is a Bachelor of Science or a Bachelor of Arts. A BS will be more focused on mathematics while a BA will often have students use more qualitative methods of reasoning.

Furthermore, depending on a school’s offerings and a student’s personal preferences, a major in economics can be studied in the context of policy, business practices, or individual behavior. When choosing a concentration, a student should consider what he or she is most interested in. Students who are intrigued by real-world applications of economics may benefit from focusing on policy. Students who enjoy higher-level mathematics may consider pursuing a doctorate in economics; therefore, he or she should take more quantitative courses.

Regardless of the concentration, students gain a widely applicable array of skills from this major. In addition to a strong ability with numbers, students develop critical thinking skills and a nuanced understanding of the way the economic world works. This understanding can assist in any finance-related industry; professionals in accounting and the banking industry often have degrees in economics.

If a student is interested in policy, he or she can become an economic consultant. Economic consultants aid companies in solving legal disputes or preventing them. For example, an economic consultant may be used when new taxation laws come out. Economic consultants often specialize in either helping companies deal with competitors, market analysis, or regulation. Majors would have further options in the type of company they consult; consultancy firms often focus on one field, such as telecommunications or financial services.

Students who are interested in the economics of risk may enjoy becoming an actuary. Actuaries are concerned with measuring and managing risk. They often work in fields such as insurance to help prevent companies from losing money.
Majors may also become financial planners. Financial planners help individuals to manage their investments appropriately in order to maximize their value over time. Financial planning is not an exact science as the market is subject to unpredictable change. Students may be interested in this career if they enjoy working with individuals.

Finally, if students wish to become economists, they should pursue further studies. Economists develop new methods for gathering data in their fields. Their job is often to predict the future of the economic market or how specific types of companies can maximize their profit. 

 

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