Is Economics a Regretted Major?
| Starting Salary | Mid-career Salary | Unemployment Rate | Job Satisfaction | Regret | |
|---|---|---|---|---|---|
| Computer Science | $68,300 | $114,000 | 3% | 77% | 23% |
| Business Administration | $54,100 | $87,000 | 3.3% | 68% | 27% |
| Economics | $57,900 | $105,000 | 4.4% | 47% | 70% |
| Psychology | $37,800 | $66,000 | 4.9% | 44% | 82% |
| English Language/Literature | $44,500 | $74,000 | 5.2% | 38% | 85% |
The Regret Factor
According to a survey conducted by PayScale in 2021, 70% of economics majors regretted their choice of major, making it the second most regretted major after psychology. The main reason for regret cited by the respondents was the limited career opportunities and low job satisfaction.
Some economics graduates warn that while the degree provides a strong theoretical groundwork, it fails to give a strong set of skills that can be used post-college. They claim that the degree is too abstract and theoretical, and fails to develop practical skills that are in demand by employers.
What is Economics?
Economics is the study of how individuals, businesses, and governments allocate resources, make decisions, and interact with each other in the production, distribution, and consumption of goods and services. It is a social science that uses scientific methods to explore and explain human behavior and transactions that involve trade-offs between different alternatives.
Economics can be divided into two broad categories: microeconomics and macroeconomics. Microeconomics focuses on the behavior of individuals, households, and firms in the market and how they interact with each other. Macroeconomics, on the other hand, deals with the behavior of the economy as a whole, including inflation, unemployment, and economic growth.
What Can You Do With an Economics Degree?
An economics degree can provide a strong foundation for a career in finance, business, or government. Economics graduates can work in a variety of fields, including banking, consulting, market research, public policy, and academia.
Economics graduates can also pursue further education by obtaining a master’s or a doctoral degree in economics or a related field. A master’s degree in economics can lead to a job as an economist or a research analyst, while a doctoral degree can lead to a job as a college professor or a research economist.
Job Satisfaction
Job satisfaction is an important factor to consider when choosing a major. According to a survey conducted by PayScale in 2021, economics majors had a job satisfaction rate of only 47%, one of the lowest among all majors surveyed. The main reasons cited for the low job satisfaction were the lack of job security, limited career opportunities, and unsatisfactory work-life balance.
However, job satisfaction can vary depending on the specific field and job within economics. For example, economics graduates who work in consulting or market research may have higher job satisfaction than those who work in public policy or academia.
Skills Developed in an Economics Degree
An economics degree can help develop several valuable skills, including:
- Quantitative analysis
- Critical thinking
- Problem-solving
- Data interpretation
- Research skills
These skills are valuable in a variety of fields, including finance, business, and government. However, it is important to note that an economics degree may not provide the practical skills required by many employers.
Conclusion
While an economics degree can provide a strong theoretical foundation and develop valuable skills, it is important to consider the limited career opportunities and low job satisfaction associated with the major. Economics graduates may need to obtain additional practical skills or pursue further education to increase their competitiveness in the job market. It is crucial to research and consider all factors before choosing a major.
Sources: PayScale, Investopedia, Best College Reviews