Among others, an economics degree gives you versatile job options. It allows you to pursue jobs in various dimensions and industries, apart from giving you sound knowledge of the government systems, taxations, economic growth of the world and how outcomes are affected by rules. It enhances your critical thinking skills on finance, resource management and your understanding of how markets work.
But the completion of an economics degree requires effort and determination. As a full-time student you will need at least 120 credit hours and it will take you about four years to earn your degree.
In this post, you will learn some advantages and disadvantages of an economics degree to help you determine if it is worth it.
- Tough To Find Jobs in Your Area
Although there is a wide scope for economists in various industries, it also depends on the area where you are living and your knowledge of how jobs are advertised in this field. They are usually not announced with the word economist or economics anywhere. You need to be familiar with job titles and how they are advertised when economics work is needed for a position. You may not get a good job when you initially complete your major in economics. You might have to study further to land a good job.
- A Graduate Degree Is A Must
Mostly government offices and academic institutions hire using the title economists. They are always seeking qualified individuals who have an advanced knowledge on various categories of this degree. If you want a good job as an economist, you may have to further your education and obtain a master’s or doctorate degree. If you only have an undergraduate degree, it may not be enough.
- Bad Reputation
Many people think that an economics major is just some worthless degree. They feel the only individuals that pursue economics in college simply want a degree to get a job. It is quite possible that your family and friends will think you are doing something meaningless.
- Must Study Math
Some students mistakenly believe that they can avoid math by pursuing an economics degree. This degree requires you to learn advanced math so you can use formulas to discover information about people and how they function. The math is so advanced that it might scare some people off. Along with math, learning graphs is also a crucial part of the curriculum.
- Uncertainty Of Decisions
The ordinary person interprets information and perceives issues differently than the sophisticated critical thinking economist. Many people or businesses will seek and take the advice of an economist even if they do not agree or understand but, if you make the wrong decision, it could cost the business a lot of money. If you want to study economics because you are generally interested in knowing about people and how they function, be aware that there are many topics in economics that have no definite answer. If you have a problem with a gray area or cannot deal with making bad decisions due to uncertainty, economics may not be for you.
Here Are The Pros
- Teaches You Valuable Skills
Economics equips you with tools that help you understand the factors that shape a community. You will have a broader understanding of how people live and exist together. The subject teaches one to study about the different choices people make and understand why they make such choices.
- Great Choice For Indecisive People
If you are someone who is unable to decide on a career option even after your bachelor’s degree, then an economics major is a safe degree to go with. Since this subject teaches you other subjects, you can always decide later on what type of degree you want for your master’s or doctorate in.
- Higher Salaries
Economics majors usually have higher salaries than several other degree majors, depending upon who they work for. The private sector typically offers the most opportunities and the highest salaries for economist. Some of the best economist jobs pay up to $137,500 per year. There are many employers who are willing to pay higher salaries to the right candidate if you have proved yourself valuable while obtaining your degree or in the early stages of your career.
- Keeps You Updated with Current Affairs
An economist is always updated with the current affairs and trends on the market. Economic changes are common, such as a sudden decrease in employment or an upswing in the stock market. As an economist, you get to study these trends, understand the reason behind the changes as you are always attending classroom discussions. Any changes announced in government policies are best understood by economists.
- Varied Concentrations
An economics major student has the chance to choose from a broad range of specialized fields. These include environmental economics, economics statistics, applied microeconomics and economics in education. You can select any one field or more and choose to specialize in them for a specific job prospect or area of interest. The best part about this degree is that you can study economics if you are interested in this subject, yet choose another sub-category to pursue a career later in.
- Understanding of Market Economy
An economics major student can better understand the economy and functioning of the market. They can better analyze and predict market trends and help companies make profitable decisions. There are various macro-level and micro-level global issues that you understand better after studying economics. You understand government policies better and can even guide others on choosing the right investment policies.
- Improved Logical Skills
An economics degree teaches you better logic reasoning. It teaches you to think analytically and critically, keeping various market factors in mind. It helps you foresee problems that may arise in a business, that other degree holders may not be able to analyze. This is the reason major industrialists and business hire economics as their business analysts. They help them avoid and solve issues as well as make decisions regarding manufacturing, business practices and selling the company.
The study of economics paves the way for improvising on the living conditions of people. If you love numbers and are interested in people and world affairs, then perhaps this is the right degree for you.