Why Major in Economics?

The economics major is intended for students who:

  • Want to a framework to critically analyze contemporary economic problems and to formulate policy solutions to address those problems.
  • Want to acquire quantitative skills that are desired by employers and graduate programs, particularly in economics, finance, public policy, and law.

For more information about the study of economics, visit the American Economic Association's website devoted to undergraduate and graduate studies in economics.

Why Major in Economics at Goucher?
Click here to read about what a former major had to say about studying Economics at Goucher College.

Interested in a career in Economics? 
Check out this video from the American Economic Association.

Career Opportunities

Economics majors are successful in a wide variety of careers. Although various roles in businesses are most common, economics majors are successful in law, medicine, government, non-profits, and international relations, as well as in academic roles.

Payscale.com reports its survey of people with Baccalaureate degrees (and no more) who are employed full time, showing starting salaries (typically with two-years of experience) and mid-career annual earnings. Here are selected occupations for the 2021report.

Rank   Major Degree Type Early Career Pay
Mid-Career Pay
% High Meaning
1 Petroleum Engineering Bachelors $93,200 $187,300 67%
2 Operations Research & Industrial Engineering Bachelors $84,800 $170,400 28%
3 Electrical Engineering & Computer Science (EECS) Bachelors $108,500 $159,300 46%
4 Interaction Design Bachelors $68,300 $155,800 55%
5 Public Accounting Bachelors $59,800 $147,700 47%
6 Operations Research Bachelors $83,500 $147,400 54%
7 Applied Economics and Management Bachelors $66,100 $146,400 67%
Econometrics Bachelors

Source: https://www.payscale.com/college-salary-report/majors-that-pay-you-back/bachelors

For more information about career paths and earnings, visit the American Economic Association's career website here.