What Can I do With a Degree in Economics?
Economics is a branch of social science that deals with the distribution and consumption of goods. We all have heard about the words, supply and demand. Simply, economics deals with the factors affecting and contributing to the need to sustain the world’s economy.
In simpler terms, economics provides guidance to keep the balance between the supply and demand. Scientists agree that the modern history of the subject can be traced to Adam Smith in 1776, when his publication the Wealth of Nations became an instant Bible to understand and comprehend the forces dealing with the production and consumption of the goods.
A degree in economics paves the way to a bright future. One of the foremost reasons that economists are and will remain in great demand is due to the study and training they are exposed to. Understand that a degree in economics requires critical thinking more than any other social science subject. The students not only evaluate a certain problem, but also employ numerical skills to solve mathematical problems. They use computers and other software applications to resolve and devise a solution to their problems.
Most students venture into the field of economics because, unlike mathematics, computer science and certain business subjects, economics allow its students to understand and come out with their explanation. Practically, economics’ students get an opportunity to implement their own theory.
On graduation, students get opportunities to work in almost every imaginable industry. Mostly banks, security brokers and insurance companies, hire them. Major universities and colleges actively hire Master’s and Ph.D. economics graduates. Remember, all major public and private schools require someone to evaluate the demands for their businesses and potential buyers.
Prestigious schools, such as the London School of Economics and Tilburg University, specifically focus on economic areas. According to the National Association of College and Employers survey in 2005, economics’ majors earn a hefty $42,000 starting salary. In 2007, analysis from the Labor of Statistics suggests that growth prospects for economic graduates remain good. Students with a specialized degree title, i.e. Master’s of economics, and a job in the private sector will tend to be in higher demand.