An education in economics provides the student with the skills necessary to make good decisions in a wide variety of employment situations. There are three areas of employment for economists: academics, private business, and government. The majority of employment opportunities for economists require some graduate degree.
Still, an economics major or minor is helpful for a large number of careers.
The Academic Economist
Approximately one half of all professional economists are employed in academics. Academic economists are involved with teaching and doing research for colleges and universities. In addition to these responsibilities, academic economists supplement their income by writing textbooks and other educational material and by consulting. Consulting opportunities include consulting for private businesses, government, and the legal profession. For more information see
The Business Economist
Undergraduate economics majors are recruited by business firms of all sizes, from small local companies to the largest multinational corporations. An economics degree prepares students to compete with students in marketing, management, and finance, as well as with students with a liberal arts degree in history, political science, and geography. Employers who hire economics majors are interested in highly motivated students who can quickly learn a specific business. For more information see
The Government Economist
Since the New Deal era of Franklin Roosevelt, economists have moved to the forefront of government policy analysis. In recent years, economists have begun to displace political scientists and lawyers in top administrative positions in the government. Recent presidential cabinets have had more economists than any other identifiable profession. This area of employment is growing for economists because they have displayed the tools necessary for the analysis of public policy issues. In the federal government, there are positions for economists in every agency. At the state and some local levels, economists are being asked to weigh in on urban issues such as growth, zoning, and taxation. For more information see
Earnings for Economists
Many students of economics do not acquire a job that includes "Economist" in the title. Still, economics is a useful way of thinking and is thus a valuable major regardless of your official job title. In a 1995 study, the United States Census Bureau studied the average monthly earnings for workers with bachelor's degrees in various academic disciplines. Here is a sampling of their results:
| Academic Discipline | Average Monthly Earnings |
|---|---|
| Engineering | $3,189 |
| Agriculture/Forestry | $3,119 |
| Economics | $2,923 |
| Mathematics/Statistics | $2,716 |
| Business/Management | $2,626 |
| Police Science/Law Enforcement | $2,331 |
| Nursing/Pharmacy/Technical Health | $2,080 |
| Physical/Earth Sciences | $2,045 |
| English/Journalism | $2,032 |
| Biology | $1,990 |
| Psychology | $1,974 |
| Social Science | $1,922 |
| Liberal Arts/Humanities | $1,733 |
| Education | $1,699 |
According to the Bureau of Labor Statistics' Occupation Outlook Handbook 2002-2003 edition, non-academic economists' median annual earnings were $64,830 in 2000, where the middle 50 percent earned between $47,370 and $87,890, and the highest 10 percent earned more than $114,580.
In the State of Colorado for 2001, a non-academic economist's median annual wage is $64,1400 ($30.84 an hour), and an academic economist's median annual wage is $61,620. In the United States for 2001, a non-academic economist's median annual wage is $67,050 ($32.24 an hour), and an academic economist's median annual wage is $62,820.
Employment for Economists
The Bureau of Labor Statistics expects strong employment growth for economists. Over the next ten years employment for non-academic and academic economists should grow by about 21 to 35 percent. The majority of this growth will be for those with a graduate degree.
UNC Economics Alums
Academics, private business, and government are the general areas in which economists are employed; however, the best indicator of the available employment opportunities may be found by examining the current careers of recent UNC graduates with majors in economics. The following is a list of the various careers of recent UNC graduates with a major in economics:
In addition, several recent UNC graduates from the Economics program are attending graduate school pursuing M.A.s in Economics and M.B.A.s. Still others are attending Law School.
![[WAI-A - WCAG 1.0]](graphics/w3c_wcag1A_w.gif){kind=small}
For information on this page: Laura Connolly
Page last updated on: March 24, 2004
