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Is an Economics Major Right for You?

Is an Economics Major Right for You?

Inflation is at a 40-year high and supply chain issues continue to impact the availability of goods. If you are wondering how we got here and what could have been done differently, then an economics major might be right for you! An economics degree prepares those with a passion for solving business problems and a spirit for innovation for a wide range of fulfilling careers.

What is an Economics Major?

Economics majors learn how individuals and corporations make decisions about allocating scarce resources. When you choose economics as a major, such as Ottawa University’s Bachelor of Arts in Business Economics degree program, you will be provided with real-world insight into the decisions made by leaders in business – entrepreneurs, managers, associates, executives, shareholders, etc. – as well as the impact of those decisions on society. The curriculum is built on a foundation of critical thinking and the necessary skills to enter the business world with confidence. Ottawa’s accelerated, online economics degree offers a solid starting point for advancement into a business or government position, as well as for graduate work in business, law, economics, and finance.

Should I Choose Economics as a Major?

As a graduate with an economics degree from Ottawa University, you will gain critical thinking skills and learn the tools and techniques to be able to provide solutions to real-world problems. These skills include analyzing existing systems, mining economic data, using degree knowledge to solve business problems, and making recommendations to enhance efficiency and/or equity.

The career outlook for economics majors is booming! Employment in this field is projected to grow 5% through 2029, according to the U.S. Bureau of Labor Statistics. The salary for economics-related occupations ranges from $51,000 to $89,000, depending on the role. Those who wish to advance within the field by earning an MBA: Finance concentration could enjoy a median salary of $108,350 per year, with a job growth rate of 14%.

Courses in an Economics Degree

As an economics major, you will gain a strong foundation in courses such as macroeconomics and microeconomics. You will also dive deeper into more advanced topics such as Money and Banking, Entrepreneurial Economics, and Investment Finance. Take a closer look at these courses below.

  • Macroeconomics

Focuses on inflationary consequences of monetary and fiscal policies designed to eliminate poverty and unemployment, the significance of money and government deficits in the attainment of goals of high employment and economic growth in a non-inflationary environment, and the role of the dollar in international trade.

  • Microeconomics

Study of the role of prices in allocating and developing scarce resources to meet the needs and demands of consumers, the impact of the profit motive on business size and efficiency, the economic power of large-scale business firms, and the interplay of private and public choice through price controls, business regulation and taxation.

  • Money and Banking

Studies the role of money and banking in United States economic development and international finances. The course explores the significance of money, banking history and development, commercial banking operations and structure, central banking and monetary management, alternative international monetary systems, and monetary theory and policy.

  • Entrepreneurial Economics

Highlights the decision-making of for-profit and non-profit entrepreneurs and the impact of those decisions on society. Special attention is paid to the tensions created by those who support free-market policies versus those who believe that governments must intervene to correct market failure.

  • Investment Finance

Explores financial systems and financial institutions, along with the primary forces which affect them. An emphasis is placed on instruments and interactions in money and capital markets and analysis of firms for portfolio management.

For the complete Economics curriculum and course descriptions, please download an Economics program overview.

Economics Concentrations

Keep in mind that having a degree in economics does not put you on a one-size-fits-all career trajectory. Choosing an economics specialization can help you fill a niche in the job market that makes you coveted as a new hire. Ottawa University allows you to customize your economics degree to your preferences and skills by selecting one of three concentrations.

  • Finance Concentration

With a Finance concentration, you’ll immerse yourself in different financial models and strategies, gain expertise in the management of capital, and explore international finance. Upon graduation, you’ll be prepared to seek management and finance careers in public accounting, controllership, corporate accounting, and taxation at investment firms and corporations.

  • Human Resources Concentration

Our Human Resources concentration is designed for working adults who wish to pursue a management position in a human resources setting. You will cover legally prescribed standards for measuring work performance; compensation; labor-employee relations; and recruitment, selection, training, development, and appraisal of employees. You will graduate a more effective human resources leader.

  • Leadership and Management Concentration

If you choose to specialize your studies with a Leadership and Management concentration, you will learn to develop key skills in problem-solving; decision-making; systems analysis; and planning within financial, economic, managerial, and technological contexts.

Best Jobs for Economics Majors

Jobs for economics majors can be found in nearly every industry. Graduates of Ottawa University’s accelerated, online economics program are prepared for a wide range of economist roles. For example, you may be interested in management positions within areas such as data analysis, administration, consulting, and process improvement. Because finance is a sub-field of economics and a core component of our economics degree, graduates will also be prepared to compete with finance majors for jobs such as financial planners, security analysts, and insurance underwriters.

Top Careers in Economics

According to Indeed, the leading job board used by job seekers and employers, there are 18 top jobs for economics majors. Among them are our top 10 bachelor’s-level roles.

  1. Credit Analyst

A credit analyst evaluates client credit scores by accruing specific information.

  1. Personal Finance Advisor

A personal finance advisor helps people achieve short and long-term financial goals.

  1. Policy Analyst

A policy analyst studies national economic trends related to corporations and government entities to make economic forecasts and identify trends

  1. Supply Chain Analyst

A supply chain analyst evaluates supply chain operations to identify inefficiencies and develop solutions.

  1. Economic Consultant

An economic consultant is hired to work with legal professionals to generate analyses, data, and evidence for legal cases related to economics or finance.

  1. Business Reporter

A business reporter focuses on stories related to financial trends, economic policies, and corporate and government actions that affect the national financial landscape.

  1. Loan Officer

A loan officer determines the credit standing of loan applicants and works to find a lending solution for customers.

  1. Management Consultant

A Management consultant works with both public and private organizations to assess areas for operational improvement and develop improvement plans.

  1. Economist

An economist studies financial trends and conducts research to create economic forecasts related to stocks, bonds, spending, exchange rates, inflation, and more.

  1. Compensation Manager

A compensation manager develops and administers an organization’s compensation/benefits plans.

If your interest is piqued, learn about starting a career in Economics.

What Now? Risk vs Reward

It’s time to evaluate your own risk of waiting to pursue a degree in economics vs the reward of getting started on an accelerated, online degree in economics. Put your career in the driver’s seat and get more information today!

See Also:

What is an Economist

Lucrative Jobs in Finance

Starting a Career in Economics

Posted: 05/05/2022 by OU Online
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