21 Best Schools for Economics Majors | Requirements

If you have an interest in analyzing the business world and giving a forecast of what will become of the world, then an Economics major is the right degree to study. A degree in economics will give you an edge over many students for jobs.

In this article, you will see the best schools for economics majors that you can apply to in 2023. Each school has its requirements for an economics major.

For this reason, your choice of school will be considered because you have to meet their application requirements.

You might be wondering what an economics major does; this is one of the answers this article will give you. This is in a bid for you to understand what you are about to venture into clearly. Also, this article will provide you with a general overview of what you need to know about becoming an economics major or majoring in economics.

So let’s get started

What Is an Economics Major?

An economics major is a degree option that examines issues related to resource allocation, incentives and wealth, among others. Economics is relevant to graduate and professional studies in areas such as business, law, and public affairs, as well as useful college degrees for many careers.

Students often begin their studies by developing a solid foundation in microeconomics, macroeconomics, and computing, which they can use to pursue more advanced courses and research opportunities.

Those interested in the political applications of economics may wish to enroll in courses that analyze real-world problems, while students considering a PhD in economics should also explore some higher-level mathematics.

What Do Economics Majors Do?

Economics majors learn to collect, organize, and interpret data, using mathematical and statistical formulas to perform calculations. They also create models to predict the impact of investments, political decisions, industry trends, demographics, climate change, and much more.

While economics majors must be able to analyze problems and propose solutions, success in the field also requires strong communication skills. People working in economics must be able to translate their complex results into a format that business leaders, legislators, and ordinary people can understand.

While graduates with a degree in economics master the table and graph as tools for summarizing trends and results, the ability to write clear descriptions and present complicated information to others is also a vital skill for the economics major.

What You Need to Know About Becoming an Economics Major

Why Major in Economics? Is it the Right Degree for You

Specializing in economics major may be the right choice for you if you want to use analytical reasoning to study behavior patterns, policy issues, or business practices. The critical thinking skills that an economics degree can help you develop are useful in many areas.

Although students considering a career in business may be inclined to study economics, the discipline may also be relevant to those interested in law, medicine, government, and other avenues.

If you have strong logical reasoning skills, consider yourself a good problem solver, or if you are thinking about how the world could work more efficiently, you might consider enrolling in an economics course.

What Can I Do With an Economics Major?

Majors in economics learns to decode the systems behind what can often seem impossible to understand. They study economic models and theories to analyze how apparently simple buying and selling can be complicated by factors such as taxes, interest rates, inflation, labor disputes, and even weather conditions.

Also, Economics Majors learn economic theory, economic systems like capitalism, and mathematical methods. They use their knowledge to analyze how limited resources are made, exchanged, and used.

With an undergraduate degree in economics, you can pursue higher education or join the workforce. If you want to help companies and organizations in legal disputes, you can look for a job as an economic consultant. If risk analysis appeals to you more, you may want to consider becoming an actuary.

Research assistant jobs are also open to recent graduates, especially those who may be seeking a PhD in economics. In addition to a doctorate. Higher education options in the field include law school and Master of Business Administration or Public Administration programs.

With adequate preparation for the first cycle, majors in economics sometimes continue their studies in medicine.

What are the Prospective Careers for Economics Majors?

Given the scale of the specialty, there are many possible career options for people with a degree in economics. To choose the right career, you will need to consider your other skills, interests, and values.

Therefore, majors in economics can pursue a variety of career options. Well, what exactly does this include?

Some of the job titles in economic specialties include market analyst, real estate agent, urban planner, policy analyst, forecaster, research assistant, and statistician, among many others. All these works involve, to a certain extent, the application of analytical skills that are necessary for those who study economics.

Seniors with degrees in economics found employment with the following employers, among others: Federal Reserve banks, the Census Bureau, the Bureau of Labor Statistics, the Treasury Department, many banks, accounting firms, law firms. Advice on litigation and market studies carried out.

Furthermore, it seems that the main positions in the economy may actually increase. Remember that these positions are not intrinsically business-related and as such are not directly related to the state of business in the United States.

Finally, of course, as mentioned above, you can undertake graduate studies in economics. Such a diploma, such as a master’s or a doctorate, would allow you to work in positions at a higher level than that of a simple college degree. A graduate degree would also allow you to teach economics if it was something that interested you.

What Jobs Do Economics Majors Get?

Options are available for economics students in areas such as business, education, and law. Here are some job options to consider when choosing a career with a degree in economics.

Some of these career options may require additional education, training, and professional certification, but some additional career options include job titles such as:

Most jobs that specialize in economics do not have an economist in office. Here are some real jobs I see doing that would be perfect for a major economy.

• Economic Consultant
• Market research analyst
• Auditor
• Financial analyst
• Consultant
• Personal financial advisor
• Lawyer
• Investment banker
• Entrepreneur
• Actuary
• Credit Analyst
• Policy Analyst
• Management Consultant
• Business Reporter

How Much Do Economics Majors Make?

Salary can vary widely based on a number of factors, including job title, employer, and years of experience, there is data on wages in economic specialties. PayScale.com reported that graduates with a Bachelor of Science (BS / BSc) in Economics earned an average annual salary of $70,000 in November 2019.

The website also reported that graduates with a Bachelor of Arts (BA) in economics earned an average salary of $ 72,000 during the same period.

Graduate Economics Degree Salary

At the higher level, students can choose between a Master of Science (MS) or a Master of Arts (MA) in economics, as well as a Doctor of Philosophy (Ph.D.) in the field. PayScale.com reported that in November 2019, MS economics graduates earned an average annual salary of $77,000, while those with a master’s degree in the field earned an average salary of $76,000—graduates with a doctorate. In economics, he earned an average salary of $101,000.

Economist Salary by State and Industry

The BLS also explores economists’ wages by location and by industry. The highest-paying state for economists in 2018, behind the District of Columbia (median salary of $134,260), was New York with an average annual salary of $127,520. The other highest-paid states for economists were Virginia, Ohio, and California.

The highest-paid industry at the time (2018) for economists was legal services, where economists earned an average salary of $228,620. The second-highest-paid industry was management, scientific and technical consulting services, where economists earned an average salary of $133,130.

Best Schools for Economics Majors in 2023

Indeed, there are a good number of schools that offer Economics Major, but knowing the best is what really matters. With this purpose in mind, we have listed the 15 Best Schools for Economics majors in 2023. And we will be stating full detail of our ranking criteria.

Ranking Methodology

In selecting the best Schools for Economics Majors, we will consider several factors. They include:

Number of Programs: These are critical for ranking the best Schools for Economics Majors. Because some of these schools can have a good number of programs they offer which will avail you a lot of options to choose from.

Accreditation: This criterion is essential because a school can be cheap yet not have quality. So, we consider the body of accreditation as well as certification for each of these schools before ranking whether they fall in the category of regional or national accreditation.

Acceptance Rate: This aspect is necessary because the lower the acceptance rate, the better the school.

Graduation & Employment Rate: Here, we consider if these schools have a high tendency to graduate their students. Some can get enrolled but get stuck at the end. Also, we think about whether school graduates are employable by great institutions. These factors are equally very much important.

The University of Chicago

Chicago, IL

The University of Chicago is one of the best economics schools in the country. UChicago is a large, private, non-profit school located in the great city of Chicago. Also, UChicago is in our ranking of the best universities out of 8 out of 1,727 universities across the country means UChicago is a great overall university.

Specifically, the B. A economics major program aims to equip students with the basic tools to understand how a modern economy works.

Most importantly, the University of Chicago is one of the most popular universities to study economics in the United States with more than 421 degrees last year. Chicago students use their bachelor’s degrees in economics for a wide range of careers including other professional degrees in law, business, and medicine, graduate studies in applied economics and economic policy, as well as a doctorate training in economic research.

University of Chicago majors in economics receive an increase in earnings of approximately $15,317 above the average earnings of economics graduates.

Economics Major Degrees Available at UChicago

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Northwestern University

Evanston, Illinois

Economics is one of the largest in the social science program at Northwestern University.

Northwestern U is a very large, private, non-profit school located in the small town of Evanston. A Top 10 ranking of 1,727 schools across the country means Northwestern U is a great overall university.

Northwestern U offers degrees in economics as low as one to two-year certificates and up to a research-based doctorate/scholarship. Graduates of an economics report an average early career income of $69,200.

Economics Major Degrees Available at Northwestern U

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Duke University

Durham, NC

Duke University is a good option for students seeking a degree in economics. Located in the city of Durham, Duke is a private, non-profit school with a reasonably large student population. A ranking of the top universities out of 1 in 1,727 universities nationwide means Duke is a great overall university.

For those interested in something more advanced, Duke also offers two higher levels in economics, the most popular of which is a master’s degree. Duke University economics graduates earn $22,117 more than the typical economics graduate.

Economics Major Degrees Available at Duke University

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of California – Berkeley

Berkeley, CA

Located in the median city of Berkeley, UC Berkeley is a public university with a fairly large student population. This school is ranked 65th out of 1,727 overall quality schools in the state of California.

University of California – Berkeley is a university popular enough to study economics in the United States with more than 676 graduates last year. Economics graduates earn an average of $63,000 in the first two years of work.

Economics Major Degrees Available at UC Berkeley

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of California – Los Angeles

Los Angeles, CA

Located in Los Angeles, UCLA is a public university with a considerable student population. This university is ranked 49th out of 1,727 schools for its overall quality in California.

The Bachelor of Arts in Economics is one of the most popular majors at UCLA. A college degree in economics seeks to educate students about how consumers, workers, and businesses make decisions, and how these decisions are combined into economic phenomena.

For those interested in something more advanced, UCLA also offers two levels of advanced degrees in economics, the most popular being a master’s degree. Students who graduate from the economics program earn an average of $48,800 in early career wages.

Economics Major Degrees Available at UCLA

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of Notre Dame

Notre Dame, Indiana

At the University of Notre Dame, their Economics major allows you to acquire strong quantitative, analytical, and communications skills in a liberal arts curriculum. 

Students in the Economics major must take a total of 10 economics classes.

Economics Major Degrees Available at UC Berkeley

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of Michigan – Ann Arbor

Ann Arbor, MI

Located in the median city of Ann Arbor, the University of Michigan is a public university with a fairly large student population. This university is ranked 35 out of 1,727 schools for its overall quality in Michigan.

During the 2017-2018 academic year, the University of Michigan – Ann Arbor awarded 528 bachelor’s degrees in economics. For this reason, the schools have been ranked number 13 of all the colleges and universities offering this degree. This is a 21% increase over the previous year, when 436 degrees were issued.

In 2018, 70 students earned their master’s degree in economics from the University of Michigan. This makes it the 11th most famous school for applicants for the Master of Economics in the country.

Additionally, 29 students earned their Ph.D. in economics in 2018, making the school the fourth most famous school in the United States for this category of students.

For those interested in something more advanced, the U of Michigan also offers two different advanced levels in economics, the most popular of which is a master’s degree. Economics graduates earn an average of $57,200 for their first careers.

Students interested in an economics major should consult an economics department advisor.

Economics Major Degrees Available at U of Michigan

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Yale University

New Haven, CT

Yale is a reasonably large, private, non-profit school located in the city of New Haven. A ranking of the top 4 universities out of 1,727 universities across the country means Yale is a tremendous overall university.

Approximately 260 undergraduate students in economics are enrolled in this degree at Yale. The department recommends that students interested in majoring in economics take at least two introductory economics courses in the first year.

Those with a wealth of experience in economics from Yale University find employment in government agencies, nonprofits, and economic advisory and investment banking.

In addition to pursuing graduate studies in economics, majors in economics also pursue graduate studies in law, medicine, and business. Yale University economics graduates receive an increase in income of approximately $13,717 compared to the typical income of economics graduates.

Economics Major Degrees Available at Yale

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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New York University

New York City, New York

Located in New York City, NYU is a private, non-profit university with a fairly large student population. This university is ranked 129 out of 1,727 universities for its quality in New York State.

Most importantly, the economics major offers two concentrations, politics, and theory. With the permission of the Director of Undergraduate Studies, students may switch from one attention to another, but specific rules apply. In both cases, no course may be taken for which the student does not have the appropriate prerequisites; This includes mathematical conditions.

Approximately 576 undergraduate economics students are enrolled in this significant program at NYU. Students who graduate from the economics program earn about $56,900 for their first careers.

Economics Major Degrees Available at NYU

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of Florida

Gainesville, FL

The University of Florida is one of the best economics schools in the country. Located in the median city of Gainesville, U of F is a public university with a large student population.

Students in Economics major will learn the essential skills used to determine the implications of economic decisions for allocating scarce resources in society. As well as the pricing of goods and services, the distribution of income, the behavior of macroeconomic variables, and the effect of government intervention, A degree in economics is also suitable for students who wish to pursue higher studies in the social sciences and vocational schools.

For those interested in something more advanced, U of F also offers four higher levels in economics, the most popular being a Ph.D. (research/scholarship). Students in the University of Florida’s economic studies program earn $8,000 more than the average college graduate in this field shortly after graduation.

Economics Major Degrees Available at UF

• Bachelor of Arts Economics Major
• Master of Arts in Economics Major
• Doctorate Degree in Economics Major
• Combined BA/MA in Economics Major

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University of California – San Diego

San Diego, California

The University of California at San Diego is a public research university in San Diego, California.

BA’s economics major program is designed to provide a broad understanding of resource allocation and revenue determination mechanisms. As well as the development of economic analysis tools and their application to contemporary problems and public policies are emphasized.

This specialty is considered excellent preparation for doctorate studies in economics and business administration and postgraduate studies for professional management degrees, including the MBA.

Economics students generally recognize the importance of mathematics in their discipline. Undergraduate students pursuing doctoral studies in economics or business need the most advanced mathematical training prescribed in this specialty.

Economics Major Degrees Available at UChicago

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Vanderbilt University

Nashville, TN

Located in the big city of Nashville, Vanderbilt is a private, non-profit university with a relatively large student population. This school ranks 18th out of 1,727 schools for overall quality in Tennessee.

Approximately 331 undergraduate economics students are studying in this program at Vanderbilt. Economics graduates earn about $68,100 in the first two years of work.

Economics Major Degrees Available at Vanderbilt

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of Washington

Seattle, Washington

The Department of Economics at the University of Washington houses the Center for Economic Policy Research, which researches to provide useful empirical information for policymakers.

Students majoring in Economics at the University of Washington researched fiscal policy, health policy, economic and commercial development policy, etc.

Economics Major Degrees Available at UW

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Rutgers University

New Jersey, United States

Rutgers, New Jersey State University, commonly known as Rutgers University or UK, is an American public research university in New Jersey. It is the largest institution of higher education in New Jersey.

The economics major includes core microeconomic theory, macroeconomic theory, and econometrics courses, complemented by a wide range of elective courses covering many fields. Much emphasis is placed on modern quantitative data analysis methods combined with rigorous theoretical models.

Students can focus their studies on various certification programs, and qualified students can do independent research projects such as a specialization thesis.

Economics Major Degrees Available at Rutgers University

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of Connecticut

Mansfield, Connecticut

The University of Connecticut, Department of Economics, is home to 32 professors, more than 1,100 undergraduate students, and approximately 90 graduate students. They are proud of the success of their students after graduation.

Many of his college graduates have pursued careers in insurance, banking, and government, both state and federal.

While graduating with his master’s degree pursued his doctorate. Program or have distinguished themselves in business and government positions. Many colleges and universities in the region and worldwide have faculty members who have earned their doctorates from the Department.

Economics Major Degrees Available at Connecticut

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Dickson College

Carlisle, Pennsylvania

At Dickinson, majors in economics learn to think creatively and deeply about some of the world’s most critical economic concerns. The Department of Economics supports two specializations: economics and quantitative economics.

The 11-course major in economics explores economics from various traditional and non-traditional theoretical perspectives to address issues of economic efficiency. As well as economic growth, social justice, power, individual freedom, discrimination, cultural values, and environmental destruction.

Economics Major Degrees Available at Dickson College

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of Southern California – Santa Cruz

Los Angeles, CA

Located in Los Angeles, USC is a private, non-profit university with a fairly large student population. This school ranks 40th out of 1,727 schools for its overall quality in California.

The UC Santa Cruz Department of Economics program is designed to familiarize students with various topics economists study.

Also, the Department of Economics administers four undergraduate majors: economics, business management economics, global economics, and economics/mathematics. The qualification requirements for the primary return are the same for all four.

All majors in economics must study a substantial core of economic theory and mathematical and statistical methods and then choose from a wide variety of options at the graduate level.

The University of Southern California is a school popular enough to study economics in the United States, surpassing 287 graduates last year. Students who complete this degree report an average early career income of $47,300.

Economics Major Degrees Available at UCSC

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major/Minor
• Doctorate Degree in Economics Major

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University of California, Davis

Los Angeles, CA

The UC Davis Bachelor of Economics program curriculum includes teaching deductive reasoning and pattern analysis to help understand economic theory, strategies, tactics, policies, and consequences.

At the same time, students receive training in modern empirical analysis methods and data that are needed in the business and professional world.

Above all, the program aims to teach students how to assess existing economic knowledge and collect, develop, and interpret data related to social and business phenomena.

Economics Major Degrees Available at UC Davis

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Florida State University

Tallahassee, FL

Florida State University is one of your best options for studying economics. Located in Tallahassee, the state of Florida, is a public school with a huge student population.

Students specializing in economics must also meet the college degree requirements to graduate. The Department of Economics is the largest department of the Faculty of Social Sciences and Public Policy. Specifically, they have 34 full-time professors and an active research program. At the undergraduate level, they offer a major in economics, a major in economics, as well as several specialized study programs.

For those interested in something more advanced, the state of Florida also offers two different advanced levels in economics, the most popular of which is a master’s degree. Graduating students report an average early career income of $39,300.

Economics Major Degrees Available at FSU

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of California – Riverside

Nashville, TN

The UCR specialization in economics offers students a rigorous analytical study of economics with a deep understanding of microeconomic and macroeconomic theory and the theory and application of statistical analysis.

This specialization would be suitable for students planning to pursue graduate studies in economics and would also provide training for students to become practicing economists.

Economics Major Degrees Available at UCR

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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University of Virginia – Main Campus

Charlottesville, VA

Located in the small suburb of Charlottesville, the University of Virginia is a public school with a reasonably large student population. This university is ranked 33 out of 1,727 for its overall quality in Virginia.

For those interested in something more advanced, the University of Virginia also offers two different advanced levels in economics, the most popular of which is a master’s degree. Graduates of economics earn an average of $59,700 in starting career wages.

Economics Major Degrees Available at UVA

• Bachelor’s Degree in Economics Major
• Master’s Degree in Economics Major
• Doctorate Degree in Economics Major

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Economics Major FAQs

In Conclusion

In this year’s ranking of the best colleges for an economics major, we analyzed 418 colleges and universities offering a bachelor’s degree in economics. For this reason, we picked out the 21 best schools for economics majors. To select the best, we used our ranking factors to determine the top 21 universities for economics students.

References

• collegefactual.com – 2023 Best Colleges for Economics
• usnews.com – What You Need to Know About Becoming an Economics Major
• study.com – Salary of an Economics Major: How Much Do Graduates Earn?

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