Those with an economics degree are very well paid compared to nearly any other field. According to PayScale, economics majors can expect a higher median entry salary than any other business concentration. Moreover, the wages are competitive with the most attractive majors to employers. Similarly, the 2016 National Association of Colleges and Employers (NACE) found that the median starting salary for an economics degree holder was $54,000; the median starting salary for all business degrees was $52,236.
| CBA Concentrations | Starting Salary | Mid-Career |
|---|---|---|
Econometrics | $64,200 | $139,000 |
Economics and Math | 68,200 | 124,100 |
Economics | 62,000 | 115,700 |
60,000 | 105,200 | |
Accounting | 54,800 | 93,100 |
Marketing | 51,700 | 96,600 |
Management | 51,600 | 86,200 |
| National median salary by bachelor's degree. Mid-career is defined as 10+ years of experience. Souce: PayScale. Data last updated 2022. | ||
Economics degree holders exhibit substantial wage growth over the first ten years of their work life, almost doubling their entry pay. This is a larger percent increase than any other business field. This growth is reflected in lifetime earnings.
The Hamilton Project examined lifetime earnings based on data collected by the US Census Bureau (American Community Survey). According to this study, the full-time median lifetime earnings of an economics majors ($1.78 million; all lifetime earnings in 2014 dollars) are more than finance majors ($1.73 million), or accounting majors ($1.59 million); lifetime earnings are substantially more than marketing majors ($1.50 million), or management majors ($1.42 million). Moreover, the lifetime earnings of economics majors are competitive with the other high demand degrees, such as computer science ($1.81 million). When including those with graduate degrees, the median lifetime earnings of an economics major is $2.09 million; the median lifetime earnings from a computer science degree is $1.94 million. As versatile problem solvers, economics majors can help any organization perform research on their customers, supply chain, internal organization, and nearly any other aspect of their business. As a result, they are well compensated.
| Other High Demand Degrees | Starting Salary | Mid-Career |
|---|---|---|
Computer Science | $75,100 | $123,400 |
MIS | 65,000 | 114,100 |
Math | 63,500 | 108,700 |
| National median salary by bachelor's degree. Mid-career is defined as 10+ years of experience. Souce: PayScale. Data last updated 2022. | ||
Those wishing to pursue a graduate degree extend their marketability further. A recent article by CNBC indicated that economics and finance was the third highest paid master’s degree resulting in a median mid-career salary of $134,000. Our department offers a 4+1 program to help well qualified candidates earn a master’s degree in one additional year of study.
Beyond compensation, economics allows you to pursue interesting jobs and switch industries throughout your career. Because economics is a method of inquiry it can be applied in varying contexts. A graduate might work in the transportation industry for a number of years, then switch to work in the wine industry. All without having to pursue further study.
