Bachelor’s degree in economics has always been desirable among undergraduate-level students. This is not surprising considering that this degree prepares graduates to enter the job market by giving them those all-important analytical and critical thinking skills which of course opens a lot of career doors for people who hold this degree (such as a career in finance, business, banking, etc.)

If you have a bachelor’s degree in economics you can apply for a job in both the private and public sectors and the median salary you can expect to get is approximately 70,000 dollars.

But what exactly does getting a bachelor’s degree in economics entail?

We have found out an answer to this and many other relevant questions, so just keep reading if you want to find out.

 

What is economics?

In simple terms, economics focuses on and studies the rules of supply and demand. Students who study economics try to understand the principles that govern the production and consumption of goods and services.

You can study those principles on two scales: microeconomics (small scale) and macroeconomics (large scale). As an economist, you will also try to understand the spending habits of both individuals as well as communities.

 

Is the bachelor’s degree in economics the right step for you?

 

If you are interested in learning about people’s spending habits, about their finances, and about how supply and demand works then the answer would be yes.

Keep in mind that the program also makes heavy use of numbers and various economic patterns. So, you need to be good at math and be able to read statistics.

 

The courses that you will be learning at university.

 

The first step is to create a solid analytical and mathematical foundation. Of course, each college program has its idiosyncrasies and the courses vary slightly; there is also the difference between on-campus and online undergraduate programs. But in general, you could study consumer economics, applied game theory, health economics, money and banking, urban economics, etc.

In consumer economics, you will be introduced to the most prevalent trends and focus on how consumers make decisions to spend their money and how their decisions impact the economy. You will also learn about the consumer protection agencies whose job it is to protect consumers from predatory behavior.

The game theory examines how the decisions of an individual impact the group. You will learn how to apply the elements of game theory to various scenarios.

The money and banking course will introduce you to various financial institutions and the history of money in general. You will delve deeper into financial and banking markets and learn about what role the federal government plays in creating monetary policy and regulations.

In health economics, you will learn about the impact of health and health care on the economy. You will focus on the demand for healthcare, health insurance, medical spending as well as study the health market and healthcare policies.

In the urban economics course, you will learn about urban area development (i.e. how cities grow and what is the impact of their growth on the economy). You will also be required to examine the prices of various properties in different areas, and study where people live and how accessible or inaccessible is the housing market.

Universities also offer so-called concentration courses such as financial economics, public policy, international economics, health policy, behavioral economics, and more.

 

Career options for those who hold a bachelor’s degree in economics. 

 

If you’re planning to acquire, a bachelor’s degree in economics you will be happy to learn that your career choices after graduating are copious. With your bachelor’s degree, you can become an economist, an accountant, a financial analyst, an advisor, etc. Analytical skills and critical thinking skills you will acquire during your studies are becoming increasingly important in today’s market, so you will not be short of job offers.  If you need assistance to build up these relevant skills, consider getting a trained economics tutor to help you.

 

A closer look at some of the career choices.

 

As an economic consultant, you will be required to write financial reports based on your research, you will also be seeking out investment opportunities (bonds and stocks).

As a market research analyst, you will be analyzing the financial market data and its trends to determine how the economy can affect a certain product or service. You will present the results of your research to your clients (this might be the government or a multinational corporation).

Another popular career choice is a management consultant. In this job, you are required to analyze the causes of problems that occurred in business transactions and suggest possible ways to fix them. Qualified and experienced management consultants are highly sought after by all types of businesses and, needless to say, the work is very well remunerated.

Another professional all businesses need to have on their payroll is an accountant. If you choose to work as an accountant, you will be overseeing the financial accounts of your clients and you will also be in charge of their financial books; you will be preparing their taxes and making sure your clients follow the financial laws of your country.

 

Choosing the right bachelor’s in economics program.

 

Not all bachelor programs are made equal so pay close attention to what the University of your choice is offering. Keep in mind that you can earn two types of degrees in economics. The first one is the Bachelor of Arts degree and the second one is the Bachelor of Science degree. Although both programs offer more or less similar education there are some subtle differences. So read your chosen universities’ application requirements carefully to make sure that they are offering exactly what you’re looking for.

 

To conclude, a bachelor’s degree in economics is a worthwhile investment of both time and money. The studying process is not easy and many top-level universities charge premium prices for this type of degree; however, if you’re naturally talented in mathematics and you decide to study economics there is a high chance of you building a successful career and earning more than enough money to support your lifestyle.
###
July 10, 2021