Life After Graduation: Salary of an Economics Major?

Hey, I'm considering majoring in economics but I'm not too sure about what kind of salary I can expect after graduation. Does anyone have any information or resources where I can find out more about this? I want to make an informed decision, you know? Would appreciate your help, thank you.

The expected salary of an economics major can vary greatly depending on many factors such as geographic location, level of experience, the industry you choose to work in, and any additional certifications or degrees you may possess.

For instance, on average, starting salaries for Economics majors can range from $50,000 to $60,000 per year according to the National Association of Colleges and Employers (NACE). Keep in mind this is the starting salary, and with experience and advancement, the salary can increase significantly.

The median annual wage for economists was approximately $105,000 according to the Bureau of Labor Statistics in 2020. But remember, these figures are just the median. The potential salary range for economists and related occupations generally skews higher.

Additionally, fields such as finance, business, and consulting are often lucrative options for economics majors. For instance, finance roles often pay well into the six figures, though these positions are highly competitive and typically concentrated in financial hubs like New York or San Francisco.

Lastly, while salary is indeed an important consideration, it's also critical to think about the kind of work you want to do on a day-to-day basis. The best career path for you is the one that aligns with your interests, abilities, and long-term goals, not necessarily the one that pays the most immediately following graduation.

I hope this information helps you in your decision-making process. Remember to do your own research beyond the averages I've mentioned, as salaries can vary greatly depending on the specific role and location. Good luck!