Average Salary for Economics Majors - Is It Worth It?

Hi everyone! I've been considering majoring in economics when I head to college, but I'm curious about the financial prospects. Can anyone share what the average salary for an economics major looks like? Also, are there certain industries where economics majors tend to earn more? I want to make sure I'm making a smart choice in terms of both my interests and future financial stability. Any insights or advice would be really helpful. Thanks so much for your time!

Hello! It's great that you're weighing your interests and financial prospects—that's a smart decision for your future. According to recent available data, the median annual wage for economists was approximately $108,000. However, remember that many things can influence an economics graduate's salary, such as the specific role, the industry they work in, and their level of work experience.

Economics lends itself well to various fields and industries due to its broad applicability. Sectors that often see higher pay for economists include finance and investment banking, consulting, and tech. For example, an economic consultant's median salary is roughly $74,600, while an investment banker typically earns a significantly higher income—over $100,000 per year, not including bonuses, which can be substantial.

These numbers, however, can vary greatly depending on various factors such as the location, the person's negotiation skills, and the economic cycle. Working for the government either at the state or federal level is also a common career path for economics majors, though the pay is typically lower in the public sector compared to the private sector.

It is also worth pointing out that many high-earning positions in these fields require advanced degrees or at least a few years of work experience. Therefore, your initial salary after graduation may be lower than these figures. Remember that a major does not only dictate your career and, thus, your future income but also equips you with certain skills that can be applied across many different sectors—especially one as versatile as economics. I hope this information is helpful to you!