Students majoring in economics examine how people can use their limited resources as individuals, groups, businesses, and even countries. The study of economics may be applied to food and water, health care, education, environmental policy, and more, despite having a reputation for being exclusively about money. Furthermore, economics majors generally use empirical data. Empirical data are what you rely on when studying economics. Evidence to support or refute a proposition based on observation and experimentation is called empirical data. Economists observe how individuals distribute scarce resources. Then, using the data gathered, they run experiments to forecast how people will act in the future. Numerous choices we make on a personal, societal, and even international level are influenced by these predictions. Economics is appropriate for graduate and professional studies in fields such as business management, law, and public affairs. Undergraduate degrees are also helpful for a variety of career paths. Students frequently start their studies by building a strong foundation in microeconomics, macroeconomics, and calculus, which they can apply to more advanced coursework and research opportunities.
Study Economics in the USA
International students frequently choose the US as their preferred destination since it has maintained its leadership in educational achievement. Both public and private colleges offer higher education in the US. Each campus has its own unique identity as an independent university and is totally autonomous. Compared to private institutions, where tuition costs can be very high, state universities are often less expensive. Furthermore, the university system maintains a high degree of competency and excellence thanks to its autonomy, independence, and total self-regulation. In the US, economics is a part of the department of arts and sciences at universities. This is uncommon since some universities locate economics in a department of business administration. However, because economics is a social science, it is placed in the department of arts and sciences in America. In addition, all American universities commonly prioritize taking both macroeconomics and microeconomics classes.
Advantages of Studying Economics in the USA
The United States is one of the best places in the world to study economics because it is home to nine of the world's top ten economics universities, according to US News & World Report. Besides, internship opportunities with global nonprofit organizations, international banks, and policymakers are available to American economics majors. A degree in economics can lead to careers in business, law, or other graduate programs. It's more advantageous than ever to choose economics as a major because more economics degrees now qualify for the OPT STEM extension, which permits students to stay in the US for an additional two years. Moreover, the fact that economics graduates earn more on average than any other group of social scientists is another reason why international students choose to major in the subject. According to a 2011 Georgetown University survey, the median salary for US economics grads was $70,000! Hence, studying economics in the United States might be a good decision.
Career Paths for Economics Degree Majors
There are professions in economics, and those with an economics degree have career alternatives. In other words, you don't necessarily have to use your economics degree to work for the government as an economist. Numerous economics majors pursue jobs as corporate managers, financial analysts, or scientists, among other professions. In other words, multiple possibilities are available to international students looking for jobs in economics. The abilities you acquire with a degree in economics will open the door to various kinds of well-paying and gratifying careers, from work in the government and nonprofit sectors to business and teaching. Below, there are career options for economics majors.
- Most economics careers end with the word "analyst." These positions include business analyst, price analyst, market research analyst, and operations/data analyst. Analysts, in general, examine data to seek trends. They then attempt to use the data to discover connections and associations, analyze outcomes, make predictions, and publish findings. A financial analyst supports the financial investment decisions made by organizations like hedge funds, insurance firms, and banks.
- Being an economist is another career option for the candidates. The distribution and production of many types of resources are studied and predicted by economists. Like the analysts described above, some economists who work for businesses look for patterns to increase profits for the organization. Other economists study topics including energy use, healthcare, and government spending while working for the government or nonprofit institutions.
- Teaching may be more satisfying for students who are more interested in economic theory than in actual practice. International students can work as professors and transmit important knowledge to future generations of students by earning a Ph.D. in economics. The hours are almost as good as the salary, despite the fact that this profession needs quite a bit of education. However, if you still want to teach but don't think a Ph.D. is for you, you can think about doing it at the pre-college level. In order to teach in many elementary, junior high, and high schools (or the equivalent in your home country), you usually only need a bachelor's degree plus a few education-related courses.
- Law school is available to international students who have an economics degree. You'll have a solid foundation for understanding the legal system if you grasp how economics works. Gaining analytical abilities will enable you to consider complex arguments in an abstract manner, and being able to read and analyze academic papers will also enable you to understand the frequently dense and difficult legal literature you will be studying. Before choosing this career route, be sure the field is one you are enthusiastic about because law school is expensive, challenging, and not for everyone. Despite this, many people consider practicing law to be one of the many incredibly lucrative and worthwhile careers in economics.
- You can also start your own business using your knowledge of economics. You can combine your love of economics with another interest as an entrepreneur. Whether you want to start a real estate business or a restaurant is up to you if you enjoy cooking and interacting with customers. A degree will offer you an advantage over other business owners and the wisdom to determine which risks are worth taking and which dangers you should avoid, despite the fact that starting a business is risky.
What Skills Do I Need to Become an Economist?
Whether or not you seek a job in finance, an economics degree will provide you with numerous abilities that businesses appreciate. Some of the skills that companies appreciate;
Attention to detail: Economics majors look for relationships in data and statistics. They sift through the data, digging deeply into the figures and facts until they discover anything helpful. An incredibly marketable skill set that is valuable across a wide range of sectors is the ability to uncover hidden, actionable patterns in data.
Good Communication: When economists discover information that might be beneficial to a company, they need to be able to share it with the rest of the company. A complex subject matter calls for both excellent written and spoken communication skills.
Problem-solving: While a lot of people mention problem-solving as a skill on their CV, economics majors can support it with experience in advanced math and statistics.
Conceptual Thinking: Students majoring in economics gain conceptual thinking skills and a better understanding of complicated linkages from their theory study, which is useful in work.
These skills are the requirements for a qualified economist. If you do not have any of the skills, do not be scared. They can be earned while you are studying economics.
Is Economics Right for Me?
If you want to utilize analytical thinking to behavioral research trends, policy issues, or corporate practices, majoring in economics might be the best decision for you. Moreover, you can also consider taking an economics course if you enjoy solving problems logically, consider yourself a good problem-solver, or ever find yourself wondering how the world could function more effectively. Nevertheless, if you do not feel close to any of these, or you have confusion, you should consider filling out forms and getting informed by our education advisors. They will guide you in the correct direction and help you move forward in your future career. Of course, you are the one that makes the proper decision, but maybe getting help in this adventure might be a good solution.
The Best Universities to Study Economics
If you are an international student attempting to pick the best universities to study economics, America has the best schools for economics majors, according to data. Here are the top five schools in recent years;
- Harvard University: The oldest university in America and one of the best economics schools in the world, Harvard University, comes in first place on the list. Students from all over the world compete for an acceptance letter from this Ivy League school because of the personalized attention, highly regarded staff, and established economic program. For undergraduate students, Harvard provides a Bachelor of Arts degree, as well as an accelerated program and a senior thesis program.
- Massachusetts Institute of Technology: MIT, which is famous for its demanding undergraduate program, requires all of its students, regardless of major, to complete numerous physics and humanities subjects. Although some people might find this to be a nightmare, it is one of the reasons MIT is regarded as one of the greatest economics programs in the nation. Like the other colleges on this list, MIT provides undergraduates with the opportunity to obtain a Bachelor of Arts degree and provides graduate students with a Masters and PhD program. Moreover, UROP, which stands for Undergraduate Research Opportunities Program, is one element that distinguishes MIT from other universities. Through this program, undergraduate and graduate students can collaborate to conduct research on contemporary economic concerns. Undergraduates can get a taste of graduate school through this.
- Stanford University: The college, which has been around since 1891, is renowned for producing the most Nobel laureates and Turing award winners of any university. For undergraduates, Stanford offers a B.A. in economics, and for graduate students, it offers master's and PhD degrees. Additionally, the university has a pleasant temperature and is close to the Pacific, making it ideal for students who like to relax in their free time.
- University of California, Berkeley: Berkeley was one of the first universities in the US to have a department called "economics," and it is known for its liberalism almost as much as for its top-notch educational offerings. Students can choose to major in economics with a Bachelor of Arts degree or environmental economics and policy with a Bachelor of Science degree at the institution. Graduate students have the option of pursuing a PhD or Master’s degree. In addition, Beach lovers will feel at home in Berkeley, which is only a short drive from the Pacific Ocean.
- University of Chicago: The economics curriculum at this university has had such a significant impact that it has inspired a whole school of thought, the "Chicago school of economics." The university has also generated more John Bates Clark Medalists and Nobel Prize winners than any other university in the world. The University of Chicago provides a Bachelor of Arts degree and is renowned for its challenging PhD and Masters programs.
Economics Admission Requirements
The SAT and/or ACT tests are required for the application procedure for a degree in economics. Both are fine; therefore, I advise choosing the one you believe you would perform the best on. The SAT places more emphasis on measuring a student's ability to reason, whereas the ACT places more emphasis on knowing specific facts. Additionally, universities also want to test international students' level of English. They want you to take TOEFL or IELTS. The scores depend on the school you choose, but they demand high scores.