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“Choosing a major is often complicated and requires an introspective analysis and grounded research on the industry”, says Vasy Kafidoff, co-founder of the WritingMetier. It is not surprising that about 30% of students change their major at least once. This is a difficult decision that influences one’s life and career greatly.
When looking into a career of an Economist, some students might base their choice on the future profit that the profession brings. It is known that financial experts have a steady income and good employment prospects. Yet, it should not be the only reason to choose the profession. To make a decision wisely, one needs to understand what it includes, what knowledge requires and how one can implement it in a future career. Another crucial factor is interest and personal involvement in this field.
Economic Science and Its Significance
This major is not limited to understanding money and financial systems. The modern definition of this subject went far from the original Adam Smith’s ideas. Adam Smith is considered the father of modern Economics, yet he defined it as “an inquiry into the nature and causes of the wealth of nations”. The main critique of his idea is that it is hugely based on wealth and considers only material possessions. In the 21st century, it is obvious, that non-material possessions and resources, such as intellectual property can be as valuable as any physical object.
In modern times, Economics is known as a part of social science that deals with resources and their distribution. They can be material or non-material. It concerns the patterns, trends, and behaviors that lead to certain financial results for one company, industry or even country. There are two main parts of it: microeconomics and macroeconomics. The difference is in the scale they research the economic processes in. The main change is that as a social science discipline, it contributes to understanding the modern world as well as the economic and political reasoning behind it. The subject is not limited to financial processes; it is expanded to analyze the ways the resource distribution shapes the capitalistic world.
It is worth to underline, that Economics is not separated from other disciplines, and it exists in interdisciplinary relations as any social science. It means that it relies on understanding not only the market but also historical, political and psychological processes that influence financial systems and wealth distribution. In a way, it concerns everyone, starting from healthcare budgeting, insurance managing and up to governmental choices on taxation.
The fact that Economics is essential to analyzing the modern world might be one of the factors why one would choose it as a major. Even if you don’t end up on a governmental job, it will give knowledge applicable in many spheres.
Skills That Future Economist Acquires
Another crucial factor to pay attention to is what skills economists require. Even if the major seems promising in terms of employment and future income, it is essential to be able to perform the work responsibilities well. When choosing a major one should take their interests and abilities into consideration. For example, if Math is not one’s strong point and makes a student confused, it is probably not the best solution to choose Economics.
Overall, a student can choose between BS and BA in Economics, depending on personal preferences. The BS is more Science and Math-based and is going to include lots of calculus. It is focused on research and application of theories on real-life examples.
BA degree can be combined with politics, languages or psychology. It will also include Math and Science but on the lower level. The focus is on qualitative methods of analysis. However, both courses share the same fundamental knowledge of theories and empirical methods of research.
The main skills that students will acquire are critical and analytical thinking, methodology-based problem-solving, understanding theories, practices, and processes of resources and wealth distribution. Graduates will be able to work with statistics, data analysis and will be able to make predictions based on it.
Career Prospects of Economics Majors
When it comes to implementation on the future career, this specialty has lots to offer. This is a flexible major, which enables many career options in the future. You can work not only as an economist but also as a financial consultant, accounting professional, data analysis, planner, researcher or become an investment professional. It can also become a fundament before entering Law or Business school afterward.
One of the main reasons this major is popular is that it allows finding a well-paid job. Statistically, the income expectations for Economics majors are pretty good. Another reason is that this career is less likely to be automated in the nearest future. This is a great concern for many employees in various fields that are going to be replaced by machines or AI.
Yet, financial success is not the only or the most important factor in choosing a major. It is in the knowledge one acquires. First of all, it is about working with information and finding the most optimal solution to a problem. In the days of constant information flow, it is beneficial for almost any professional.
Secondly, it is about learning how to survive in the gig economy and other economic trends and realities we live in. One of the main factors here is to be able to provide predictions based on calculations and theories applied to a specific subject.
Consider Major in Economics
The choice of a college major is hugely individual and is based on many factors. You cannot only make the choice because of the future profit or societal significance of the industry. Personal preferences and skills should be taken into consideration with the same importance.
Economics is essential for a society as we all live in the world driven by resources and wealth distribution. That is why economic students often look where to find someone to help with economics homework nowadays. Understanding the psychology and motivation behind it makes it easier to predict and comprehend the trend in almost any sphere. However, if you are not particularly passionate about math, analysis, calculations, history or financial systems, it might not be suitable for you.
Economics focuses on analytical thinking and taking sometimes complicated decisions. Any decision here is not made on the “gut feeling” or intuition; it is about research and calculations. Therefore, it might not be the easiest or the best choice for students that do not find it exciting.
Majoring with an Economics degree has many benefits and career prospects for students. It is an interdisciplinary social science that researches the wealth-based motivation behind societal processes. It is exciting and extremely important. However, it is not suitable for anyone and before making a final choice one needs to consider all the factors, such as the subject of discipline, requirements, skills, future employment prospects and personal interests.