On the homepage of any major news website, readers are likely to find articles about unemployment rates, the impact of inflation on food prices, or the Federal Reserve’s decisions on interest rates. These topics show the crucial role that economic concepts play in everyday decisions, from choosing which job to apply for to picking the right time to purchase a home.
For students interested in growing their understanding of economic policy and pursuing a career in the field, the University of Mount Saint Vincent (UMSV) online Bachelor of Arts (BA) in Economics program provides the foundation in economic research methods, policymaking, and analysis that guide graduates toward their desired career goals.
Why Is It Important to Study Economics?
At its core, economics is the study of scarcity and the way people make decisions based on their available resources and incentives, according to the American Economic Association. This academic field helps answer key questions about politics, policy, and individual choice. Examples of these contested topics include the causes behind recessions, the wage gap between men and women, and the reasons why some countries have higher gross domestic products than others.
Pursuing a degree in economics means exploring a broad discipline that includes studying subjects like wealth, finance, historical trends, data research, and predictive tools. Economics also frequently intersects with other disciplines, with many economists choosing to focus their research on health, gender, education, immigration, or the environment.
Outside of discovering an area where they would like to specialize, economics students also sharpen analytical and problem-solving skills essential for navigating todproay’s complex business environment. Coursework in UMSV’s program emphasizes learning methods of discovery, quantitative analysis techniques, and evaluation methods that apply to various career paths upon graduation.
For example, the Intermediate Price Analysis course—required for all economics majors—provides students with an in-depth understanding of theoretical and empirical aspects of microeconomics. Students examine the price mechanism, market structures, and market outcomes and discover the real-world applications of microeconomic theories.
Beyond technical proficiency, economics majors learn skills with “universal value” when it comes to entering the workplace, according to the American Economic Association. In addition to data analysis and research, economics students learn how to write and edit reports that effectively communicate their findings for different audiences, particularly non-economics professionals, according to Indeed. Employers seek graduates who can understand the big picture and deploy their logical skills to the tasks in front of them.
Job Prospects for Economics Graduates
Professionals working in the economics field are encountering a growing job market. Employment of economists is projected to grow 6% by 2032, according to the U.S. Bureau of Labor Statistics (BLS). Economists earn a median annual wage of $115,730 as of May 2023, with an average of 1,200 job openings projected each year.
While some economics graduates choose to pursue further education and careers in academic research, others find work as sales managers, nonprofit leaders, business analysts, and financial managers. As a financial manager or consultant, a recent graduate may be responsible for helping clients achieve short-term and long-term investments, insurance, taxes, and retirement funds, according to Indeed. They may also review the client’s financial strategies and determine where individuals or businesses can make smarter decisions to maximize revenue and reduce costs.
In addition, economics majors frequently pursue careers as economic analysts, who prepare reports on trends and predict possible future outcomes. The position involves extensive research and communication skills to explain potential solutions to labor supply issues or other economic forces—all key elements of UMSV’s online BA in Economics program.
Master Economic Concepts Online in UMSV’s Bachelor of Arts Program
Offering a deep background in economic concepts and their applications to the real world, UMSV’s online BA in Economics program prepares graduates to pursue a variety of career options in the corporate world and beyond. Studying economics sets professionals up for success no matter their professional goals, and UMSV offers an accelerated, affordable choice for making that step.
Learn more about the University of Mount Saint Vincent’s online Bachelor of Arts in Economics program.
