If you’re interested in business analytics and finance, or passionate about national and international business news, a bachelor of economics might be an excellent route of study for you. Although people often assume that economics is all about money, it is also a field focused on people and products.
The history of economic thinking dates as far back as the ancient Greeks and was also a key part of society in the ancient Middle East. Today, economics is a diverse subject that covers economic resources, and how and why we create, produce, and use them.
What Is a Bachelor of Economics?
Undergraduate economics degrees are usually four-year programs and are available both as a bachelor of arts (BA) or a bachelor of science (BS). Whether you do a BA or a BS depends on which coursework you prefer as employers tend to view them as equal.
While studying economics, you will learn how to solve problems related to unemployment, the environment, inflation, inequality, market failure, and national wealth distribution.
Generally, these problems are solved by identifying the economic decisions made in a company or society that led to the issue, then informing the organization or government how it can improve its decision-making.
The skills you will typically gain from studying for a bachelor of economics are:
- Data analysis
- Logical and critical thinking
- Communication
- Problem-solving
- Knowledge of economics software
- Research skills
- Mathematical skills
- Societal and cultural awareness
- Financial skills
- Economic and policy comprehension
Should You Get a Bachelor of Economics Online?
One study showed that the percentage of students taking online undergraduate classes increased from 15.6 percent in 2004 to 43.1 percent in 2016. Amid the current pandemic, this number is bound to grow. Below are some reasons you may choose to study for your degree online.
Affordability
Higher education in the United States can be a major investment, costing anywhere from $12,000 to $50,000 per year depending on your chosen major and school. Economics students can save some cash by enrolling in online undergraduate programs, which come in at a more affordable $1,000 to $12,000 price range.
Flexibility
If you need a more malleable study plan, for example, if you are currently working or caring for a loved one, then learning online could be a perfect fit. Online programs offer a flexible schedule that you can easily fit around your prior commitments.
Study From Home
Studying from home has many benefits. During the current Covid-19 outbreak, it means increased safety, and it will also offer you increased independence in your learning and time management.
Just make sure you choose a course offered by an accredited online university.
Best Online Bachelor of Economics Programs
On the below list, we have included some of the best economics programs at both public and private schools with a range of tuition costs.
Arizona State University
Tempe, Arizona
Program Offered:
W.P. Carey Business Degree in Economics
Arizona State offers a great online Bachelor’s Degree in Business Economics that covers a range of courses. Among them are business statistics, applied economics, economic development, fundamentals of finance, applied complex analysis, industrial organization and competition policy, business law, marketing, and ethics for managers.
Oregon State University
Corvallis, Oregon
Programs Offered:
BA, BS, HBA, HBS in
Oregon State University offers a range of bachelor’s degrees in economics. The programs require that you maintain an average GPA of 2.00 across all courses. Students will take different classes depending on which specialization they choose. As an example, general economics will include the study of microeconomics, macroeconomics, public policy analysis, the economics of renewable energy, calculus, and pre-econometrics.
University of Florida
Gainsville, Florida
Program Offered:
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UF offers students a Bachelor of Arts in Economics. Although this is not an online course, it has made it onto this list due to the school’s high national ranking. In the program, students will take introductions to microeconomics and macroeconomics, public policy analysis, the economics of renewable energy, calculus, and pre-econometrics.
Colorado State University Online
Fort Collins, Colorado
Program Offered:
Colorado State offers a 120 credit hour BA in Economics online. Students can choose between minors like anthropology, business administration, media studies, political science, social science, agricultural business gerontology, and global and environmental sustainability.
Northwestern University
Evanston, Illinois
Programs Offered:
Certificate Advanced Accounting
MA Public Policy and Administration
Northwestern offers a BA in Economics, primarily through on-campus study, but also has online certificates in specializations such as advanced accounting, business essentials, pre-graduate business administration, and more.
Washington State University
Pullman, Washington
Program Offered:
WSU’s online program can help students develop the skills to move on to careers as data analysts, economists, statisticians, financial advisers, and government service providers. The school’s bachelor’s degree in economics also allows students to continue to a graduate degree in economics, get an MBA, or prepare for law school.
University of Massachusetts Online
Lowell, Massachusetts
Program Offered:
Umass Online offers a fabulous undergraduate in economics aimed at helping students transition to careers in business, economic journalism, finance, government, insurance, management, public policy, or real estate.
Bachelor of Economics Career Prospects
So, what can economics graduates look forward to in the United States? Firstly, the job outlook for economists shows a growth rate of 14 percent over the next 10 years, far higher than jobs in other fields according to the US Bureau of Labor Statistics.
Below are some of the median salaries associated with some of the common professions for economists, according to the bureau.
Economist
$105,020
Economists perform economic research and collect and analyze data. They do this by utilizing surveys, mathematical models, and computer software. The data collected from the research is then used to advise businesses, governments, and individuals on economic solutions.
Market Research Analyst
$89,580
Market researchers help their clients determine who their target audience is. This role is vital in finding out more about sales trends, demographics, needs, and customers’ buying habits. A great market researcher has strong math, research, and analytical skills.
Data Scientist
$94,280
Data scientists use computer science, modeling, and mathematical skills to make sense of data. Using coding skills, statistical skills, and knowledge about the organization you work for, you’ll implement strategies to improve the organization.
Policy Analyst
$122,220
A policy analyst advises politicians and senior management in a government. Through research and discussion with stakeholders, policy analysts can help inform government officials of the best way to enact their policies.
Investment Banker
$100,000 – $305,000
Working in the fast-paced capital markets, an investment banker helps their clients make wise investment decisions, and they can also aid in company mergers and acquisition plans. The skills you will need for national and international trade are math, the ability to analyze markets, and the ability to cope under immense pressure. The median wage for this role varies based on how many years of experience you have and where you decide to work.
To secure some of the above jobs, you may need to complete a master’s in economics after your bachelor’s degree.
Is a Bachelor of Economics Right for You?
If economic theory, data analysis, financial economics, and helping businesses improve their strategies sounds exciting, then you should head straight for an economics program. Career availability in economics is projected to grow no matter which sector you specialize in. By choosing an area that most interests you, you can guarantee yourself a fulfilling career.
If the careers above interest you but you need a flexible, affordable option to traditional on-campus study, you should also consider getting your bachelor of economics online.
About us: Career Karma is a platform designed to help job seekers find, research, and connect with job training programs to advance their careers. Learn about the CK publication.
