Economics
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If you’re curious about how wealth is made, how countries trade with each other, and why the world goes through tough economic times, then economics is the subject for you. In an economics program, you’ll learn about different economic theories and how they’re used in the real world.
About Economics
Computing & IT is a flexible and diverse pathway, meaning there’s a variety of study options to consider. Most professionals have a three or four-year Bachelor’s degree, which can cost between £9,000-30,000 a year in the UK, around AUD$30,000 a year in Australia, and between USD$20,000-40,000 a year in the US.
However, it’s also important to know that some roles within the Computing & IT industry don’t necessarily require a degree. Often a certificate or diploma is enough. For example, less than half of IT support workers actually have a Bachelor’s degree! At the same time, higher levels of education can translate to higher salaries – those with a doctoral degree in computer science earn an average of USD$93,050 in the US while those with Bachelor’s degrees only earn USD$50,820.
Finally, remember that even after obtaining a qualification, you might require certifications or security clearances for certain roles. This could be an Amazon Web Services certification, an industry accreditation like CISA or CISSP, or a Google certification, depending on the kinds of roles you’re aiming for.
However, it’s also important to know that some roles within the Computing & IT industry don’t necessarily require a degree. Often a certificate or diploma is enough. For example, less than half of IT support workers actually have a Bachelor’s degree! At the same time, higher levels of education can translate to higher salaries – those with a doctoral degree in computer science earn an average of USD$93,050 in the US while those with Bachelor’s degrees only earn USD$50,820.
Finally, remember that even after obtaining a qualification, you might require certifications or security clearances for certain roles. This could be an Amazon Web Services certification, an industry accreditation like CISA or CISSP, or a Google certification, depending on the kinds of roles you’re aiming for.
Economics is like a social science puzzle about making, sharing, and using stuff. It looks at how people, companies, governments, and countries decide who gets what. There are two main types: Microeconomics, which checks out how individual shoppers and makers behave, and Macroeconomics, which looks at the big picture of entire regions, countries, or even the whole world.
Economics is mostly about making production and trading work better. Economists use models and ideas to figure out how to make rules and incentives that help things run smoothly. They also come up with important numbers like GDP and the Consumer Price Index to show how the economy is doing. And they decide which ways of doing things are the most effective since there are lots of ways to use people and resources.
Is Economics right for me?
Economics is growing fast because of more trade happening around the world. Things like cryptocurrencies and Fintech are changing how economies work today. Economists who really understand economics will be able to help countries’ economies thrive.
Studying the relationships between different economies gives you a global perspective on how the world functions and helps you learn about diverse cultures, people, and societies. Economics is a great way to improve your skills in analyzing and solving complex problems.
Study options and costs
After finishing high school, students have options to study economics at college. They can go for a bachelor’s degree or an associate’s degree. An associate’s degree gives students a basic understanding of economic theory, how financial systems work, and how economics applies in real life. They also take some general courses in subjects like humanities, social sciences, and math. This degree usually takes about two years to complete and can cost up to $31,680.
Studying for a bachelor’s degree in economics teaches students about economic theories, predicting trends, and making economic policies. This program usually takes about four years to complete and could cost up to $140,000.
After finishing their bachelor’s degree in economics, students can choose to continue their studies in two different ways. One option is to pursue a master’s degree in economics, which dives deep into theory and research. This path is great for those interested in academic careers or further studies at the doctoral level. The other option is to pursue an MBA with a focus on economics, which emphasizes practical business skills. This prepares students for managerial roles in various industries. The program typically lasts for two years and could cost up to $80,000.
If you dream of becoming a professor and want to dive deeper into your studies, you might consider getting a PhD in Economics. This means doing a lot of research, and it typically takes three to five years to earn the degree. However, be prepared—it can cost up to $150,000.
Future Outlook
As communication and technology keep improving, economic activities are speeding up. The U.S. Bureau of Labor Statistics predicts that jobs for economists will increase by 13% in the coming years. That means around 1,600 new job opportunities for economists each year, with an average yearly salary of $105,630 in the US.
The need for economists is set to grow because more businesses are hiring them to use big data for things like setting prices and creating ads. Also, as the world economy gets more complicated and competitive, economists will be even more in demand.
Career pathways for Economics graduates
Supply Chain Analyst
Supply chain analysts look at how things work in a supply chain from start to finish to find any parts that aren’t working well and need to get better. They aim to make things work more efficiently without spending too much money. In the US, the typical yearly salary for a supply chain analyst is around $67,947.
Economic Consultant
Economic consultants often team up with lawyers to gather information and analyze data for legal cases involving finances. Although paralegals usually handle these tasks, consultants might step in for bigger, trickier cases. In the US, economic consultants make around $67,968 per year on average.
Loan Officer
Loan officers work together with applicants to find a deal that works well for both the people applying for the loan and the bank. They figure out if the applicants are trustworthy to pay back the money and come up with a plan that fits the customer’s needs. In the US, loan officers typically make around $75,911 each year.
Portfolio Manager
Portfolio managers are responsible for handling specific funds or groups of funds. They need to do a lot of research on things like the economy, trends, and what people are feeling about investments. On average, portfolio managers in the US earn about $77,641 each year.
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