Why Study Economics?
Benefits of an Economics Degree

Thinking about majoring in economics? Read this article from the Wall Street Journal. You can also learn a lot from the undergraduate economics page of the American Economics Association.

There are many reasons for majoring or minoring in economics. Whether you are interested in pursuing an advanced degree (such as an MBA or a law degree), attaining a high paying job, learning more about financial markets, or better understanding the ever-changing global environment, a degree in economics can help you reach your goals.

The purpose of this page is to indicate the benefits and rewards that are associated with becoming a serious student of economics at the undergraduate level.

Quick Facts

In 1993, average monthly earnings for those with a BA in economics were $2,923, while those with a business degree earned $2,626 and other social sciences averaged $1,922. Check out this graph for a more complete listing of monthly earnings by undergraduate degree.

Nationwide, economics is a popular degree among lawyers. In addition to studying social issues, economics also requires clear and logical thinking. The rigor in economic analysis helps prepare students for law school better than other majors. Students planning to attend law school are encouraged to be an economics major with a political science minor or double major.

The Economics major stresses the analytical and quantitative skills necessary for today's jobs. Employers looking to hire in financial institutions or consulting firms often consider economics to be an extremely attractive major.

The Economics department at FIU has placed its majors and minors in banking, government jobs, consulting, financial firms, law schools, business schools, and Ph.D. programs.

Economics majors at FIU have the option of pursuing a track in Business & Industry, Public Policy, International Economics, and/or Development Economics.

Future Lawyers

Economics majors have the highest average LSAT scores of all majors

Economics is one of the most popular majors for students going to top law schools.

Law schools desire students who performed well in an analytical major like economics.

Business Week, August 21-28, 2000

In a special issue on the 21st Century Corporation, Business Week's "Resume for the 21st Century" for "The New Leadership" specified majoring in Economics, and emphasized developing thinking and analytical skills.

Wall Street Journal, February 20, 2001

"At schools like Harvard or Columbia ... economics now is the most popular major on campus. ... Even at engineering-oriented Massachusetts Institute of Technology, economics accounts for about one-tenth of undergraduate majors. 'People feel an economics degree is going to be helpful as they decide that their career paths may take them into business schools or consulting or financial markets,' says Richard Clarida, chairman of Columbia's economics department."

Earnings and Graduate Test Score Rankings by Major

  CompositeA   Annual EarningsB   GMATC  

LSATD

  GRE CombinedE
  Rank   Median   Rank   Mean   Rank   Mean   Rank   Mean   Rank
Physics 1   $50,442   3   615   1   157.6   1   1903   1
Mathematics 2   $50,532   2   552   8   157.6   1   1848   2
Economics 3   $48,071   4   557   6   155.3   4   1816   3
Engineering 4   $51,623   1   583   2   152.7   9   1776   6
Chemistry 5   $47,896   5   570   4   154.5   5   1766   7
Philosophy 6   $29,693   17   582   3   156.0   3   1812   4
Computer Science 7   $44,916   7   551   9   15.2   11   1777   5
History 8   $38,272   14   562   5   154.0   6   1655   11
Biology 9   $39,648   12   551   9   153.6   8   1693   9
English 9   $37,614   15   557   6   153.7   7   1662   10
Finance 11   $43,047   8   532   12   152.2   10   1705   8
Accounting 12   $47,793   6   518   14   151.8   13   1535   14
Psychology 13   $40,660   11   527   13   151.9   12   1537   13
Political Science 14   $35,517   16   539   11   151.6   14   1649   12
Management 15   $43,047   8   489   16   149.4   16   1480   16
Marketing 16   $43,047   8   485   17   150.0 15   1480

 16

Sociology 17   $38,785   13   507   15   149.3 17   1528 16

AThe Composite Rank is computed by taking the average of the other four rankings.

BMedian earnings by college major in 1993. Source: "Earnings of College Graduates, 1993," Daniel Hecker, Monthly Labor Review, December 1995.

CMean 1998-99 Graduate Management Admissions Test score by major. GMAT scores range from 200 to 800. Source: "Profile of GMAT Candidates," Graduate Management Admissions Council, 1999. Students entering the MBA programs at Northwestern and the University of Florida average 685 and 610 on the GMAT respectively. The average GMAT score of entering students at the University of South Florida and Stetson University is 548 and 540 respectively. And students entering into Florida International University's night MBA program average 550 on the GMAT.

DMean 1994-95 Law School Admission Test score by major. LSAT scores range from 120 to 180. Source: "LSAT Scores of Economics Majors," Michael Nieswiadomy, Journal of Economic Education, Fall 1998. Seventy-five percent of all students admitted to Georgetown law school score 163 or better on the LSAT. At the University of Florida, seventy-five percent of all students admitted score 152 or higher on the LSAT. At Stetson and St. Thomas law schools, seventy-five percent of all admitted students score at least 148 and 144 on the LSAT respectively.

EMean 1996-99 Graduate Record Examinations score by intended graduate area of study. GRE combined scores range from 600 to 1800. Source: "Guide to the Use of Scores ," Educational Testing Service, 2000.

After FIU

Students of economics at FIU have gone on to earn graduate degrees from many different institutions, including some of the most prestigious in the world. Below we list just a few of the graduate programs where our students have been accepted.
Law Schools: Emory University, Fordham University, Georgetown University, University of Florida, Univeristy of Miami, Vanderbilt University.
Ph.D. Programs: Cornell University, Florida International University, Georgetown University, London School of Economics.
MBA Programs: Florida International University, University of Florida.
Below is a sample of employers for whom students majoring or minoring in economics at FIU have worked following graduation.
ABN Amro, Banco Atlantico, Bank Atlantic, City of Miami, City of Miami Beach, Government of Anguilla, Government of Colombia, Hamilton Bank, Lehman Brothers, Merill Lynch, Price Waterhouse Coopers, Prudential Securities, SunTrust, U.S. Bureau of the Census, U.S. Bureau of Labor Statistics, U.S. Central Intelligence Agency, Villamil Consulting.
Each semester, several firms come to the FIU main campus for the purpose of recruiting graduates. Below is a list of just some of the firms that routinely recruit FIU graduates who have majored in economics.
Andersen Consulting, Citibank, Ford Motor Credit, General Electric Company, Goldman-Sachs, Marriot International, Nations Bank, Prudential Insurance and Financial Services, U.S. Bureau of Labor Statistics, BellSouth Business Systems, Burdines Department Stores, CINTAS Corporation, Home Depot, IBM Corporation, Kraft Foods, Sprint, SunTrust, Target, Walt Disney World.
Finding that first job after college is a stressful time for many students. The Department of Economics strongly encourages all students to register with Career Services in GC 230. Further sources of career information are tabulated here.