Careers in Economics

How employable are economics majors? How much money do economics majors make?

According to the National Center for Education Statistics, economists are employed at just about the same rate as any other major you might take.
Economists make more than the average salary of all majors. So, while your prospect of getting a job is about the same as any other major, you will have a much higher salary.

Is economics major worthless without a PhD?

A survey published by The Wall Street Journal a couple of years ago surveyed bachelor's degree holders (this means they graduated with their bachelor's degree, no PhD, no MBA, no JD).
10 years after graduation, economics majors were in the top five percentile of all majors. This means that with only a bachelor's degree in economics, you have an excellent chance of being successful.

Is an economics degree right for me?

The economy affects everyone’s lives. Many of the world’s most pressing problems are economic. Learning about economic concepts will help you understand the reasons and solutions to those problems. If you are enjoying your current economics course and thinking like an economist, then you will enjoy all other economics courses. Much more than finance, banking, business and government, a degree in economics is useful to all individuals and can lead to many cool career choices.

A background in economics can be a tool for answering questions to solve very human problems:

“How can we mitigate environmental problems?”
“Why are some countries rich and some countries poor?”
“How can we fight poverty and increase prosperity in our society?”
“How can data help us understand the world?”
“Why do we ignore information that could help us make better decisions?”
“What causes recessions?” and many others.

Why study economics at UToledo?

UToledo offers many focus areas within economics. All economics majors are trained in econometrics and applied data analysis skills.
UToledo economics students learn data analyst skills used in any field area and in many careers.
When you study economics at UToledo, you will receive high-quality education from expert faculty.
All UToledo economics majors receive scholarship money for tuition and funding for undergraduate research.

What scholarship opportunities are available in the economics department?

The Department of Economics provides scholarships and research opportunities for undergraduates majoring in Economics. These are called Shapiro Scholarships for Economics Majors.

The amount of our scholarships depends on whether you are a first-year student or a continuing student.
All first-year students receive a set award. Scholarships for continuing students are renewable and based on GPAs: These awards can reach as high as $2,500 for the academic year.
We also fund undergraduate research projects. Our students have received such grants of various amounts to support their research efforts.
The size of the grant depends on the complexity of the project and has ranged from $500 to $3,000 per semester (Fall, Spring, and Summer). Other scholarships include awards for summer, need-based scholarships, and early admission to the MA program.

Is there a graduate program in economics at UToledo?

UT Economics 4 +1 Program is a fast-track master`s in economics program and is a unique opportunity only for UToledo economics majors. UToledo undergraduate students in economics may register for 2 courses at the graduate level.
Since these 2 courses will count at the undergraduate and graduate level, you’ll be able to “double-dip” courses across your undergraduate and graduate degree requirements in economics.
Also, you get a bump on your Shapiro Scholarship when you register for graduate courses in the early admissions program. For details please see:

https://www.utoledo.edu/al/econ/earlyadm/

Many of our graduates decided to get a Ph.D. in Economics and were accepted to top schools in the country with graduate assistantships. Also, econ graduates tend to get job offers quickly across a wide variety of fields such as the banking sector, the government, the healthcare industry, the energy sector, financial sector, projections, sales, marketing, management, nonprofit and environmental organizations.
Having a master`s degree in economics significantly increases your earnings potential. The median annual wage of economists is $108,350 according to the U.S. Bureau of Labor Statistics.
The current positions held by last year`s master of economics graduates are: financial analyst at GSW Manufacturing Inc., pricing analyst at Formica corporation, Ph.D. at Virginia Tech, North Carolina State University, University of Nebraska Lincoln, University of Florida with full funding.

Where do UToledo econ majors find jobs?

The economics degree is associated with some of the highest earning professions.
Our economics graduates found jobs in
- market research
- government planning offices
- sales
- marketing
- finance
- actuaries
- environmental institutions
- nonprofit organizations
- healthcare
- banking
- management, and in many other fields.
Many of our graduates continue to high-ranking PhD programs after graduation

If you are not a major in Economics but are interested in more information on such careers, please speak to your economics professor or contact:

Onur Sapci (onur.sapci@utoledo.edu)
Undergraduate Advisor

Aliaksandr Amialchuk (aliaksandr.amialchuk@utoledo.edu)
Graduate Director

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