Department of Economics
Preparing you for an ever-changing world
The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change. Economics majors are well-positioned in an ever-changing world because they have problem solving and analytical skills that allow them to succeed in variety of career paths—law, risk management, actuary, finance, foreign affairs, public administration, politics, policy analysis, health administration, entrepreneurship, market analysis, journalism, and unknown careers of the future.
The breadth and flexibility of an economics degree prepares students to adjust to unexpected changes and take advantage of unexpected opportunities. A study by LinkedIn (PDF, 43 KB) found that college graduates change jobs and careers about four times in the first ten years after graduation. With its wide-ranging applications, economics is a great choice in an ever-changing world.
Providing you with the knowledge and skills that employers want
Economics, at its core, is the study of how to evaluate alternatives and make better choices. It develops critical-thinking and problem-solving skills to make good decisions. It develops analytical skills to examine data to support good decisions. These skills are desired across careers in the public and private sectors. An annual study by the National Association of Colleges and Employers (NACE) consistently finds that employers want the skills gained from studying economics—the ability to make decisions, solve problems, obtain and process information, analyze data, and write and speak effectively.
Ensuring your successful future
No matter what the future holds, an economics major helps people succeed. Understanding how decisions are made, how markets work, how rules affect outcomes, and how economic forces drive social systems will equip people to make better decisions and solve more problems. This translates to success in work and in life.
Though economics majors enjoy relatively high starting salaries, the key indicator of the value of an economics major is long-term success and lifetime earnings. A recent study (PDF, 194 KB) finds the lifetime earnings of economics majors outpaces other business major, social science majors, and even general engineering majors. Another study (PDF, 1.2 MB) finds that lawyers with an undergraduate degree in economics earn $10,000 more annually than other lawyers. And an analysis of S&P 500 CEOs (PDF, 289 KB) showed that economics majors are more likely to become a CEO than any other major.
Enabling you to contribute to the greater good
Economics provides the primary framework for public policy analysis. The major equips people to understand the fundamental policy issues that shape market and social outcomes. An economist understands the immediate issues like tradeoffs, benefits versus costs, market failure, public finance, but also understands the broader issues of generational impacts, welfare impacts, and inequality. Economics majors are equipped with the language and skills to engage in public policy debates and act to advance economic and social progress.
Preparing you for graduate school and law school
Economics imparts clear reasoning and logical thinking. This not only helps people do well personally and professionally, it helps prepare students for graduate programs and law school.
Law school? Studies show (PDF, 60 KB) that economics majors consistently have one of the highest average LSAT scores among all majors. Economics majors also have law school acceptance rates considerably higher than most majors, including pre-law programs.
MBA? Economics majors possess the broad perspective and problem-solving skills that top MBA programs value, and studies show (PDF, 143 KB) they have the highest average GMAT score among all business majors.
Graduate programs? Economics provides a strong foundation for graduate study in economics, public policy, political science, sociology, among others. Students interested in pursuing a graduate degree in economics should consider a minor in math.
Enhancing other majors
Economics can be a valuable complement to most other majors. The breadth and flexibility of an economics major can be an invaluable way for people to diversify when paired with a more career-specific business major like accounting, marketing, finance, or computer information systems, and even more so when paired with a non-business major like computer science, healthcare management, journalism, environmental science, building science, or design.
Department of Economics
Video courtesy of the American Economic Association
Why Study Economics?
Understand how the world works. Economics, sometimes referred to as the queen of social sciences, is all about choice and is at the heart of all decision-making. Broad in scope, it explains how people, businesses, governments, and even families, schools, and charitable organizations make decisions with limited resources.
Make the world a better place to live. Economics is at the heart of many social problems facing the world, including unemployment, inflation, poverty, pollution, health care, human rights, and gender and racial inequality. Effective solutions to these problems require a rigorous training in economics.
Benefit from diverse career opportunities. The study of economics develops a wide range of analytical and critical thinking skills. Economic analysis hones your skills at both understanding and influencing today’s policy debates. A bachelor’s degree in economics prepares you for a career in not just business, banking, government, and financial transactions, but also areas such as urban planning, international development, policy analysis, journalism, education, and the non-profit sector. For suggested course groupings for an economics major that would be especially apt for particular careers, please review our Customize Your Major page. To see what UConn economics graduates have done with their degree, please see the Center for Career Development’s Economics Job flyer. For more detailed career information, please review American Economics Association’s career website. Additionally, the Center for Career Development is an excellent resource for students exploring different career options.
Prepare for graduate study. An economics degree can be excellent preparation for graduate programs in law, business, economics, government, public administration, environmental studies, health-care administration, labor relations, global studies, diplomacy, and other fields. Professor Ken Couch, Undergraduate Director, can suggest specific courses for your major that will prepare you for your intended graduate field. If you plan to pursue a Masters in Economics, please review our Customize Your Major page to find the suggested courses to help prepare you for the more math intensive economics graduate program.
Some of the areas our students have pursued after graduation:
Business
Insurance
Law
Medicine
Government
Non-profit organizations (and NGOs)
International Relations/Development
Urban Planning
Policy Analysis
Public Policy/Public Administration
Journalism
Media
Graduate programs
Education
Make a difference and a great salary! Economics is one of the highest earning majors!
Top 5 reasons to study economics — Uncover IE
3 min read
Economics is a broad subject—so much so that it’s broken down into macroeconomics (looking at the economy as a whole) and microeconomics (focusing on individual decisions). Both aspects are important to inform future choices and forecast market trends, and by studying them you’ll develop skills to take into any ambitious career.
So what’s the deal with getting an education in economics? We’ve put together our top five reasons below, so you can make an informed decision about your future in economics.
1. Economics is everywhere
Economics is a part of everyday life, and it’s also the gateway to the future. Studying economics gives you a better understanding of market dynamics and from there, you’ll be able to apply your knowledge to different organizations you go on to work with.
What’s more, at IE University, it’s not all theory—you’ll be able to put your new knowledge to work and apply it to different contexts.
The field of economics is also growing at a rapid rate. Cryptocurrencies and fintech are redefining today’s landscape, and those with a solid economic understanding will be those who lead us into a future of limitless possibilities.
2. Make an impact
Economics allows you to drive positive change. It’s a field of study that’s interwoven with technology, management, entrepreneurship and humanitarian progress, so our programs take a hands-on approach to introduce you to these different aspects and their potential for unlocking growth. Our economics programs also enable you to understand the links between these different but interrelated areas, so your future decisions are fully informed.
As the economy is constantly changing, with your knowledge, you’ll be ready to influence business decisions and adapt to fluctuating markets effectively.
3. Gain an international perspective
Economies work in tandem with each other. The links between them will give you an international understanding of how the world works and reveal insights about different cultures, people and societies.
What’s more, studying at IE University will surround you with a unique and international community, so you’ll be expanding your economic horizons and your global mindset at the same time.
4. Develop transferable skills
Studying economics develops a lot of soft skills for you to take into any career. In particular, economics puts you in a prime position to develop your analytical and complex problem-solving skills. Other important skills for our globalized world include communication and cultural awareness, which you’ll also hone with an economics program. Additionally, you’ll improve your business knowledge—an asset that is essential in every corner of the working universe.
Economics programs equip you for graduate success, whatever sector you go on to work in.
5. Boost your career prospects
Economics is the backbone of any sector and you’ll be able to apply your knowledge across a variety of roles. With economics, your potential career paths include (but aren’t limited to!): finance, banking, insurance, law, and governance. Of course, a deeper knowledge of economics opens up more senior roles—and with a master’s degree in economics, you’ll be in the running for high-level positions.
According to the World Economic Forum’s Future of Jobs Report, analytical thinking and complex problem-solving skills are at the top of the list of most important skills for 2025. Economics graduates are already in high demand, which is only going to increase as their unique skill set becomes more sought-after.