What Can You Do with An Online Economics Degree?

online economics degree

Online degree programs are now necessary for higher education rather than just a practical substitute for traditional schooling. Thanks to technological advancements and rigorous accreditation processes, online economics degree programs can offer the same high-quality learning experience as a face-to-face degree.

With an online economics degree, you can expect to have the same job opportunities as traditional school graduates. However, your opportunities will depend on the level of education you’ve achieved online.

Let’s talk about the types of online economics degrees and what you can do with them.

Featured Programs

Online Economics Bachelor’s Degree

An online economics degree is the most commonly pursued level online, especially since a bachelor’s is the minimum requirement for an entry-level career.

A bachelor’s in business or economics degree equips you with the necessary know-how in market analysis and supply chain management. Your knowledge will help you land entry-level positions in the government, business, and finance industries.

However, an online bachelor’s degree in economics may not be enough to become an economist. This role requires advanced coursework and years of practical learning.

Here are some of the most common career paths pursued by an online bachelor’s in economics business degree major:

Bachelor’s Degree CareerExpected Job Growth 2022-2032Median Annual SalaryWhat You’ll Do
Budget Analysts3%$82,260– Manage organizational finances by preparing budget reports, monitoring spending, and analyzing financial data.
– Provide recommendations for budget allocation and improvement.
Compensation, Benefits, and Job Analysis Specialists7%$67,780– Design and administer compensation and benefits programs.
– Conduct job analysis to determine appropriate salary levels -Ensure compliance with regulations related to compensation and benefits.
Cost Estimators3%$71,200-Analyze data for projects, including time, money, materials, and labor required for a project. -Help organizations make informed decisions about pricing and resource allocation.
Financial Analysts8%$95,080– Provide financial guidance to businesses and individuals making investment decisions.
– Assess the performance of trending investments.
– Prepare reports to help clients or employers make informed decisions.
Financial Examiners20%$82,210– Ensure compliance with laws and regulations governing financial institutions and transactions.
– Review financial statements, assess risk, and monitor activities to detect fraud or misconduct.
Logisticians18%$77,520– Coordinate the supply chain process, including purchasing, inventory management, and transportation.
– Analyze data to optimize efficiency and ensure products are delivered on time and within budget.
Management Analysts10%$95,290– Improve an organization’s efficiency.
– Analyze data, interview personnel, and develop recommendations for improved business operations.
Market Research Analysts13%$68,230– Help organizations understand market conditions.
– Collect and analyze data on market trends, consumer preferences, and competitors.
Operations Research Analyst23%$85,720– Analyze data, develop models, and provide recommendations for improving processes and efficiency.
Data Scientist35%$103,500– Use advanced analytics, machine learning, and statistical methods to extract insights and solve problems related to business operations, customer behavior, and more.

Online Economics Master’s Degree

If you want to stand out from the crowd and be more credible and marketable in the business and financial sector, you need to consider a master’s degree. Similar to on-campus degrees, a reputable online economics degree program will involve rigorous coursework.

An online economics degree is broad and far-reaching, delving into the small details of resource allocation in various industries, including think tanks, governments, and financial institutions. Some topics you can expect from an online master’s degree in economics include micro and macroeconomics, advanced math and statistics, and a specialized field of study.

With an online economics degree, you can become an economist. And as an economist, you can work almost everywhere! Your expertise will be used to help organizations, both public and private, make informed decisions regarding resource allocation, financial planning, risk management, and policy development.

According to the US Bureau of Labor Statistics, economists make an average of $113,940, and employment growth is expected to rise 6 percent from 2022 to 2032.

This information answers the question, “Is economics a good degree?”. Yes, it is worthwhile to pursue a master’s in economics.

Here’s what you can expect working as an economist in different sectors:

In the government…

27% of economists are employed in the federal government, working in a broad range of capacities that involve researching and analyzing public policy. Even though it’s not necessarily the highest paying option for people with master’s degrees, working in the public sector offers the chance to address significant societal issues and possibly improve the lives of others. And compared to certain private-sector occupations, public-sector positions may provide greater security.

In the private sector…

While the government provides higher job security, the private sector provides possibly higher pay and faster career progression. 20% of economists work in management, scientific, and technical consulting services. You may work in finance, consulting, technology, healthcare, and manufacturing.

Your main goal in the private sector is to conduct economic research, analyze market trends, and develop financial strategies to optimize investment portfolios and manage risks.

Another great thing about having a master’s degree is that you’re more competitive for high-paying jobs that only require a bachelor’s degree. You can also use your master’s degree to negotiate for higher pay.

Online Doctor’s Degree

This may shock you, but you can now find doctorates in economics online. However, these programs will not be 100% online. Like on-campus doctorates, an online doctoral program necessitates the completion of practical components that require campus visits and residencies.

The most common type of doctorate in economics is the Doctor of Philosophy (PhD) in Economics. With this degree level, the unemployment rate is extremely low, to the point where it is considered insignificant.

A PhD in Economics will make you so skilled and knowledgeable, giving you access to all possible economic positions. You can work in various positions in many academic disciplines, research areas, and the public and private sectors.

According to Glassdoor.com, the estimated total pay of those with a Ph.D. in Economics is $127,158 per year. With this degree level, you can become a political scientist, which pays an average of $128,020 yearly.

However, if you’re not interested in teaching at the postsecondary level or doing original research, you don’t necessarily need a PhD. Nevertheless, this will help you become more marketable.

Frequently Asked Questions

Are online economics degrees worth it?

Yes, an online economic degree is worth it. As an economics degree graduate, you can pursue almost any business or financial sector job, and your skills and talent will improve the company’s processes, making them more profitable and cost-efficient. However, you might need to pursue advanced studies/continuing education if you want to work in the government sector.

Is economics a well-paid degree?

According to the US Bureau of Labor Statistics, Economists are among the most highly paid professionals. They have an average annual salary of $113,940. While this role necessitates a master’s degree, other positions like business Management Analyst and Financial Analyst are also highly paid, with only a bachelor’s degree required.

Is an economics degree hard?

An economics degree can be hard, depending on one’s level of interest and aptitude in the subject matter. However, contrary to popular belief, economics is not a very math-intensive course.

Moreover, economics doesn’t have black-and-white solutions, making it a challenging field of study. It requires deep critical thinking and analysis skills.

What is an economics degree about?

An economics degree is all about equipping its students with the skills and knowledge required to understand and analyze the complexities of markets, economies, and decision-making processes. You’ll encounter various advanced topics, even at the undergraduate level, such as behavioral economics, personal finance, mathematical economics, and micro and macroeconomics.