Career Experiences of Economic Graduates
An Economics degree qualifies students for a variety of careers. Based on Departmental surveys, approximately half our graduating majors begin their careers in management-oriented, general entry-level positions in business. Of the remainder, one-quarter obtain sales positions, one-eighth work in research positions in business and government and one-tenth are employed in computer-related positions. The following is a partial list of job titles and employers of recent Illinois State graduates who majored in Economics.
Job Title/Employer
| Consultant/American Management Systems Consultant/Ernst and Young, LLP Consultant/Hewitt Associates Project Manager/Agracel, Inc. Programmer/Anderson Consulting Personal Banker/Success National Bank Pricing Management Rep./Baxter International Senior Credit Underwriter/Household International Claim Processor/State Farm Insurance Stockbroker/L.C. Wegard Co. Loan Officer/Windsor Mortgage, Inc. Account Executive/American Teletronics Investment Rep./Investment Centers of America Sales Rep./C. Ruffolo & Sons Corporation |
Data Processing Specialist II/State Farm Ins. Trader Assistant/Chicago Partnership Board Closing Clerk/First of America Mortgage Co. Account Coordinator/Wyle Laboratories Trade Coordinator/Chicago Stock Exchange Market Reporter/Chicago Mercantile Exchange Tax Analyst/Forsythe McArthur Associates Inc. Claims Rep./State Farm Insurance Vice President of Operations/Reliable Office Superstore Administrator/New York State Electric and Gas Corp. Building Cost Analyst/Abbott Laboratories Human Resources Assistant/Target Benefit Consultant/Hewitt Associates Assoc. Benefits Adjuster/Trustmark Ins. Co. |
A degree in Economics is also excellent preparation for post-graduate study in a variety of fields. Many students with an undergraduate degree in Economics go on to earn their MBA. Other students pursue a master’s or Ph.D. in Economics or a related field such as Finance. An Economics degree is excellent preparation for law school. Many law schools around the country offer courses in Law and Economics and have added one or more Ph.D. economists to their faculty.
Regarding earnings potential, a study by the U.S. Department of Labor’s Bureau of Labor Statistics examined the median income levels of people ages 25-64 with various undergraduate degrees, using salary data for 1993. Among men, economics majors had the seventh highest median income. Among women, economic majors had the highest median income.
Median Incomes of Mid-Career Men and Women with Bachelor’s Degrees
Men |
Women |
||
| Engineering | $53,286 | *Economics | *$49,170 |
| Mathematics | $51,584 | Engineering | $49,070 |
| COmputer and Info. Sciences | $50,509 | Pharmacy | $48,427 |
| Pharmacy | $50,480 | Architecture | $46,353 |
| Physics | $50,128 | Computer and Info. Sciences | $43,757 |
| Accounting | $49,500 | All Mid-Career Women | $32,115 |
| *Economics | *$49,377 | ||
| All Mid-Career Men | $43,199 | ||
To put these figures in perspective, consider that in 1993, the median income of year-round full-time workers was $31,077 for men and $22,469 for women. Median household income was approximately $36,959.
A National Association of Business Economists’ survey reported the following median starting salaries for business economists at different education levels: Bachelor’s, $29,005; Master’s degree, $35,005; Ph.D., $45,015; Average $35,005 (National Association of Business Economists, Salary Characteristics, 1996, Table 15). The Economics department at Illinois State routinely surveys its graduates to learn about their employment and earnings experiences. According to the results of those surveys, starting salaries for undergraduate majors in Economics at Illinois State are comparable to those reported by the NABE.