Why is economics a hard degree? (2023)

Why is economics degree so hard?

A college-level economics class can be challenging because you need to grasp new concepts like supply and demand, scarcity, diminishing returns, and opportunity costs. It requires you learn new vocabulary and to use critical thinking skills. But those theories, concepts, and terms build upon one another.

The short answer is Yes, economics is a hard major because it combines elements from a variety of subjects including business, mathematics, accounting, sociology, and even psychology.

It varies greatly. At some schools it is much harder than others. It also depends on whether you challenge yourself or not. It also is the case that the hardest classes typically offered within the major are the most desirable ones, both for a job or grad school (econometrics).

There are many diagrams in economics, but there is not a large amount of math. A proviso: The amount of math in the economics curriculum varies across colleges and universities. Some economics departments do not require their students to learn much math or statistics, but others do.

70% of economics majors regretted their choice.

Some economics grads warn that while the degree provides a strong theoretical groundwork, it fails to give a strong set of skills that can be used post-college.

The hardest degree subjects are Chemistry, Medicine, Architecture, Physics, Biomedical Science, Law, Neuroscience, Fine Arts, Electrical Engineering, Chemical Engineering, Economics, Education, Computer Science and Philosophy. Let's dive right in, and look at why these subjects are the hardest degree subjects.

How satisfied are economics students compared to other degrees? Overall, economics students rate their satisfaction with their degree a 3.3 out of 5. This is standard compared to other degrees which average a rating of 3.28 across all degrees.

Calculus is the most common type of math found in economics. Calculus includes the use of various formulas to measure limits, functions and derivatives. Many economists use differential calculus when measuring economic information.

What are the easiest majors?

Most universities with economics majors will require at least a basic level of mathematics. This, however, should not discourage anyone from pursuing an undergraduate degree in economics. With that said there are options for those who's strong-suit is not math but would still like to dive into the world of economics.

Because the study of economics involves a substantial amount of quantitative analysis, Economics majors are required to complete a course in calculus prior to beginning the courses of the major.

Studying economics can be an interesting and rewarding experience. You can learn economics all on your own without the benefit of formal education. You can also start learning economics when you're in high school or even earlier, if you're ambitious. You can carry that love through college and even postgraduate work.

How to Know if This Major Is the Right Fit for You. Majoring in economics might be the right choice for you if you'd like to use analytical reasoning to study behavioral patterns, policy problems or business practices. The critical thinking skills a degree in economics can help you develop are useful in many fields.

Computing is the major with the highest college dropout rate — 10.7%. The number of dropout college students varies across degrees and majors. After computing, advertising is another field of study that many students give up on — 7.7% of them.

What is the smartest thing to major in?

Business Administration. According to most sources, a bachelor's in business administration is the most commonly sought-after college degree among all majors. CollegeVine ranked it as their No. 1 easiest college major because the average GPA and ROI are high while the weekly workload is low.

The Most and Least Popular Undergraduate Majors

Overall, the most popular bachelor's degree is Business or Management. Meanwhile, the least popular undergraduate degree is Computer Sciences.

Economists are investigative and enterprising

Economists tend to be predominantly investigative individuals, which means that they are quite inquisitive and curious people that often like to spend time alone with their thoughts.

The most popular Weinberg College majors taken in conjunction with economics are Political Science, History, Mathematics, and Psychology.

Economics stands alone among the social sciences in having a 150 year history as an established, respected, and influential discipline.

In Economics you learn about supply and demand, perfect and imperfect competition, taxation, international trade, price controls, monetary policy, exchange rates, interest rates, unemployment and inflation amongst many other topics to understand individual markets, the aggregate economy and government policies.

The US Department of Education (DOE) groups majors within a Classification of Instructional Programs (CIP) code. The CIP code that corresponds to the economics major has a STEM designation for an instructional program that provides instruction in “economic statistics, optimization, price theory, and economic modelling.

What subjects do you need to study economics?

Economics course entry requirements

Not many colleges or sixth forms offer the option to study economics. So, you'll be looking for good grades in maths, mainly. Subjects like statistics and business will also be useful in your application.

I found finance to be slightly more challenging. Economics varies more though. There are very easy courses you can take, as well as extremely challenging ones—especially at the graduate level. If you're just talking about a basic bachelors degree though, then finance is probably a little harder but not by much.

Don't take Chemistry at the HL level if you're not genuinely interested in it. It can get very frustrating for an indifferent student. Chemistry IA is more difficult than the Economics IA. Chemistry and Economics external exams are both straightforward and easy to score a 7 on.

When it comes to B.A. Economics it will be a lot easier for Science students as it involves Statistics and Mathematics. Mathematics is a compulsory subject to pursue B.A. Economics.

Overall, economics students rate their satisfaction with their degree a 3.3 out of 5. This is standard compared to other degrees which average a rating of 3.28 across all degrees.

More broadly, an economics degree helps prepare you for careers that require numerical, analytical and problem solving skills – for example in business planning, marketing, research and management. Economics helps you to think strategically and make decisions to optimise the outcome.

Economics vs Finance Salary Potential

The National Association of Colleges and Employers (NACE) reported an average starting salary of $55,965 for economics majors. Finance students weren't far beyond with a $55,609 mean wage. These are both over $5,000 higher than the median for all degrees.

Economists do utilize math in their job, but that isn't the only skill they use. According to the United States Bureau of Labor Statistics (BLS), four important qualities economists should have are analytical skills, critical-thinking skills, speaking skills and writing skills.

What math is best for economics?

Recommended Math for the Economics Major

Statistics and econometrics classes use material from integral calculus (MATH 1120), and core microeconomics, core macroeconomics, and many advanced electives use material from multivariable calculus (MATH 2130 or MATH 2220).

Quantifying the difficulty of each major is impossible because different students with different learning profiles will perceive the difficulty of each major differently. That being said, Biology requires memorization whereas Economics will require more application.