Dr. Mark Scanlan

Why Study Economics?

Since the late 1990’s, Economics (or Business Economics) has been one of the fastest growing undergraduate majors in the U.S.

for a number of reasons, including:

1.  Job Opportunities:  Many students mistakenly assume that the only reason to major in Economics is to become an economist,

but in reality there are numerous job opportunities available to undergraduate Economics majors.  Table 1 below shows just a few of

the careers available to Economics majors.  Within each of the industries in this table there are several different types of jobs available. 

This means that Economics majors will have a wide variety of jobs to choose from upon graduation.  This makes Economics a perfect

major for students who know they want to work in business in some capacity but do not know exactly what job they would like to have. 

The curriculum offered in the Department of Economics and Finance at SFA will help students find their particular passion within economics

and thereby determine the specific career that most interests them.

                                                               

Table 1                            Careers Available to Economics Majors
Banking Investment Government Nonprofit Organizations Health Services Manufacturing	Lawyers* Entrepreneurs Consultants Professors/Teachers Loan Officers Environmental Scientists	International Trade Managers Forecasters Market Researchers Credit Analysts Urban/Regional Planners

*Economics majors consistently obtain the highest LSAT scores of all majors.

2.  Great Pay:  According to PayScale, Economics is the highest paid undergraduate business major in the U.S., and is the consistently among the

highest paid undergraduate majors that SFA offers.  The average starting salary for students with a bachelor’s degree in economics is currently

around $50,000.  By mid-career the average salary typically increases to well over $95,000 a year.  Students that go on to complete a

graduate degree in economics can expect to earn even more.

3. Work Without Borders:  Economics majors are in high demand all across the United States and around the world, with job opportunities

from Washington D.C. and New York City to Dallas and Denver.  In addition, there are many opportunities for Economics majors to work

overseas with organizations such as the United Nations, World Bank, and International Monetary Fund.  For those students who have also

mastered a foreign language there will be additional opportunities with foreign firms around the world, or as a trade representative for a U.S.-based

firm with international interests.

4.  Intellectually Exciting:  Economics covers some of the most important current events that shape our country and the world, such as the causes

of the recent banking crisis, the costs and benefits of health care reform, the debate over socialism versus capitalism, the impact of our growing trade

deficit with China, and the real life implications of the environmental policies discussed by Congress.  A clear understanding of these important topics

makes Economics majors well-rounded citizens with a strong grasp of the current events around the world.

5.  It’s Fun:  Recent best-selling books like Freakonomics have brought to life just how much fun you can have with economics.  The authors of the

book use economic analysis to study such things as: what schoolteachers and sumo wrestlers have in common, and why so many drug dealers live with

their mothers.  Other economic studies have looked at whether a countries standard of living can predict how many medals it will win at the Olympics

and why more NFL teams don’t go for it on 4th down.  With a wide variety of economics electives being offered at SFA, students are sure to find topics

that interest them personally and that are fun for them.  We offer elective courses that cover such wide-ranging topics as sports economics, game theory,

environmental economics, and international trade disputes.

6.  Preparation for Graduate School:  Economics is well-known to be an ideal major for students interested in going to graduate school in law,

business or public affairs.  Students interested in studying law often major in economics, since Economics majors consistently have the highest scores on

the LSAT (Law School Admission Test) among the most common majors that take the exam.  Similarly, Economics majors are among the 3 highest-scoring

majors when taking the GMAT (Graduate Management Admission Test) that is required for entrance into Business Management Schools and MBA Programs

(Economics only trails Mathematics and Engineering/Computer Science).  The economics faculty at SFA works closely with students during the graduate

school application process and provides students with the letters of recommendations and references that can make the difference in gaining admission into

top graduate programs.

7.  Interested and Involved Faculty:  The economics faculty at SFA are dedicated to creating an engaging student experience that prepares

students for success on the job market or in graduate school.  The economics faculty are directly involved with students through business/economics honor

societies, guided research projects, and one-on-one counseling regarding graduate school application or the job search process.  Moreover, our economics

faculty hold doctorates in economics from some of the finest universities in the country including Texas A&M University, Florida State University, the University

of Houston, Temple University, the University of Florida, the University of Oregon, and the University of Kentucky.

8. Famous Economics majors:  There are many famous persons who earned undergraduate degrees in Economics and went on to great success in their

fields. Some of those individuals are listed below:

               

Famous Economics Majors
Ted Turner	Founder, CNN	John Elway	NFL Hall of Fame quarterback
Steve Ballmer	CEO, Microsoft	Tiger Woods	PGA golfer
Meg Whitman	CEO, eBay	Mike Mussina	MLB pitcher
Warren Buffett	Financier	Bill Belichick	NFL head coach
Sam Walton	Founder, Wal-Mart	Ben Stein	Actor/ speechwriter
Ronald Reagan	Former US President	Bob Barker	TV Game Show host
George H. W. Bush	Former US President	Paul Newman	Actor
Kofi Annan	Secretary-General of UN	Mick Jagger	Rock Star
Sandra Day-O’Connor	U.S. Supreme Court Justice	Arnold Schwarzenegger	Actor/Governor

More Facts and Figures

According to PayScale, Economics is the highest paid undergraduate business major in the U.S., and is the consistently among the

highest paid undergraduate majors that SFA offers. 

You can read the short article here: http://www.payscale.com/best-colleges/degrees.asp

Economics majors consistently obtain the highest LSAT scores among all majors.  This makes economics a perfect major for students interested in Law.

Because Economists Find Jobs

2000 Census employment rates by field of study and age

Because economists are paid well

2000 Census average annual, full-time earnings by degree, field of study and age                                                                                                                         

 Source (link)

                                                              Source(link)

More salary tables by major

Because you learn important life skills

Links discussing the benefits of studying Economics

The Hot Major for Undergrads (I like the 5 Myths about the major that he presents)

Why Study Economics?

Students Perspective

Another University's Perspective

Still not convinced?

Poking fun at economists from ahajokes.com

"Top reasons to study Economics

1. Economists are armed and dangerous: "Watch out for our invisible hands."

2. Economists can supply it on demand.

3. You can talk about money without every having to make any.

4. Mick Jagger and Arnold Schwarzenegger both studied economics and look how they turned out.

5. When you are in the unemployment line, at least you will know why you are there.

6. If you rearrange the letters in "ECONOMICS", you get "COMIC NOSE".

7. Although ethics teaches that virtue is its own reward, in economics we get taught that reward is its own virtue.

8. When you get drunk, you can tell everyone that you are just researching the law of diminishing marginal utility.

9. When you call 1-900-LUV-ECON and get Kandi Keynes, you will have something to talk about. "

Contact Information:
Dr. Mark Scanlan, Associate Professor of Economics
McGee Business Bldg., Suite 392 Office P
Phone: (936) 468-1883

E-mail: scanlanm@sfasu.edu

Mailing Address:
Department of Economics & Finance
Box 13009-SFA Station
Nacogdoches, Texas 75962-3009