Data Scientist
Data scientists examine data sets, employing analytical tools and
methodologies to uncover valuable patterns. If you love finding hidden
patterns and trends within vast data sets, this role offers a direct
opportunity to help businesses make informed, advantageous decisions.
Median annual wage (BLS May 2023): $108,020 per year
Job outlook (2022-2032): Projected to grow 35%, much faster than
average
Educator (postsecondary)
If you have a passion for teaching and a background in economics, what
better opportunity than to help educate the economists of tomorrow?
Teaching at the college level can feel very rewarding, often offers great
benefits and scheduling, and makes terrific use of your economics degree.
Median annual wage (BLS May 2023): $84,380 per year (among all
postsecondary educators)
Mean annual wage (BLS May 2023): $133,650 per year among
postsecondary economics educators only
Job outlook (2022-2032): Projected to grow 8%, faster than average
Urban/Regional Planner
Urban and regional planners play a crucial role in shaping the economic
landscape of communities. In the role, you’ll use your analytical skills to
assess the economic impact of planning decisions related to resource
allocation, land use, and infrastructure. An advanced degree is required
for most urban/regional planning jobs, making graduate studies a logical
next step on this career path.
Median annual wage (BLS May 2023): $81,800 per year
Job outlook (2022-2032): Projected to grow by 4%, the average rate
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Economics vs. Finance Degree: Which Should You Choose?
Economics vs. Finance Degree: Which Should You Choose?
Written by NU Editorial Contributors
Academically reviewed by Dr. Brian Simpson
Minor in Economics Program Page
For anyone venturing into a professional career in the business world,
choosing between an economics vs. Finance degree is an early
educational decision that can have a pivotal effect on your future. While
both academic fields offer a strong foundation for learning how markets
function and how financial systems operate, each degree program caters
to distinct skills and career aspirations. With an economics degree, you’ll
better understand economic theories, policies, and their impact on society.
On the other hand, earning a finance degree means focusing your studies
on managing money, investments, and financial planning. Understanding
the main distinctions between these two areas can help you decide on
which education path is right for you.
Table of Contents
What is a Finance Degree?
What is an Economics Degree?
Economics vs. Finance Degree: Key Differences
Career Paths for Economics Majors
Career Paths for Finance Majors
Should I Study Finance or Economics?
Start your Degree in Finance or Economics
Below, let’s explore the unique aspects of both economics and finance
degrees, including the skills you’ll develop, the courses you’ll encounter,
and the career opportunities available in each field.
What is a Finance Degree?
A finance degree provides a comprehensive foundation in money
management, financial planning and budgeting, investment strategies,
and fiscal systems on both personal and corporate levels. You’ll graduate
with the key skills needed to succeed in various financial jobs, such as
analyzing financial markets, managing assets, making smart investment
decisions, handling risks, and guiding corporate finance to achieve
business goals.
Indeed, a finance education fosters a deep understanding of how money
circulates within organizations and how financial decisions shape both
corporate performance and the greater economic landscape. But from a
broader perspective, finance is also a cornerstone of the global economy,
fueling growth, supporting business expansion, and empowering people to
realize their personal financial goals.
A finance degree usually includes courses in accounting, economics,
financial analysis, portfolio management, and business ethics. This
training prepares graduates for jobs in banking, investments, corporate
finance, financial planning, advising, or fintech.
Woman smiling and looking tablet
What is an Economics Degree?
Economics is a dynamic field that studies how societies use resources to
produce, distribute, and consume goods and services. It focuses on
understanding the choices people, businesses, and governments make
when faced with limited resources and unlimited wants, and how these
choices impact markets on both small and large scales.
Earning an economics degree, you’ll explore economic theories, data
analysis, and the impact of government policies on economies, gaining
insights into issues like inflation, unemployment, and global trade. You’ll
also develop a deeper understanding of market forces, price
determination, and the impact of economic policies on individuals,
businesses, and society as a whole.
The economics degree curriculum typically includes courses in economic
theory, econometrics, statistics, and public policy, preparing graduates for
careers in research, policy analysis, consulting, and various roles in
government or international organizations.
Economics vs. Finance Degree: Key Differences
While certainly related, finance and economics degree programs have
distinct focuses and prepare students for different types of careers within
the business world. Finance programs tend to be more specialized,
concentrating on financial planning as well as managing money and
investments. They emphasize practical skills like financial analysis,
portfolio management, and risk assessment. In contrast, economics
programs offer a broader view, exploring how economies function at both
the individual and societal levels, emphasizing theory and analysis of
economic policies and trends. These differences influence the types of
courses you’ll take, the skills you’ll develop, and the career paths you’ll
pursue.
Economics vs. Finance Coursework
While finance courses are typically about practical applications, economics
courses focus more on understanding the underlying principles and
analyzing data. Consider the differing course offerings from National
University’s finance and economics programs to better understand the
ways these fields and their corresponding career paths may contrast:
Finance programs are typically hands-on, focusing on practical skills you
can apply directly in a business environment. At National University, you’ll
take finance classes like Financial Management, Investments, Finance &
Banking, and Business Finance. You’ll learn to evaluate financial health,
manage investment portfolios, and make smart, data-driven decisions.
You’ll also take classes like Accounting and Financial Engineering &
Derivatives, which will help you understand the complexities of finance.
Economics programs, on the other hand, offer a broader view of how
economies work, with a strong emphasis on theory. You’ll take economics
classes at National University, such as Principles of Microeconomics and
Macroeconomics, which look at how decisions made by individuals,
businesses, and governments affect the economy. You’ll also study data
analysis to learn econometric principles and take courses in economics,
philosophy, and global economic geography to understand the bigger
picture. Additional classes such as Business Economics, Labor Economics,
and Market Process Economics can further prepare you for a career in the
business or corporate world.
Economics vs. Finance Skills
There’s plenty of overlap in the basic skills you’ll need for a successful
academic and professional career in economics or finance—for instance,
both fields require strong analytical capability, critical thinking, and
communication—but through your studies, you’ll develop expertise in
differing areas depending on which path you take:
A finance degree will help you develop several core skills, including:
Financial Analysis: Evaluating financial statements, assessing company
performance, and making informed decisions.
Investment Management: Managing portfolios, assessing risks, and
making strategic investment choices.
Quantitative Reasoning: Using mathematical models and tools to analyze
financial data and trends.
Risk Assessment: Identifying, analyzing, and managing financial risks to
protect assets and optimize returns.
Strategic Decision-Making: Developing strategies based on financial data
to guide business decisions and achieve organizational goals.
Ethical Judgment: Understanding and applying ethical principles in
financial decision-making and practices.
Budget Forecasting: Creating and managing budgets and predicting future
financial conditions.
Likewise, an economics degree will help you develop the following core
skills:
Analytical Thinking: Breaking down complex problems and assessing
various economic factors.
Quantitative Analysis: Using statistical tools to analyze and interpret
economic data.
Policy Analysis: Applying economic theories and other key principles to
assess and evaluate policies and interpret economic behavior.
Research and Report Writing: Conducting research and compiling clear,
evidence-based reports.
Public Policy Development: Evaluating and developing policies to address
economic challenges.
Economic Forecasting: Predicting future economic conditions based on
current data and trends.
International Economic Systems and Policies: Understanding global
economic systems and their impact on national economies.
Person sitting at desk in office
Career Paths for Economics Majors
With an economics degree, you can explore a variety of roles in different
industries. Consider some of the common jobs and career paths you might
follow after earning an economics degree, as well as their average salaries
and growth expectations as reported by the Bureau of Labor Statistics
(BLS):
Economist
As an economist, you’ll engage with monetary and fiscal policy by
conducting research, crafting reports, and assessing economic issues. The
work often involves collecting and analyzing statistical data. Many
economist roles require advanced degrees.
Median annual wage (BLS May 2023): $115,730 per year
Job outlook (2022-2032): Projected to grow 6%, faster than average.
Market Research Analyst
Market research analysts examine consumer behavior, economic trends,
and other variables, identifying trends within the data and leveraging
insights into business strategy. This is a great role for anyone who enjoys
breaking down complex information and transforming it into actionable
knowledge.
Median annual wage (BLS May 2023): $74,680 per year
Job outlook (2022-2032): Projected to grow 13%, significantly faster than
average
Data Scientist
Data scientists examine data sets, employing analytical tools and
methodologies to uncover valuable patterns. If you love finding hidden
patterns and trends within vast data sets, this role offers a direct
opportunity to help businesses make informed, advantageous decisions.
Median annual wage (BLS May 2023): $108,020 per year
Job outlook (2022-2032): Projected to grow 35%, much faster than
average
Educator (postsecondary)
If you have a passion for teaching and a background in economics, what
better opportunity than to help educate the economists of tomorrow?
Teaching at the college level can feel very rewarding, often offers great
benefits and scheduling, and makes terrific use of your economics degree.
Median annual wage (BLS May 2023): $84,380 per year (among all
postsecondary educators)
Mean annual wage (BLS May 2023): $133,650 per year among
postsecondary economics educators only
Job outlook (2022-2032): Projected to grow 8%, faster than average
Urban/Regional Planner
Urban and regional planners play a crucial role in shaping the economic
landscape of communities. In the role, you’ll use your analytical skills to
assess the economic impact of planning decisions related to resource
allocation, land use, and infrastructure. An advanced degree is required
for most urban/regional planning jobs, making graduate studies a logical
next step on this career path.
Median annual wage (BLS May 2023): $81,800 per year
Job outlook (2022-2032): Projected to grow by 4%, the average rate
Career Paths for Finance Majors
Majoring in finance similarly provides a solid basis for a wide range of
business and financial career paths. Consider some of the places your
finance degree could take you, below:
Financial Analyst
Financial analysts are the number-crunchers who help businesses and
investors make smart money moves. You’ll dive deep into numbers,
trends, and market data to spot opportunities and risks, uncover valuable
insights, and help guide decisions to boost the bottom line.
Median annual wage (BLS May 2023): $99,890 per year
Job outlook (2022-2032): Projected to grow 8%, faster than average
Budget Analyst
As a budget analyst, you’ll be like a financial detective. You’ll work
numbers and dig into data to figure out where your organization’s money
is going and how to spend it wisely. It’s all about making sure every dollar
counts and helping the team reach their goals.
Median annual wage (BLS May 2023): $84,940 per year
Job outlook (2022-2032): Projected to grow 3%, almost as fast as average
Financial Manager
Financial managers ensure their organization’s financial health by creating
budgets, analyzing numbers, and making smart money decisions. It’s a
great opportunity to have a direct role in helping your business reach its
goals.
Median annual wage (BLS May 2023): $156,100 per year
Job outlook (2022-2032): Projected to grow 16%, significantly faster than
average
Operations Research Analyst
