Pursuing a degree in economics abroad: what you must know 

By definition, economics can be described as the study of the use of scarce resources that have alternative uses. Essentially, the main goal of this discipline is to understand the main drivers of human behaviours, actions, and decisions in relation to goods and services.

While economics talks widely about money and financial health, it also combines the study of psychology, sociology, and even politics. Students can expect to develop analytical and numerical skills and use them in areas such as research, business planning, and forecasting.

Economics can be categorised into two branches: microeconomics and macroeconomics. While microeconomics tackles how we collectively make decisions to allocate the scarce resources available to us, macroeconomics talks about the study of an economy overall.

While this may not be as extensive, this gives us a glimpse into what economics majors will be learning throughout their university journey.

While the job market continues to evolve, economics majors can expect a bright career ahead of them after graduation.

On average, the annual salary of economists sits at US$105,630 with a projected employment growth rate of 13% in this decade alone. On top of that, the rise of fintech companies and cryptocurrencies is also playing a part in shifting the economic landscape as we know it today.

With that, it looks like this degree will continue to not only be relevant in this day and age but also a promising industry to infiltrate for many undergraduates.

Now that we’ve unpacked and gone through the basics, it’s time to uncover the top three things you must know before taking the plunge!

Traditional economics degree programs across the globe run for four years, where students are taught economic policy, economic theory, and forecasting in great detail.

On average, the overall cost of an economics degree in the United States, according to Research.com, can range anywhere between US$7500 to US$40,000 a year, depending on whether a student enters a public in-state, public out-of-state, or private university.

In the United Kingdom, the average tuition fee for international students ranges between £15,000 to £23,000 a year.

For those who want to take their educational journey to the next level, you may consider pursuing a master’s degree in economics or a master’s in business administration with a specialisation in economics.

Typically, a master’s program lasts one to two years and costs between US$30,000 to US$40,000 a year in the US on average. Meanwhile, expect to fork out anywhere between £17,000 to £34,000 a year if you’re a student in the UK.

Economics graduates have a wide range of job opportunities lined up for them after university. Some of the most common roles include:

• Economist

• Economic consultant

• Quantitative analyst

• Market analyst

• Lawyer

• Data scientist

• Investment analyst

• Financial risk analyst

While most people think the skills taught can only be exclusively applied towards economic data, they can also be used in other sectors at the same time. This includes economic careers in accounting, banking, business, financial consultancy, and even roles in the public sector.

Here are some examples to consider:

• Accountant

• External auditor

• Statistician

• Financial consultant

• Financial planner

• Stockbroker

• Securities trader

• Policy analyst

• Business reporter

Just like in other disciplines or fields of study, economics students would also gain a plethora of transferable skills that can be practised across industries.

For instance, some of the most unexpected and unconventional sector's students could enter include journalism, product management, education, and even retail.

You could find yourself becoming a business journalist reporting on the status of certain economic events, teaching the next generation of economists about the effects of globalisation as a professor in a local university, or perhaps a retail merchandiser in charge of tracking sales and market trends for an e-commerce store.

A degree in economics is a lot broader than you think. All you have to do is look at the bigger picture and discover the endless opportunities in store.

Convinced that a bachelor’s degree in economics is the next step in your overseas education journey? We’ve got you covered.

Here at IDP, our educational counsellors are more than ready to help students like you throughout the process from start to finish.

Whether it’s learning more about economics-related courses and universities, completing your application, or the preparation for student accommodation, expect that you will be guided every step of the way.

Simply book your free online counselling session with us today and we’ll take it from there!