Thursday, September 13, 2007

Economics graduates are exploding in #'s

Check out the link here

Here is an interesting fact:

Meanwhile, elite schools are reporting that the number of economics majors is exploding. For the 2003–2004 academic year, the number of economics degrees granted by U.S. colleges and universities increased 40 percent from five years previously. Economics is seen by bright undergraduates as the path to a high-paying job on Wall Street or at a major corporation.

Of course, as an economist it is always good to look at the data.

Random Selection

Economics - Starting 74,000 10y average 189,000
Accounting 54,000 115,000
Finance 90,000 250,000
Comp Sci 58,000 108,000

It seems that the argument is correct with respect to Economics and Computer Science. However, I would be interested in seeing the figures for Finance majors. One possible explanation is that the average in Finance is biased by a few outliers (who make a ridiculous amount of money), although one would think the same argument holds for economics majors (which compete for similar positions).


Bernardo Aito said...

Great post. What about other countries and/or other majors (i.e. Political Science, Medicine)

by the way, if you have any thoughts of what will the FED do on September, 18th on the light of the recent market turmoil, feel free to leave your vote on my blog's poll at:



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