Benefits of studying economics
Economics is a branch of social science that focuses on the consumption, transfer and production of wealth. It can be broken down into two classes: microeconomics and macroeconomics. Microeconomics focuses on how individuals, businesses and organizations use their wealth. Macroeconomics focuses on large-scale factors, such as interest rates and national and international productivity. Both types of economics directly impact everyday life.
The importance of studying economics
Why study economics? The biggest reason is because of how it affects our everyday lives. Economics is the driving force behind the cost of living, tax, interest rates and the management of wealth. These factors are determined by economists who research and analyze data, issues and trends in order to produce and present economic forecasts and reports.
Economists are invaluable because of their ability to use reasoning and data analysis to study the full range of human activity. Using this data, they can apply their expertise in understanding the material world to ensure the economy is sustainable.
The benefits of studying economics
There are many benefits of studying a degree in economics, including high earning potential, the development of valuable skills and more.
Excellent career prospects
By having a degree in economics, you will have many excellent job prospects and potential career paths available to you. Economists play an important part in everyday life and are present in all sectors of business, meaning economics graduates are in high demand by employers around the world. Some of the roles you could work in as an economics graduate include:
- Data analyst
- Financial risk analyst
- Chartered accountant
- Compliance officer
- Investment analyst
Economics graduates also find success in other industries such as law, government, medicine, international relations and non-profits.
High earning potential
One of the biggest benefits of studying economics is that you can expect to earn some of the highest starting graduate salaries. The industry also has plenty of opportunities for promotions. In the U.S., the average starting salary for an economics graduate is $66,000 per year (American Economic Association, 2021). This can increase to more than $146,000 USD over time as you gain more experience.
Develop transferrable skills
One of the best reasons for studying economics is the development of transferrable skills. These skills can be applied to any field of economics and will also boost your employability in any industry you choose to work in. Some of the transferrable skills you will develop during your economics study are:
- Analytical thinking
- Spoken and written communication
- Time management
Have a direct impact on society
It is the role of an economist to research economic issues, recommend solutions to economic threats and interpret and forecast market trends. Through these activities, economists work to actively improve the everyday living conditions of society by increasing gross domestic product. This means good housing, access to basic needs such as food and water and keeping living costs at a sustainable rate.
Study economics at James Madison University
To study economics in the USA, choose James Madison University, the #1 most recommended public university according to students (Wall Street Journal / THE US College Rankings, 2021). JMU has all the advantages of a large public university in America, but the feel of a small, friendly community and it's a nationally recognized university by U.S. News & World Report (2023).
JMU offers a Bachelor of Business Administration (BBA) degree in Economics. You will get a well-rounded business education with courses such as Macro/Microeconomics, Senior Capstone, and Business Analytics. You will gain a solid foundation of economic theory and policy that can lead to a wide variety of career options, including financial analysis and trading, consumer advocacy, economic analysis, communications and public administration.
International Study Center
International students can begin their journey at the James Madison University International Study Center. The International Study Center will support you in your studies, help you get settled on campus, and build your new life in Harrisonburg, Virginia. Here, you will take university courses along with academic English language courses that are expertly designed to give you all the skills and knowledge needed to succeed in your Economics BBA program at JMU.
The International Year at the International Study Center is your route to undergraduate study at JMU, a top U.S. university. There are multiple semester lengths to choose from depending on your current academic and English language level.
The International Year gives students dedicated academic and English language support, with university style teaching. By completing the International Year, you will progress to your chosen undergraduate degree at James Madison University.
Entry requirements and fees
Entry to the International Year program is based on the academic requirements for a bachelor’s degree at James Madison University. The academic and English language entry requirements for the International Year will depend on the length of program you choose you study.
Applicants must provide proof that they meet the minimum English language entry requirement. There are several ways you can show English proficiency:
- TOEFL iBT score
- IELTS score
- Duolingo score
- Other English language proficiency test score accepted by the University
Applicants must also have completed the equivalent of a US secondary education and have a minimum grade point average of 2.25 or equivalent – 77-79% or C+.
If you meet the appropriate language and academic requirements, you can apply directly to any of our academic programs at James Madison University.
Find out more about fees for your program.
How to apply
The process to enroll at JMU is fast and simple. To apply, fill out our online application form. If you don’t have everything you need right now, you can save your application and return to it later.
Once your application has been received, a student enrollment advisor will review it and contact you directly. If your application is accepted for enrollment, you will receive an offer letter and an advisor will let you know how to pay your deposit to secure your place with us. Check out our how to apply page to find out more about the process and the documents you need to send.
Is economics hard to study?
To do well in economics requires time, dedication and excellent mathematics skills. All university degrees come with their challenges. A large number of exciting graduate job opportunities and the ability to have a positive impact on the world make the hard work worthwhile.
What do economists do?
Economists monitor past and present trends and issues, creating mathematical models to predict economic developments. The main role of an economist is to analyze statistics and present their findings in a written report.
Is economist a good career choice?
If you enjoy researching and analyzing economic issues, making forecasts and designing policies, then working as an economist might be a great career choice for you. The tasks an economist undertakes can change daily due to the evolving field of economics, so each day brings something new to the role. This means you will constantly be developing your skills and knowledge.