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THE LOWDOWN FROM COLLEGE FACTUAL

Top colleges for a major in economics

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Editor’s note: An earlier version of this story listed an incorrect location for Stanford University.

If you are interested in learning how goods and services are produced, distributed and consumed, economics is the major for you. Classes in economics will teach you how individuals, businesses and governments use their money and other resources, and also about other factors that affect the market.

Courses in areas such as statistics, accounting, calculus, business economics, developmental economics, economic theory, microeconomics, macroeconomics, and money and banking introduce students to economic theories and the impact those theories have on the value of money.

The list below gives the top 10 schools for getting an economics degree in the United States based on College Factual’s ranking methodology for rating overall academic quality. You can learn more about the ranking methodology in this article. Salary data is provided by PayScale.

1. Duke University: Durham, N.C.

Duke University is a private research university that was founded in 1924. The school has a reputation for providing a sound education that prepares students for long careers in their desired fields. Economics is one of the most popular majors on campus.

Classes in areas such as economics principles, microeconomics, macroeconomics and finance allow students in the program to become familiar with global theories in this field of study while also exposing them to various methodologies within the business world.

Students majoring in economics go on to find positions at a variety of public and private financial organizations. The average early career salary for a Duke graduate is $62,000, rising to $117,000 at the mid-career level.

2. Harvard University: Cambridge, Mass.

As the oldest college in the country, Harvard University has an extended history of offering a quality education. The Ivy League school is known for its demanding workload and has maintained an esteemed reputation as an excellent university.

Harvard employs top faculty members who specialize in areas such as applied theory, environmental economics, monetary and fiscal policy, political economics and more. While some students who study economics at Harvard choose to pursue an advanced degree after completing their bachelor’s, others immediately enter the work force, earning an average early career salary of $64,000 and an average mid-career salary of $142,000.

3. Yale University: New Haven, Conn.

Yale University is an Ivy League school that was established in 1701. The university is known for its academics and provides students with an education that will lead to success following graduation.

The economics department works to teach students about the production and exchange of wealth while analyzing how economies vary around the world. Along with business and economics classes, Yale blends in liberal arts classes to give students a more well-rounded education. This broad curriculum allows students to apply their knowledge to multiple fields and to pursue jobs in various organizations. Economics majors from Yale tend to do well in the job market, earning an average mid-career salary of $135,000.

4. Princeton University: Princeton, N.J.

Princeton University is another Ivy League school that has made our list of the top colleges for an economics degree. Chartered in 1746, Princeton has a long tradition of offering programs in humanities, social sciences, natural sciences and engineering.

Economics is one of the most popular majors at Princeton, and the field attracts students who are interested in a wide array of specializations. Courses teach students broad theories and methodologies that can be applied to numerous interests within the business world.

Princeton also supports multiple centers and programs dedicated to supplementing an economics education. Most students elect to find a job right after graduation instead of pursing an advanced degree. The average early career salary for these graduates is $58,000, and the average mid-career salary for a Princeton graduate is $137,000.

5. Columbia University in the City of New York

Columbia University Library in New York.  (AP Photo/John Minchillo)

Columbia University Library in New York. (AP Photo/John Minchillo)

Columbia is an Ivy League school that offers many top programs, including one in economics. The school is known for the strength of its curriculum and the comprehensive education provided to its students.

Students majoring in economics are introduced to theories and practices related to the distribution of resources. As their understanding of the field deepens, they are given the opportunity to take an in-depth look at what affects markets and the role individuals, businesses and governments play.

Graduates of this program often find jobs as economists, who have influence over policy makers, or act as consultants for businesses. The average mid-career salary for Columbia graduates is the second highest on the list at $137,000.

6. University of Chicago: Chicago

The University of Chicago is a private research university, acclaimed for its innovative and interdisciplinary curriculum. Economics majors at UChicago are exposed to theories and methodologies in their coursework, which is supplemented with additional business and liberal arts classes. The core curriculum promotes discussion and the development of advanced critical-thinking skills.

Graduates of this economics program have gone on to hold executive-level and leadership positions in organizations across the globe, earning an average mid-career salary of $96,000.

Dig deeper into College Factual’s economic ratings with this interactive tool:

7. Northwestern University: Evanston, Ill.

Founded in 1851, Northwestern University is a research university that promotes a highly collaborative environment where students and faculty work together. The Weinberg College of Arts and Sciences offers an economics major, which is one of the most popular majors at the university.

Coursework focuses on teaching students the theories and methods behind economics while also demonstrating how those theories can be applied to real-life scenarios. Many students in the economics program choose to double major. This offers students the unique perspective of looking at economics through the lens of another specialization. Graduates of this program find jobs in a variety of organizations, earning an average early career salary of $58,000.

8. Cornell University: Ithaca, N.Y.

Cornell University is yet another Ivy League school that joins the list of top colleges for economics majors. Located in the small college town of Ithaca, this university has a history of providing students with a quality education.

The economics department works to help students explore what factors affect the market and how those factors can cause fluctuations in inflation, unemployment and other areas. The economics major at Cornell essentially looks at human behavior and its impact on business.

Through supplementary classes that complement the major, graduates of this program leave the school with a dynamic understanding of the economy. They find positions in public, private and governmental agencies earning an average early career salary of $61,000 and an average mid-career salary of $127,000.

9. Brandeis University: Waltham, Mass.

Brandeis University is a private liberal arts school that focuses on promoting an interdisciplinary education. Students are challenged to apply theories taught in the classroom to real-world scenarios. Economics is one of the most popular majors at Brandeis.

By providing a broad range of courses — including international economics and finance, macroeconomics, monetary economics and labor economics — Brandeis prepares students to pursue a variety of careers following graduation. The comprehensive education gives economics majors the tools needed for success, with graduates earning an average early career salary of $54,000, jumping to $96,000 at the mid-career level.

10. Stanford University: Stanford, Calif.

Established in 1885, Stanford is one of the leading research universities in the country. The university offers many top degree programs, with economics being one of the most popular.

The economics major is designed to prepare students for an advanced degree. It exposes them to classic and contemporary theories while also teaching them how to apply these theories when evaluating economic policies. Majors in this field are taught to think analytically and perform their own economic research.

This major acts as a foundation for students to discover which aspect of business they would like to focus on. Many graduates of Stanford have found positions of leadership in the business world, earning $64,000 in the first five years of their careers — the highest early career earnings on this list. At mid-career, the average salary climbs to $125,000.

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