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Economics & Finance

Business Major - Economics Track

THE FRANKLIN P. PERDUE SCHOOL OF BUSINESS SALISBURY UNIVERSITY BUSINESS MAJOR - ECONOMICS TRACK

The B.S. in Business Administration, Economics Track, offers students interested in pursuing a career in business with valuable exposure to each of the central functions of a modern business as well as the opportunity to develop analytical skills valued by employers. These skills give a graduate the edge needed to compete successfully for job openings and once landed to more effectively seek promotion.

A recent study compared recent graduate salaries six years after graduation by degree subject: “Economics graduates were in the top 5% of the distribution, 17% over the average graduate and university graduates as a whole generally earned salaries more than 40% above average earnings.”

A distinct advantage of an economics degree over many other 'business-oriented' degrees is the wide range of job opportunities that it provides. In addition to working as economists, economics graduates work in a range of positions in banking and finance, management, marketing, education, environmental protection, government and politics.

Recent job placements testify to the importance of such skills. Graduates have found positions in banking and finance (MBNA America Bank, Chase Manhattan Bank), at companies as diverse as Perdue Farms and Intel, and in government (Bureau of Labor and Statistics, U. S. Department of Defense, and the EPA). For a more complete placement history, please speak with any of the faculty in the department.

An individual’s salary depends on many factors, including level of education, years of experience and the industry in which they work. The 2001-2002 national average starting salary for economics and finance bachelor’s degree graduates was $39,953, exceeding all business degrees except management information systems, according to the National Association of Colleges and Employers.

Many students find that a double major in finance and the economics track is attractive. Indeed, the highest paid economists are found in the securities and investment fields, where the median salary for an economist in 1999 was $110,000. In most cases, the highest salaries are paid to those possessing advanced degrees in either finance or economics.

Many advanced degrees, while increasing the starting salaries of graduates, do so only over an extended period. Economics and Finance are the exceptions to the rule.  A masters degree (typically completed in two years) in either finance or economics increases the median starting salary from $35,000 to $45,000, while a Ph.D. in economics (typically completed in 2 additional years) increases the median starting salary to $60,000 --- not a bad ROI !. Furthermore, the median salaries at all levels of experience is significantly affected by the level of degree completed. In 2000 the median salaries for economists by degree were, $67,500 (B.A./B.S.), $80,000 (Masters), $108,000 (ABD), and $ 91,000 (Ph.D.). (Source: NABE Salary Survey)

Students interested in pursuing a graduate education in economics are encouraged to meet with a faculty advisor early in their college career to develop a plan of study that should include a series of math and statistics courses. Recent graduates have been successfully recruited to graduate programs at Georgia State University, George Washington University, The College of William and Mary, and the University of Delaware among others.

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