 What's happening guys it's Shane here So this was another highly requested video and I posted a poll a little bit ago Asking if you guys want me to dive deeper into specific degrees and it looks like most of you do so here We are so it seems like there's a lot of demand out there for me to supply you with a video about economics So as long as you keep supplying the like button smashes I will meet that demand and it does seem like I do have a monopoly on these videos So if you don't want to miss out on this sort of thing in the future I suggest that you hit the subscribe button as well and also keep in mind This is just my opinion and if you're thinking about majoring in economics Then you should definitely do your own research before making a huge life decision like that So economics is a very popular degree with thousands of people graduating with it every single year now I think everybody knows what economics is It's basically in layman's terms how money flows through a nation and how a nation supplies its economy with resources So first let's talk about salary as you can imagine Economics is going to make a good amount here starting out. They're making around 56,000 a year and then after about 10 years They're making somewhere around a hundred and seven thousand So this shows that they're making a pretty decent amount of money to begin with right off the bat And then there's a lot of room for growth as well According to the BLS the average salary for a full-time worker is about 49,000 a year So that's something that you can compare these numbers with so if you're making more than average right away And you're making double average after 10 years or so that's pretty good Now if you look at common jobs that you can get with an economics degree There pretty much isn't any so you might think that you're going to become an economist if you get an economics degree And if you do want to become an economist you can make a lot of money But the problem is is there's not that many jobs out there for them And you generally need to get at least a master's level degree But with a four-year degree you can work as a financial analyst management analyst financial manager Which make anywhere between 83,000 to 127,000 a year So to put these numbers in perspective the median annual wage for business and financial occupations is around $69,800 a year and the median for all jobs in the United States is around $39,800 a year But because of how flexible the degree is there's a ton of other options like one example would be You can work as a consultant for an agency Or because of the fact that it's technically a social sciences degree You'll have an easier time finding a job at a non-profit or working for the government Now most of the higher paying jobs are going to be more math oriented So it's a good idea to hedge your bets and either take extra classes Or specialize in something that has to do with math It's pretty flexible so you can climb the corporate ladder if you want to And become a vice president or even the CEO of a company Or you can get some experience in the business world and then start your own business later on And you'll probably have a huge leg up on the competition I remember one time I met a guy at a trade show who is an economics grad And he actually ended up working for a hedge fund This was a very high paying job and he told me he took a bunch of extra classes in mathematics And even some computer programming stuff But overall this is a very flexible degree And it's honestly pretty difficult to pin down exactly how much they make But we can say that it's pretty good Overall we're going to give this one a nine Next we're going to talk about satisfaction So when it comes to satisfaction I like to look at meaning as well as job satisfaction Meaning is basically whether that job makes the world a better place Whereas job satisfaction is how much you actually enjoy doing the work So if you got paid to stream on Twitch all day for instance You might have high job satisfaction but a low meaning Whereas if you were a garbage man you might not have very high job satisfaction But you definitely make the world a better place By getting rid of garbage and making sure our streets are clean I'm making these examples up off the top of my head But I think you get the point For context parking lot attendance score really low And occupational therapists score really high Now economics degrees score about 41% Which is lower than the average if you compare them against all degrees But it's relatively average or maybe even slightly above average If you compare them to all the other business degrees Now business degrees tend to score relatively low When it comes to meaning Whereas if you look at medical degrees they all score pretty high According to PayScale economists score 54% in meaning And 76% for job satisfaction Now these are both above average Especially if you compare them to other business professions But the thing is is that most economy majors Don't actually go on to become economists So let's go ahead and look at financial analysts instead The scores go down to 39% for meaning And 68% for job satisfaction For financial managers it's better at 47% for meaning And 77% for satisfaction Overall because of the fact that this is such a flexible degree It has pretty good job satisfaction and meaning Compared to other business degrees And if you do happen to go into a career path that you don't like There's a lot of other options out there for you So overall I'm going to give this one an eight Next on the list is going to be demand And this is where an economics degree does fall flat a little bit in my opinion When I was researching this I heard over and over again on different forums That in order to get a good job right out of school You have to go to a top 20 school Now this is true in some majors and not others But it seems like it might be the case in economics It might also be a good idea to take extra classes in math, finance And maybe even a little bit of computer programming Probably wouldn't hurt In fact I think with economics it would be a very good idea To either double major in something or minor in something That would also help you to achieve that career Some really good examples of double majors or minors Would be in economics and math, accounting and economics Business and economics and finance and economics Now economics degree holders do have one of the highest Unemployment rates at about 4.1% Now I think the reason for this is that the other side of the coin Of it being such a flexible degree which is a good thing Is the fact that it's also a very general degree Which isn't always such a good thing Because most of the time it's better to be a specialist Than to be a generalist This is why it's very important with this one That you do your research and you plan ahead Now looking back at the specialty jobs that we mentioned before Financial analysts have 329,000 total jobs And are growing at 6% There are 867,000 jobs for management analysts And it's growing at 14% And there are 653,000 jobs for financial managers And it's growing at 16% These are all excellent numbers And it shows that there's going to be a ton of demand For these careers in the future On top of that there's a very low chance That these types of careers are going to be automated And because of the fact that you have such a broad Understanding of these subjects It's highly unlikely that any of these careers Are going to be outsourced either Overall I'm going to give this one a score of 7 Next on the list we're going to talk about X factors Now one thing I always like to talk about When it comes to business degrees is how flexible they are And I know economics is technically not a business degree But they end up competing for a lot of the same jobs So I just kind of group them together Now economics does come in as the number 3 degree That's created the most millionaires And there is a reason for that First of all this is a great pathway To become a high level executive Which is one way that you can become a millionaire Or you can leave the corporate world Start your own business Which is another really common way to become a millionaire An economics degree will also teach you Some of the most important skills of personal finance Such as saving, budgeting and investing These are incredibly important skills And if you get through an entire economics degree Without learning these I just don't know what you're doing with your life This will also get you on the inside track To learning how to become a successful investor At a young age And these are all invaluable skills That will likely lead to you being financially successful And it does just seem like economics Is one of those degrees that has that X factor Where if you want to do things with it It can definitely get you to those places As long as you plan it out And like with many of the other business degrees There's a ton of opportunity, a ton of upside But there's also quite a bit of risk as well It's important to focus on learning valuable skills And the way that you can do that Is to seek out internships Or just work while you're going to school And I always say this But having that real life experience is invaluable You really can't explain how much value that gives you And it's going to give you a huge competitive advantage And of course it's important to focus on networking And meeting as many people as you can When it comes to a business degree There's a lot of truth to the old saying That it's all about who you know And it's not like this with all types of degrees In health for instance It doesn't really matter all that much Which school you graduate from But with an economics degree This really can matter what school you graduate from Or who you know that really can make the difference So you want to pay attention to that So overall I would say It's probably a good idea to go to a top 20 school If you want to go into economics But if you're already in school Or you know maybe you can't get into a top 20 school You should still go for it If that's what you really want to do Just focus on building your skills Networking and probably try to take either extra classes Or minor or even double major In something that's going to help you achieve your goals Think about where you want to be Five to ten years in the future And then make a really solid plan On how you're going to get there Overall this one is going to get A very good x-factor score of nine So now we're going to go over the pros and cons So the pros are that it's really flexible There's so many things you can do with it It's not likely to be automated or outsourced The pay is really good And it teaches you skills that can make you rich Some of the cons are that it can be tough To get a job right out of school It's somewhat general So you do want to try to specialize as much as you can May not be the most meaningful work in the world And also the job satisfaction isn't amazing Now I do want to note here that If I do more research in the future And I find that some of the things that I said I don't agree with anymore I want to be able to change this score But from the research that I did in this video The total score comes out to be 8.25 out of 10 This is a very good score overall But at the end of the day It does come down to the individual person So make sure that you do your own research Before making a huge life decision Like choosing the degree that you're going to Spend $40,000 on Watch my videos right here I made them just for you Go ahead, smash the like button Hit the subscribe button Ring the notification bell And then comment down below Any ideas, criticisms, thoughts, etc That you have on this video Thank you so much for watching And bye for now