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Economics is one of the fastest-rising majors for students in the U.S. With the number of economics majors steadily growing each year and the increasing demand in fields like finance and government, economics graduates stand a lot to gain with their expertise. However, with the increasing popularity of the field also comes increased competition. Schools have become more selective over the years with their applicants. At the top universities, the process is so selective that only the most compelling applicants are considered for admission. To help economics students achieve their academic goals, here is InGenius Prep's guide on how to become an economics major. 

Want an expert's advice on economics programs? Book a free strategy call and begin your admissions journey today!

Economics Degrees and Concentrations

Economics is a study that questions the flow of resources. Scholars learn about production, consumption, and the trends that affect how people make choices. That's a broad overview, but economics can be boiled down to dozens of individual concentrations. Macroeconomics, theory, and policy are common focuses offered at the top schools. 

Finance is a part of economics as well, but where finance focuses on the management and analysis of money, economics looks at the reason behind it. Economics questions how humans behave and how that affects resources. In the same vein, economics differs from business; where business majors study the practical applications of management of business, economics takes a theoretical overview—studying the trends that affect businesses.

Overall, economics is a very broad field that spans many domains but also has specialized concentrations that focus on more niche aspects. 

Some of the top economics concentrations include:

• Applied Economics
• Econometrics
• Behavioral Economics
• International Economics
• Public Policy

Outcomes for students can be equally vast and specialized. Some of the most popular jobs for economic majors include:

• Financial Analyst
• Lawyer
• Management Consultant
• Policy Analyst
• Accountant

Students interested in economics have a plethora of pathways to follow. However, how they go about their high school and college education will affect their outcomes in the professional world. 

How to Get Accepted Into an Economics Program

While economics is not popularly listed as a STEM study (science, technology, engineering, and mathematics), top schools across the U.S. have begun officially recognizing economics as a STEM field. As such, economics is an intensive area of study. Students must excel in their academic and extracurriculars. For the top school, applicants must stand out in all aspects of their application. It’s not an easy journey, but students can make the process much simpler by understanding best practices for college admissions. 

• Academics: High grades are the foundation for acceptance to an economics program at a top school. While high grades alone will not guarantee acceptance, performing well academically will ensure that students at least meet schools' minimum admissions thresholds. Mathematics, calculus, finance, and statistics courses are especially important for economics students to perform well in, as well as getting a high score on the SAT Math Section.
• Extracurricular Activities: Extracurriculars are another important cornerstone of a student's application. Given that STEM fields are more academics-based, it's especially important for economics students to engage in compelling extracurricular activities to set themselves apart from their peers. Clubs and summer programs—resources available at one's own school—are great places to start. However, exceptional students need exceptional accomplishments. Participating in internships, passion projects, and competitions will make a student more favorable in the admissions office. 
• Community Service: Involvement in one's community is another important aspect of higher education that Admissions Officers take note of. The top U.S. schools are not just looking for exceptional students; they're looking for leaders and trailblazers who will make an impact. Leadership is often viewed as one of the missing pieces of the admissions process, so make sure to include leadership experience as a part of your profile—from extracurriculars to personality to career goals. 
• School List: Which schools students apply to can vastly affect how they approach their applications. Each school has different values and admission criteria. Students need to tailor their applications for each school to have the best results. Economics students should have a varied list of schools to apply to—safety, target, and reach schools. Research schools, learn about their economics programs, and tailor your applications to align with each one’s values. 
• Essays and Personal Statements: Essays and personal statements are a unique and very important aspect of a college application. Students can display their personality and unique traits directly to Admissions Officers. Admissions Officers don't have to infer a student's personality or characteristics; they're able to tell from a student's writing voice and what they choose to highlight in their essays. This is especially important for economics students. Creativity, purpose, and leadership are often left out of a STEM student's profile. Displaying those traits through compelling essays adds another angle that'll positively impact an economics student's admissions. 

Students should start their application strategy early. Doing the work throughout their time in high school to develop all these aspects will make the application process much simpler in their senior year. This is called “Candidacy Building.” Students with a well-built profile and years of development have much better admissions results than those who don’t. 

Taking an earlier approach also decreases the strain on students and their families by spreading the work over four years. By tackling all these aspects early, students give themselves the time and space to naturally become ideal candidates easily and with less stress. 

Top Economics Schools

Many of the top U.S. schools boast robust economics programs. The best programs give students the most room to develop while placing them alongside distinguished faculty and economics professionals to enhance their understanding of the field. 

Among the Ivy Leagues, Harvard is a notable example with an economics program designed to turn budding scholars into industry professionals. Harvard faculty are some of the finest professionals in the field, and their economics program reflects that. With one of the most selective admissions processes in the nation, Harvard’s name and reputation carry weight. Obtaining admission alone is a feat that would set any student apart in the professional world, but those who complete an economics degree from Harvard solidify their dedication and value to the field of economics. 

The Massachusetts Institute of Technology (MIT) is another stand-out example among the top non-Ivy League schools. MIT's economics program is structured around supporting students in their research and career endeavors. Its programs are specialized and provide students with challenges as well as unparalleled opportunities to thrive in their areas of interest. Its programs are vast, and MIT’s research opportunities are industry-leading—built to make students leaders in the field even as they complete their degrees. 

Other Notable Examples include:

• Vanderbilt University
• Princeton University
• Stanford University

With demand for economics steadily increasing, many schools across the nation have answered with more robust programs and structures to support students’ passions. There's no shortage of options for economics students. 

For a comprehensive list of InGenius Prep's top economics schools, read our blog, "Our Top 7 College Picks for Economics Majors." 

Finding Your Pathway in Economics

Fast-rising, intensive, and in-demand—economics is becoming an increasingly popular choice for students. It's a demanding study but one that offers a vast array of opportunities—both in academics and career endeavors. Students can make their focus broad or dive deep into a niche concentration. Whatever aligns with a student's interests, there's a pathway for them in higher education. 

By strategizing early in their high school career, students can create a compelling economics profile for themselves. The key is to identify where your interests lie, what your goals are, and reverse-engineering your trajectory to succeed. Why are you interested in economics in the first place? What do you want to achieve in the field? What do you need from a school to accomplish that? From there, students can find out which schools to include on their list, what those schools value, and what to do throughout their time in high school to become the ideal candidates for those schools. 

For more on what it takes to become an economics major, book a free strategy meeting with an InGenius Prep advisor today!