Economics have always been amongst the most popular fields of study at a graduate level because of their versatility which offers the holders career opportunities in almost an endless number of industries. If there is money involved, there is going to be a need for an economist as well.
Because of today’s fast pace of life, which leaves young adults little time to pursue higher education the traditional way, an increasing number of people are deciding to pursue online economic degrees. These online economics programs are specially tailored for today’s working professionals, parents, and adults in general.
In this article, we will try to shed some light on the differences between traditional and online degrees in economics., while explaining the online BA in Economics typical admissions requirements, and giving you a quick insight into some of the prospective careers with their expected salary ranges.
So if you’re interested in money and markets, distribution of resources, investments, and analysis of the aforementioned do read on, because chances are you can make a good career by finishing one of the many reputable economics programs online and earning an online Economics Bachelor’s degree.
Differences between online degrees in Economics and traditional ones
One of the major differences between online Economics degrees when compared to traditional ones is the former’s large amount of flexibility, which results in a more student-centered learning environment that can fit better with each student's personal and professional life.
While traditional degree programs have rigid and fixed class schedules and deadlines, online Economics undergrad programs give the students the chance to organize their schedule the way that fits them best, learning as fast or as slow as they can or wish.
Students don’t need to attend classes on campus or have face-to-face lessons. They are instead allowed and expected to learn wherever it’s convenient, with a stable internet connection and a laptop or tablet usually being the only technical requirement.
Smaller learning modules and modern, innovative, and interactive learning methods and materials, all add to the list of advantages of getting an Economics degree online versus on campus.
Admissions requirements
Admissions requirements for online Economics degrees aren’t much different than the ones of traditional Economics degree programs, but still may and will vary to an extent between all the different educational institutions that offer them.
Prospective students will usually have to provide a high school diploma along with original transcripts, while many institutions will require insight into the student's SAT or ACT test scores.
Relevant work experience with reference letters from employers, as well as past teachers, will be beneficial too, as would a compelling statement of purpose highlighting the student's abilities and ambitions.
Possible careers and salaries
Obtaining an online Economics Bachelor’s degree will result in opportunities in a variety of industries and fields, from academia and consulting to finance, trade, and even government or sports. Expected salaries also vary as much or even more as they depend on numerous factors such as location, work experience, and the industry and company itself.
According to the Bureau of Labor Statistics, the top-paid career choice within the field is that of Compensation and Benefits Managers which commands an average annual salary of about $131,000. If we mention that Compensation, Benefits, and Job Analysis Specialists, which are on the other end of this list, can expect on average about $68,000 per year, you can get the idea of how big the range is within the field. Actuaries make around $113,000 per annum, while Credit Analysts, Accountants, and Auditors can expect to earn slightly over $78,000 for the same period.
Considering the huge range of positions and fields for online Economics degree holders that all have a different earning potential, each student will have to choose the program that fits their ambitions and affinities the best.
Conclusion
Earning an Economics degree online comes with numerous advantages compared to earning one the traditional way. Flexible schedules, with smaller, less demanding learning modules, along with modern learning materials and techniques result in unprecedented accessibility and student-centeredness. Economic programs online can fit any schedule and almost any budget, and should be considered by all prospective students who may, for whatever reason, have difficulties in attending classes and earning an Economics degree the traditional way.
