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Economics

College of Liberal Arts & Sciences

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What is Economics?

Economics is the study of creation, consumption, and transfer of wealth. The major includes two major areas: microeconomics and macroeconomics. Microeconomics focuses on how individuals and firms produce and consume goods and services. Macroeconomics is concerned with mass economic progress and international trade. As a student in Economics, you’ll learn about markets and how capital moves, is gained and lost, and transfers among individuals. You’ll gain an understanding of the numbers and theories behind economics. With this understanding, you can use quantitative skills like calculus and statistics to solve economic issues. These issues include the use of:

  • Natural resources
  • Government fiscal and monetary policy
  • Health care markets
  • Development of human capital

If working with others to solve issues caused by scarcity sounds interesting, Economics may be right for you.

Career Options

  • Accounting
  • Consulting
  • Financial analysis
  • Management
  • Merchandising
  • Recruiting
  • Risk management
  • Sales
  • Technology

Post-Graduation Success1

82% employed or continuing education

61% employed after graduation

21% attending graduate school

$53,419 average starting annual income

Sample employer destinations: Allstate Insurance Company, Aon Hewitt, Epic Systems View All

Sample grad school destinations: University of Illinois at Urbana-Champaign, Columbia University, New York University View All

Program Resources

College of Liberal Arts & Sciences Program Webpage Degree Requirements

Review Criteria

First-Year Major-Specific Criteria

  • Calculus preferred (if available at high school)
  • Demonstrated understanding of and interest in the major

View All Review Criteria

Transfer Criteria

Transfer Guide

Graduation & Retention2

4.1 years to degree

92% first-year retention rate

70% four-year graduation rate

83% six-year graduation rate

Annual Program Costs3

Illinois Resident

  • Tuition: $15,250
  • Fees: $4,928
  • Expenses: $18,222
  • Total: $38,400

Non-Resident

  • Tuition: $34,370
  • Fees: $4,928
  • Expenses:$18,562
  • Total: $57,860

International

  • Tuition: $36,818
  • Fees: $4,928
  • Expenses: $18,562
  • Total: $60,308

Related Majors

1 Post-graduate data was collected through the Illini Success initiative, which primarily relies on self-reported survey data sources. Statistics are aggregated from the past three years. Please note that total compensation may be greater than annual salary as other forms of compensation (e.g., signing bonus, commission, benefits) are not included. For more information on Illini Success data and methods, please visit the Illini Success website. For average wage or salary information five years after entry into an occupation, visit the My Next Move website.

2 Graduation and retention data comes from several majors within a similar interest area. Data may not yet be available for newly created programs. Years-to-degree data is only available for programs from which you can earn a degree. Retention and graduation rates are only available for programs that you can apply directly into. Retention rates reflect retention to the university, not necessarily retention within the major.

3 "Expenses" are estimated and include books, supplies, housing, and other living expenses. The exact amount you’ll pay depends on where you decide to live, the meal plan you choose, and your overall lifestyle. To learn more about costs, please visit the Office of Student Financial Aid website. To learn the average monthly student loan payment over a period of 20 years based on estimated cost, visit the Illinois College2Career website.

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