Economics, BS with a minor in Business

What is Bachelor of Science in Economics with a minor in Business?

The Bachelor of Science in Economics with a minor in Business at Florida A&M University blends in-depth economic theory with foundational business knowledge. This program is ideal for students with strong analytical and problem-solving skills who aspire to understand complex economic and business scenarios. It suits those aiming for leadership roles in business, policy-making, finance, and entrepreneurship. Graduates are versatile, able to apply their skills in various sectors and are well-prepared for roles requiring economic insight and business acumen. The program includes practical experiences like internships and projects, enriching students' real-world understanding of economics and business.

 

Bachelor of Science in Economics with a minor in Business Careers

Graduates with an Economics degree from Florida A&M University common career trajectories:

• Economist
• Financial Analyst
• Market Research Analyst
• Policy Analyst
• Data Analyst/Scientist
• Consultant
• Banking and Finance Professionals
• Academia and Research
• Government and Public Policy
• Non-Profit and International Development
• Entrepreneurship

Economist - analyze data, research trends, and evaluate economic issues for resources allocation, goods and services distribution, and economic policies. They might work in government agencies, international organizations, or private sector firms.

Financial Analyst - assess investment opportunities, market trends, and financial data to help businesses and individuals make informed investment decisions. They are often employed by banks, investment firms, and insurance companies.

Market Research Analyst - study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

Policy Analyst - research and analyze issues that affect the public and propose policies to address them. They typically work for government entities, think tanks, and research organizations.

Data Analyst/Scientist - spend their time interpreting and extracting meaningful insights from large datasets.

Consultant - offering advice on economic strategies and business operations to a variety of organizations.

Banking and Finance Professionals - occupy such roles as credit analysts, loan officers, or financial advisors, where they apply their understanding of economics to financial products and services.

Academia and Research - some graduates may pursue further education, such as a master's or Ph.D., leading to careers in teaching and academic research.

Government and Public Policy - working in local, state, or federal government agencies, these graduates help develop and analyze policies, especially those related to economic development and regulation.

Non-Profit and International Development - graduates may work with NGOs or international agencies focused on economic development, poverty reduction, and global economic issues.

Entrepreneurship - with knowledge of economic trends and business principles, some graduates may start their own businesses or engage in startup ventures.

Bachelor of Science in Economics with a minor in Business Salary Expectations

According to the U.S. Bureau of Labor Statistics, the median pay for economists in 2022 is $113,940 annually or $54.78 hourly. While the typical entry-level education for economists is a Master's degree, it's noted that some economists, especially those in government roles, can qualify for entry-level positions with just a bachelor’s degree.

In 2022, the average Economists made:
• An average of $62 and hour
• A median salary of $114,000
• The top percentile made an average of $207,000

States with the highest employment level in Economists:
• District of Columbia
• California
• Maryland
• New York
• Virginia

 

Bachelor of Science in Economics with a minor in Business Frequently Asked Questions (FAQs)

Q: What resources or academic support is available for economics students?
A: Academic advisors are available to assist with course selection and planning from your first semester as a freshman to graduation.

• In addition to the Samuel H. Coleman Memorial Library, FAMU has the following four library branches which are accessible to economics students: Architecture, Engineering, Journalism & Graphic Communications, and Science Research Library
• Undergraduate Student Success Center works with students and professional tutors to provide 1-on-1 tutoring sessions, group study sessions, skills workshops, course content review sessions, and essay writing workshops
• Office of Career Development Services supplies students with the opportunity to engage with career partners, which can lead to internships and/or full-time career opportunities
• Opportunities to participate in case competitions to gain practical experience

Q: What are the admission requirements for economics graduate programs?
A: Note: admission requirements will vary for graduate programs, but generally, you may need:

• A bachelor's degree in economics or a related field
• A minimum GRE score
• Potential letters of recommendations
• A state of purpose stating your reason or desire to enroll in graduate School
• Academic transcripts from your undergraduate institution

Q: How do I choose an economics specialization or concentration?
A: To select an economics specialization or concentration, consider the following：

• Reflect on your interests or the aspects of economics that most interest you, whether it's microeconomics, macroeconomics, finance, or any other narrowly related field
• Look at course offerings by reviewing FAMU's course catalog to see what specializations or concentrations are available 
• Seek advice from an academic advisor, academic coach, or economics faculty member
• Let your potential career options be your guide. Your specialization should be related to your future career goals 

Program Faculty