If you are deciding between majoring in economics or chemistry, you might want to know more about what each major has to offer. This post will show you the key facts about each major and help you to decide which would be a better degree for you.
At a glance:
| | Chemistry | Economics |
| Payscale reported average pay | $74,737 | $71,173 |
| Job prospects | Average | Average |
| Types of jobs you can qualify for | Lab assistant Entry-level chemist Quality control chemist Technician Teacher Process engineer | Data analyst Business analyst Operations manager Financial analyst Actuarial analyst |
| Difficulty of the major | Hard | Moderate |
| Key things to note | It can be difficult to find a job with just a bachelor’s degree in chemistry. A master’s degree or PhD is often required. The major can become more employable if combined with a more applied minor. Also more employable if you do research work in a lab and do internships. It is a major that can give good job meaning once you can find a job. | Can be difficult to get a job with just an economics bachelor’s degree. Many of the more lucrative economics jobs require at least a master’s degree. Becomes a lot more employable if you combine it with programming and data analysis skills. |
Source for chemistry salary and jobs
There are a number of things to consider when choosing between the two degrees. Below, are details about each major, their differences, and reasons to choose one or the other.
Details about the chemistry major
Below are some details about the chemistry major.
Pay
According to Payscale, the average pay of a person, who has a degree in chemistry, is $74,737. This is higher than the average across all majors. However, it is important to note that this average will be being increased by people who also have a PhD in chemistry.
Jobs
The chemistry major can qualify you for a number of different types of jobs in a number of fields. However, the major can restrict you to certain types of jobs. This is unlike alternative majors, such as computer science where it is feasible to enter related disciplines such as data science.
Also, the jobs that you can qualify for with just a bachelor’s degree in chemistry can have low pay, can be competitive and will only be entry-level roles within chemistry or technician roles in related areas such as in medicine/drugs.
However, chemistry jobs are expected to grow by 5% by 2029 which is more than average. Also, the jobs tend to have high levels of meaning because they are usually beneficial jobs to society.
According to Payscale, jobs people with a chemistry degree get can include:
- Lab assistant
- Entry-level chemist
- Quality control chemist
- Technician
- Teacher
- Process engineer
It’s important to note that lab assistant roles usually require a year of experience having worked in a lab. This means that it will be important to complete lab work while in the major and to get internships.
Difficulty
Chemistry involves a lot of math and physics. As a chemistry major, you will be taking one year of physics classes and math classes including calculus 1,2, and 3. Also, the chemistry classes themselves can be difficult, especially physical chemistry. As a result, you can expect chemistry to be a difficult major. When compared with an economics major, you can expect chemistry to be more difficult.
Classes
Classes that you can expect to take in a chemistry major can include:
- 1 year of physics
- Calculus 1,2, and 3
- General chemistry
- Organic chemistry
- Physical chemistry
- Senior-level lab courses
Things to consider
Organic chemistry is a major that can be difficult to find jobs with by itself unless you are careful about what you do within the major. If your goal is to get lab work, it would help a lot to do research projects as an undergrad and to try to get lab internships so that you can qualify for entry-level lab roles.
Due to the amount of math involved, the major could be a pathway towards data analytics or even software engineering roles, if you learn how to program while in the major. On Payscale, people do report having gotten software engineering, data science and data analytics jobs with a chemistry degree. As a result, it could be worthwhile for you to get a computer science minor as well if you are set on a chemistry major.
If you want to do chemistry research in industry or academia, you should expect to have to get a PhD.
Details about a degree in economics
Below are some of the key details of the economics major.
Current pay
According to Payscale, the average salary of a person with a bachelor’s degree in economics is $71,173.
Types of jobs you can get
With a bachelor’s degree in economics you can expect to qualify for jobs such as:
Data analyst
Business analyst
Operations manager
Financial analyst
Actuarial analyst
Since economics makes use of a lot of statistics, you can qualify for many different types of “analyst” roles. Many of these roles will require the knowledge of programming in programming languages such as R and Python. While doing an economics degree, it would help a lot to make sure to learn R and Python and to be able to show projects that show that you are able to make use of those languages in a useful way.
Difficulty
The difficulty of an economics degree will depend a lot on the specific program. Some economics programs will be very math heavy and focused on statistics and its use in economics. Whereas, other programs will not even require calculus and will be more focused on broad economic theory.
If you do decide on an economics major, it would help a lot to consider what you want to get out of it and the jobs you are interested in so that you can choose an economics program that is suitable for you.
Types of classes you’ll be taking
As mentioned above, economics programs can vary significantly. However, there are some classes that you can expect to be taking including:
Principles of microeconomics
Principles of macroeconomics
Intermediate microeconomics
Intermediate macroeconomics
Statistics and probability
Political economics
Econometrics
Topics in money and finance
Topics in banking
Depending on the program, you might also be required to take mathematics classes including:
Calculus
Linear algebra
Discrete mathematics
Important things to be aware of
An economics degree, by itself, can be difficult to get a job with. As a result, it would be very important to take classes related to the job that you are interested in getting.
It is common for economics majors to end up in programming type roles after graduating. It would help you a lot to make sure to take some programming classes as electives and a CS minor would likely be a very good option. Doing this would open you up to good-paying roles such as software engineering.
In addition, if you are interested in going to graduate school for economics, it would help a lot to make sure to take more advanced mathematics classes since they are often required for graduate economics.
As mentioned above, the classes in an economics degree can vary a lot. It would help to look at the degree sequence for the economics degree program at your university and to make sure the required classes are suitable for the types of jobs you are interested in.
More details about the economics major
I have written more about the economics major here and I have written more about how hard you can expect the major to be here.
Reasons to choose chemistry
While it can be difficult to find jobs with a bachelor’s degree in chemistry, there are still some reasons why you might want to get a chemistry degree.
The first reason is if you want to get a job that requires a master’s or doctoral degree in chemistry. If you do, then a bachelor’s degree in chemistry would be more worthwhile.
Also, if you have a very strong interest in the subject, it would also make it more worthwhile for you to major in chemistry. However, it would also help to minor in something that is employable at the bachelor’s degree level. It would also help a lot to make sure to complete lab projects and to get lab internships to help when seeking lab work after graduating.
Reasons to choose an economics degree
If you are more interested in getting an analyst type role, an economics degree can be better suited than a chemistry degree. In this case, it would help to make sure to learn how to program in R and Python, to take some data analysis classes, and to emphasize more on statistical classes in your major requirements.
Regardless of the degree that you choose, it will be very important to make sure that you choose classes related to what you want to do after graduating. It is also important to consider what type of job you are most interested in and to choose your major accordingly.
