Majoring in economics will provide you with the tools that are highly desired in the workplace, from data analysis to an understanding of how businesses work. Although you may be 100% certain that economics is what you want to major in, you may still be undecided as to what to minor in.
Economics is a flexible and sought-after major. The best minor for it is something that adds more focus and edge in the job market. A minor that complements economics, such as mathematics, history and IT, can enhance one’s resume and provide a more fulfilling experience during and after college.
If choosing the right minor for a future economics major like you stresses you out, read on.
Below, we will talk about 12 of the best minors for economics majors. When choosing from among our various suggestions, always keep in mind your personal interests. With the right college minor, you can follow a passion in life, have a more balanced education, and enjoy more employment opportunities.
To make predictions about how the economy will react to certain conditions, economists use math as their number one tool. And the better they are with math, the more accurate their economic predictions can be.
Needless to say, mathematics is one of the best minors for someone who is majoring in economics. This is most especially true since economics majors are usually required to take calculus. Just about any math subject beyond calculus, such as linear algebra with probability, is the perfect complement for your economics major.
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Both economics and data science have solid foundations in statistics. Because of this, it doesn’t come as a surprise why a minor in data science is an excellent idea for students majoring in economics.
Simply put, data science is all about the study of modeling techniques from statistics in order to make predictions and forecasts of various problems that may come into being.
Other than economics (more than 10% of data scientists have a degree in economics), data science is also critical in sectors such as banking, finance, consulting, robotics and AI.
Economic trends and prospects, in the end, will depend on how people decide to use and regulate money.
This is why having a better understanding of how people think and ultimately act can help you get a better picture and comprehend how money works. Behavioral economics, for instance, studies the economic decision-making processes of people.
Completing a minor in psychology while majoring in economics can help you establish a good foundation in explaining and predicting the behavior of people and its profound effect on the economy.
At first glance, it seems like psychology, which, as mentioned above, is a great minor for economics major, and sociology are one and the same. While they have similarities, psychology and sociology have significant differences.
Like the name suggests, sociology is all about studying and understanding a collective group of people — the society.
Since it involves investigating social relationships, social interaction and cultural patterns, a minor in sociology can provide you with a better understanding of economic outcomes stemming from societal and cultural factors.
Above, we talked about how an individual uses his money (psychology) and how a group of people making decisions (sociology) can have economic impacts. Experts agree that geography also appears to influence economic policy choices.
Studies show that, for instance, regions with high population densities and growth have not been conducive to modern economic growth. Location and climate, too, have significant effects on income levels growth.
This is why minoring in sociology is a huge plus if you are looking to apply to a multinational company in the future.
A more comprehensive perspective reveals how people all over the planet are connected, especially in this day and age. It’s because of this why global systems have become increasingly important in the last few decades.
What’s so nice about global systems is that it’s designed to complement an assortment of majors. They range anywhere from international politics, government, history, languages to various business disciplines.
A global systems minor also goes so well with economics, especially for anyone who plans to take on tasks encompassing the global economy.
According to a 2012 study by researchers from the University of Chicago, people involved in a global economy can make better decisions when they solve problems using a non-native tongue.
It emphasizes, too, that using a foreign language can eliminate emotional involvement, which allows for making more favorable risks and rational decisions.
Some colleges and universities offer a foreign language and international economics major. If the school of your choice doesn’t have it, minoring in foreign language while majoring in economics is a good alternative.
George Santayana, a Spanish philosopher, humanist and poet, once said that those who cannot remember the past are condemned to repeat it.
This is exactly why having a minor in history is a great idea, especially if making the same economic slip-ups others have committed in the past is not an option.
Experience is the best teacher, too, and the past is a treasure trove of economic experiences. For instance, an economic crisis that happened in Rome in 33 CE can teach us a lot about current financial disasters and policy responses.
It’s true that minoring in political science is ideal for college students looking forward to having a career in fields such as public administration, government service, international affairs, law and journalism.
However, political science is also ideal for anyone majoring in business or, more importantly, economics.
Economics is guided by politics.
Political science lends a hand to economics when it comes to securing the appropriate economic policies and goals. It’s due to this why the two go hand in hand and, in some instances, overlap.
These days, economists rely on sophisticated computer software programs to test their theories and predict outcomes.
Needless to say, minoring in computer science can help prepare you for the challenges that lie after graduation. There are various courses to choose from, too, ranging from computer organization to data structures and algorithms.
A minor in computer science can help you get things done faster and more efficiently. And because employers do not like any wastage of precious resources, your resume is going to be a complete standout.
People have been gathering, storing, retrieving and manipulating information ever since writing was developed in 3000 BC. Information technology (IT) in its modern sense, came into being in the late 1950s.
Since then, IT has been impacting the economy in numerous ways. Marketing tactics, e-commerce and job design have received the most notable impact.
For a future-proof career in the economic sector, consider putting IT on the top of your list of potential minors. Besides, it will come in handy no matter the path you wish to take after getting your hands on your diploma.
When minoring in business, there are various courses to choose from, which can make your college experience and resume, too, far from being boring.
Different business areas such as marketing, management, administration, e-commerce and accounting are all excellent minors for economics majors.
The majority of students that minor in business are in liberal arts. But if you are majoring in economics and you want a well-rounded transcript and resume plus some added abilities employers look for, a business minor is a great idea.
The best time to choose and declare a minor when majoring in economics is by the end of your sophomore year in college or before your junior year in college begins. As a general rule, the earlier you research and plan, the happier you will be with your choice of minor and the more rewarding it will be, too.
Above, we talked about a total of 12 of the best minors for economics majors. Choose any one of them that you like the best for the most satisfying life during and beyond college.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily represent those of the College Reality Check.