Economic Benefits of Studying Economics in Canada: A Comparison of Wages of Economics Majors with Wages in Other Disciplines, Circa 2005

Ather H Akbari
, Yigit Aydede

Abstract

We compared the wages of economics degree holders with of those in 49 other fields of study using data from the 2006 Canadian population census. At the undergraduate level, economics majors earned the sixth highest average wage in 2005. When demographic controls were applied, they ranked ninth on the salary scale. When we compared the wages in 15 fields that require students to take math courses, economists ranked in the middle, as they also did when working as managers and professionals. When working as business and finance professionals, economists had wages surpassed only by finance majors. At the graduate level, economics majors had a greater wage advantage over all of the other fields except for business majors. These results are useful for Canadian university economics departments that have been experiencing declining enrolments over the past few years. In addition, we hope they will enable students to make more informed choices regarding their academic discipline. The results also highlight the need to direct greater policy attention towards developing mathematical skills among incoming university students as a prerequisite for them to build analytical skills, the demand for which in the labour market has been demonstrated in some Canadian and US studies.

 

Metrics

Metrics Loading ...

Published

2015-12-31



Section

Articles



License

Copyright in the article is vested with the Author under the terms of the Creative Commons Attribution-NonCommercial-No Derivative Works 2.5 Canada license http://creativecommons.org/licenses/by-nc-nd/2.5/ca/. Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).


How to Cite

Akbari, A. H., & Aydede, Y. (2015). Economic Benefits of Studying Economics in Canada: A Comparison of Wages of Economics Majors with Wages in Other Disciplines, Circa 2005. Canadian Journal of Higher Education, 45(4), 143–165. https://doi.org/10.47678/cjhe.v45i4.185270