“I am extremely grateful for the Economics Department at ISU. When I arrived at college, I was aimless. The teachers and staff in the Economics Department were so kind, helpful, interesting, and passionate. They helped me find a better path and to care about what I do. I’ve had an extremely successful career through the strong problem-solving skills and approach they provided me.“—Brent Combs ’14
Thinking about the best major for your university studies? If you’re not considering economics, you could be missing out on the best choice! There are so many reasons to choose Illinois State University Economics—many scholarships are awarded to econ majors, major companies will want to hire you, and you’ll be making bank being in one of the highest-paid fields when you graduate! Here is a run-down of why you should choose economics at Illinois State University as your major.
What economics department scholarships are available?
The Department of Economics offers a number of scholarship opportunities and awards to econ undergraduates.
Below are some of the individual scholarships:
- Dr. John Chizmar & Dr. Anthony Ostrosky Scholarship: $1,000
- Ron Ulmer Endowed Scholarship in Economics: $1,000
- Scott M. Elliot Undergraduate Scholarship: $1,000
- F. Russell Glasener Economics Advisory Board Scholarship: $1,000
- The Helen and Shirley Highland Scholarship: $1,500
- Laurine Reiske Scholarship: Estimated at $9,000
To find out which of these you may qualify for, and to get those economic scholarship applications started, click here.
But wait, that’s not all! In addition to the Economics Department scholarships, Illinois State University also offers additional scholarships. You’re very likely to receive a scholarship, as 94% of the current freshman class of Econ majors received one (the highest award was $11,000)!
- Redbird Scholarship: Valued from $1,000 to $5,000/renewable for up to three additional years
- Presidential Scholarship: Valued at up to $12,000 per year/renewable for up to three additional years
- University Scholarship: Valued at up to $10,000/renewable for up to three additional years
- McLean County Full Tuition Scholarship: Each carries a present-day value of $50,000
- Legacy Scholarship: $500 scholarship each year for up to four years
This isn’t even a full list—you can search for more available scholarship money here.
Where would you work if you graduate with an economics degree?
One of the main advantages of an economics degree is the wide range of career opportunities in a variety of settings, including:
- Private industry
- Federal, state, and local government
- International organizations
- Labor unions
- Education
- Grad schools in economics, business, or law
Based on a 2022 alumni survey, the primary occupations of Illinois State University economics graduates who responded include managers, business analysts, financial specialists, attorneys, judges, sales specialists, social scientists, and more. Click to learn even more about industries/jobs you could work in with your econ degree.
Interested in working for a major corporation? If you have an economics degree, there are lots of top-notch companies that will welcome you. Illinois State University econ alumni have landed fantastic jobs. Here are just some of the companies they are working for:
- Aldi
- BNP Paribas Securities Services
- Groupon
- Illinois Governor’s Office of Management and Budget
- IRS, Office of Chief Counsel, and Social Security Administration
- Mastercard
- Northwestern Mutual
- State of Maryland
- U.S. Bank
And, you’ll also get plenty of real-world experience before you graduate when you get an internship or undergraduate teaching assistantship. Students majoring or minoring in economics can earn academic credit for an approved internship experience.
Get involved! Undergraduate Women in Economics & Economics Student Association
Illinois State University has been chosen to take part in a national initiative to promote success for women as economics majors. The program is led by economists at Harvard University and administered by the National Bureau of Economic Research.
The Undergraduate Women in Economics (UWE) is dedicated to increasing diversity and representation in the economics profession and fostering a sense of inclusion across the broader community of scholars. Students are invited to join the organization regardless of their experiences with economics. This group is inclusive, students of all genders are invited to join.
UWE members organize trips to visit Federal Reserve Banks, the Department of Commerce Economic Opportunity in Chicago, attend academic conferences, host guest speakers, and discuss current events.
What is the salary of an economics major?
Per a study conducted by Georgetown University, Economics graduates continue to be among the highest-paid alumni, compared to other related fields, with a median annual gross income between $76,000-$90,990. Here are some other reports from trusted sources that prove econ is a great choice:
- Per ZipRecruiter, as of November 21, 2022, the average annual pay for the “economics major” jobs category in the United States is $76,612 a year, ranging between $40,500 to $99,000 with top earners making $144,500 annually across the U.S.
- Per Glassdoor, as of September 15, 2022, the estimated total pay for an entry-level economist is $76,978 per year in the United States area, with an average salary of $71,817 per year.
- Per the American Economics Association, and the U.S. Bureau of Labor Statistics, for economists of all educational levels, the median earnings in 2020 were $108,350, with $59,220 at the low end and $198,230 at the high end.
Illinois State University—Be part of it all!
When you are an econ major at Illinois State University, you are part of the welcoming community of students. With 400+ student organizations, Illinois State University has so many ways to meet others who share your passions and interests. You will make new friends in the residence halls, enjoy great food in the dining halls, and learn from professors who put their hearts into making sure you succeed.
Ready to find out even more about being an econ major at Illinois State University? Please visit our website or book an appointment now with our academic advisor, Christopher Mushrush, to learn more and arrange a campus tour, or you can call us at (309) 438-8625.
