Economics

Cryptocurrencies are disrupting the financial system. Inflation sparked by COVID continues to be an issue. Climate change is forcing nations to make hard decisions about clean energy investments. AI is threatening workforces in just about every industry. And ongoing trade negotiations with our neighbour south of the border is causing economic anxiety that’s affecting every person, industry and business. Canada needs experts to crunch numbers and make recommendations. Summon the economists.

At its core, economics is about allocating scarce resources for maximum effect. Learning how to do that takes four years of training in analytical thinking and quantitative skills—the kind of chops needed to solve complex problems in resource allocation, market failures and economic inequality. Those abilities to work with hard math and stats also open doors to fields like finance and banking, making for lucrative careers in sectors too big to fail. Economists are trained to analyze trends and forecast outcomes, which are increasingly relevant skills in a world obsessed with predictive algorithms and big data.

Economics grads tend to make decent cash—many become financial advisers and investment analysts, whose entry-level salaries are around $50,000 but vary greatly depending on region. Fresh grads may also find themselves working in marketing and consulting—major firms like McKinsey, Bain and Charles River hire analytics graduates to crunch data, model markets and churn out reports and recommendations for their clients. The same goes for governments, central banks and global institutions like the World Bank. 

An economics degree can also be a stepping stone to law. Contracts, mergers, acquisitions, taxes, union disputes and tenancy squabbles are all economic matters. Law schools look for candidates with strong reading and research skills, the ability to chew through huge amounts of information, a logical mind and a general knowledge of history, politics, finance and human behaviour—all things a major in economics provides. 

The most common type of undergraduate economics degree is a bachelor of arts, which provides a broad theoretical overview of the field and its core concepts. Some universities also offer a bachelor of science option, which takes a deeper dive into the math and statistics side of the field and is a good primer for those eyeing graduate studies in economics or its sister disciplines, like finance.

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Economics is made up of several sub-fields. Behavioural economics, for example, draws on insights from psychology to explain why people make the decisions they do. Grads can use their skills in analyzing and understanding human behaviour to work in market research analysis, policy advisory roles and the advertising industry. Climate economics is also emerging as a popular area of study, as debates about carbon taxes, renewable energy subsidies and green energy investments take place across the world. 

Students in applied economic programs study how the theory is applied to a specific area, like trade, natural resources or finance, graduating with a degree priming them for work in government or business. Many Canadian universities offer crossover programs with their business schools. Several offer internships and co-op placements in government and industry, with employers that include Global Affairs Canada, Microsoft Canada, Manulife Financial and others.

Standout Economics Programs

Our standout programs are based on research by our team of journalists who speak to industry experts, educational consultants and others to develop a selection of programs worth considering. This is not a ranked list.

McGill University

Degree: Bachelor of arts

Co-op: No

McGill’s economics major offers undergrads electives in urban economics, environmental economics, the criminal economy, international trade and finance, and more. Joint honours with its Desautels Faculty of Management are available in accounting and finance. Students can also minor in management or other complementary areas of study, while an optional internship provides real-world experience.

University of British Columbia

Degree: Bachelor of international economics, bachelor of arts 

Co-op: Yes

UBC’s Vancouver School of Economics has a century of history and alumni that include Nobel-winning architect of Reaganomics Robert Mundell. The school’s flagship program is the bachelor of international economics, which accepts approximately 100 students per year. Students learn in small classes and have access to internships, co-op placements, exchange programs and research mentorships. A dedicated career centre offers connections to prestigious global companies, government institutions and non-profits.

University of Toronto

Degree: Bachelor of arts, bachelor of science, bachelor of business administration

Co-op: No

For students looking to work in multinational corporations or pursue graduate studies abroad, U of T’s name recognition matters. The economics major includes mandatory training in calculus and econometrics, and the program allows students to take a minor or second major with other disciplines within the faculty of arts and science. Specializations are available in data analytics, financial economics and economics and mathematics.

Western University

Degree: Bachelor of arts

Co-op: No

Western’s politics, philosophy and economics specialization is modelled after a popular program at Oxford and equips students to tackle complex societal problems from a variety of angles. A collaboration between the economics department and the Ivey School of Business allows students to earn both an honours business administration degree and an honours B.A. in economics over five years. Upper-year students can seek a four- to 16-month paid placement through the faculty of social science’s co-op program.

University of Alberta

Degree: Bachelor of arts

Co-op: Yes

The University of Alberta’s economics program features courses in labour economics and international trade, as well as the economics of developing countries. Its honours in economics program offers two streams depending on students’ post-graduation plans: the “graduate study route” boosts students’ math and stats skills, preparing them for a master’s or Ph.D. in economics, while the “essay route” yields a mini-thesis on the topic of the student’s choosing—a good calling card when it comes to applying to law school or an MBA program.