Supply chain issues and inflation, brought on by COVID, are lingering. Cryptocurrencies are disrupting the financial system. Climate change is forcing nations to make hard decisions about clean energy investments. AI is threatening workforces in just about every industry. And a new president south of the border is threatening tariffs, 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 starting salaries are around $54,000 and $83,000 a year, respectively. Fresh grads may also find themselves working in marketing and consulting—major firms like McKinsey, Bain and Charles River hire analytic 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 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.
Economics is made up of several sub-fields. Behavioural economics, a field that draws on insights from psychology to explain why people make the decisions they do, is particularly hot right now. For a generation raised with algorithms and influencers, it’s a natural fit. 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. With debates about carbon taxes, renewable energy subsidies and green energy investments raging across the world, policymakers and academics have grown increasingly interested in studying these systems.
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 positioned for work in government or business that matches their niche of choice. Many schools offer crossover programs with their business schools. The skills of an economist translate well to a career in entrepreneurship, too. For those who want to strike out on their own, knowing how to read the market is critical.
Internships and co-ops help students land jobs after graduation, and several Canadian universities offer placements in government and industry, in places like 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.
Degree: Bachelor of international economics, bachelor of arts
Co-op: Yes
UBC’s Vancouver School of Economics has 100 years 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 just 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.
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—the stats and math side of economics—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.
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. An optional internship course provides real world experience. Joint honours with McGill’s Desautels Faculty of Management are available in accounting and finance; economics students can also minor in management.
Degree: Bachelor of arts
Co-op: No
Western’s unique politics, philosophy and economics specialization is modeled 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 an internship through the faculty of social science’s internship program.
Degree: Bachelor of arts
Co-op: Yes
The University of Alberta’s economics program features courses in energy economics and international trade, as well as one on the strategic behaviour of the firm—which includes segments on oligopoly theory and cartel formation. 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 PhD 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.
