Economic Benefits of Studying Economics in Canada - A Comparison of Wages of Economics Majors with Wages in Other Fields of Study, Circa 2005

Oct 15, 2026

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Compares the wages of economics degree holders with those in 49 other fields using 2006 Canadian population census data. At the undergraduate level, economics majors earn the sixth-highest average wage in 2005, dropping to ninth with demographic controls. Among fields requiring math courses, economists rank mid-range, and are near the top when employed as business and finance professionals. At graduate level, economics shows a wage advantage over all fields except business, informing Canadian university enrollment and curriculum policy.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages23

Reading Time58 min

AccessFree to download

Abstract

Data and Method

Wage Comparisons Across Fields

Undergraduate Results

Graduate Results

University Enrollment Trends

CSSHE SCÉES Canadian Journal of Higher Education Revue canadienne d’enseignement supérieur Volume 45, No. 4, 2015, pages 143-165 Economic Benefits of Studying Economics in Canada: A Comparison of Wages of Economics Majors with Wages in Other Fields of Study, Circa 2005 Ather H. Akbari & YigitAydede Saint Mary’s University 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 managersand 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. Résumé En utilisant les données du recensement dela population canadienne de 2006, nous comparons les salaires de diplômés d’économie aux salaires de diplômés de 49 autres disciplines. Au niveau du premier cycle, le salaire moyen des titulaires d’un majeur en économie était le sixième salairele plus élevé en 2005. Lorsqu’on applique des contrôles démographiques, cette cohorte se classe au CJHE / RCES Volume 45, No. 4, 2015 Economic Benefits of Studying Economics in Canada / A. H. Akbari & Y. Aydede 144 neuvième rang de l’échelle salariale. En comparant les salaires de personnesayant étudié dans un des 15 domaines obligeant les étudiants à suivre des cours de mathématiques, nous constatons que les économistes se classent dans le milieu, ce qui est aussi le cas lorsqu’ils travaillent comme gestionnaire ou professionnel. Lorsqu’ils travaillent en affaire ou en finance, les économistesont un salaire qui n’est surpassé que par les professionnels qui ont terminé un majeur en finance. Pour les études aux cycles supérieurs, les titulaires d’un majeur en économie ont un plus grand avantage salarial par rapport aux autres disciplines, à l’exception des titulaires d’un majeur en affaire. Ces résultats sontutiles pour les départements d’économie des universités canadiennes qui ont connu des baisses au niveau des inscriptions au cours des dernières années. Nous espérons aussi que ces résultats permettent aux étudiants de faire des choix plus éclairés en ce qui a trait à leur discipline académique. Ces résultatsmettent égalementen évidencelanécessité d’accorder une plus grande attention aux politiques decréation decompétences en mathématiqueschez les étudiants qui entrent à l’université. En fait, cela devrait être une condition préalable afin qu’ils perfectionnent leurs compétences analytiques, dont la demande sur le marché dutravail a été démontrée dans des études canadiennes et américaines. This paper provides an analysis of the labour-market performance of economics degree holders in Canada in relation to a cross-section of 49 other fields of study. We use microdata based on a 20% sample of the population, drawn from the 2006 Canadian population census. Economics introduces students to tools that are fundamental to effective decision making in business, government, and everyday life. Yet, since the early 1990s, student enrolme

FAQs

What data source does the study use to compare wages across fields?

It uses microdata from a 20% sample drawn from the 2006 Canadian population census.

How do economics majors rank in average wages at the undergraduate level in 2005?

Economics majors earn the sixth-highest average wage in 2005, based on the comparisons reported for undergraduate level.

What policy relevance does the study highlight for Canadian universities?

The results are described as useful for Canadian economics departments facing declining enrollments and as evidence supporting greater policy attention to developing incoming students’ mathematical skills.

Oct 15, 2026

Uploaded by Muffet