The obvious path in graduate work for an economics major is in economics. But economics also provides good preparation for law and public policy. Finally, many economics majors go to MBA programs after working in the corporate world for a number of years.
An economics degree is excellent preparation for a variety of graduate programs because problem-solving and analytical skills are highly stressed in economics coursework. You learn how to solve problems generally using logical concepts and models, rather than memorization of specific facts. These skills are not only prized by employers, but are essential for graduate work. Thus, it is not surprising that economics majors score very high on graduate school admissions tests on average. Out of a wide variety of majors, economics students rank 1st in average LSAT scores and 3rd in GMAT scores. The LSAT (Law School Admissions Test) is the national exam used by law schools to assess candidates, while the GMAT (Graduate Management Admission Test) is the exam used by virtually all MBA and business school graduate programs. In addition, economics majors rank 1st among various majors in terms of average score on the analytical section of the GRE and 3rd on the quantitative section of the GRE. The GRE (Graduate Record Examination) is the main admissions test for graduate economics programs (as well as many other social science disciplines). Economics graduate programs look most closely at the analytical and quantitative scores.