What is Economics?
Illinois, like many other states, has a diverse and growing economy that offers a variety of job opportunities for individuals interested in pursuing a career in economics. From finance and banking to government and education, there are numerous sectors in Illinois that rely on economic professionals to help make informed decisions and drive growth.
According to the Bureau of Labor Statistics, as of May 2020, there were approximately 21,890 economists working in Illinois across various fields such as government, finance, consulting, education, and research. Economics in Illinois plays an integral part in analyzing data, conducting research, and providing economic forecasts that enable businesses, government agencies, and other organizations to make more informed decisions. They may also play a part in devising economic policies, analyzing trends, or studying their effects on economic activities.
Individuals with backgrounds in economics have plenty of opportunities for employment outside of economics-specific roles, such as economists. Financial analysis, market research, and business consulting all require a sound understanding of economics to succeed today's data-driven economy; so, individuals with extensive economics knowledge are highly sought after across industries.
If you are interested in pursuing a career in economics in Illinois, there are many educational programs available at colleges and universities throughout the state. Whether you are interested in pursuing a bachelor's, master's, or doctoral degree in economics, there are a variety of options to choose from that can help you develop the skills and knowledge needed to succeed in this field. College and university options in the state include IL Wheaton College, IL Northeastern Illinois University, Lake Forest College, IL North Central College, Loyola University Chicago, IL Northwestern University, the University of Illinois, Depaul University, the University of Chicago, University of Illinois - Urbana Champaign, Central Illinois University, Indiana University - Bloomington, and more. Students can look for schools located near them or close to work opportunities so that they are well set up for graduation after economics programs. There are a huge number of economics majors from these schools, allowing graduating students to find success in their chosen field. You can use college or economics rankings of schools to help you find the best economics programs for you.
Top Ranked Campus & Online Economics Programs in Illinois
Northwestern University
Score: 91.07
- Undergraduate Tuition
- In-State: $65,997
- Out-of-State:$65,997
- Net Price: $22,095
- Acceptance Rate: 7%
- Retention Rate: 98%
- Graduation Rate: 97%
- Total Enrollment: 23,161
- Undergrad Students: 8,993
- Graduate Students: 14,168
- Grads Salary: $89,000
- Student-to-faculty: 6:1
University of Illinois Urbana-Champaign
Score: 82.25
- Undergraduate Tuition
- In-State: $16,004
- Out-of-State:$34,501
- Net Price: $14,544
- Acceptance Rate: 45%
- Retention Rate: 93%
- Graduation Rate: 85%
- Total Enrollment: 56,916
- Undergrad Students: 35,120
- Graduate Students: 21,796
- Grads Salary: $84,000
- Student-to-faculty: 21:1
University of Chicago
Score: 81.04
- Undergraduate Tuition
- In-State: $66,939
- Out-of-State:$66,939
- Net Price: $36,991
- Acceptance Rate: 5%
- Retention Rate: 99%
- Graduation Rate: 96%
- Total Enrollment: 18,339
- Undergrad Students: 7,595
- Graduate Students: 10,744
- Grads Salary: $82,000
- Student-to-faculty: 5:1
Principia College
Score: 77.52
- Undergraduate Tuition
- In-State: $33,280
- Out-of-State:$33,280
- Net Price: $18,039
- Acceptance Rate: 48%
- Retention Rate: 82%
- Graduation Rate: 77%
- Total Enrollment: 323
- Undergrad Students: 323
- Graduate Students: N/A
- Grads Salary: $74,000
- Student-to-faculty: 6:1
Illinois Institute of Technology
Score: 76.74
- Undergraduate Tuition
- In-State: $51,763
- Out-of-State:$51,763
- Net Price: $28,702
- Acceptance Rate: 61%
- Retention Rate: 85%
- Graduation Rate: 75%
- Total Enrollment: 6,943
- Undergrad Students: 3,125
- Graduate Students: 3,818
- Grads Salary: $91,000
- Student-to-faculty: 13:1
University of St. Francis
Score: 76.5
- Undergraduate Tuition
- In-State: $37,000
- Out-of-State:$37,000
- Net Price: $18,560
- Acceptance Rate: 58%
- Retention Rate: 71%
- Graduation Rate: 65%
- Total Enrollment: 3,297
- Undergrad Students: 1,414
- Graduate Students: 1,883
- Grads Salary: $88,000
- Student-to-faculty: 13:1
University of Illinois Chicago
Score: 74.21
- Undergraduate Tuition
- In-State: $14,338
- Out-of-State:$29,360
- Net Price: $10,384
- Acceptance Rate: 79%
- Retention Rate: 78%
- Graduation Rate: 62%
- Total Enrollment: 33,747
- Undergrad Students: 21,807
- Graduate Students: 11,940
- Grads Salary: $80,000
- Student-to-faculty: 18:1
Bradley University
Score: 72.91
- Undergraduate Tuition
- In-State: $39,680
- Out-of-State:$39,680
- Net Price: $24,053
- Acceptance Rate: 75%
- Retention Rate: 83%
- Graduation Rate: 76%
- Total Enrollment: 5,552
- Undergrad Students: 4,143
- Graduate Students: 1,409
- Grads Salary: $78,000
- Student-to-faculty: 12:1
Illinois Wesleyan University
Score: 72.26
- Undergraduate Tuition
- In-State: $55,704
- Out-of-State:$55,704
- Net Price: $30,096
- Acceptance Rate: 42%
- Retention Rate: 82%
- Graduation Rate: 79%
- Total Enrollment: 1,527
- Undergrad Students: 1,527
- Graduate Students: N/A
- Grads Salary: $77,000
- Student-to-faculty: 11:1
Augustana College
Score: 72.22
- Undergraduate Tuition
- In-State: $49,834
- Out-of-State:$49,834
- Net Price: $24,660
- Acceptance Rate: 61%
- Retention Rate: 81%
- Graduation Rate: 78%
- Total Enrollment: 2,349
- Undergrad Students: 2,318
- Graduate Students: 31
- Grads Salary: $74,000
- Student-to-faculty: 11:1
University of Illinois Springfield
Score: 70.56
- Undergraduate Tuition
- In-State: $12,252
- Out-of-State:$22,017
- Net Price: $11,733
- Acceptance Rate: 82%
- Retention Rate: 76%
- Graduation Rate: 53%
- Total Enrollment: 4,198
- Undergrad Students: 2,393
- Graduate Students: 1,805
- Grads Salary: $75,000
- Student-to-faculty: 12:1
Lake Forest College
Score: 69.94
- Undergraduate Tuition
- In-State: $54,202
- Out-of-State:$54,202
- Net Price: $27,839
- Acceptance Rate: 60%
- Retention Rate: 85%
- Graduation Rate: 78%
- Total Enrollment: 1,753
- Undergrad Students: 1,727
- Graduate Students: 26
- Grads Salary: $72,000
- Student-to-faculty: 12:1
Northern Illinois University
Score: 69.67
- Undergraduate Tuition
- In-State: $12,700
- Out-of-State:$12,700
- Net Price: $13,884
- Acceptance Rate: 71%
- Retention Rate: 65%
- Graduation Rate: 53%
- Total Enrollment: 15,649
- Undergrad Students: 11,429
- Graduate Students: 4,220
- Grads Salary: $78,000
- Student-to-faculty: 14:1
North Park University
Score: 69.27
- Undergraduate Tuition
- In-State: $35,325
- Out-of-State:$35,325
- Net Price: $19,029
- Acceptance Rate: 68%
- Retention Rate: 71%
- Graduation Rate: 55%
- Total Enrollment: 2,660
- Undergrad Students: 1,868
- Graduate Students: 792
- Grads Salary: $77,000
- Student-to-faculty: 10:1
Olivet Nazarene University
Score: 69.11
- Undergraduate Tuition
- In-State: $37,940
- Out-of-State:$37,940
- Net Price: $20,059
- Acceptance Rate: 58%
- Retention Rate: 77%
- Graduation Rate: 67%
- Total Enrollment: 3,255
- Undergrad Students: 2,519
- Graduate Students: 736
- Grads Salary: $71,000
- Student-to-faculty: 14:1
Wheaton College
Score: 68.32
- Undergraduate Tuition
- In-State: $43,930
- Out-of-State:$43,930
- Net Price: $29,961
- Acceptance Rate: 88%
- Retention Rate: 90%
- Graduation Rate: 88%
- Total Enrollment: 2,885
- Undergrad Students: 2,163
- Graduate Students: 722
- Grads Salary: $67,000
- Student-to-faculty: 12:1
Knox College
Score: 68.26
- Undergraduate Tuition
- In-State: $55,587
- Out-of-State:$55,587
- Net Price: $26,882
- Acceptance Rate: 73%
- Retention Rate: 82%
- Graduation Rate: 75%
- Total Enrollment: 1,058
- Undergrad Students: 1,058
- Graduate Students: N/A
- Grads Salary: $69,000
- Student-to-faculty: 9:1
Western Illinois University
Score: 67.97
- Undergraduate Tuition
- In-State: $14,952
- Out-of-State:$14,952
- Net Price: $11,213
- Acceptance Rate: 75%
- Retention Rate: 67%
- Graduation Rate: 47%
- Total Enrollment: 7,643
- Undergrad Students: 5,309
- Graduate Students: 2,334
- Grads Salary: $74,000
- Student-to-faculty: 13:1
North Central College
Score: 67.77
- Undergraduate Tuition
- In-State: $44,394
- Out-of-State:$44,394
- Net Price: $25,285
- Acceptance Rate: 61%
- Retention Rate: 77%
- Graduation Rate: 63%
- Total Enrollment: 2,695
- Undergrad Students: 2,368
- Graduate Students: 327
- Grads Salary: $75,000
- Student-to-faculty: 12:1
Southern Illinois University-Carbondale
Score: 67.53
- Undergraduate Tuition
- In-State: $13,244
- Out-of-State:$13,244
- Net Price: $16,990
- Acceptance Rate: 91%
- Retention Rate: 70%
- Graduation Rate: 49%
- Total Enrollment: 11,107
- Undergrad Students: 8,000
- Graduate Students: 3,107
- Grads Salary: $78,000
- Student-to-faculty: 11:1
Illinois College
Score: 67.08
- Undergraduate Tuition
- In-State: $37,470
- Out-of-State:$37,470
- Net Price: $16,296
- Acceptance Rate: 77%
- Retention Rate: 73%
- Graduation Rate: 67%
- Total Enrollment: 1,029
- Undergrad Students: 1,028
- Graduate Students: 1
- Grads Salary: $64,000
- Student-to-faculty: 12:1
Eastern Illinois University
Score: 66.93
- Undergraduate Tuition
- In-State: $13,403
- Out-of-State:$15,879
- Net Price: $13,380
- Acceptance Rate: 68%
- Retention Rate: 71%
- Graduation Rate: 55%
- Total Enrollment: 8,857
- Undergrad Students: 6,916
- Graduate Students: 1,941
- Grads Salary: $69,000
- Student-to-faculty: 15:1
Elmhurst University
Score: 66.92
- Undergraduate Tuition
- In-State: $41,628
- Out-of-State:$41,628
- Net Price: $24,108
- Acceptance Rate: 76%
- Retention Rate: 80%
- Graduation Rate: 64%
- Total Enrollment: 3,731
- Undergrad Students: 3,027
- Graduate Students: 704
- Grads Salary: $73,000
- Student-to-faculty: 13:1
DePaul University
Score: 66.86
- Undergraduate Tuition
- In-State: $44,460
- Out-of-State:$44,460
- Net Price: $32,151
- Acceptance Rate: 70%
- Retention Rate: 84%
- Graduation Rate: 69%
- Total Enrollment: 20,917
- Undergrad Students: 14,134
- Graduate Students: 6,783
- Grads Salary: $80,000
- Student-to-faculty: 17:1
Dominican University
Score: 66.14
- Undergraduate Tuition
- In-State: $37,844
- Out-of-State:$37,844
- Net Price: $18,162
- Acceptance Rate: 90%
- Retention Rate: 75%
- Graduation Rate: 59%
- Total Enrollment: 3,196
- Undergrad Students: 2,136
- Graduate Students: 1,060
- Grads Salary: $69,000
- Student-to-faculty: 11:1
Online Economics Education in Illinois
Economists are professionals specialized in studying economic issues, trends, and data to make informed recommendations and predictions about production, distribution, and consumption of goods and services. Economists use their expertise to assist businesses, government agencies, and organizations in making sound decisions regarding production, distribution, and consumption of products and services.
An economist's primary responsibility is conducting research and collecting data on key economic aspects such as inflation, employment rates, interest rates, and international trade. By analyzing this information, economists can offer valuable insight and forecasts into how these elements may influence both the economy as a whole and individual industries.
Economists also use economic theories and models to assess the potential impact of policy decisions such as tax reforms, trade agreements, or government spending programs. They often work closely with policymakers to develop strategies that can promote economic growth, reduce poverty, and improve overall well-being.
Economists play an essential role in both research and analysis as well as communicating their findings to clients, stakeholders, or the general public through reports, presentations or media interviews. Economists play an essential part in raising public awareness regarding economic issues affecting society.
Online Associates (AS)
An associate degree in economics provides students with a solid grounding in economic theory, making it an invaluable credential in today's highly competitive job market. Students pursuing these degrees gain insight into how individuals, businesses, and governments make decisions regarding resource allocation and how they create the policies that shape our economy. Furthermore, these programs equip them with the analytical skills needed to interpret economic data critically evaluate theories and make informed decisions according to economic principles.
An associate degree in economics opens numerous career opportunities across industries like finance, government, consulting, and academia. Graduates with this degree can work as economic research analysts, policy advisors, financial analysts, or pursue further study in areas such as development economics or international trade - not to mention practical knowledge that fosters critical thinking skills essential for successfully navigating today's complex global economy.
Online Bachelors (BS)
Economics is an interdisciplinary field that delves deeply into understanding how global economies operate. Pursuing a bachelor's degree in economics opens doors to many opportunities, from analyzing market trends to creating well-informed financial strategies. Grads equipped with economics degrees gain valuable critical thinking skills and analytical tools highly sought-after by employers in today's highly competitive job market.
Economics offers an intriguing multidisciplinary study experience, from supply and demand curves to environmental economics, behavioral economics, and international trade. Students explore many such topics - giving an all-round view on how economic principles influence various aspects of society. Economics offers an engaging degree choice for anyone looking to make tangible change on a global scale with its diverse skill set allowing economists to overcome complex problems with creative yet data-driven solutions.
Online Masters (MS)
Attaining a master's in economics is a significant step toward expanding one's specialized knowledge and expertise in economics. Graduates with these advanced degrees equip themselves with analytical abilities, critical thinking capabilities, and an in-depth knowledge of economic theories and principles - skills which make them attractive candidates for jobs in finance, government, consulting, or academia.
Undertaking a Master of Economics offers unique advantages that go far beyond mere academic knowledge. Students often have access to resources like data analysis tools, simulation models, academic journals, and real-world problems from an economic standpoint. Furthermore, many programs provide internship or collaborative project opportunities with industry partners for further real-world application of theoretical knowledge while gaining invaluable hands-on experience.
Online Doctorate (PhD)
Pursuing a PhD in economics is not just about mastering complex economic theories; it’s a journey of intellectual exploration and discovery. As a doctoral student in economics, you are challenged to push the boundaries of knowledge and contribute to cutting-edge research that can shape policy decisions and drive global change. The thrill of uncovering new insights through rigorous analysis and econometric modeling is what drives many economists in their pursuit of higher education.
Moreover, a PhD in economics opens diverse career opportunities beyond academia. Graduates with advanced degrees in economics are highly sought after by government agencies, international organizations, and private sector firms for their analytical skills and critical thinking abilities. By delving deep into specialized areas, such as behavioral economics or development economics, during their doctoral studies, economists are equipped to tackle real-world problems with innovative solutions grounded in sound economic principles. In essence, pursuing a PhD in economics is not just an academic pursuit; it is a pathway to making meaningful contributions to society through evidence-based decision-making strategies.
Online Certifications
Economics certifications are becoming increasingly popular among professionals looking to enhance their skills and advance their careers in the field. These certifications offer specialized knowledge in areas such as financial analysis, economic policy, and market research, providing a competitive edge in today's job market. Obtaining an economics certification demonstrates a commitment to staying current with industry trends and can open doors to new opportunities in various sectors.
One of the most sought-after economics certifications is the Chartered Financial Analyst (CFA), which focuses on investment management and financial analysis. This credential is highly respected in the finance industry and can lead to lucrative career prospects. Additionally, certifications like Certified Economic Development Professional (CEcD) or Certified Business Economist (CBE) provide expertise in economic development strategies and business economics, respectively, further expanding career options for individuals with an economics background. Pursuing these certifications showcases dedication to continuing education and mastery of key concepts within the field of economics.
Become an Economist in Illinois
Economists study various factors that influence financial and resource decisions, as well as how these decisions impact individuals, businesses, and governments. If you're interested in pursuing a career in economics in Illinois, here are some steps to help guide you through the process.
- Step 1: Earn a Bachelor's Degree in Economics or a Related Field
Earning a bachelor's degree is your first step to becoming an economist, and colleges and universities across Illinois offer programs specifically dedicated to economics as an option. Alternatively, degrees related fields such as finance, mathematics, or statistics could also be pursued as viable paths toward this career goal.
- Step 2: Consider Graduate School
While entry-level positions in economics may only require a bachelor's degree, most economists possess advanced degrees such as master's or PhDs to increase job prospects and potentially increase their salaries.
- Step 3: Gain Practical Experience
Internships, co-op programs, and research assistant positions can offer invaluable hands-on experience in economics. You may want to look into these opportunities within government agencies, research institutions, or private businesses for maximum exposure.
What Can I Do with a Bachelor's in Economics?
A bachelor's in economics opens a world of possibilities, giving graduates access to a diverse range of career opportunities. Whether you choose to pursue a career in finance, consulting, data analysis, or public policy - the critical thinking and analytical skills honed during your degree will serve you well in navigating complex economic landscapes. With the increasing demand for data-driven decision-making across industries, an economics degree can equip you with the tools to thrive in this competitive job market.
Beyond traditional roles, an economics degree offers flexibility and adaptability - qualities highly valued by employers. Graduates can explore emerging fields such as environmental economics or behavioral economics, applying their knowledge to address pressing global challenges and influence positive change. Additionally, the interdisciplinary nature of economics allows individuals to blend their expertise with other disciplines like sociology, psychology, or computer science - expanding their career options even further.