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Undergraduate advisors in economics departments suggest that the study of economics is good preparation for a variety of careers, including economics, consulting, analysis, and administration, and they argue that economics is a solid prelaw or pre‐MBA major. In this article we provide some empirical evidence about each of these contentions. We find that among college graduates who do not earn advanced degrees, economics majors generally earn more than similar individuals with other majors. We show also that among individuals who pursue graduate degree programs in business and law, economics majors earn more than undergraduate majors in most other academic disciplines.
Black et al. (Thu,) studied this question.