Psychology or Economics?

[ed0ggyd0gg]

In your honest opinion, do you think an individual should choose a major based on what they enjoy studying, or other factors like job outlook, average salary, security, etc.?

I'm having trouble deciding on what I should concentrate in. I really would want to study psychology, not to be a psychiatrist or anything like that but because I enjoy the subject. Career wise I want to work with people in business, perhaps marketing or financial services; law school is also in my mind within 4 years (3rd year undergrad) but I know that my major does not really influence admission decisions.

Most people I ask tell me that without a business/finance/related major, it will be harder to break into that industry. Not to say it can't happen, because many go in with liberal arts majors, but the general idea floating around is that majoring in psychology will really decrease your job outlook, there are so many of them, etc. But I want to think that I can major in whatever I enjoy studying and then move on to any career that I want to, save for professional occupations (engineering, nursing, etc.)

If you could go back to college/when you went to college/when you go to college, would/did/will you choose something that you enjoyed or something that makes money/security?

 

[FoBoT]

how are you going to make any money studying Psychology?

 

[JS80]

i believe the correct answer is: Econ major, take pysch classes.

 

[Zenmervolt]

Study what you enjoy, it will work out better in the long run.

For specialized fields like Finance, a degree in the field is almost mandatory, but there are plenty of other "business" jobs out there that will be fine with a Psychology degree. Most places just want to know that you were able to finish college with a good GPA.

ZV

 

[KoolAidKid]

You might be able to do both if Industrial/Organizational Psychology appeals to you. Wikipedia link. You would need a Master's at the least.

 

[Gibsons]

Originally posted by: JS80
i believe the correct answer is: Econ major, take pysch classes.

This seems to leave the most options open.

 

[Gooberlx2]

I don't think I could stand doing something I didn't atleast somewhat enjoy. That said, I started college as a biol major and graduated as a biol major and work in a biology related career. If I could have changed one thing, I would have minored in photography instead of CS, simply because I enjoy photography and have no desire to ever make use of my CS minor.

On a side note: Probably a good 50% of the girls I met my very first semester started as psych majors. After awhile you understand why and relable them as MRS majors.

 

[thirtythree]

I majored in psychology and do IT... I don't regret it, but that's just me. I could for sure be making more money with a different degree. EDIT: That said, I do wish it was possible to just major in "liberal arts" or something. I would've preferred to get a good taste of a variety of subjects rather than being limited by the major requirements.

 

[ed0ggyd0gg]

Originally posted by: Gibsons

Originally posted by: JS80
i believe the correct answer is: Econ major, take pysch classes.

This seems to leave the most options open.

I was considering that, but in the reverse form; psych major/econ minor. Would there be any significance to having an econ major/psych minor rather than the reverse?

 

[Mr Incognito]

I am curious too, I have wanted to declare myself as a pysch major but I've been warned against it...

 

[thirtythree]

Originally posted by: Mr Incognito
I am curious too, I have wanted to declare myself as a pysch major but I've been warned against it...

What do you want to do after college?

 

[CellarDoor]

To tell you the truth, Economics is very similar to Psychology. You're dealing with how people make decisions based on incentives. If you like that aspect of Psychology, this is a no-brainer.

Edit: So I would go with an Econ Major/Psych minor.

 

[halik]

Psychology : "Do you want fries with that?"

 

[JS80]

Originally posted by: thirtythree

Originally posted by: Mr Incognito
I am curious too, I have wanted to declare myself as a pysch major but I've been warned against it...

What do you want to do after college?

He wants to starve.

 

[mercanucaribe]

Everyone majors in Psychology. You'd think we'd be a lot more mentally healthy as a nation. Seems like a worthless major anyway. In any case, your life goals are putting me to sleep.

 

[ed0ggyd0gg]

Originally posted by: mercanucaribe
Everyone majors in Psychology. You'd think we'd be a lot more mentally healthy as a nation. Seems like a worthless major anyway. In any case, your life goals are putting me to sleep.

Duly noted.

Originally posted by: CellarDoor
To tell you the truth, Economics is very similar to Psychology. You're dealing with how people make decisions based on incentives. If you like that aspect of Psychology, this is a no-brainer.

Edit: So I would go with an Econ Major/Psych minor.

Your advice has cleared up some of my concerns. Thank you!

What is the general consensus on minors? Useful? Just for show? Depends on what it is?

 

[CellarDoor]

Originally posted by: ed0ggyd0gg

Originally posted by: mercanucaribe
Everyone majors in Psychology. You'd think we'd be a lot more mentally healthy as a nation. Seems like a worthless major anyway. In any case, your life goals are putting me to sleep.

Duly noted.

Originally posted by: CellarDoor
To tell you the truth, Economics is very similar to Psychology. You're dealing with how people make decisions based on incentives. If you like that aspect of Psychology, this is a no-brainer.

Edit: So I would go with an Econ Major/Psych minor.

Your advice has cleared up some of my concerns. Thank you!

What is the general consensus on minors? Useful? Just for show? Depends on what it is?

I'm no expert but grad schools don't care that you have a minor, just for having one. If you have one, they'll care why you chose that minor in particular. Minors can also be helpful that you're not always taking the same classes. I was originally a Economics major with a Political Science minor, and then I decided that the Political Science minor was pointless for me, and I'd rather take more economics classes. I enjoy the political science stuff a lot, but that's something I can pursue outside of school. In addition, Economics covers so many topics it doesn't get boring for me. Economics of public policy, of immigration, management science, operations research, labor economics, economics of health care, energy etc. etc. They're all interesting and will challenge the way you approach certain situations, IMO.

Edit: I really enjoy economics, but some people absolutely hate it. I'd say it is rather easy as well, but some people look at the graphs and freak out. Some of the smartest people I know won't touch economics with a 10-foot pole, and I don't understand it at all. How many econimcs classes have you taken?

 

[krunchykrome]

I think you should major in what makes you happy and what you are interested in. But at the same time, you should pay careful consideration to the job outlook, and pay.

If you enjoy psychology, then major in psychology. but if are considering psychology merely because you don't know what to major in or you think it's easy, then pick another major.

 

[Gibsons]

Originally posted by: ed0ggyd0gg

Originally posted by: Gibsons

Originally posted by: JS80
i believe the correct answer is: Econ major, take pysch classes.

This seems to leave the most options open.

I was considering that, but in the reverse form; psych major/econ minor. Would there be any significance to having an econ major/psych minor rather than the reverse?

I think with the econ major you've got a better shot at a job right out of college. Either one is probably fine if you're going to graduate school.

 

[krunchykrome]

Do not major in Psych unless you plan on continuing education for many years to come. Also, expect low salaries, and few job opportunities.

 

[Shyatic]

There is a saying, that 90% of students pay for the 10% who are actually going somewhere.

If you do Psychology, welcome to first spot in line for the 90% group.

 

[ed0ggyd0gg]

I've taken 2 economics courses involving law (contracts and bankruptcies) as well as a course on energy. I didn't find them hard at all, and I really enjoyed the material. At the same time, my psych classes have me just as pleased.

It seems as though the smart move would be to go after economics, considering that I enjoy both;might as well take advantage of that fact. I'll consider a psych minor but I've researched and it's not proven that a minor will increase chances of admission, employment, higher salary, etc. Unless its a language and they want a multilingual individual.

 

[CellarDoor]

Originally posted by: ed0ggyd0gg
I've taken 2 economics courses involving law (contracts and bankruptcies) as well as a course on energy. I didn't find them hard at all, and I really enjoyed the material. At the same time, my psych classes have me just as pleased.

It seems as though the smart move would be to go after economics, considering that I enjoy both;might as well take advantage of that fact. I'll consider a psych minor but I've researched and it's not proven that a minor will increase chances of admission, employment, higher salary, etc. Unless its a language and they want a multilingual individual.

I believe Economics is the highest paid social sciences major and the 5th highest paid major overall (I forgot where I read that). Economics majors also do very well on the LSAT, if that interests you.

 

[imported_Lothar]

From the choices, Economics is the way to go.

Psychology is a waste of time...I can't believe my brother wants to do that crap.

 

[aswedc]

Most important factor when making this decision -

What kind of school do you go to?

Percentage of 2005 entry-level hires with degrees in the following areas of study:

Goldman, Sachs & Co.

Business: 33
Engineering: 9
Liberal Arts: 32
Other: 26

JP Morgan

Business: 40
Engineering: 10
Liberal Arts: 45
Other: 5

Percentage of new entry-level hires since Jan. 1, 2006, with annual base salary in the following ranges:

Goldman, Sachs & Co.

Less than $35,000: 0
$35,000 to $39,999: 0
$40,000 to $44,999: 0
$45,000 to $49,999: 0
$50,000 to $54,999: 12
$55,000 and above: 88

JP Morgan

Less than $35,000: 0
$35,000 to $39,999: 0
$40,000 to $44,999: 0
$45,000 to $49,999: 0
$50,000 to $54,999: 0
$55,000 and above: 100

BUT the above is only for people that go to the Ivy League and other very good schools. Everyone else with a degree like Psychology is in grad school or working fast food.