3 Scholarships for Economics Majors

According to a recent study, the study of economics has retained its slot as one of the highest paying majors in the nation, with employed students making, on average, about $52,000 right out of college. The same study goes on to show that by the time these graduates approach the height of their careers, they will be making nearly $100,000 a year, enough to buy a mansion in Texas or rent an apartment in New York City.

For students interested in the fast-paced, highly regarded field of economics, competition is steady and constant. Students must decide their discipline within the field in a few months of beginning college so they can begin to be tracked down the right path. This leads to some feeling lost in the whirlwind that is economics studies. However, as a wise (and sometimes forgetful) animated fish once said, “there’s always another way.” Economics majors will find a litany of options spread before them in terms of different ways to make themselves unique before entering their schools. Here are just a few economics scholarships for our large-market friends:

Dollar bills scattered on top of each other.

Hsiao Memorial Social Sciences Scholarship

Deadline: May 11

Amount: $1,000

The Hsiao Memorial Social Sciences Scholarship honors the late Liang-Lin Hsiao, an Indiana State University economics professor. Graduate students currently pursuing a degree related to economics should take a look at this scholarship. While the scholarship gives preference to economic students studying something related to the Asian American community, any student studying a social science may apply. The scholarship also gives preference to Asian Americans, but again, it does not require that.

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Government Finance Professional Development Scholarship

Deadline: TBD for 2021 (Opens October 2020)

Amount: $8,000

In order to ensure the continuing participation of economics majors in government, the Government Finance Officers Association sponsors four separate scholarships for students geared in finance. To be eligible for one of the four competitive slots, students must have at least two years’ experience working for the government and be studying economics with a concentration in public administration, accounting, or finance.

Davidson Fellows Scholarship

Deadline: February 10, 2021

Amount: Varying

Perhaps overall the most prestigious scholarship in the United States, the Davidson Institute awards its renowned Davidson Fellows Scholarships annually to the best and brightest the nation has to offer. Students are sorted by their area of expertise, including science, technology, philosophy, and mathematics. One could certainly argue that economics is a perfect blend of these four subjects; as it combines the exact nature of science, the immediacy of technology, the forethought of philosophy, and the calculation of mathematics.

Basically, while there’s no specific category for economics among Davidson Scholars, economics majors have the advantage of not being shoehorned into one discipline and can choose the area of economics they wish to explore. The Institute rewards students who have completed a “significant piece of work,” which the website suggests could be anything from a new idea or discovery to a unique application of an existing idea. The financial stipends of the award vary, but the perks are significant, including meeting members of congress and being honored at an award ceremony.

Interested in being an Economics major? Check out our college pages to see which schools offer it as a program!

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