which is better industrial engineering or economics, this is what we’ll be talking about in our post.
industrial engineering vs economics which is better
According to BLS the average salary of an Industrial engineer is $95,000 per year while economists earn a little bit more around $105,000, But when we compare the job opportunities between industrial engineering and economics we find a big difference.
In industrial engineering there are more than 40,000 jobs offered every year, this field is evolving faster than the average by 14%, while in the economic industry only 2400 occupations are offered every year which is 16 times less than industrial engineering. As a result, the odds of finding a job in economics are very low compared to industrial engineering.
In addition to becoming an industrial engineer you just have to complete a 4 -year Bachelor’s, while economy students are required to complete at least a master’s or even better a Ph.D. in economics which is 5 to 10 times of hustle.
So in general if you are looking to find a job as soon as possible you will have a lot of opportunities in Industrial engineering. It is way better than economics, but money is not the only factor that you should consider. There are all those variables students have to take into account we will be talking about later in our article.
Which is harder industrial engineering or economics
Industrial engineering is harder than economics. It involves a lot of mathematics and physics topics that economics Majors don’t take at all. Economics doesn’t involve physics or advanced math topics like multivariable calculus or linear algebra. It is way easier than industrial engineering at this time.
Industrial engineers are required to complete a lot of advanced math and physics courses, if you study industrial engineering you will be required to complete theses following math courses:
But if you choose to study economics you will have fewer math subjects to complete:
Survey calculus is an equivalent of calculus 1, which students take in college, but it is easier than Calculus 1 student take in industrial Engineers because it doesn’t involve difficult topics like trigonometry or advanced functions of derivatives and integrals. You can find more information about survey calculus in this article.
In terms of physics topics industrial engineers have to complete the following physics courses:
Industrial engineering is a field that doesn’t focus a lot on physics like other engineering majors such as mechanical or aerospace engineering. but you still need to study physics or study the principal industrial engineering courses.
Economics is an ideal major for students who hate physics, you would just be focusing on math and other business-related topics. but you will be studying human science which is not as easy as many people think.
In economics you will study the following principal topics:
Economics is not technically difficult like industrial engineering, but it would be harder for students who are not interested because it’s easy to feel bored in classes. So math or physics are not the only factor to determine which is harder, the most interesting thing is your interest in studying industrial or economics.
Which would you choose economics or industrial engineering?
If you are passionate about manufacturing and love the ambiance of working in manufacturing, designing production systems, or improving productivity in multiple Industries like mechanical, electrical, or even programming, industrial engineering is a good field to opt for. The principal thing allowing you to become an industrial engineer is having a passion for improvement and problem-solving.
In, addtion you must have to be good at mathematics because industrial engineering involves a lot of math and sometimes even more than other engineering fields like mechanical or electrical engineering. You don’t have to be a genius in mathematics, you just have to be decently good to observe math courses and pass them.
On the other hand, if you are passionate about the economic market, stock, business, or everything that relates to money, economics is the right place for you. It is a field in which you can implement some mathematics but not highly concentrated like industrial engineering, just good foundations are already enough to do your job in economics.
But the problem with economics is the employment rate, so finding a job in economics is very hard and competitive. To become an economist you have to complete at least a master’s or Ph.D. in economics which means Studying 5 or 10 years after getting your Bachelor’s.
This is not the case in industrial engineering, if you already have a bachelor you can apply and find a job immediately especially if you built up some networks and experiences through internships.
To summarize, if you want to get a job as soon as possible and have good abilities in mathematics, and problem-solving skills, industrial engineering is the safest path to take, but you must have an interest in this industry.
if you take industrial engineering jobs for the money you will not be fulfilled and happy for the rest of your life. In this case, it is better to opt for economics if you enjoy it than to earn a lot of money in the field that you hate.
In addition, being a good economist can make you rich, if you are patient enough to take long academic courses.
Industrial engineering and economics are double major
There is some tiny overlap between industrial engineering in economics but it is not worth it to double major in it, because you will be required to complete a lot of nonsense topics you would not be using either in industrial or economics, so it would be a loss of time and energy.
Yes, industrial engineering is related to production and supply chain but it doesn’t require you to study advanced economics topics like finance, accountancy, or business management. Students are required to study 1 or 2 single economics topics that relate to engineering economics. It has nothing to do with what you will be studying in economics.
In addition, a double major in industrial and economics would be tougher, requiring a lot of effort, which may lower your GPA or not give you room to take internships, especially in a technical field such as industrial engineering. As a result, could affect your chances of getting jobs in the future.