Economics and Data Science (B.S.)

Economists explore how markets work—producing, distributing, and consuming goods and services—and they analyze how individuals, organizations, and nations manage and use resources, respond to incentives, and make choices about spending, investment, and policies. Data scientists manage, analyze, and visualize massive amounts of data to find patterns and derive knowledge and insights.

The Bachelor of Science in Economics and Data Science degree teaches students how to apply the concepts of economics and the powerful techniques of data science in order to understand economic events and trends, develop business and organizational strategies, predict potential outcomes, and make informed decisions.

In this interdisciplinary program you will learn from world-class faculty at Illinois Institute of Technology’s Stuart School of Business and College of Computing, and take courses in economics, business, data science, computer science, and applied math.

Graduates are prepared with STEM-oriented expertise and skill sets that enable them to solve complex challenges, increase efficiency, and lead data-driven decision-making in the business, government, and nonprofit sectors.

Through Illinois Tech’s one-of-a-kind Elevate program, you are guaranteed access to hands-on experiences—such as internships and group projects—where you connect your learning with real-world practice. You also receive mentoring to guide your academic studies and build your career readiness.

Chicago is an international center for business and finance, with a diverse metro economy that is home to a growing array of tech companies. Illinois Tech’s connections provide you with access to internships, networking, and job opportunities in a variety of industries.

STEM-Designated Program

This is a STEM-designated program, and international graduates of the program are eligible to apply for an extension for Optional Practical Training, which allows selected students to stay and work in the United States for up to three years after graduation.
 

Program Overview

The Bachelor of Science in Economics and Data Science degree focuses on applying data science concepts in the economics domain. With a grounding in these two complementary disciplines, graduates are ready to use high-level computational techniques to gain valuable insights from data, predict trends, solve business problems, and help businesses and organizations become more efficient.

Career Opportunities

The B.S. in Economics and Data Science degree provides excellent preparation for a variety of job roles in the private sector, particularly at technology-focused or financial businesses, as well as in the nonprofit, government, and consulting sectors.

Overall, the employment outlook is very good for the roles listed below. Estimated median annual wages in 2022 and projected employment growth from 2022–32, as reported by the United States Bureau of Labor Statistics, are also shown below.

• Data scientist or business intelligence analyst—median wages of $103,500; job growth of 35 percent (much faster than the average growth for all job categories)
• Operations research analyst—median wages of $85,720; job growth of 23 percent (much faster than the average growth for all job categories)
• For students who take appropriate elective courses in finance:
  • Financial analyst—median wages of $96,220 or
  • Financial risk specialist—median wages of $102,120; both with faster than average job growth projected
• Economist—median wages of $113,940; job growth of six percent (faster than average)
  • Positions typically require a master’s degree. Interested students could consider the Accelerated Master’s Program co-terminal option, pairing this bachelor’s degree with the M.S. in Economics and Data Analytics or M.S. in Financial Economics degrees.

Other examples of potential job roles for graduates of this program include:

• Quantitative research analyst
• Financial data scientist
• Health care economist
• Policy analyst or researcher
• Economic research analyst
• Business continuity planner or consultant