Analysis
Carleton's economics graduates earn $66,567 in their first year—well above the $56,570 median for Minnesota economics programs—though it's worth noting this comes from a small sample that may not fully represent the program's outcomes. By year four, earnings jump to $83,775, a solid 26% increase that suggests graduates are finding their footing in competitive fields like finance, consulting, or tech.
The debt picture is notably better than typical Minnesota economics programs: $19,500 versus the state median of $24,600. With a debt-to-earnings ratio of 0.29, graduates owe less than a third of their first-year salary, which creates real financial breathing room early in their careers. This is particularly striking given Carleton's selective profile (22% admission rate, 1491 average SAT)—the school manages to deliver strong outcomes without loading students with excessive debt.
However, the 60th percentile ranking within Minnesota is revealing. Carleton graduates earn more than the median but trail peers at St. Catherine and St. Thomas, despite Carleton's more selective admissions. The small sample size adds uncertainty here—these numbers could shift significantly with more graduates tracked. For families paying Carleton's private school premium, the economics program delivers solid results with manageable debt, though it's not the clear earnings leader in the state.
Where Carleton College Stands
Earnings vs. debt across all economics bachelors's programs nationally
Earnings Distribution
How Carleton College graduates compare to all programs nationally
Earnings Over Time
How earnings evolve from 1 year to 4 years after graduation
| School | 1 Year | 4 Years | Growth |
|---|---|---|---|
| Carleton College | $66,567 | $83,775 | +26% |
| Macalester College | $59,752 | $83,794 | +40% |
| University of Minnesota-Twin Cities | $56,902 | $76,116 | +34% |
| Saint Johns University | $54,752 | $73,009 | +33% |
| St Olaf College | $56,238 | $69,672 | +24% |
Compare to Similar Programs in Minnesota
Economics bachelors's programs at peer institutions in Minnesota (23 total in state)
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| School | In-State Tuition | Earnings (1yr) | Earnings (4yr) | Median Debt | Debt/Earnings |
|---|---|---|---|---|---|
 Carleton CollegeNorthfield | $65,457 | $66,567 | $83,775 | $19,500 | 0.29 |
 St Catherine UniversitySaint Paul | $49,758 | $64,916 | — | $30,215 | 0.47 |
 University of St ThomasSaint Paul | $52,284 | $60,323 | $68,704 | $24,600 | 0.41 |
 Macalester CollegeSaint Paul | $64,908 | $59,752 | $83,794 | $24,000 | 0.40 |
 University of Minnesota-Twin CitiesMinneapolis | $16,488 | $56,902 | $76,116 | $21,500 | 0.38 |
 St Olaf CollegeNorthfield | $56,970 | $56,238 | $69,672 | $27,000 | 0.48 |
| National Median | — | $51,722 | — | $22,816 | 0.44 |
Career Paths
Occupations commonly associated with economics graduates
Economists
Environmental Economists
Data Scientists
Business Intelligence Analysts
Clinical Data Managers
Statisticians
Biostatisticians
Economics Teachers, Postsecondary
Market Research Analysts and Marketing Specialists
Search Marketing Strategists
Secondary School Teachers, Except Special and Career/Technical Education
Survey Researchers
About This Data
Source: U.S. Department of Education College Scorecard (October 2025 release)
Population: Graduates who received federal financial aid (Title IV grants or loans). At Carleton College, approximately 14% of students receive Pell grants. Students who did not receive federal aid are not included in these figures.
Earnings: Median earnings from IRS W-2 data for graduates who are employed and not enrolled in further education, measured 1 year after completion. Earnings are pre-tax and include wages, salaries, and self-employment income.
Debt: Median cumulative federal loan debt at graduation. Does not include private loans or Parent PLUS loans borrowed on behalf of students.
Sample Size: Based on 25 graduates with reported earnings and 23 graduates with debt data. Small samples may not be representative.