Analysis
Carnegie Mellon economics graduates command $86,284 straight out of college—that's $33,000 more than the typical economics graduate nationally and substantially above Pennsylvania's state median of $53,396. In Pennsylvania's competitive economics landscape, only UPenn produces higher-earning graduates. The debt load of $22,020 is remarkably modest given these outcomes, translating to just three months of first-year salary. This is exactly the kind of return selective STEM-focused universities can deliver when students are willing to do the work to get in.
The 11% admission rate tells you this isn't a program for everyone, but for qualified students, the math is compelling. Earnings grow to $94,093 by year four, and that debt-to-earnings ratio of 0.26 means graduates can realistically pay off loans quickly while building savings. The relatively small percentage of Pell grant recipients (15%) suggests this is a wealthier student body, but the strong outcomes aren't just a function of family connections—these are market-rate salaries reflecting genuine employer demand for CMU's quantitative training.
For families who can navigate the competitive admissions and whose students have strong math skills, this represents one of the best economics programs in the state. The investment pays back quickly, and graduates enter the job market with both high earning potential and manageable debt.
Where Carnegie Mellon University Stands
Earnings vs. debt across all economics bachelors's programs nationally
Earnings Distribution
How Carnegie Mellon University 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 |
|---|---|---|---|
| Carnegie Mellon University | $86,284 | $94,093 | +9% |
| University of Pennsylvania | $89,097 | $125,816 | +41% |
| Swarthmore College | $76,944 | $105,566 | +37% |
| Lafayette College | $68,164 | $88,504 | +30% |
| Villanova University | $67,065 | $88,087 | +31% |
Compare to Similar Programs in Pennsylvania
Economics bachelors's programs at peer institutions in Pennsylvania (49 total in state)
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| School | In-State Tuition | Earnings (1yr) | Earnings (4yr) | Median Debt | Debt/Earnings |
|---|---|---|---|---|---|
 Carnegie Mellon UniversityPittsburgh | $63,829 | $86,284 | $94,093 | $22,020 | 0.26 |
 University of PennsylvaniaPhiladelphia | $66,104 | $89,097 | $125,816 | $14,000 | 0.16 |
 Swarthmore CollegeSwarthmore | $62,412 | $76,944 | $105,566 | $19,500 | 0.25 |
 Drexel UniversityPhiladelphia | $60,663 | $70,967 | $83,676 | $29,000 | 0.41 |
 Bucknell UniversityLewisburg | $64,772 | $70,946 | $79,134 | $25,888 | 0.36 |
 Lafayette CollegeEaston | $62,574 | $68,164 | $88,504 | $19,500 | 0.29 |
| 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 Carnegie Mellon University, approximately 15% 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 31 graduates with reported earnings and 34 graduates with debt data. Small samples may not be representative.