If you enjoy analyzing your surroundings and are interested in the broader economic landscape, a career option in the economics field could be a great fit for you. A degree in Economics can open up opportunities in various fields, such as finance and public policy. With this degree, you can analyze industry trends, labor markets, the prospects for private companies, and the forces that drive the economy.
Economics majors learn how to assemble, organize, and decipher information, using numerical equations and statistics to make calculations. They likewise make models to anticipate the effect of speculations on policy decisions, industry trends, socioeconomics, climate change, and much more.
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Even though Economics majors must have the option to break down issues and propose solutions, achievement in the field also requires strong relational abilities. People who desire to pursue a career option with an economics degree must have the ability to interpret their mind-boggling discoveries into a format that business heads, officials, and everyone else can comprehend.
While graduates with a degree in Economics are bosses of the charts and graphs as apparatuses for summarizing trends and results, the capacity to compose clear portrayals and present complex information to others is also indispensable abilities for the Economics major.
Given the broadness of the major, there are numerous career choices for individuals with an Economics degree. To pick the correct profession you should consider your other skills, interest among other things. Here are some recommended job options to consider when you’re picking a career with a degree in economics:
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Table of Contents
1. Market Research Analyst
Market Research Analyst acquires facts on industry trends to evaluate how products or services may toll under different monetary conditions. Like Economics majors, they are skilled in designing, gathering, and analyzing data. They should have the ability to measure results and present this data to their clients.
These analysts apply a large number of the aptitudes that Economics majors gain, for example, the utilization of introduction programming and graphical portrayal, as well as writing and statistical skills. They must be critical thinkers and be able to solve problems that grow out of products and services to meet market demand.
Average Pay: The Bureau of Labor Statistics (BLS) assessed that a statistical market research analyst’s yearly pay was $74,680 in May 2023.
Occupation Outlook: The BLS anticipated that the work of market research analysts will become 13% from 2022 to 2023, faster than the average for all jobs.
3. Financial Experts (Economics Consultant)
Financial experts otherwise known as Economics consultants use logical and research skills to contemplate concerning monetary situations. They break down industry trends to help companies improve their exhibition. They may work for organizations in the likes of enterprises, including business, funds, human services, education, the government, and more.
Financial Experts can likewise go about as master observers in legitimate cases to evaluate financial problems, break down licensed innovation and antitrust infringement, and address administrative infringement.
Average Pay: PayScale estimates that the normal yearly pay for a financial expert is $78,000 as of 2023.
3. Compensation and Benefits Manager
Just like economists, being a compensation and benefits manager is another career option for economics degree holders. This job option requires that professionals have the ability to think in numbers since they assess options for Compensation and benefits. They study drifts in the labor market and deal with supply and demand for different classes of occupation.
Compensation and benefits managers study pay and advantages in comparative organizations within their industry to build up a competitive structure for their organization’s compensation and advantages. They make reports and present their discoveries to senior administration, and may likewise work with their organization’s HR division.
Average Pay: The BLS evaluated that compensation and benefits managers commonly earned an average yearly compensation of $136,380 in May 2023.
Occupation Outlook: The BLS estimates that the work of compensation and benefits managers is anticipated to grow by 2% from 2022 to 2032, faster than average for all occupations.
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4. Statistician (Actuary)
Statisticians apply progressed mathematical and statistical aptitudes to decide the probability of events like deaths, fires, ailments, and business failures. Like Economist majors, they have to consider several factors when analyzing risk profiles to build up a solid structure for insurance laws.
Statisticians most times use software to help with their examinations. They devise graphs and charts to present their decision to the management team.
Compensation: According to the BLS, the average yearly income for statisticians in May 2023 was $120,000.
Occupation Outlook: The BLS predicts that employment for statisticians will grow faster than any other job at the rate of 23% from 2022 to 2032.
4. Credit Analyst
Credit analysts, carry out microeconomic analyses of imminent clients to evaluate the dangers associated with giving loans to individuals or organizations. They carry out financial trends and factors affecting the area, enterprises, and competitors of prospective customers.
Credit analysts prepare reports summing up their discoveries and come up with interest rates that are appropriate to customers’ risk profiles.
Average Pay: According to the BLS, credit analysts earned an average yearly pay of $94,750 as of May 2023.
5. Financial Analyst
Also, another career option for an economics degree holder is financial analysis. Financial analyst carries out research on Companies, ventures, stocks, bonds, and other speculation vehicles for the accounting department. Their analyses, however, require the progressed quantitative skills gained by many Economics majors.
These experts regularly use computer software and models to help their research and analyses. They write reports and draft presentations for coworkers and customers who make financial decisions about speculations, stock/bond contributions, and mergers/acquisitions.
Average Pay: According to the BLS, the average yearly financial analysts’ pay was $99,890 in May 2023.
Employment Outlook: The BLS says that financial analysis jobs will develop by 8% through 2032, faster than all jobs.
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7. Policy Analyst
Policy Analyst looks into and analyzes issues that sway the general public. Also, they give recommendations to the government to address the issues. Financial knowledge is vital to understanding a significant number of issues and for making affordable solutions swiftly.
Most Economics majors have the right skills required to analyze issues like taxes, energy, healthcare, the environment, and international trend policy. Policy analysts must have solid writing skills. They rely on them to express their research discoveries and convince the general public about their recommendations.
Average Pay: According to Indeed, policy analyst earns an average yearly pay of $63,010 as of 2023.
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8. Legal advisor
Legal advisors use critical reasoning and analytical skills to gather facts and try their cases. Numerous areas of law, for example, corporate law, tax law, antitrust law, personal injury, and medical negligence/malpractice involve the use of micro- and macroeconomic analysis.
Legal advisors draw on research and writing skills to do their work. They should gather facts and proof to support a case. Legal advisors should compellingly present their discoveries to convince or persuade a judge, jury, or opposing attorney of their position.
Average Pay: According to the BLS, the average yearly pay of a legal advisor was $145,760 as of May 2023.
Employment Outlook: The BLS predicts that jobs for legal advisors will grow by 8% through 2032.
9. Management Consultant
Management Consultants break down business issues and research potential solutions for their clients. New university graduates normally start in positions like research analysts, research assistants, or junior analysts. They support senior staff until they gain more insight into the business world and become management consultants.
Also, the Economics major gives a phenomenal foundation in the financial and quantitative environment. This demonstrates what consultants use in conducting their analyses. However, a management consultant must have a writing and public speaking skills.
Average Pay: According to the BLS, the average yearly pay for the management consultant in May 2023 was $99,410.
Employment Outlook: The BLS predicts that employment for the management consultant will grow by 10% through 2032. This is faster than average for all occupations.
10. Business Reporter
Business/financial reporters research, draft, and broadcast stories about business worlds, i.e.; business leaders, organizations, industry trends, economic development, and financial markets. Generally, they are progressing students of Economics.
The inquisitiveness that Economics majors have about how the financial world functions is important for accomplishment in this field. The skill to write on financial issues in plain language that the average viewer or reader can understand is very important.
Average Pay: According to BLS, the average pay for business reporters is $57,500.
Conclusion
In conclusion, there are many career options for people with an economics degree. They can work in almost any industry. There are, however, many careers available to Economics degree holders that will allow you to focus on your task aside from the ones listed above. Careers like; personal finance advisor, supply chain analyst, Economic Consultant, Loan Officer, Portfolio Manager, Senior Financial analyst, Economist, senior market analyst IT, journalism, management, statistical surveying, Social research, public relations, international development, business intelligence, human resource management. All these careers are interesting and engaging. On the other hand, you could even turn into an entrepreneur and go into business!
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