A bachelor’s degree in economics can lead to a variety of job options in a variety of fields. Pursuing a career in economics may provide you with the opportunity to take on challenging professional difficulties while also honing your analytical thinking and math skills. You may want to learn more about the intricacies of some of the most popular careers that you can pursue with an economics degree in order to intentionally choose a vocation that you’d enjoy.
An economics major can be a good fit for you if you’re the analytical sort who is interested in the world around you. A bachelor’s degree in economics can prepare you for a career in a variety of fields, including public policy and finance.
An economics degree can be used to research industry trends, labor markets, individual company prospects, and the forces that drive the economy.
1. Is Economics a Good Degree?
Economics provides an excellent foundation for many careers. Economics major is a great place to start whether you want to work in public policy or go to graduate school to study it. Economic analysis is one of the cornerstones of public policy analysis, and a good foundation in economic analysis is required by both employers and graduate institutions in public policy and administration. Economics graduates are particularly well prepared for careers as policy analysts in a variety of fields, including environmental policy, health policy, labor policy, community development, and social services, due to the emphasis on policy analysis, applied economics, and quantitative skills. An economics major will prepare you for a variety of managerial, administrative, and sales professions in the commercial and governmental sectors. Employers prefer college graduates who majored in economics.
2. Is an Economics Degree Worth it?
Yes, definitely. A bachelor’s degree in economics is well worth the investment. Economics is important because it helps us understand how products and services are produced, distributed, and consumed. The study of economics lays the road for people to live better lives. When all of these factors are considered, earning an economics degree is a wise investment. A bachelor’s degree in economics can help you gain a job in banking, finance, or consultancy. You can expect a salary that is similar to the national average. However, the majority of these positions are not considered to be well-paying.
You can improve your quantitative and critical thinking skills by taking further statistics, econometrics, algebra, and modeling classes. These abilities will enable you to work in a variety of new fields.
3. What Are the Skills You Acquire Majoring in Economics?
Economics majors learn to collect, analyze, and understand data while doing calculations using mathematical formulas and statistics. They also develop models to forecast the effects of investments, governmental decisions, industry trends, demography, climate change, and a variety of other factors. Despite the fact that economics majors must be able to assess problems and suggest solutions, success in the area also necessitates excellent communication skills. Individuals working in economics must be able to communicate their complex conclusions in a way that corporate leaders, politicians, and the general public can grasp. While economics majors are masters of charts and graphs as tools for summarizing trends and results, they also need to be able to write straightforward descriptions and deliver sophisticated material to others.
4. Job Prospects with An Economics Degree
What jobs can you get with an economics degree? Many of these positions are highly lucrative and require no additional training. The field of economics is constantly evolving and requires skilled workers who stay on top of current trends. As such, this type of job is highly transferable. Some of the most popular economics jobs may not be listed below. Here are some of the best jobs for economics majors. Regardless of where you live, there is a job for you. An economics degree will help you find jobs in a variety of industries. You can work in public service or in the private sector. These roles are typically entry-level positions that require a master’s degree in economics. In addition, you can choose to work for yourself as a consultant. In any case, an economics degree will help you achieve your goals.
Economic consultants conduct analyses on economic possibilities using analytical and research skills. The research industry trends in order to assist businesses in improving their performance. They could work for a range of companies in a variety of areas, such as business, finance, healthcare, education, government, and so on.
Economic consultants can also testify in court as expert witnesses to estimate economic losses, investigate the intellectual property and antitrust issues, and handle regulatory violations. An economic consultant’s average annual pay, according to PayScale, is $76,487. The bottom 10% make up to $59,000 per year, while the top 10% earn at least $119,000.
Economists are usually generalists who study and analyze industry trends and changes, such as those involving stocks, bonds, spending, and exchange rates. They frequently concentrate on the history, present, or future of economics, as well as how it affects other aspects of society. Many economists work as authors, consultants, and commentators for a living.
If you want to be an economist, you need first pursue a master’s degree in economics or a similar discipline. It’s also critical that you keep strengthening your credentials by pursuing a Ph.D. and continuing to work on research projects. If you want to work as a mainstream economic pundit, you might be able to obtain work on radio or television. If you want to work as an economist, you can find a job in the banking or finance industry. Most employers accept graduates with any degree subject. However, if you want to work as an economist, you should take a position with a government department or financial institute. These departments are always looking for people with a good economics degree.
They earn up to an average of $45,000 per year.
Actuaries use strong mathematical and statistical skills to forecast events such as fires, deaths, illnesses, and company failures. When examining risk profiles to build a lucrative structure for insurance policies, they, like economics majors, must examine a large number of variables.
Actuaries frequently employ software to assist them in their analysis. To communicate their decisions to members of the management team, they create graphs and charts.
The median annual wages for actuaries in May 2019 were $108,350, according to the Bureau of Labor Statistics. The least 10% of earners made less than $64,860, while the top 10% made more than $193,600.
Credit analysts undertake microeconomic evaluations of potential clients to determine the risks associated with lending money to them. They consider economic trends as well as factors affecting the location, industry, and competitors of potential clients.
Credit analysts write papers summarizing their results and recommending interest rates based on the risk profiles of their clients. Credit analysts made a median annual pay of $73,650 in May 2019, according to the BLS. The least 10% of earners made less than $43,430, while the top 10% made more than $145,840.
For finance departments, financial analysts conduct research on companies, industries, stocks, bonds, and other investment instruments. Many economics majors have sophisticated quantitative skills, which they use in their analysis.
To enhance their investigations, these analysts frequently use computer tools and models. They generate reports and presentations for colleagues and clients who make final choices on investments, stock and bond offerings, and mergers and acquisitions.
In May 2019, the BLS reported that the median annual financial analyst pay was $81,590. The least 10% of earners made less than $47,230, while the top 10% made more than $156,150.
Policy analysts investigate and analyze public-policy concerns before recommending legislation and government intervention to address the issues. Understanding many of the difficulties and coming up with cost-effective solutions requires economic expertise.
To communicate their research findings and persuade legislators and the general public of the validity of their proposals, policy analysts rely on great writing skills.
Policy analysts make an average annual pay of $59,565, according to PayScale. The bottom 10% of earners made up to $43,000, while the top 10% made up to $84,000.
Management consultants examine business issues and investigate potential solutions before presenting them to clients. New college graduates frequently begin their careers as research analysts, research assistants, or junior consultants, where they assist more senior employees. They can then advance to management consultant positions.
The economics major gives students a strong foundation in financial and quantitative modeling, which consultants employ in their analysis. When preparing reports and delivering recommendations to clients, you’ll also need writing and public speaking skills. In May 2019, the BLS reported that the median annual salary for management analysts was $85,260. The least 10% of earners made less than $49,700, while the top 10% made more than $154,310.
Lawyers prepare and try their cases using critical thinking and analytical skills. Micro- and macroeconomic analysis are used in many areas of law, including business law, tax law, antitrust law, personal injury, and medical malpractice.
To do their jobs, lawyers use research and writing abilities. To support a position, they must acquire facts and proof. To persuade a judge, jury, or opposing attorney of their stance, lawyers must present their findings in a persuasive manner.
In May 2019, the BLS reported that the median annual lawyer pay was $122,960. The bottom 10% of earners made less than $59,670, while the top 10% made more than $208,000.
One of the biggest benefits of an economics degree is that it can be applied to other fields. It teaches decision-making processes and is applicable in several different fields. For example, a software engineer can apply his or her knowledge of economics to design and build software. He or she must weigh trade-offs, forecast future use, and make data-driven decisions. Then, he or she can use this knowledge to design and develop new products and services that help people solve problems.
An economics degree will give you a foundational understanding of money, trade, and commerce. This knowledge is valuable in every industry, so you’re in demand. You’ll also be able to write and speak clearly. This is important because economics majors must be able to effectively communicate complex ideas in a clear and concise manner. These skills are useful in many fields and can boost your productivity as well as good foster relationships.
Besides being a great investment in your future, an economics degree will help you get a job that you love. You can earn living writing reports for businesses or working as a financial analyst. There are many jobs for economics majors in the public and private sectors. There are many options in this field.