Economics students can find a job with an economics degree, but the question here is which career path you will select for the future. If you are wondering what the best careers for economic majors are, you are in the right place!
What is an economics degree?
An economics degree is an academic program centered on studying economic theories, principles, and their real-world applications, preparing students for careers in finance, consulting, government, academia, and research.
What can you do with an economics degree?
With an economics degree, graduates can pursue diverse career paths across various sectors. Many economics graduates choose to work for the government, banks, insurance companies, corporations, nonprofits and so much more. Ultimately you have the final say to decide what career is the best fit for your skills. Having a bachelor's degree in economics can give you a variety of options, but you can explore more options with a specialization.
What types of skills are required in economics?
Working in economics requires a range of skills, including analytical abilities for data interpretation and modeling, critical thinking for problem-solving and decision-making, strong quantitative skills for statistical analysis, effective communication skills for presenting findings and recommendations, and a solid understanding of economic principles and theories. Additionally, having a solid proficiency in computer programming, research methods, and policy analysis can be beneficial in various economics roles, and can give you an advantage when it comes to finding career opportunities.
Popular career paths for econ majors
Consulting
Economists in consulting firms offer expertise in data analysis, market research, and economic modeling, assisting clients in making informed decisions and developing effective strategies to navigate complex economic & political landscapes.
Government agencies
Economists working in government agencies provide valuable insights into economic trends, conduct policy analysis, and contribute to the formulation of effective regulations and economic policies.
Academic institutions and research organizations
Economists in academic institutions conduct research, teach, and contribute to the advancement of economic knowledge through scholarly publications. Many economists who work in academics, also partake in research initiatives that support related organizations.
Nonprofits
Economists in nonprofits apply their expertise to address socio-economic challenges, develop evidence-based policies, and advocate for initiatives aimed at promoting social welfare and sustainable development within communities.
The best jobs for economics majors
1. Financial Analyst
With economics majors, you can consider the career path of financial analysts. You must have mathematical skills along with knowledge of software and technology. You must know about the financial markets. A financial analyst gathers data, analyzes it, and makes decisions accordingly. With an economics degree, you have the knowledge of finance that can help in this career.
So, what does it take to make it in this field? Take a look at these 7 financial analyst resumes to see.
The average salary of a financial analyst is $67,742 per year in the United States. Salary varies from state to state. Based on your experience and location, you can expect to earn higher.
2. Pricing Analyst
Pricing analyst deals with product history, trends and also with the price of the product so that the profit is maximized. Their goal is to set competitive prices that give the company an edge over competitors in pricing. With your research and data analysis skills, you can consider this career option as it’s quite lucrative in terms of salary.
The pricing analyst salary in the United States ranges from $88,198 to $105,571 per year.
3. Market Research Analysts
Market research analysts have knowledge of the qualitative and quantitative methods. The economics major can help you acquire such skills. You can collect data, analyze it, and then explain your findings. It’s ideal to have a master’s degree as it can be the requirement of many employers, but you can try applying at the entry-level to gain some experience. In this career, you try to understand the consumer experience so that you can help a company get the right marketing strategies for the potential audience.
According to the U.S. Bureau of Labor Statistics, the median pay (2020) of a market research analyst is $65,810 per year.
4. Management Consultants
The management consultants identify management issues in a company and provide relevant solutions. If you have great analytical skills, this career can be a good match for the economics major. You will help companies find efficient ways to run their business.
On average, the management consultants make $73,264 per year in the United States.
5. Compensation And Benefits Managers
Compensation and benefits managers, as the name suggests will be involved in employees payment programs. You will analyze data to find the best payment plans for the company. As a compensation manager, you will set the pay structure of an organization and as a benefits manager, you will look into wellness programs, retirement plans, etc of the employees.
Check out these human resources resumes to learn more about the tasks and responsibilities associated with compensation and benefit management.
The compensation and benefits managers earn $125,130 per year according to the U.S. Bureau of Labor Statistics (2020).
6. Accountant
With an economics major, you can also pursue your career as an accountant. You will be responsible for creating the company's financial accounts. It’s possible to work for corporate clients and even for individuals running a small business. You need to have strong business finance skills. You can also gain some experience to sharpen your accounting skills.
The average base salary of an accountant in the United States is $56,080 per year.
7. Business Reporter
If you have suitable writing and communication skills, you can consider the role of a business reporter. As a business reporter, it will be easy for you to gather data about economic policies as your educational background will make the journey smooth for you. You know about the human resource. You need to have knowledge of the financial trends so that you can evaluate your findings and prepare the relevant news story.
As a business reporter, you can make an average base salary of $46,000 per year.
Final Words
As an economics major student, you have different career options. If you are not sure what’s the right option for you, consult a career advisor. You must have different strengths and skills so it’s better to match a career that suits your preferences. To open more opportunities, you can gain experience in the relevant field. Also, with certifications and skills, you can expect to earn higher than the average salary in your state.
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