Deciding what to do with an economics degree can be daunting. Besides, it is a broad degree that covers many potential job specializations.
However, economics is a fascinating field that provides a new way to look at the world and its functions. Many professions involve economics, but it is not limited to these fields. A degree in economics can prepare you for a career in business, politics, law, international affairs, or anything else you choose).
Have you just graduated from university and don’t know what to do with your economics degree? There is a lot of debate about what one should do with their economics degree. However, this article will focus on some job prospects suitable for people with an economics degree.
1. Become a Chartered Accountant
An economics degree is an excellent foundation for a career in accounting. Chartered accountants (CAs) are the ‘best of the best’ in their field. They are licensed professionals who can advise companies, individuals, and organizations on the financial aspects of decisions.
People with a degree in this subject take the lead in our economy. They ensure that large businesses stay on top of their finances and can get the maximum profit from their ventures. The job also requires strong communication skills with clients and great attention to detail. Finally, accounting is not as hard as you think.
A chartered accountant’s initial income is around $50,000, with the average after ten years being $100,000. If you wish to work in a private business, you can expect to earn $150,000 or more per year, depending on the industry and the hours you work.
2. Work as an Economist
Economists are one of the few professions found in almost every industry. They make sense of how capital flows and consumers, investors, and businesses behave. Economists help governments set policies to keep economies healthy and working efficiently.
They advise business owners on global expansion strategies, analyze employee productivity, and forecast trends in consumer spending. Economists can work for governments or private firms, helping shape economic policy or advising businesses on how best to make financial decisions.
BLS statistics indicate that employment opportunities for economists are expected to increase by 13% over the next decade. Besides, many economists with bachelor’s degrees now work in settings ranging from financial institutions to non-profit organizations.
An economist working for the government will earn roughly $100,000 per year plus perks and work fewer hours than one working for a private business.
3. Consider working as a Business Reporter
An economics degree is a good foundation for reporting on business and economy-related topics. You could work as a business reporter for a newspaper, where you’d explore trends in small businesses, large corporations, and the global economy.
If you want to become a business reporter, get a degree in economics. Economics offers theoretical and methodological training that will help you understand the language of business and people from all backgrounds. You can also use your degree to pursue careers in finance, consulting, government agencies, or non-governmental organizations (NGOs).
The average annual pay for a business reporter in the United States is around $62,000 a year. Your income will vary depending on your city.
4. Be an Actuarial Analyst
If you have an economics degree, you’re in high demand. You could use your education to be an actuary—someone who calculates risk and pricing for insurance companies. Furthermore, being an actuary is gaining popularity as more and more people rely on the insurance industry for their financial protection.
After graduation, you will work as a junior actuary and earn between $47,500 and $65,500 per year. Your income will also improve as you gain experience, and you’ll be eligible for incentives. Senior actuaries could earn between $111,000 and $137,000 per year.
5. Become a Financial Risk Analyst
A career as a financial analyst can be very lucrative. Consider becoming a financial risk analyst if you like predictions, logic, and challenges. Financial risk analysis requires rigorous mathematical skills and uses statistics to predict future events.
Risk analysts use mathematical models to analyze economic data to determine how interest rates or market fluctuations affect a company’s performance. These professionals work in the public and private sectors, helping businesses, individuals, and governments to make informed financial decisions.
A great way to break into this field is to do an internship while still in school. Even though the average entry income is approximately $63,000, financial analysts in expensive areas can earn $112,000 per year. Math and analysis majors have a more powerful shot in these fields.
6. Work as an Investment Analyst
When you graduate with a degree in economics, your job options are limitless. You could work as a financial analyst for a bank, help companies decide where to invest their money, and compete in international markets. In addition, you may advise foreign policymakers on domestic and international economic issues.
The job involves gathering information about different investment opportunities, analyzing data, and calculating the risks involved. Additionally, it may include recommending an investment strategy to a company’s board of directors or trustees and following up to see how well their recommendations perform.
Investment analysts make a little over $66,000 per year on average. Additionally, bonuses and profit-sharing arrangements are prevalent, with rewards ranging from $13,000 to $21,000.
7. Consider a Career in Consultancy
Consulting is an excellent path for those who excel in economics and enjoy the extra challenge of solving unique business problems. Consulting encompasses various industries and opportunities, both in cities and abroad.
If you are interested in consulting, be sure to align yourself with people who have experience working at consulting firms. These individuals will also help define your expectations of what a consulting career entails. They can also help decide which firms would be a good fit for your skills.
Don’t just think of economics as a major—consider it a career. With an economics degree, you can work in a field that interests you while still contributing to the greater good. Economic consultants earn between $47,000 and $95,000 per year in the United States, with a median income of around $68,000.
8. Become a Policy Analyst
Policy analysts are responsible for studying, researching, and analyzing how laws affect a business or society. Policy analysts work in government agencies and think tanks most of the time.
They can also work with private research firms, law firms, think tanks, or advocacy groups that focus on specific public policy issues. A bachelor’s degree focusing on economics will teach you how the economy works. Furthermore, it helps policy analysts make recommendations on the best way to solve economic problems.
Policy analysts interpret economic, legal, and social facts to help companies and government officials make smarter decisions. The pay is good, the hours are steady, and it’s a great starting point for a career in politics.
On average, a policy analyst earns $65,000 a year. However, it might range from $50,000 to more than $125,000 in a single year. Salary for policy analysts varies depending on several conditions, including the sector in which they work. In fact, the highest-paying positions are in the insurance, technology, and finance industries.
9. Work as a Statistician
If you like to work with numbers, then a career as a statistician may be right for you. An economist is a statistician who studies the economic activities of businesses and consumers. They evaluate data and gather information on financial trends, employment changes, and consumer purchasing habits by collecting statistical data from retailers and employers.
This sounds like a dream job – collecting and analyzing data and creating charts and graphs supporting business decisions. But it’s also a great path to other career opportunities. You can use your ability to understand and interpret statistical data in many companies and organizations that require such skills.
Statistics majors earn a lot of money, significantly more than the national average. A statistician’s average annual salary is about $92,000.
10. Become a Market Research Analyst
If economics is your passion, you could use an economics degree to become a market research analyst. In fact, you might already have the skills needed without knowing it. Market research analysts are responsible for conducting surveys and analyzing customer behaviors.
They help companies identify their target markets, discover new ideas and products, and improve existing ones. Market research analysts who work in this field need to have a good understanding of how people think. Hence, if you studied behavioral economics, that’s already a big plus.
If you also went through a lot of data from surveys and interviews during your time in college, then all the better. This work involves taking that kind of information and making it useful for businesses by helping them find out what consumers want.
According to the Bureau of Labor Statistics, market research analysts have a median annual salary of $60,000. The top 10% of earners make more than $102,000, while the bottom 10% earn less than $37,000.
What do economics graduates do?
Economics graduates go on to a wide variety of careers. When you study economics, you take a step toward a job that will help you understand the world around you. You’ll have practical skills that can be used in nearly any field. Additionally, with an economics degree, you can prepare for a wide range of careers—from business to journalism to law.
Is an economics degree worth it?
Yes, it is. An economics degree can offer many career opportunities, such as investment banking and financial analysis. It is valuable for those who want to achieve their personal goals or help people.
Economics is a wide-ranging degree. It would be impossible to accurately summarize the most important takeaways from an economics degree in a single article. Instead, the best advice is to decide what you want to get out of economics education and then tailor your coursework accordingly.
In the end, what you choose to do with your economics degree depends mainly on why you wanted one in the first place. An economics degree can be used for entry-level consulting work, or it can be a stepping stone to pursuing a career in law. But, if neither of these appeals to you, other routes are available.
Economics is a broad field of study that requires research and critical thinking skills. So, perhaps consider an economics degree as an opportunity to develop these essential attributes. The best thing about an economics degree is learning to formulate solid arguments, which are necessary no matter what field or career you enter into.
You can also learn what your prospects will be after graduating from college on the site if you are planning to obtain a college degree. Browse the degree pages to get started.
Thanks for reading.