What can you do with an Economics Degree? Entry-Level Jobs for Economics Majors
An advanced degree will increase your employability in various fields, regardless of industry. The global labor market is highly popular for highly numerate graduates. In addition, economics students’ widely transferrable analytical and problem-solving abilities mean that jobs in economics are exceedingly broad and diversified.
The following are some of the most common economics occupations, along with information as to what to expect and the skills required. Follow our article on how to obtain a career after university for additional information on finding a graduate job.
What would you do with the degree in economics?
Following are some of the most common employment routes for economics graduates:
- Financial risk analyst economist
- Analyst of data
- monetary advisor
- Economic analyst
- Financial advisor
- Analyst of investments
- Roles in the public sector
While some people opt to continue their studies in economics at the graduate level (e.g., a master’s in economics), it is not required to get suitable graduate employment. However, this should not prevent you from furthering your education to pursue highly specialized professions (like becoming a doctor).
Careers as a Professional Economist
As a cultural anthropologist, you will be responsible for researching and assessing economic data, topics, and trends. To get the specific abilities necessary for most economist professions, you’ll need to work in finance at the postgraduate level. To be a policymaker, you must also be confident in creating economic projections and reports for customers (individuals, businesses, financial institutions, and governmental bodies) and advising on policy and corporate strategy.
The municipal and national government, internal and external banks, insurance companies, think tanks, huge multinational corporations, financial consultancies, accounting firms, and local governments are potential employment. A solid understanding of current events and economic circumstances is required in these positions.
Banking careers in Economics
Banking occupations are particularly popular among economics graduates since they provide opportunities for high wages and are in great demand for economists. In addition, graduates with an economics education need positions in financial control, wealth management, risk analysis, data analysis, and consultation. Banking occupations are primarily associated with advising and delivering services to various banking customers and consumers, emphasizing keeping clients’ and businesses’ financial needs on track.
Accounting careers in Economics
Additional professional skills are required to become a trained accountant. However, many accounting positions are open to individuals who studied economics. Accounting positions allow you to work in various industries while focusing on the financial state of an organization, corporation, or person. Accountancy careers often include recording, categorizing, evaluating, and conveying financial data.
An actuary calculates and manages risk through numerical analysis. An actuary must evaluate the probability of an event occurring and develop solutions to reduce the risk of negative consequences. A degree in computer science will land you an entry-level position. You will almost certainly be linked with more senior actuaries who will be able to help your progress.
To get certified, you must first join the league in a reputable actuarial association but then complete a series of tests. That procedure might begin in your final year of college. However, many firms want students to have completed at least one of their qualifying tests before graduating.
Management consultants investigate potential solutions to company challenges and provide them to customers. New college graduates frequently begin in jobs such as research analyst, research scientist, or junior advisor, where they help more senior employees. They can then advance to jobs like a management consultant.
The economics degree gives a solid foundation in the financial and quantitative models consultants use to undertake their analysis. When preparing reports and giving suggestions to customers, writing and public speaking abilities are also required.
According to the statistics, the typical annual pay for ‘s position in May 2019 was $85,260. However, the lowest 10% made less than $49,700, while the top 10percent of respondents earned more than $154,310.
Economics Majors Competencies
In an era where employers are increasingly searching for employees with a quantitative background, the abilities you learn from studying economics are vital. Your accounting studies will provide you with skills that are highly valued in the profession, such as:
- Data examination
- Reasoning quantitatively
- Consideration for others
- understanding of how markets work
- Working knowledge of business
Economics Majors Most Common Jobs
Congratulations, if you’re studying economics – you’ll most likely by entering a profitable career! Indeed, according to Glassdoor, economics is one of the top ten college majors. The following are some of the most typical jobs for economics majors:
- Analyst of Finance
- Analyst of Investment
- Analyst, Business
- Careers in Economics at the Entry-Level
Financial analysts are responsible for guiding firms’ investment decisions. They employ quantitative analytical skills to review financial estimates and evaluate investment ideas. To excel in this sector, you must be competent at drawing meaning from economic and corporate patterns. Some jobs need you to get a license from the Financial Conduct Authority (FINRA), although employers don’t usually demand you to have one before you start. The average annual wage is $83,660.
As a finance examiner, you may contribute to the stability of the world’s monetary institutions by verifying that banks, building societies, and brokerage businesses follow applicable rules and regulations. Part of the job entails ensuring that creditors are handled properly and that financial institutions follow the rules.
Analyst for operations research
Analysts in operations research evaluate data to assist firms in solving challenges such as how to allocate resources, regulate the supply network, and determine the price. They employ sophisticated statistical modeling tools to predict the effects of a process or organizational changes. Their work has an impact on a company’s government policies. A bachelor of science is sufficient for an entry-level position, but an advanced degree is required to advance in this sector. The average annual wage is $86,200.
Budget analysts are popular in government agencies, research corporations, and higher education institutions. They assist major organizations in keeping their financial house in order. They investigate the costs of policies or program actions and provide financing recommendations. They also examine revenue and expenses to forecast future financial requirements.
Finally, there are several excellent opportunities for economics majors. Consider the alternatives above if you are pursuing a degree or are just a recent graduate. There’s a strong possibility that at least one of them is a perfect match.