An economics major can be a good fit for you if you’re the analytical sort interested in the world around you. In addition, a bachelor’s degree in economics can prepare you for a career in various fields, including public policy and finance.
An economics degree can research industry trends, labour markets, individual company prospects, and the forces that drive the economy.
Jobs for Economics Degree Majors 2021
An economics major can be a good fit for you if you’re the analytical sort who is interested in the world around you. In addition, a bachelor’s degree in economics can prepare you for a career in various fields, including public policy and finance.
An economics degree can research industry trends, labour markets, individual company prospects, and the forces that drive the economy.
Top Skills Economics Majors Have
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 various other factors.
Even though economics majors must assess problems and suggest solutions, success also necessitates excellent communication skills. Individuals working in economics must communicate their complex conclusions in a way that corporate leaders, politicians, and the general public can grasp.
While economics majors are masters of the chart and graph as tools for summarising trends and results, they also need to write straightforward descriptions and deliver sophisticated material to others.
Given the breadth of the major, there are many possible career choices for people with an economics degree. However, you must consider your other skills, interests, and values to choose the right career.
Jobs for Economics Degree Majors 2021
10.Business Reporter
Reporters specializing in business and economics conduct research, compose stories and broadcast them on business leaders, firms, industry trends, economic changes, and financial markets. They are, in essence, continual students of economics in the modern world.
The interest that many economics majors have in how the economy works is critical to their success in this subject. It’s also critical to write about economic difficulties in straightforward terms that the typical viewer or reader can understand.
Salary: According to ZipRecruiter, the average salary for business reporters is $61,862.10
9.Management Consultant
Management consultants examine business issues and investigate potential solutions before presenting them to clients. New college graduates frequently begin as research analysts, research assistants, or junior consultants, assisting more senior employees. They can then advance to management consultant positions.
The economics major gives students a strong foundation in financial and quantitative modelling, which consultants employ in their analysis. When preparing reports and delivering recommendations to clients, you’ll also need writing and public speaking skills.
Salary: According to the BLS, the median annual salary for management analysts in May 2019 was $85,260. The bottom 10% earned less than $49,700, and the top 10% earned more than $154,310
Job Outlook: The BLS predicts that jobs for management consultants will grow by 11% through 2029, faster than average for all occupations
8.Lawyer
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. Finally, lawyers must persuasively present their findings to persuade a judge, jury, or opposing attorney of their stance.
Salary: According to the BLS, the median annual lawyer salary was $122,960 in May 2019. The bottom 10% earned less than $59,670, and the top 10% earned more than $208,000.8
Job Outlook: The BLS predicts that jobs for lawyers will grow by 4% through 2029, about as fast as average for all occupations
7.Policy Analyst
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. Healthcare, taxation, energy, the environment, and international trade policy are all topics that economics majors are generally well-versed in. In addition, policy analysts rely on strong writing skills to present their research findings and convince legislators and the public of the viability of their recommendations.
Salary: According to PayScale, policy analysts earn an average annual salary of $59,565. The bottom 10% earned up to $43,000, while the top 10% earned $84,000 or more
6.Financial Analyst
Financial analysts research companies, industries, stocks, bonds, and other investment instruments for finance departments. 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 investments, stock and bond offerings, and mergers and acquisitions.
Salary: According to the BLS, the median annual financial analyst salary was $81,590 in May 2019. The bottom 10% earned less than $47,230, and the top 10% earned more than $156,150.6
Job Outlook: The BLS predicts that financial analyst jobs will grow by 5% through 2029, slighter fast than average for all occupations.
5.Credit Analyst
Credit analysts undertake microeconomic evaluations of potential clients to determine the risks associated with lending money to them. They consider economic trends and factors affecting the location, industry, and competitors of potential clients. Finally, credit analysts write papers summarising their results and recommending interest rates based on their clients’ risk profiles.
Salary: According to the BLS, credit analysts earned a median annual salary of $73,650 in May 2019. The bottom 10% earned less than $43,430, and the top 10% earned more than $145,840.
4.Actuary
Actuaries use strong mathematical and statistical skills to forecast 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.
Salary: According to the BLS, the median annual earnings for actuaries in May 2019 was $108,350. The bottom 10% earned less than $64,860, and the top 10% earned more than $193,600.4
Job Outlook: The BLS predicts that jobs for actuaries will grow at a much faster-than-average rate of 18% through 2029.
3.Compensation and Benefits Manager
Compensation and benefits managers, like economics majors, must think in numbers when evaluating pay and benefit alternatives. They research labour market trends and evaluate supply and demand for various job categories. They write reports and convey their results to senior management, and they may also collaborate with the organization’s human resources department.
Salary: The BLS estimated that compensation and benefits managers earned a median annual salary of $122,270 in May 2019. The bottom 10% earned less than $69,870, and the top 10% earned more than $208,000.3
Job Outlook: The BLS projected that employment of compensation and benefits managers would grow 18% from 2019 to 2029, much faster than the average for all occupations.
2.Economic Consultant
Economic consultants conduct analyses on economic possibilities using analytical and research skills. The research industry trends to assist businesses in improving their performance. They could work for a range of companies in various 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.
Salary: PayScale estimates that the average annual salary for an economic consultant is $76,487. The bottom 10% earn up to $59,000 and the top 10% earn at least $119,000.
1.Market Research Analyst
Market research analysts understand industry trends to predict how products or services will perform in different economic climates. They are taught how to plan research and gather and analyze data, just like economics majors. They must be able to quantify outcomes and deliver this data to clients. Many of the abilities developed by economics students, such as the use of presentation software and a graphical representation, and writing and statistical skills, are applied by these analysts. In addition, they must be able to evaluate items and services critically and solve difficulties.
Salary: The Bureau of Labor Statistics (BLS) estimated that a market research analyst’s median annual salary was $63,790 in May 2019. The bottom 10% earned less than $34,350, and the top 10% earned more than $122,630.1
Job Outlook: The BLS projected that the employment of market research analysts would grow 18% from 2019 to 2029, much faster than the average for all occupations.
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