What Can You Do With An Economics Degree?

Are you passionate about any branch in economics but you’re skeptical whether there is a demand for you? Then you need to carefully read through this piece because in this article we shall be exploring the available economics degree jobs.

Expert has it that there is nothing as rewarding as studying what you love, the momentum and passion you’ll give to it will always be exceptional, but the problem we often encounter is the need, profitability, and scalability of what we are passionate about and such if your goal is to earn money those three points should always be put into consideration whenever you’re thinking about taking a career path that revolves around your passion.

The world is daily evolving and many businesses are being birthed and more will be birthed, creating numerous opportunities for economics degree jobs.

Oftentimes, the main challenge people usually encounter is not the availability of economics degree jobs but how to niche down to the career path of their interest. This article seeks to unravel the puzzle and highlight the possible things you can do with a degree in economics.

Before we delve in, let’s take a look at what economics is.

What Is Economics?

Economics deals with the behavior of individuals, groups, and organizations based on the production and consumption of goods and services. Economists study the needs and want of individuals, businesses, governments, and nations to determine how resources are dispensed.

The two major facets of economics are macroeconomics and microeconomics.

While macroeconomics concentrates on the behavior of the collective economy at large. Microeconomics on the other hand focuses on individuals and businesses ranging from unemployment, inflation, and monetary challenges of cities, countries, and continents.

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Why Should I Get A Degree In Economics?

Economics teaches you so many interdisciplinary skills that’ll make you a desirable applicant for almost any job, in any sector. The 96% of graduates who are in work or further study can earn an enormous amount in their career as an economist.

Whether you desire to work in the government banking and finance sector, and also international companies there are tons of economics degree jobs you can apply for making the profession a very lucrative one and so if you’re passionate about earning a degree in economics you can go ahead to study your passion and mint good cash from it.

Is Getting A Degree In Economics Good or Bad?

Students who receive a bachelor’s degree in economics have the chance to continue their education or start a full-time position. Careers in economics offer a wide selection of job titles and settings, making it possible to find the most suitable job for any graduate with a quality payment and compensation in return.

If you decide to further your education you can receive a master’s degree in economics or pursue various educational, business, or legal fields. 

So getting an economics degree is not a bad idea. Having seen that pursuing a career and earning a degree in economics is good, it’s also necessary that you know what you can do with an economics degree as well as economics degree jobs available.

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What Can I Do With an Economics Degree?

There are tons of career paths available for a graduate with an economics degree because economics degree jobs cut across a lot of industries. The demand for graduates with an economics degree is daily on the surge because more businesses are been birthed, you can get an economics degree jobs in the following sectors:

  • Accounting
  • Public and defense sectors
  • Insurance industry
  • Journalism
  • Finance sectors
  • Digital Marketing
  • Actuarial Work
  • You can also start a Consulting Agency etc

What are the Tops Skills You Must Have as an Economics Degree Holder?

In the course of your Economics study, it’s expected that you develop several skills that will be instrumental for you to thrive in your various workplaces and career. So below are the top skills you need to have as an economics degree holder:

  • Critical thinking 
  • Analyzing skill
  • Problem-solving skill
  • Adaptability skill
  • Communication skill
  • Business, economics, and financial expertise

See How To Improve Communication Skills In The Workplace | Tips That Work

Available Economics Degree jobs and Average Salary?

  1. Actuary
  2. Management Consultant
  3. Financial Analyst 
  4. Marketing Analyst
  5. Economist
  6. Business Reporter
  7. Policy Analyst
  8. Data Analyst
  9. Insurance Underwriter
  10. Compensation and Benefits Manager

1. Actuary

An actuary evaluates and educates its clients on the impacts of financial risk and uncertainty that can affect the business. They do this by considering various risk factors and using math and statistics to evaluate the probabilities of different adverse events such as property damage, accidents, or death and they devise strategies and provide reports on how to mitigate these risks. 

Most entry-level job roles in this field are within pensions and insurance, but later on, you may have the opportunity to move towards areas like banking, investment, and healthcare. An actuary earns an average salary of $96,542 making it rank among the top economics degree jobs.

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2. Management Consultant

Management consultants are among the highest-paid economics degree jobs as such they work for consultancy companies and businesses to evaluate their performance and practices and make recommendations to help them solve problems or increase their output. 

Consultants do this type of work by gathering information about an organization’s finances and other data and dialogue with their employees or customers. Then, they evaluate and analyze this information to come up with conclusions and recommendations that they communicate to their clients, on average, a management consultant can earn a whopping $88,080 annually.

3. Financial Analyst

Financial analysts are saddled with the responsibility of evaluating and giving suggestions for budgets, programs, and company performance; they assess and make investment recommendations on bonds, stocks, and other commodities; or monitor all the finances for corporations to help them make healthy financial decisions. 

A financial analyst is often among the top economics degree jobs that usually come to the mind for finance majors and it’s one of the jobs for economics degree graduates with high employment rates, they work for financial services companies or other industries. On average a financial analyst earns an annual salary of $61,784.

4. Marketing Analyst

Because every company that has a product or service to sell needs marketing, marketing analyst is also one of the top economics degree jobs with a high payment rate, as such marketing analysts earn about $57,006, annually. Marketing analysts research and evaluate consumer behavior and market conditions along with other data for companies looking to sell their products or services. 

They research possible target markets, market needs, competitors, and ideal price points, and might also decipher and draft the marketing strategy that will best suit the company’s prospects using their analytical and communication skills.

In addition, Marketing analysts can work for marketing agencies or individual companies with marketing departments in virtually any industry from retail to financial services to tech.

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5. Economist

To simply put, economists study the economy. They develop and test theories, compare historical data, and investigate current and past employment trends, productivity, wages, and other economic data to make recommendations or predictions about markets. Many economists work for local, state, or federal governments, but they might also be employed by NGOs, colleges and universities, research organizations, and even tech companies.

It’s one of the highly sought jobs in the tech world right now and as such a graduate with a degree in economics earns an estimated amount of $77,813, making it one of the top economics degree jobs for the economics major.

6. Business Reporter

If you’re interested in carrying out research and writing about stocks and investment then, taking a career as a business reporter might be a good fit for you. Business reporters evaluate and write about companies, stocks, investments, industry and market trends, and the economy. As a business reporter, you’ll interview experts and evaluate and analyze financial and economic studies and data. 

Business reporters can work in various agencies such as magazines, newspapers, digital media, financial newsletters, radio, and television. They can also work for financial media outlets or websites or a broader media company, making this profession among the highest-paid economics degree jobs and they earn an average annual salary of $46,577. Note: You can decide to work as a freelance business reporter.

7. Policy Analyst

If you’re interested in applying your economics degree to government work, becoming a policy analyst might be a good fit for you. Policy analysts research, evaluate, and analyze laws, policies, and other government programs to evaluate or predict outcomes. 

You can likely find an entry-level job or policy analyst fellowship with just a bachelor’s degree in economics, but as you grow in your career, you should be prepared to get an advanced degree, depending on the branch you’ll like to go into, as a policy analyst, you can earn an average salary of $59,836 making it among the list of highest-paid economics degree jobs.

8. Data Analyst

This also ranks among the top economics degree jobs on the list, data analysts collect, interpret, and analyze large sets of data to answer questions and monitor trends for the companies. They help companies decide on the correct price point for a product or service or they may look for patterns in the web traffic coming into a business’s website.

However, many firms are currently on the lookout for programming skills for data analyst hires as well, which you may not gain from economics coursework alone.

To be at a higher advantage as a data analyst you can take some classes in computer science, math, statistics, or another analytical field either online or offline, and upskill to be ahead of your competitors. The average annual salary for a data analyst is $61,456.

9. Insurance Underwriter

Insurance Underwriters use their analytical and critical thinking skills to evaluate the risks and possible costs of insuring an individual, business, and deploy market knowledge to properly value insurance policies.

They critically evaluate and analyze all the factors that go into providing insurance for a business, vehicle, building, person, or other individuals to decide whether the company they work for should offer insurance, for how much, and on what terms, an insurance underwriter earns an average of $58,004 making it rank on the list of economics degree jobs.

10. Compensation and Benefits Manager

If you’ve taken any classes in human resources, you’re especially suited for these positions. Compensation and benefits managers often start in more generalized human resources roles, such as HR assistant or similar and they receive an average pay of  $88,174 making it among the highest paid economics degree jobs.

Compensation and benefits managers plan, track, and oversee the implementation of pay and benefits programs for employees of a company to ensure that wages are fair, competitive, and in line with any regulations. 

Because these jobs require someone who’s able to monitor the larger market and economic trends, economics majors are well-suited for this role. 

After Getting A Degree in Economics, What Next?

Don’t feel pressured to immediately select your dream career, you can start small by simply identifying where your passions lie. For example, if you enjoy identifying trends in data and crunching numbers, you would likely be well-suited for a field such as data science or statistics. If you love learning about how legislation affects the market, you might consider pursuing a career in policy. 

It’s also worth considering which kind of working environment is best for you based on your personality and work style. If you want to move quickly and make a big impact, you may want to consider working at a small startup. If you’re passionate about serving the public, a career in government may be a good feat for you. 

Frequently Asked Questions

What companies are hiring graduates with an economics degree? 

While there are many options for economics graduates, the top employers’ economics degree holders are Amazon, AstraZeneca, Barclays, Citi, Conair, Cooper Horowitz, JPMorgan Chase & Co. Etc

How much can you make with an economics degree?

After graduating as an economics major you can earn an average starting salary of $61,000.

What are the Best Universities for a Bachelor’s in Economics?

Education is the bedrock for a successful career in Economics. Below are some of the best universities in the world where you can study Economics, based on TopUniversities’ 2021 Rankings: Stanford University, The US
The London School of Economics and Political Science (LSE), The UK
Bocconi University, Italy
National University of Singapore (NUS), Singapore
University of British Columbia, Canada
University of Melbourne, Australia
Peking University, China
Tilburg University, the Netherlands
University of Tokyo, Japan
University of Zurich, Switzerland

What is the Difference Between Finance and Economics?

The two are very similar but require different skills. Economics is a much broader subject, covering a large area because it looks at how money or resources affects everything around us. Finance is more specialized relating primarily to topics like prices, interest rates, and markets.

Bottom Line

If you desire to make a career as an economist in sectors such as social science, business, and social policy but you’re skeptical whether you can get quality and high paying jobs with an economics degree, There Is always a space in the sky for every bird to fly so the economic sphere is a gold mine and there is a lot of space and demands in the marketplace for economics for degree jobs and this demand has been on the surge with the evolving of the world. With this article, we hope you’ve gained clarity on the economics degree jobs.  

References

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