With the ever changing job market, an economics degree presents an entry point to unlimited professions that are in high demand and well paying. With a love of finance, public policy, research and data analytics you can really diversify your career by having an economics degree. Economists are gathering gigs in places such as Wall Street and Washington, D.C. So which are the most promising economics degree careers of to-day?
An economics degree instils a good maturity of analytical, quantitative thinking as well as an insight on how the markets operate; all of which are highly sought after by employers. What is more important, it provides the future graduates with the means of making a data-driven decision and interpreting global economic trends which are highly valued in such fields as banking, government, tech and consulting.
Knowing the scope of the jobs with an economics degree
Graduates in economics cannot be pegged to a single industry. They rather diversify into other spheres-all having different duty and responsibilities. Analytical and mathematical competences which are obtained during the course can also be used in positions where there is a need to analyze the market trends, to optimize corporate strategy, to frame the public policy.
In addition, the growing affordance of technology in every sector nowadays leads to the fact that economics graduates work along with engineers, software developers, and data analysts. Opportunities in the field are multiplying every year because of the cross disciplinary aspect of the field.
Best Career Choices Facing Holders of Degree in Economics
1. Financial Analyst
A financial analyst is one of the most popular jobs that degree holders in economics can take. These are professionals who research on the patterns of investment and observe economic trends as well as helping companies to make sound financial decisions. They are employed at banks, insurance companies, mutual funds and in big companies. In this position, analytical rigor and a thorough knowledge of the financial markets are very important.
The Bureau of Labor Statistics reports that there will be an increase of 8 percent in demand of financial analysts over the 10 years that would be above the average in most occupations.
2. Economist
As is always the case with this field, a good number of economics majors end up becoming economists. Economists study data with an aim of predicting the state of the economy whether they are employed by the government, multinational institutions such as IMF or even private research institutions. Their views determine the monetary policy, guides legislation, and assists corporations to take strategic decisions.
Quite like what professor Anne Krueger, also a senior research professor of international economics at Johns Hopkins University once said:
The strength of economic reasoning lies in the fact that it replaces confusion in issues which initially seem to be clouded with feelings or misperceptions.
3. Policy Analyst
Policy analysts operate in state agencies, non-governmental organizations and research organizations. They apply the information contained in the economic theory and statistical analyses in an attempt to rate the government policies and make appropriate suggestions. These practitioners usually work together with lawmakers and stakeholders in order to solve healthcare reform, taxation, or climate change.
They present a practical form of knowledge to a policy-making body due to their capacity to simplify complicated aspects of the economy.
4. Data Scientist or Data Analyst
As the data revolution is transforming, a large number of specialists in economics are shifting across to data science and data analytics. Success in data-driven roles can also be attributed to core principles of regression analysis, modeling and econometrics learned as part of an economics degree.
Technology, health care, and marketing are prominent examples of industries that are becoming more and more interested in hiring data professionals who not only know how to crunch the numbers but can explain what they mean in terms of business strategy.
5. Management Consultant
Job in economics degree also means the job in consultancy where solving of problems and strategy is of the essence. Management consultants help organizations in providing tips on increasing efficiency, lowering expenditure and venturing new markets. Other consulting companies such as McKinsey & Company, BCG, and Bain often recruit economics graduates because they are well trained in analysis and can evaluate the economic feasibility.
6. Actuary
Statistical models are used by actuaries to determine risk especially in the insurance and pension sectors. Actuarial science is built on economics and mathematics foundations and they calculate the cost of uncertainty and assist businesses to come up with evidence-based decisions involving premiums, policies, and reserves.
As the job is very technical in nature, several people who major in economics can contribute to it by learning actuarial examination in order to hone in this high-paying field.
7. Market research Analyst
Market research analyst is another sphere of a profession, which grows fast. Such experts make companies aware of consumer preferences, market trends, and competition. It aims at maximizing marketing efforts and product development through both qualitative and quantitative measure, which are the skills highly embedded in an education in economics.
8. Investment Banker
Investment banking is a well paid and straining career that attracts individuals who are inclined to high finance. When it comes to raising capital, advising on mergers and acquisitions and financial transactions, investment bankers assist companies in these matters, therefore. The compensation is also high among the top paid to young professionals though that is coupled with a long work schedule.
The economics degree enables the prospective bankers to learn corporate finance, valuation theories and macroeconomics that affect capital markets.
9. Region/ Urban Planner
Another job opportunity that is less recognized yet quite effective is urban or regional planning. Such practitioners are effective in enhancing infrastructure development, housing facilities, transport network, and environmental sustainability within expanding urban areas by employing economic concepts. The ability to do this in an efficient way is carried by the economics majors because they bring data-informed opinions that can be reflected in the future of urban development.
10. Exporter
As the rate of globalization advances, global trade experts study international tariffs, bilateral trade regulation, and world trade networks. They offer their expertise in working on behalf of government agencies, MNCs or international organizations, giving insights that direct trade negotiations, and regulatory compliance.
This position needs extensive knowledge of international economics, a comparative advantage, and trade policy which forms a major part of economics curriculum.
Economics Graduate-attractive Skills
In addition to specialized knowledge, knowledge on economics degree job requirements tend to be broad-based in skills. These include:
- Quantitative and statistical skills: There are a large number of jobs that involve modeling and understanding huge amounts of data.
- Critical thinking: It is essential to have a capability to break down issues and provide direct and rational solutions.
- Communication skills: Simply putting cumbersome concepts across be it policy briefs or presentations is critical.
- Knowledge of technical software: It is a big plus if one is well versed with such software as Stata, R, Python, or even Excel.
- Knowledge of world markets: Macroeconomic insight is useful in arguing trends globally and on the domestic indicators.
With such abilities, graduates of economics courses usually end up being considered to take up management opportunities at the beginning of their careers.
Increasing Demand of Degree Job in Economics
Although the United States is experiencing an overall decline in job markets, the field of economics is not one that is going to have a struggling job market in the near or distant future due to an increase in concern with data-based decision-making and strategic policy creation. Based on the labor market data and the U.S. census, the median salary of professionals that hold an economics degree is more than 108,000 dollars a year, which is a lot in comparison with the average salary in the country.
Also, due to the nature of industries to keep changing with the introduction of new technologies, economists and analysts who are agile and able to make contextual analysis of the data is becoming more and more valuable. The employers are trying to hire candidates who will have the ability to manipulate figures and have a human insight into the interpretation of data trends.
Advanced Education and specialities
Numerous people in the career sphere with an economics degree take additional courses. Advanced degrees such as a Master of Science or Ph.D. Economics, Finance or Public Policy can lead to a career in Advanced Research and Academia. Otherwise, an MBA will supply an economics degree with leadership skills and business strategy knowledge.
Behavioral, environmental, and health economics also gain popularity as the specializations that can provide targeted knowledge common among urgent global issues.
Conclusion- The Economics Degree Is a Bolt to the Upper World
To sum up, the job market of economies degree offers is full of possibilities and is rich and varied. Because the world is now data-driven and increasingly complex, an economics degree will make you ready to succeed in many diverse places whether that is on Wall Street, in Capitol Hill, or in Silicon Valley. This flexibility by industry makes it one of the most future proof education backgrounds presently.
An economics degree is flexible and clear enough to those who are yet to determine what profession to pursue. You do not only learn how the world operates, but instead are empowered to design the world. With changing industries, the ability to think analytically and being able to solve problems created through an education in economics will still be sought after.
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