The Versatile Career Options: Exploring the Role You Can Get after Studying Economics

If you're considering pursuing a degree in economics, congratulations! You've chosen a field that offers a wide range of versatile and rewarding career paths in a variety of industries. The skills and knowledge you gain through this program are highly sought after by employers, making it a wise investment in your future. But a degree in economics offers more than just career opportunities—it's also an intellectually stimulating and personally enriching field of study. Economics is a discipline that seeks to understand how individuals, businesses, and governments make decisions about the allocation of scarce resources.

It examines questions that affect our daily lives, such as why some countries are richer than others, how markets work, and what causes inflation and unemployment. By studying economics, you'll gain a deep understanding of these issues and develop the critical thinking, problem-solving, and analytical skills that are highly valued by employers in a variety of industries. In this blog, we'll explore some of the most promising and exciting career options available to graduates with a degree in economics, as well as the skills and qualifications you'll need to succeed. Whether you're already well-versed in the field or just starting, keep reading to discover what the world of economics has in store for you!

Career Options in Economics

An economics degree can open doors to a wide range of career opportunities. Here are just a few of the many paths you can take with a degree in economics:

Finance and Banking

Economics lays a robust groundwork in financial analysis and theory, which makes it a perfect degree for individuals interested in finance and banking. Graduates holding an economics degree can find work opportunities in areas such as risk management, financial analysis, and investment banking.

According to Comparably, professionals working in banking and finance earn an average salary ranging from $18,157 to $484,669 annually, with the median salary being $88,526 in the US.

Consulting

Economics graduates are often hired by consulting firms to offer professional advice to clients across multiple industries. As an economics consultant, you may handle projects related to market analysis, cost-benefit analysis, or business strategy.

As per salary.com data, the average base salary for an Economic Consultant ranges from $69,709 to $95,009, with an average base salary of $80,580.

Public Policy and Administration

Economics holds great significance in molding public policy and managing government programs. Economics graduates can seek employment opportunities with government agencies at the local, state, or federal level or with policy organizations and think tanks.

Based on EMSI research, the average annual salary for an individual with a bachelor's in public administration is approximately $64,600. In contrast, an individual with a Master's in Public Administration (MPA) can expect an average salary of around $72,600 per year.

International Relations

Economics plays a crucial role in international relations, especially in the areas of development and trade. Graduates with an economics degree can seek employment opportunities in government agencies, non-governmental organizations, or multinational corporations with worldwide operations.

As stated by Zippia, the average salary for graduates holding a major in international relations in the United States is $60,634 per annum or $29.15 per hour.

Non-profit and Social Enterprise

Economics is now being utilized more frequently to tackle social and environmental issues. Graduates holding an economics degree can work with non-profit organizations, impact investment firms, or social enterprises.

Based on the data from salary.com, the average salary in the US for Non-Profit and Social Services positions is $109,122 as of January 26, 2023. The range of salaries for the most common non-profit and social services positions (listed below) generally falls between $26,283 and $191,962.

Education

Teaching is also an option for graduates with an economics degree, either in primary or secondary schools or as a professor. Additionally, numerous economics graduates pursue advanced degrees in related fields.

salary.com data reveals that the base salary for a professor of economics varies from $100,645 to $217,353, with an average base salary of $125,520.

Data Analytics and Market Research

Data analytics and market research are two areas where economics graduates are highly sought after for their proficiency in statistical modeling and data analysis. As a market researcher or data analyst, you may work for consulting firms, corporations, or government agencies.

As per salary.com, the average salary for an Economic Analyst in the US is $78,903 as of January 26, 2023. However, the salary range generally falls between $66,022 and $90,296.

Skills and Qualifications for Success

To succeed in an economics career, several key skills and qualifications are essential:

Analytical and Critical Thinking: Economics involves complex problem-solving, and graduates need to be able to think critically and analytically to identify issues and develop effective solutions.

Quantitative and Technical Skills: Economics involves a lot of data analysis and modeling, so graduates need to have strong quantitative and technical skills to be successful. This includes proficiency in statistics, mathematics, and computer programming.

Communication and Writing Skills: Economics graduates need to be able to communicate effectively, both verbally and in writing, to convey complex information and ideas to a variety of audiences. This includes skills in public speaking, presentation design, and technical writing.

Research and Data Analysis Skills: Economics is a research-driven field, and graduates need to be able to design and execute research studies, collect and analyze data, and draw meaningful conclusions.

Knowledge of Economic Theory and Policy: A strong foundation in economic theory and policy is essential for success in an economics career. Graduates need to be able to apply economic principles to real-world situations and understand the broader social and political context in which economic decisions are made.

Time Management: Economics professionals often work on multiple projects with tight deadlines, so time management is essential. The ability to prioritize tasks and manage your time effectively is critical to success.

Attention to Detail: In economics, small details can have a big impact on the results of a study or analysis. Graduate students need to have strong attention to detail to avoid errors and ensure accuracy in their work.

Problem-Solving: Economics graduates must be able to identify problems, evaluate potential solutions, and implement the best course of action. Problem-solving skills are essential in a variety of economics-related careers.

Adaptability: The field of economics is constantly changing, and graduates must be able to adapt to new technologies, trends, and regulations. An ability to learn quickly and adapt to new circumstances is essential for success in an economics career.

It's All Done

So there you have it, folks—a glimpse into the many and varied career options available to those who pursue a degree in Economics. Whether you have a passion for finance, public policy, or market research, an economics degree can equip you with the knowledge and skills you need to succeed. From analyzing complex data sets to crafting persuasive arguments, an economics degree can open doors to a world of opportunities.

So, if you're still on the fence about pursuing a degree in economics, remember that the possibilities are endless. Don't let the misconceptions about "boring" economics courses discourage you—this field is anything but dull. You can make a meaningful impact on the world while earning a living doing something you love. So go ahead and take the plunge, and let your Economics degree pave the way to an exciting and rewarding career!