Economics is a field that explores how resources are used to produce and distribute goods and services. It is a social science that examines how individuals, businesses, and governments make decisions about how to allocate resources.
An economics degree is an important investment for individuals interested in pursuing a career in a variety of fields, including finance, healthcare, government, and education. Graduates with economics degrees have a diverse set of skills, including analytical, mathematical, and problem-solving abilities, which are highly valued by employers.
In this article, we will provide an overview of the top 10 career paths for economics graduates. These careers include:
- Financial Analyst
- Economist
- Budget Analyst
- Policy Analyst
- Market Research Analyst
- Investment Banker
- Actuary
- Management Consultant
- Professor
- Government Official
We will delve into the salary ranges, job requirements, and potential career paths for each of these top 10 economics degree careers. Whether you are a recent economics graduate seeking your first job or a seasoned professional looking to take your career to the next level, this article is for you.
Economists
Economists study how resources are allocated and distributed in various markets and industries. They analyze economic trends, conduct research, and develop models to forecast economic behavior. Economists typically work for corporations, government agencies, research organizations, and non-profits.
Job Description
The role of an economist is to understand and analyze economic data and trends, in order to provide insights and advice for decision making. They conduct surveys and collect data to analyze economic trends and forecast future activity. They use statistical software to create models that can predict economic outcomes. They also evaluate and recommend policies related to taxes, trade, economic development, and other areas to help promote financial stability and growth.
Industries where economists are in demand
Economists are highly in demand in various industries, including finance, healthcare, public sector, and technology. The finance and banking industry use economists to analyze market trends and forecast financial outcomes. The healthcare industry uses economists to evaluate healthcare spending and suggest cost-saving measures. The public sector hires economists to perform economic impact assessments, cost-benefit analysis, and to develop policy recommendations. Finally, tech companies use economists to analyze user data and make pricing decisions.
Skills and qualifications required
To become an economist, one needs a strong understanding of math and statistical analysis, as well as an interest in economic theory and research. A graduate degree in economics or a related field is usually required. Most economist jobs also require experience in quantitative analysis and data modeling.
Average salary range
The average salary range for economists varies greatly depending on the industry and level of experience. Entry-level economists can expect to earn a salary of $60,000 to $80,000 annually, while more experienced and senior-level economists can earn upwards of $150,000 annually.
Examples of companies and organizations that hire economists
Some of the top employers of economists include government agencies like the Bureau of Labor Statistics, International Monetary Fund, Federal Reserve Bank, and other regulatory agencies. Financial institutions such as JP Morgan Chase, Goldman Sachs, and Bank of America have also hired economists to support their research divisions. Professional and research associations such as the National Bureau of Economic Research, think tanks like the Brookings Institute, and academic institutions such as Harvard University and University of Chicago are other potential employers for economists.
Economists play a critical role in supporting decision making across various industries. With the right education, experience, and skills, a career in economics can be both rewarding and impactful.
Financial Analysts
Financial analysts are professionals who are tasked with analyzing financial data, trends, and economic indicators to help organizations make informed business decisions.
Job description
As a financial analyst, your primary responsibility is to analyze financial data to help organizations make sound investment decisions. You will be responsible for studying financial trends and economic indicators, analyzing financial data, and preparing reports for stakeholders. You will also be responsible for providing insights on investment opportunities, future growth potential, and risk management strategies.
Key responsibilities
- Conducting financial research and analysis
- Preparing financial reports and forecasts
- Developing financial models and metrics
- Providing financial insights and recommendations to stakeholders
Industries where financial analysts are in demand
Financial analysts are in demand across a variety of industries, including:
- Investment banking
- Asset management
- Commercial banking
- Insurance
- Consulting
Skills and qualifications required
The following qualifications and skills are required to become a financial analyst:
- A bachelor’s degree in finance, economics, or accounting
- Strong analytical skills
- Excellent communication skills
- Proficiency in financial modeling and analysis
- Good knowledge of financial software and databases
Average salary range
The average salary range for financial analysts varies depending on their level of experience, industry, and location. According to the Bureau of Labor Statistics (BLS), the median annual wage for financial analysts in May 2020 was $83,660.
Examples of companies and organizations that hire financial analysts
Here are some examples of companies and organizations that commonly hire financial analysts:
- JPMorgan Chase
- Goldman Sachs
- Morgan Stanley
- Bank of America
- Wells Fargo
- Microsoft
- Boeing
- UnitedHealth Group
- Johnson & Johnson
A career as a financial analyst can be a challenging and rewarding path for economics graduates. With strong analytical skills, an eye for detail, and a passion for finance, you can become a valued member of any organization and help drive business success.
Investment Bankers
Investment bankers are professionals who help companies and organizations raise capital by underwriting and selling securities. They also provide financial advice to businesses regarding mergers and acquisitions, and other investment opportunities.
Job Description
Investment bankers have a broad range of responsibilities that include analyzing financial data, conducting market research, creating financial models, preparing pitches and presentations, and working with clients to identify investment opportunities. They also help clients navigate a variety of markets, such as debt or equity capital markets, and advise on buy-side or sell-side transactions.
Key Responsibilities
- Analyze financial data
- Conduct market research
- Create financial models
- Prepare pitches and presentations
- Identify investment opportunities
- Advise clients on buy-side or sell-side transactions
- Navigate a variety of markets, such as debt or equity capital markets
Industries where investment banking is in demand
Investment banking is in demand in a wide range of industries, such as technology, healthcare, energy, and financial services. Some of the most popular areas within investment banking are mergers and acquisitions, capital markets, and trading.
Skills and Qualifications Required
To be successful as an investment banker, you should have a strong analytical and technical ability, as well as excellent communication and interpersonal skills. You should also have a bachelor’s or master’s degree in finance, economics, or a related field, as well as experience in the financial services industry.
Average Salary Range
The average salary range for investment bankers varies depending on experience, location, and industry, but typically ranges from $80,000 to $150,000 per year. Bonuses and other benefits are also common in this field.
Examples of Companies and Organizations that Hire Investment Bankers
Some of the top companies and organizations that hire investment bankers include Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup, Bank of America, Credit Suisse, Deutsche Bank, UBS, and Barclays. Boutique investment firms and consulting firms are also popular employers in this field.
Management Consultants
As a management consultant, your main job is to advise businesses and organizations on how to improve their performance and efficiency. You’ll need excellent communication skills, an ability to work with a variety of people at all levels of an organization, and a strong grounding in economics and business management.
Job Description
Management consultants work directly with clients to identify areas where they can improve their performance, cut costs, and boost profits. This might involve conducting research and analysis, evaluating business processes, and recommending changes to policies and procedures. You’ll also need to be able to communicate complex ideas and data to clients in an easy-to-understand way.
Key Responsibilities
Some of the key responsibilities of a management consultant may include:
- Conducting research and analysis to understand a client’s business processes, challenges, and opportunities
- Developing and implementing strategies to improve performance and efficiency
- Communicating complex data and analysis to clients in a clear and compelling way
- Identifying and evaluating risks and opportunities for clients
- Providing guidance and support to clients as they implement changes and improvements
Industries where management consulting is in demand
Management consulting is a diverse field, and consultants may work with clients in a range of industries, including:
- Finance and banking
- Healthcare
- Technology
- Manufacturing
- Energy and utilities
Skills and Qualifications Required
To be a successful management consultant, you’ll need a range of skills and qualifications, including:
- A bachelor’s or master’s degree in economics, business, or a related field
- Excellent communication and interpersonal skills
- Strong analytical and research skills
- The ability to work independently and as part of a team
- Experience with project management and strategic planning
Average Salary Range
The salary for a management consultant can vary depending on factors such as location, industry, and level of experience. According to Glassdoor, the average base salary for a management consultant in the United States is around $85,000 per year.
Examples of Companies and Organizations that Hire Management Consultants
Some of the top firms that hire management consultants include:
- McKinsey & Company
- Bain & Company
- Boston Consulting Group
- Deloitte Consulting
- EY Consulting
- PwC Consulting
In addition to these large firms, many smaller consulting companies work with clients in a range of industries. Government agencies and nonprofit organizations may also hire management consultants as they work to improve their operations and services.
A career in management consulting offers a range of opportunities to work with diverse clients and industries, helping companies improve their performance and drive success. With a degree in economics or business management and a range of skills and qualifications, graduates can find challenging and fulfilling work as management consultants.
Actuaries
Actuaries are professionals who analyze and evaluate financial risk. They are experts in mathematics, statistics, and finance, and use that knowledge to help businesses and organizations make better decisions about managing and investing their money. They work in a variety of industries, including insurance, finance, and healthcare.
Job Description
The job of an actuary is to analyze data and financial trends, and use that information to make predictions about future events. They typically work with large data sets and use statistical models to help organizations plan for the future. Actuaries also develop financial products and strategies to help businesses manage financial risk.
Key Responsibilities
Some of the key responsibilities of an actuary include:
- Analyzing statistical data to determine financial risk
- Developing models and financial strategies to help manage risk
- Making predictions about future financial events
- Developing new financial products and services
- Communicating complex financial information to non-experts
Industries Where Actuarial Sciences Are in Demand
Actuaries work in a variety of industries, but some of the most common sectors include:
- Insurance
- Finance
- Healthcare
- Government
- Consulting
Skills and Qualifications Required
To become an actuary, you typically need a degree in mathematics, statistics or a related field. You also need to pass a series of certification exams, including the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Other key skills and qualifications for actuaries include:
- Strong analytical and problem-solving skills
- Expertise in financial modeling and statistical analysis
- Excellent communication and presentation skills
- Knowledge of economics, finance, and accounting
- Ability to work independently and as part of a team
Average Salary Range
Actuaries are among the highest-paid professionals in the finance industry, with an average salary range of $100,000 to $200,000 per year. The salary range typically varies based on factors such as experience, industry, and location.
Examples of Companies and Organizations That Hire Actuaries
Some of the top companies and organizations that hire actuaries include:
- Insurance companies: Allstate, Nationwide, AIG, and Geico
- Consulting firms: Deloitte, PwC, EY, and Accenture
- Financial services companies: Goldman Sachs, JPMorgan Chase, and Morgan Stanley
- Healthcare companies: Kaiser Permanente, UnitedHealth Group, and Blue Cross Blue Shield
Actuaries have bright career prospects with good job security, high earning potential, and stable demand across a range of industries. Actuarial Sciences is a challenging and dynamic field that is well-suited for individuals with an aptitude for mathematics, data analysis, and financial management.
Marketing Research Analysts
Marketing research analysts are professionals responsible for analyzing market trends and data to help companies make strategic decisions. They work closely with sales and marketing teams to identify consumer behaviors, preferences, and needs. A career as a marketing research analyst is an excellent choice for economics graduates who enjoy analyzing data and have a keen eye for detail.
Job description
The primary responsibility of marketing research analysts is to gather and analyze data on market trends, consumer behavior, and competitors’ activities. This involves conducting surveys, polls, and focus groups to obtain consumer feedback, analyzing sales trends, market data, and industry reports, and developing strategies based on those insights. They also monitor the effectiveness of marketing campaigns and make recommendations to improve them.
Key responsibilities
Some of the key tasks that marketing research analysts perform include:
- Collecting and analyzing data on market trends, consumer behavior, and competitors’ activities
- Conducting surveys, polls, and focus groups to obtain consumer feedback
- Analyzing sales trends, market data, and industry reports
- Developing strategies based on consumer and market insights
- Monitoring and evaluating the effectiveness of marketing campaigns
- Making recommendations to improve marketing campaigns
Industries where marketing research analysts are in demand
Marketing research analysts are in demand in several industries, including:
- Market research firms
- Advertising and marketing agencies
- Consumer goods and services companies
- Healthcare organizations
- Financial services firms
- Government agencies
Skills and qualifications required
To become a marketing research analyst, candidates typically need a bachelor’s degree in marketing, economics, or a related field. They should also possess the following skills:
- Strong analytical and critical-thinking skills
- Excellent communication and interpersonal skills
- Attention to detail
- Strong organizational skills
- Ability to work independently and as part of a team
- Proficiency in statistical analysis tools and software
- Knowledge of market research techniques and methodologies
Average salary range
According to the Bureau of Labor Statistics, the median annual salary for marketing research analysts was $65,810 as of May 2020. Salaries can vary depending on factors such as experience, industry, and location.
Examples of companies and organizations that hire marketing research analysts
Some of the top companies and organizations that hire marketing research analysts include:
- Nielsen
- Ipsos
- GfK
- The Nielsen Company
- Kantar
- McKinsey & Company
- PepsiCo
- Coca-Cola
- Johnson & Johnson
A career as a marketing research analyst is an excellent choice for economics graduates who enjoy analyzing data and have a keen eye for detail. With a growing demand for consumer insights, marketing research analysts can look forward to a fulfilling and rewarding career in various industries.
Public Policy Analysts
As a public policy analyst, your job is to research, analyze, and evaluate proposed and existing policies and their effects on the public. A crucial role the public policy analyst plays is to identify areas where policies should be updated or created to provide better solutions to public problems. Public policy analysis is an interdisciplinary field that requires excellent research, analytical, writing, and communication skills.
Job description
Public policy analysts are responsible for analyzing, researching, and evaluating policies to determine their effectiveness and impact on society. They provide policymakers and stakeholders with data analysis, recommendations, and insights in various areas of public policy, including economics, criminal justice, education, healthcare, and environmental policies. Their work involves collecting data from different sources, analyzing it, and developing reports based on their findings. Public policy analysts work in think tanks, government agencies, lobbying firms, and nonprofit organizations, to name a few.
Key responsibilities
The typical responsibilities of a public policy analyst include the following:
- Conducting research and analysis on public policies
- Collecting data from various sources
- Interpreting data and identifying trends
- Developing reports and recommendations
- Developing policy proposals
- Collaborating with stakeholders and policymakers
- Presenting analysis results to stakeholders
- Monitoring policy implementation
Industries where public policy analysts are in demand
Public policy analysts are high in demand in different sectors, including government, nonprofit organizations, and consulting firms. Some industries that rely on the services of public policy analysts include the following:
- Government: In this sector, public policy analysts work for federal and state government agencies, such as the Environmental Protection Agency, Department of Education, and Centers for Disease Control and Prevention, among others.
- Nonprofit organizations: Public policy analysts work with nonprofit organizations such as think tanks, civic organizations, and advocacy groups to evaluate public policies and advocate for policy changes.
- Consulting firms: Public policy analysts work with consulting firms to provide research, analysis, and recommendations to clients, including corporations, foundations, and government agencies.
Skills and qualifications required
Public policy analysts require a combination of skills and qualifications to perform their duties effectively. Relevant skills and qualifications required to succeed in this field include the following:
- Bachelor’s or Master’s degree in Economics, Political Science, Public Policy, or a related field
- Excellent analytical and research skills
- Strong written and verbal communication skills
- Familiarity with data analysis and modeling tools
- Proficiency in statistical analysis software
- Ability to work independently and in a team setting
- Good time management skills
Average salary range
The salary range for public policy analysts varies based on the industry, location, and level of experience. According to the research, the average salary for public policy analysts in the United States is $64,261 per year. The salary may range from $42,000 to $99,000, depending on level and location.
Accountants
Accountants are responsible for managing financial records, ensuring compliance with tax laws, and preparing financial reports for businesses and organizations. They analyze financial data and communicate it to management, providing crucial insights to help drive strategic decisions.
Job Description
The accountant’s core responsibility is to maintain accurate financial records and provide timely and accurate financial figures to stakeholders within the business or organization. This includes recording transactions, reconciling accounts, managing budgets, and filing taxes. An accountant also plays a key role in financial planning, creating and managing budgets, forecasting future financial trends, and advising businesses and individuals on investment decisions.
Key Responsibilities
- Maintaining financial records and ensuring compliance with tax laws
- Preparing financial statements, budget reports, and other financial analyses
- Advising clients on tax planning and preparing tax returns
- Managing accounts payable and accounts receivable
- Providing insight into business financial performance and making recommendations for improvements
- Developing or improving accounting policies and procedures
Industries where accountancy is in demand
Accountancy is essential in almost all industries, including healthcare, education, banking, real estate, and law. It is also in demand in finance and insurance, government, and manufacturing.
Skills and Qualifications Required
To become an accountant, one needs a minimum of a bachelor’s degree in accounting, finance, or a related field. Additionally, they must possess:
- Excellent organizational and time-management skills
- Strong communication and interpersonal skills
- Proficient in financial analysis software
- Knowledge of tax laws and accounting principles
- Attention to detail and accuracy
- Ability to work both independently and collaboratively
Average Salary Range
The average salary for an accountant is around $70,000 per year. However, salaries vary depending on experience, industry, and location. Some accountants can earn as much as $120,000 per year.
Examples of Companies and Organizations that Hire Accountants
- Ernst & Young
- Deloitte
- PricewaterhouseCoopers
- KPMG
- Johnson & Johnson
- Goldman Sachs
Accountancy is a promising career for economics graduates, as the demand for accountants is on the rise. It provides excellent job security and advancement opportunities, making it an ideal career choice for those who have a keen interest in finance and accounting.
Insurance Underwriters
If you have a degree in economics and are searching for a rewarding and lucrative career, a job as an insurance underwriter may be the perfect fit for you. Insurance underwriters are responsible for evaluating and analyzing risks to determine the rates, terms, and coverage of insurance policies. In this section, we’ll explore what the job entails, the key responsibilities, industries in demand, skills and qualifications required, average salary range, and examples of companies that hire insurance underwriters.
Job Description
The main responsibility of an insurance underwriter is to assess risks and determine whether or not to issue an insurance policy to an applicant. The underwriter must evaluate the likelihood of a claim being made, the potential size of the claim, and the cost of the insurance premiums to the applicant. They use mathematical and statistical data analysis to ensure that their evaluation remains accurate and consistent. An insurance underwriter must also possess excellent communication and problem-solving skills to work with agents, brokers, and other insurance professionals to ensure policies are in compliance with company standards and regulatory requirements.
Key Responsibilities
- Evaluate insurance applications and oversee the approval or denial of policies
- Analyze risk factors such as age, occupation, and geographic location
- Determine appropriate coverage and pricing based on risk analysis
- Monitor and review policies to ensure compliance with regulatory standards
- Communicate with agents, brokers, and policyholders to address concerns and answer questions
- Conduct audits of policyholders to ensure accurate information was provided during the application process
- Develop and maintain knowledge of industry trends and regulatory changes
Industries where insurance underwriting is in demand
Insurance underwriting is needed in various industries, including:
- Health insurance
- Life insurance
- Property and casualty insurance
- Reinsurance
- Workers’ compensation insurance
Skills and qualifications required
- A degree in economics, finance, or a related field
- Analytical skills
- Knowledge of statistical analysis and financial forecasting
- Strong decision-making and problem-solving skills
- Excellent communication skills
- Attention to detail
- Familiarity with regulatory compliance standards
- Ability to work in a team-oriented environment
Average salary range
The average salary for an insurance underwriter, according to the United States Bureau of Labor Statistics, is $76,880 per year. Entry-level positions typically start at around $43,000 per year, while experienced underwriters can earn upwards of $125,000 per year.
Examples of companies and organizations that hire insurance underwriters
- Allstate
- Liberty Mutual Insurance
- Nationwide Mutual Insurance
- State Farm Insurance
- Swiss Reinsurance Company Ltd.
- Transamerica Life Insurance Company
- UnitedHealth Group
Insurance underwriting is a lucrative and rewarding career path for economics graduates. By evaluating risks and analyzing data, underwriters play a crucial role in determining the rates, terms, and coverage of insurance policies.
Data Analysts
Data analysts are professionals who collect, process, and perform statistical analyses on large data sets in order to derive useful insights that can help organizations make informed decisions. They work in a variety of industries and are responsible for providing vital information to stakeholders that supports management and operational decisions.
Job Description
Data analysts are tasked with developing, implementing, and maintaining data collection tools, as well as creating and executing algorithms that can transform raw data into meaningful and actionable insights. They play a crucial role in ensuring that the data-driven strategies of an organization are successful. Data analysts need to be well-versed in various software tools, including but not limited to, SQL, R, Python, and Excel. They should also have the ability to create machine learning models, develop reports, and visualize data trends.
Key Responsibilities
The primary responsibilities of data analysts include, but are not limited to, the following:
- Collecting, cleaning, and processing large datasets
- Developing and executing statistical models and algorithms to derive insights
- Creating dashboards, reports, and data visualizations to support decision-making
- Collaborating with cross-functional teams to identify new opportunities for data analysis
- Communicating analytical findings and insights in a clear and concise manner to stakeholders
Industries Where Data Analyst Positions are in Demand
Data analysts work in different industries, including healthcare, finance, technology, retail, and government. Any sector that relies on data to manage business operations, track and analyze industry trends, and make strategic decisions requires the services of a data analyst. There has been an increase in demand for data analysts in recent years due to the rise of big data, increased access to analytics tools, and the need for data-driven decision-making.
Skills and Qualifications Required
Data analysts require a combination of skills, such as technical expertise and problem-solving skills. They need to have a strong command of programming languages such as Python, R, SQL, and statistics. They should also possess excellent communication skills since they need to explain technical concepts to stakeholders who may not be well-versed in data analysis. A bachelor’s degree in computer science, mathematics, statistics, or economics is an excellent foundation for a career in data analysis. A master’s degree in data science or statistics is also a plus.
Average Salary Range
Data analysts’ salaries vary based on level of experience, skill set, and region of employment. According to Payscale, the average salary of a data analyst in the US is $61,000 to $87,000 per year. However, more experienced data analysts can earn significantly more than entry-level analysts.
Examples of Companies and Organizations That Hire Data Analysts
Data analysts are in demand across a range of industries, but some of the most well-known organizations that hire data analysts include:
- Amazon
- Accenture
- McKinsey & Company
- Goldman Sachs
Related Articles
- Handling Conflict in Interviews for 2023 (With Examples)
- Graphic Designer: Job Description, Salary, Skills, Career
- The Ultimate Guide to Being a Courier in 2023
- Best way to Schedule Your Next Job Interview in 2023
- Human Resource Management: Definition and Overview
