The best job opportunities for economics majors might surprise you.
The good news is economics majors can do almost anything they want. True, they can’t be an astrophysicist, but the career options are almost endless. Students gain a wide variety of skills through their economic coursework including:
Being able to analyze and solve complex problems
Being skilled at observing and inferring from data
Being able to present ideas in compelling speech and writing
These are the fundamental skills that will get the candidate ahead in any job. Other areas where economics majors may excel are:
Maintaining financial records
Cost analysis and projections
Writing grant proposals
10 Most Popular Jobs for Economic Majors:
An economic major can get an entry-level job in a small business, large corporation, a bank, financial service firm or the government. They can start their own financial consulting business, and they can also teach in high schools and colleges.
1. Market analysts look for industry trends to find out if there is enough demand among consumers to support a product or service. They analyze data to determine how a particular product or service will sell under various economic conditions. Since this is highly specialized work, the analyst must also be able to quantify the results and present them to his or her clients in a way that is easy to understand.
2. An insurance agent sells insurance that pays the policyholder or beneficiary in the event of an unexpected accident or disaster. There are many different types of insurance and some are required by law. For example, the minimum level of auto insurance is required in most states, and many mortgage companies expect a homeowner to have home insurance.
The entry-level job is usually in sales, and the agent progresses to sales manager, district manager and even insurance agency owner. Insurance brokers are independent owners and are not employed by an insurance company.
3. A person with an economic degree could go to law school and become a lawyer. They will then be well positioned to work in corporate law, antitrust law for a large corporation and in tax law for individual clients or a large corporation.
4. An analyst may work for a company or for external clients. They interpret financial markets, securities, equity and investments to give their client the best possible financial advice. They need to write reports that express their opinion mainly for the sell-side or brokerage firms but not if they do analysis for investment firms.
5. People with a degree in economics can teach in a high school, but they will need to follow the requirements of the state. This may include taking education courses and having in-school training.
6. The job of a personal financial advisor is similar to that of a financial analyst in a business, except they work with individuals or families. They research the stock market and other markets in order to give good investment advice to their customers. They are usually self-employed, but may also belong to a financial advice firm. A bachelor’s degree in economics will be enough to begin this job, but to increase their salary it is recommended that students also get a graduate degree.
7. An actuary helps businesses reduce their financial risk. Actuaries need to use statistical analysis to determine the cost of a risk and decide if the risk is worth the cost. This is essential for any company to make sure they are using their money wisely. This job is highly in demand and usually safe during a recession. There may be a series of exams the economics graduate needs to pass in order to become a certified actuary.
8. An accountant must be a meticulous person and very detail-oriented. They prepare taxes, examine financial records and conduct audits that must be accurate and efficient. Accountants are in high demand especially if they are skilled. They may need to get a professional certification like a CPA.
9. A credit analyst studies data to determine the financial risk of loaning money to individuals and businesses. They regularly meet people who are applying for personal loans, mortgages and credit cards.
10. An economic consultant is an expert in the field. He or she will research trends, testify in legal trials, publish reports and help businesses become more financially efficient.
Economics involves the study of man’s efforts to get goods and services in order to survive, be reasonably comfortable or affluent. The world has finite resources, but that doesn’t seem to stop mankind’s unlimited requirements.
Economists need to understand consumers, current economic conditions, how resources are allocated, pricing, distribution and how economic growth is promoted. This may include business administration to help keep a firm financially healthy. Economists focus on the economic well-being of society in general.