There is a reason why economics is considered as the evergreen subject. Most of the students think that jobs for economics majors are limited. Economics graduates can find jobs in varied areas including finance and public policy. You can use your economics degree to find work in insurance, banking, real estate, and many other fields.
We’ve curated a list of 10 career options for candidates with an economics degree. If you have questions like should you study economics or business to apply for a specific post, go through all the career options. Most of the jobs do not ask for economists specifically. But, you may still apply for them as the degree in economics can develop certain skills to fulfill the job role. To decide on the right career, you need to evaluate your skills, values, and interests. Economics graduates can cast a wider net during the job hunt.
Auditors are responsible for reviewing the accounts of organizations and companies to ensure that financial records are legal, validated and presented in a proper manner. They analyze all the financial documents like transactions and account balances and also collect the financial data by inquiring the employees and management. Auditors can also suggest risk aversion measures by performing risk management audits. Auditors must have number savvy mind. A degree in economics or accounting or business studies indeed certify that you are eligible to become an auditor.
2. Market Research Analyst
Market Research Analyst assesses how services or products fare under different economic conditions by studying industry trends. A business economics degree helps in developing a bunch of skills like gathering and representing data in graphical form, knowledge on presentation software, statistical skills, writing skills, etc. that are required to become a market research analyst. Apart from these skills, a market research analyst must also have excellent problem solving and critical thinking skills to analyze the market potential of products and services.
3. Financial Analyst
Financial analysts guide the investment decisions in the organizations. They asses the performance of bonds, stocks and various other investments to offer guidance to individuals or businesses making better investment decisions. They evaluate investment proposals by analyzing and assessing the financial projections using their mathematical and analytical skills. A financial analyst must be able to deduce meaning from business and economic trends. A bachelor’s degree in economics or finance can land you a baseline financial analyst job. However, you need a master’s degree or license from FINRA (Financial Industry Regulatory Authority) to further your career.
The accountants handle the everyday financial transactions of the organizations. They examine and prepare financial records to ensure accuracy and taxes are paid optimally on time. Accountants file tax returns, calculate payroll and produce annual financial statements in the organizations. Many companies prefer to hire candidates with an undergraduate degree in economics as entry-level accountants. Passing an examination like CPA (Certified Public Accountant) can help you to get promotions.
5. Budget Analyst
Budget Analysts work in large private and public organizations to track and arrange their finances. Budget analysts help the companies to keep their finances organized by monitoring expenditures and the spending trends and preparing the budget reports in specific circumstances or for a set period. They study the program decisions and costs of policies to project the financial needs of the future. They must be able to present the report with excellent communication skills to justify their recommendations.
6. Economic Consultant
The role of an Economic Consultant falls under the category of Economists. The economic consultants study statistical and financial data in specified areas like agriculture, education, labor, production, finance, etc. and prepare reports to illustrate the economic phenomena and to address or solve the economic problems related to services, manufacturing and distribution of products, fiscal policy, etc. Economic consultants play a crucial role in research institutes, financial companies, public and private agencies, etc.
Are you good with numbers? Passion for numbers and Economics Major Degree can surely land you the job of Statistician. Statisticians collect and analyze data to figure out the trends and other relationships. They collect data, design surveys, and present the results to management and policymakers. To become a statistician, you need to have good knowledge on survey methodology, probability, statistical theory, calculus, etc. An undergraduate degree in economics is enough to get an entry-level job.
8. Credit Analyst
As a credit analyst, your responsibility is to assess and minimize the risk for the organization by analyzing prospective clients. A credit analyst must be able to determine who’s likely to pay back the debt whether it’s a business or an individual customer. They consider factors like economic trends impacting the industries, region, and competitors to assess the risks involved in loaning funds to companies or individuals. They also prepare reports and suggest the interest rates that are apt for loaning funds based on the risk profile of the client. An undergraduate degree in economics is suitable for securing a beginner-level job as a credit analyst.
Actuaries help their employers and clients to determine the probability of insurable events like illnesses, fire, deaths, and other disasters using their analytical and advanced mathematical skills. They figure out the way to proceed with business decisions to minimize the risk. They have to consider different kinds of variables to propose a profitable model for insurance policies. They use software to analyze and present the data in the form of charts and graphs to their management team. Actuaries play a key role in the insurance industry.
10. Compensation and Benefits Manager
A Compensation and Benefits Manager has to crunch lots of numbers every day. Compensation and benefits managers study trends in the industry and labor market to evaluate the demand and supply for different classes of job positions. They assess the benefits and options for payment for various job roles in the organizations. They research the pay and benefits in competitor organizations to determine the appropriate structure for their organization’s salary and benefits. They prepare reports and present the research to the management team and human resource department.