Hopeful graduates bearing a degree in economics are potentially eligible for a variety of opportunities. It’s not just about being an economist, viable jobs for economics degrees can stem from many industries, because of how pertinent the field is to so many different walks of life.
Among the many roles an economist can perform are the analysis of problems, the interpretation of statistics so as to propose solutions for those problems, and the formation of mathematical models so as to make calculated predictions in regard to said solutions. How many industries come to mind when thinking of areas to apply that methodology to? If you have the skills developed by an education in economics, the ability to present your detailed results in a manner that is easily understood by laymen, and good communication skills, you can go almost anywhere!
- An economist that is curious about the workings of the broad and complicated field may consider a position as a business reporter, which is effectively a journalist that presents economic trends and issues in terms that are easily digestible by the public. This is an example of an occupation that allows a major in economics to learn more about the field while working in it.
- Being a lawyer carries tremendous overlap with being an economist because an economic analyst’s trained hand is necessary to carry out many facets of the practice of law, such as an understanding of how tax and corporate law apply to a case involving economic damages. Even if one does not intend to become a lawyer, an economist can still function as an economic consultant that a lawyer may call on as an expert witness in a case that requires a consultant to evaluate the extent of the economic damages involved. These consultants can also make analyses of trends for the benefit of other clients such as corporations planning on presenting new products or making internal expansions.
- Understanding of supply and demand, want, diminishing returns, and scarcity puts an economics major in a unique position for excelling at sales.
- Banking careers have high earning potential, and economists are often in high demand in the field. If you’re trained in economics, the skills that can be applied to roles such as financial control, risk analysis, and financial planning are a great match.
- Film producers are responsible for a large majority of the making of a film, and economics backgrounds can make for excellent candidates. Producers find the right story, from original scripts to novels to rights to a TV show, hire a crew that will shape the idea into a viable film, raise the money, choose the cast, oversee production and postproduction specifically the budget and accounting, as well as handle marketing and trends.
- Analytics. “Big Data” is one of the fastest-growing fields and is in constant need of data analytics professionals, for example. An analyst in market research critically thinks about data that concerns trends in various industries to help businesses predict how their products will perform in their current market, while a credit analyst determines the risks a client may face when seeking a loan and proposes appropriate interest rates. Meanwhile, a financial analyst assists various companies’ financial departments with analyses that help those companies decide on whether to make certain investments or merge with other companies, as well as provide advice on stocks and bonds. Finally, a policy analyst is focused on creating financially attainable solutions for the government itself, relying on extensive knowledge of economics so as to propose the most appropriate legislation for issues that affect the public at large.
- Accountants that are trained in economics are often perfectly suited to more prominent roles, due to their experience with financial knowledge, paired with training in seeing patterns in data.
- More job opportunities that an economist may consider are the position of compensation manager, which evaluates supply and demand for various occupations in order to determine pay and benefit options, or the position of actuary, which is focused on the potential financial consequences that negative events and risks entail for a corporate entity.
Other options to look into: statistician, budget analyst, education, insurance, or auditing.