Top Jobs for Economics Majors
There is a long withstanding joke about economists that they are too smart for their good, but not smart enough for people. This assumption largely stems from the discomfort that many people have with the subject. They say that it is too dry and conceptual. Due to its complexity, the course has a divided house. This holds the same comparison as golf; people either love it or don’t understand it at all.
Hence, when students opt for economics as their major, they have a clear goal in their minds. Like many STEM courses, students study this subject for the money. They are well aware that economic majors get phenomenal career opportunities after graduation.
However, to truly succeed in this field, you need to be dedicated. Therefore, if you decide to get into this field, be sure that you are doing it for the right reason. Money is essential, but not everything. If you have passion, you wouldn’t need to seek help from essay writers. Instead, you will learn and improve as the study progresses.
If you’re wondering about the career prospects of an economics major, below is a list that we have compiled for you.
· Market Research Analyst
Economies are never stable, and this is exactly why market research analysts are always in business. The job of a market research analyst is to tap the knowledge of market trends to evaluate and predict the success or failure of different products and services under various economic conditions.
Now you must be wondering how economists can think like marketers and understand consumer behaviour? It’s simple. Both fields focus on the collection and analysis of data. They are trained to design and formulate ideas that can assume or predict economic behaviour and their influence on marketing trends. In May 2018, it was disclosed that the annual salary of a market research analyst is $63,120. Furthermore, the employment rate is projected to grow up to 10% by the year 2026.
· Economic Consultant
Are you someone who is under the impression that economists only work for businesses? Well, time to burst the bubble as the prospects of working as an economic consultant are vast. Whether you’re inclined towards healthcare or education, or whether you’re interested in the government or the finance department, you can work for anyone and everyone as an economist consultant. Your job as an economic consultant is to collect and organise data and then evaluate and predict economic scenarios. You can even work out on legal matters. For example, you can analyse and assess economic damages to address regulatory violations. The annual salary of an economic consultant is $73,090, which is quite promising.
· Compensation and Benefits Manager
Some people think in words, and then there are compensation and benefits managers. These people can only think in numbers. What is their job? They have to evaluate different options in regards to settling benefits and compensations of employees. They understand the supply and demand of numerous classes of jobs.
In addition to this, they also research the average salary and benefits of organisations within an industry to maintain the competitive structure of their company. They essentially collaborate with the human resource management of their company and establish the benefits and compensatory items of the fellow employees that are market competitive. The job is said to observe a 5% growth by the year 2026.
Do you consider yourself a pessimist? Are you boring? This job is perfect for you! Actuaries utilise mathematical and statistical skills to predict the likelihood of everything unfortunate. For example, deaths, fires, and business failures. Being an economics major, your job as an actuary is to consider numerous variables to analyse and predict risks and dangers and establish profitable insurance policies. If you work as an actuary for long, you can even earn up to $186,110! In fact, the job is bound to experience a booming 22% growth by the year 2026.
· Credit Analyst
Have you ever wondered what exactly do the credit analysts consider before loaning funds to clients? Well, they carry a microeconomic analysis of all the risks involved in loaning prospective clients. Apart from this, they also assess various economic trends and industries. Most of their work includes making reports and establishing interest rates. Their average salary ranges between $43,100 and $137,634.
· Policy Analyst
Do you believe in making a bigger impact in the world? Are you politically vocal? Do you have an opinion on every governmental policy? Why don’t you make it your profession? As a policy analyst, your job will be to analyse the problems of the general public. Moreover, you will also take those matters to the bigger governmental bodies and suggest interventions and solutions to the legislation.
For this, your economic knowledge and understanding of the political dynamics are crucial. Hence, if you’re an economics major, you should consider getting political science as a minor as this will expand your knowledge.
Therefore, it can be established that if you are an economics major, you have a bright future. Whether you want to work in the finance industry or if you want to try your luck in politics, a degree in economics is pivotal.