Are you about to complete your degree in economics?
It is time to turn your attention to the type of job that you want to do when you graduate. Trying to work out the types of industries that you should apply for can be tricky for many people.
Fortunately, a degree in economics can open the door to a wide range of different careers. Many employers appreciate the analytic skills and attention to detail that most economics majors possess.
Let’s take a look at some of the best jobs for economics majors, including some unusual options that are worth considering.
- Key Skills that Economics Majors Have
- The Best Jobs for Economics Majors
- Need Some Help Getting Recruited?
- Final Thoughts
Key Skills that Economics Majors Have
Taking an economics course provides you with a wide range of transferable skills. When applied separately or combined, these skills can be very valuable to employers. Let’s start by taking a closer look at these transferrable skills and how they can be applied to your career.
Economics majors spend a large amount of time evaluating information, identifying inconsistencies and patterns, and drawing conclusions about the information. Strong analytical skills are very valuable in a wide range of different working environments. Employers value candidates who have the ability to focus on set tasks and review and summarize complicated information.
During courses, economics majors are trained how to examine concepts and issues from a range of perspectives. This allows them to predict the potential outcomes of different decisions and choices. As a result, economics majors can think independently and provide employers with well-reasoned arguments based on business plans.
Studying economics helps students to identify issues and locate ways to solve these issues. Because they are trained to think about a problem from all angles, they can select the best way of solving it. This is a skill that is valuable in a wide range of different industries and is actively sought by employers.
Economics majors need to be able to explain complex ideas in simplified ways, both in presentations and in papers. This is a very valuable skill, both in the professional world and in the private lives of graduates. People who work as part of a team need to be able to communicate well and explain their point of view.
The economics field is constantly changing and evolving, and economics majors need to be able to keep up with this. Therefore, a wide range of trends, theories, subjects, and frameworks are taught during the course. As a result, economics majors learn how to be flexible and adaptable according to the needs at the time.
The Best Jobs for Economics Majors
When choosing your new career, you need to take the time to think about what you are passionate about. After all, most people spend a large portion of their adult life working in a particular industry. Let’s take a look at some of the main options along with the typical duties and average salaries.
This is probably the most obvious career path for most economics majors to follow. Economic consultants are hired by a wide range of different companies to help them maximize their revenue and performance. The role involves analyzing industry trends and conducting studies before making business recommendations.
Economic consultants are also hired to serve as expert witnesses in certain corporate legal cases. The average salary for an economic consultant is $76,000 per year, which can climb to $119,000 for top earners.
Personal Finance Advisor
Rather than working for a company, this job usually involves working directly with individual professionals. The main task is assessing the financial standing of the individual and helping them achieve their financial goals. This includes recommending particular investment opportunities, stocks, insurance, and savings plans.
Personal finance advisors have the opportunity to work privately and establish their own client base. However, they can also be employed by certain organizations such as banks and building societies. The average annual salary for a personal finance advisor is $65,000.
Market Research Analyst
If you have strong research skills, you can put them to good use in this job. The main task involves researching industry trends and assessing which products and services will be most profitable. Market research analysts then need to simplify this information and present it to their clients.
The job also involves using special software to make presentations and write reports on various trends. It is important to be able to understand a wide range of products and services and make predictions. The average salary for a market research analyst is $63,000, while it is possible to earn up to $122,000.
Compensation and Benefits Manager
This managerial role requires evaluating various options for payments and benefits. It is necessary to study different labor market trends and assess supply and demand for different job classes.
It is necessary to research the pay and benefits in various organizations within the industry. The findings are presented to senior management in the form of detailed reports. Compensation and benefits managers typically earn between $69,000 and $200,000 per year, while the average salary is $122,000 per year.
Credit analysts usually work with banks and need to conduct microeconomic analyses of prospective clients. They need to be able to accurately assess the risks of loaning funds to individuals and businesses. To do this, credit analysts have to take the economic factors and trends of the region into account.
Credit analysts need to be good at reading people and conducting deep research. They summarize their information and use it to create reports on the risk factors of clients. While the average salary for this job is $73,000 per year, it is possible to earn up to $145,000 annually.
You need to have a good head for figures and strong communication skills to thrive in this career. The main task is meeting with applicants in a loan office and coming to a loan agreement. Before the meeting, loan officers need to determine the credit standing of applicants.
Loan officers need to be good at reading people and able to keep a cool head under pressure. They need to be able to determine whether or not the applicant will stick to the terms laid out for them. People who are successful in this role are likely to earn around $75,000 per year.
Actuaries usually work for insurance companies and are mainly tasked with calculating risk. This includes the risk of death, illness, business failure, and fires. This helps insurance companies to determine how much individual insurance premiums should be set at.
Actuaries need to be familiar with different software and utilize it to create reports. They create detailed yet clear charts and graphs to present the findings to the management team. The salary for an actuary is $65,000 on average per year and can climb to $193,000 per year.
The main goal of most companies is to make a profit, and financial analysts play a vital role. They generally work as part of the financial department in a company and research different investment opportunities. They advise companies and individuals regularly on the best ways to maximize their revenue.
Financial analysts need to be able to use a wide range of different software and other tools. They need to be comfortable writing reports and making presentations to illustrate their findings. Inexperienced financial analysts may start at $47,000 per year, while top earners can make up to $156,000.
This is a job that is especially suitable for economics majors as it requires a deep knowledge of economics. Other key skills include analyzing and researching legislation and its impact on corporations. Policy analysts are often required to analyze other topics like taxes, healthcare, international trade policy, and the environment.
Policy analysts need to be able to condense information and present it clearly and concisely. They need to be able to make recommendations and convince legislators to follow those recommendations. On average, policy analysts make $60,000 per year.
Although it can take several years to gain the experience needed for this job, it can be very lucrative. Experienced management consultants can make as much as $155,000 per year, while the average is $86,000 per year. However, it is usually necessary to start working as a junior consultant or research analyst first.
The critical thinking skills that economics majors develop can be very useful in a career in law. There are several types of law where economists thrive, such as tax law, corporate law, and antitrust law. Lawyers also need strong research and writing skills to prepare for trials and meetings with clients.
It is necessary to be able to analyze the data of a case and paraphrase it. Lawyers also need to be able to gather additional evidence and facts and present them to the concerned parties. Although the salary for a lawyer can vary widely, it is around $122,000 per year on average.
Strong research and writing skills combine in this potentially high-profile job. Business reporters can work for a wide range of different outlets, from business papers to radio and television shows. It is necessary to have a strong interest in business to do this job, as well as the ability to communicate complex ideas.
Business reporters research and write about all aspects of the business world, from financial markets to business leaders. It is necessary to be flexible enough to work on various topics and a range of working hours. The sky is the limit in terms of salary, although business reporters make $61,000 per year on average.
A large number of industries employ statisticians to perform statistical calculations and provide solutions to business issues. Some of the roles that statisticians are hired for include increasing efficiency in business and risk management. On average, statisticians make $88,000 per year.
Need Some Help Getting Recruited?
No problem, we can guide you in the right direction. Firstly, you’ll probably be going through a recruitment agency, so you’ll want to take a look at How To Email A Recruiter to get you started.
Next, your resume has to be immaculate. For that, I’ve put together some helpful guides such as How Long Should A Cover Letter Be, How To Write An Introduction Letter, How To Write A Letter Of Interest, How To List Education On A Resume, How To List References On A Resume, Most Important Skills To Put On A Resume, as well as Job Titles On Resume in 2023.
Lastly, you’ll want to be sure what job position is best suited to you. I recommend the following books Great Jobs For Economics Majors, The Ultimate Career Guide for Business Majors, or even Applied Financial Macroeconomics and Investment Strategy for more insight.
If you’re still not sure, check out my comprehensive descriptions of a Finance Manager Job Description, Lawyer Job Description, Loan Officer Job Description, Loan Processor Job Description. Or, depending on your experience, our Senior Financial Analyst Job Description.
As you can see, there are numerous jobs for economics majors if you know where to look. There is also a wide range of jobs that simply require a degree in virtually any subject. These include a wide range of sales jobs and other office work.
Trying to figure out the type of job that you will be best suited to can be difficult for many people. A good way to do this is to take part in an internship program while you are in college. This allows you to try out a career for a few months while learning new skills and making money.
All the best with your Job Hunting!