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What Can You Do With an Economics Degree?

What Can You Do With an Economics Degree

A degree in economics can lead to many exciting and lucrative careers. In this blog post, we will discuss five of the most popular career paths for economics majors. We will also provide information on what you need to do to pursue these careers. So, whether you are just starting your college education or you are already a few years into it, read on to learn more about what you can do with an economics degree!

Best Economics Degree Career Opportunities and Job Titles

Banking

Many different occupations are involved in banking. These positions aren’t always straightforward, but they may be divided into retail and investment banking. RBS, Lloyds, and HSBC operate both retail and corporate and investment banks. Investment banks, such as Goldman Sachs and Berenberg, cover mergers and acquisitions, foreign exchange trading, and sales and trading. The job may be challenging and engaging, particularly if you’re a history buff. This sector typically pays well, but hours can be long and unpredictable. People working in the banking sector make a median salary of $67,490 per year.

Accountancy

In the United Kingdom, there are three types of accountancy: public practice, commerce, and charity. The most common route into the general rule is via an accountancy firm, such as PricewaterhouseCoopers (PwC), KPMG, or Deloitte. Large organizations that employ in-house accountants are known as commerce. The “Big Four” accounting firms all have sizeable graduate recruitment schemes. Many accountants also work in the charity sector. The National Council for Voluntary Organizations (NCVO) is an excellent place to search for roles in this area. The median salary for an accountant is $69,350 per year.

Actuarial Work

An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The role is essential to the insurance industry, as actuaries use their skills to set premiums and assess payouts following an event, such as an earthquake or hurricane. Actuarial work can be very challenging but also rewarding. It typically involves working with complex data sets and mathematical modeling to solve problems. If you are interested in actuarial work, you will need to complete an actuary exam before you can begin working in this field. The median salary for an actuary is $102,880 per year.

Insurance

An insurance agent sells and services insurance policies. The role involves working with clients to determine their needs and then finding the best approach to meet them. Insurance agents typically work for an insurance company or broker, but some work independently. If you are interested in becoming an insurance agent, you will need to obtain a license from your state’s insurance department. The median salary for an insurance agent is $48,750 per year.

Public Sector and Defense

The public sector is responsible for providing services that are essential to society, such as healthcare, education, and transportation. It also includes organizations such as the police force and the military. Many economists work in the public sector as policy analysts or economic advisors. Jobs in the public sector often involve working with government officials to develop and implement policies. The median salary for someone working in the public sector is $58,910 per year.

Consulting

Consultants advise organizations on various topics, including strategy, operations, and management. They use their expertise to help organizations solve problems and improve their performance. Many consultants are self-employed, but some work for large consulting firms, such as McKinsey & Company or Bain & Company. Consulting is a fast-paced and demanding field, but it can be gratifying. The median salary for a consultant is $80,000 per year.

Charity

The charity sector is responsible for providing services that benefit society, such as healthcare, education, and relief efforts. Many economists work in the charity sector, such as policy analysts or economic advisors. Jobs in the charity sector often involve working with government officials to develop and implement policies. The median salary for someone working in the charity sector is $58,910 per year.

Journalism

Journalists provide news and information to the public through various media outlets, such as newspapers, magazines, television, and radio. They often specialize in a particular area, such as politics or business. If you are interested in becoming a journalist, you will need to complete a journalism program at a university or college. The median salary for a journalist is $37,090 per year.

Financial PR

Financial public relations is a specialized field that involves working with the media to promote a company’s economic interests. Financial PR professionals often work for investment banks, hedge funds, and other financial institutions. If you are interested in financial PR, you will need to complete a course in finance or public relations. The median salary for someone working in financial PR is $60,000 per year.

Digital Marketing/Media

Digital marketing is a rapidly growing field that promotes online products and services. Digital marketers use various tools, such as search engine optimization (SEO), social media, and email marketing to reach their target audience. If you are interested in digital marketing, you will need to complete a course in marketing or communications. The median salary for a digital marketing manager is $75,000 per year.

Business Analyst

Business analysts are responsible for analyzing an organization’s business processes and identifying areas of improvement. They use their skills to help organizations streamline their operations and improve their profitability. Consulting firms employ many business analysts, but some work in-house for large companies. If you are interested in becoming a business analyst, you will need to complete a course in business administration or management. The median salary for a business analyst is $70,000 per year.

Credit Analyst

A credit analyst is a financial professional who evaluates an organization’s creditworthiness. Credit analysts work in the banking and finance industries, and their job is to assess the risk of lending money to a particular borrower. If you are interested in becoming a credit analyst, you will need to complete a course in finance or accounting. The median salary for a credit analyst is $60,000 per year.

Personal Finance Advisor

A personal finance advisor is a financial professional who helps individuals manage their finances. Personal financial advisors advise various topics, including investment planning, retirement planning, and tax planning. If you are interested in becoming a personal finance advisor, you will need to complete a course in financial planning or accounting. The median salary for a personal financial advisor is $50,000 per year.

Policy Analyst

A policy analyst is a professional who analyzes public policy and provides recommendations to government officials. Policy analysts often work in think tanks or consulting firms, but some work for government agencies. If you are interested in becoming a policy analyst, you will need to complete a course in public policy or political science. The median salary for a policy analyst is $60,000 per year.

Supply Chain Analyst

A supply chain analyst is a professional who analyzes an organization’s supply chain and provides recommendations for improvement. Supply chain analysts often work in manufacturing or logistics companies, but some work in consulting firms. If you are interested in becoming a supply chain analyst, you will need to complete a course in business administration or management. The median salary for a supply chain analyst is $65,000 per year.

Loan Officer

A loan officer is a financial professional who assists borrowers in securing loans. Loan officers work in banks, credit unions, and other financial institutions. If you are interested in becoming a loan officer, you will need to complete a course in finance or accounting. The median salary for a loan officer is $50,000 per year.

Portfolio Manager

A portfolio manager is a financial professional who manages a portfolio of investments. Portfolio managers work in banks, investment firms, and other financial institutions. If you are interested in becoming a portfolio manager, you will need to complete a course in finance or accounting. The median salary for a portfolio manager is $75,000 per year.

Statistician

A statistician is a professional who uses statistical methods to collect and analyze data. Statisticians work in various fields, including medicine, marketing, and sociology. If you are interested in becoming a statistician, you will need to complete a course in statistics. The median salary for a statistician is $80,000 per year.

Compensation Manager

A compensation manager is a human resources professional who manages an organization’s compensation programs. Compensation managers work in various industries, including healthcare, manufacturing, and banking. If you are interested in becoming a compensation manager, you will need to complete a course in human resources or business administration. The median salary for a compensation manager is $90,000 per year.

Quantitative Analyst

A quantitative analyst is a financial professional who uses mathematical and statistical methods to analyze data. Quantitative analysts work in various fields, including finance, insurance, and marketing. If you are interested in becoming a quantitative analyst, you will need to complete a course in mathematics or statistics. The median salary for a quantitative analyst is $100,000 per year.

Conclusion

As you can see, there are many different career options available to individuals with an economics degree. With the proper education and training, you can pursue a career in many industries. If you are interested in a particular field, research the necessary education and training requirements. And remember, the median salary for an economics degree holder is $60,000 per year. With the right career choice, you can earn much more than that!

Do you have an economics degree? What are you doing with it? Let us know in the comments below! And be sure to check out our other blog posts for more information on careers in economics.

Helen Vlasova
Helen is the co-founder of admissionsly.com, a career guidance website for students and young professionals. She has a degree in English from the University of Michigan. In her free time, she enjoys spending time with her family and friends, reading, and traveling.

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