Economics is the study of mathematical formulas, data, and statistics to make calculations relating to economic decisions. This includes investments, demographics, policy decisions, and even matters relating to climate change.
If you have an economics degree, you’re in an excellent position as many career opportunities are available for you in the job market. Not only are you limiting yourself just to dealing with numbers, but you can even get into the world of public policy and business.
That said, here’s a list of the possible careers into which you can venture out:
1. Business Reporter
To be a business reporter, you need more than just writing skills. The lessons that you’ve learned in your economics degree are beneficial in applying for a business reporter job. In this line of work, remember that you’ll be asked to research, write, and report stories related to the business industry. This includes the following:
- Financial markets
- Business sectors and companies
- Economic developments
- Industry trends
With the techniques that you’ve learned in your economics degree, you have the skills needed to write and explain economic issues in the most straightforward language. This makes you efficient, even to the reader that’s not as well-versed with economics as you are.
This second career option is probably one of the most common jobs that you’ll end up doing due to your economics degree. An economist is someone who studies the causes of and reasons behind certain economic decisions. Through this, the economist collects and uses data to conduct research and increase profits.
Economists are responsible for the following tasks:
- Giving out solutions to economic problems
- Studying economic issues
- Advising businesses, individuals and governments on matters related to economics
3. Management Consultant
A management consultant’s job is centered on analyzing business problems and studying various possible solutions for these problems. An economics major comes in handy in this kind of job as it equips one with a background in financial decisions needed to analyze technical aspects of the management team.
In addition to this, writing and speaking skills can come in handy as well, especially when presenting reports to clients.
4. Financial Advisor
Financial advisors generally work for insurance companies. They provide advice to their clients on various matters relating to finances, which include taxes, investments, insurance payments, savings, and the likes. A degree in economics is also highly associated with this field. Because it equips you with the skills needed in analyzing the economy, you can influence and lead your clients in making choices that are more feasible and profitable for them.
Did you know that economics is an excellent pre-law course? When you study to become a lawyer, you’ll realize that many subjects are highly related to business. Studying economics, you’re trained to use critical thinking and analytical skills in making financial decisions, which can eventually come in handy in your practice as a lawyer.
6. Financial Risk Analyst
A financial risk analyst may either work for a public organization, the government, or a private company. This specific job centers on identifying and analyzing the risks of certain decisions of the corporation you work for. It can even include studying the inherent risks in relation to the financial position of the company. Once these risks are identified, it’s also your responsibility to recommend the right and best solutions.
Other work functions will include:
- Creating contingency plans for the company
- Calculating risks that come along business proposals
- Using statistics and other economic data to foresee a possible problem area
7. Compensation And Benefits Manager
Economics majors are used to working with numbers. As a compensation and benefits manager, your job will also be centered on a lot of numbers. These numbers are very important, and you should make no room for errors as you’re going to be dealing with the wages and benefits of employees. Rather than just computing the wage, you’re responsible for studying the different trends in the labor market and relating them to different job positions. From this study, you can come up with the appropriate pay and benefits that certain employees ought to receive.
8. Investment Analyst
An investment analyst is the professional responsible for ensuring that investment decisions are well-thought-out. This means that the people or companies they work for don’t just jump into investment decisions without first weighing the pros and the cons. As an investment analyst, the job is centered on buying and selling securities, bonds, and other investment options.
Day-to-day tasks include:
- Collating detailed information about the economy in which the client wishes to invest
- Studying the investment financial capacities of companies
- Interpreting information related to investments
Economics is a broad major. Regardless of what industry in which you wish to participate, having an economics degree can help boost your employment ability. Jobs related to economics are very diverse, as you can probably gather from the career options enumerated above. Hence, you don’t have to be so concerned about being confined to doing jobs usually expected of people with an economics degree.