Economics is not just GDP, Demand, Supply, and endless curves and graphs. Having a career in Economics is as divergent as it comes. Job roles in Economics cover up everything from agriculture to food, from business to banking, and from the scraping of raw materials to the production of finished goods.
On the basis of your domain, a degree in economics will help you build various kind of skills. And yes, such skills will definitely make you impactful enough to get a high-powered job and access to multiple industries as a professional economist.
Before disclosing the recipe of a rewarding Career in economics, let’s throw some light on what exactly is Economics.
What is Economics?
We all know that resources are scarce in nature and they have alternative uses. So who will make decisions as to where these resources should be invested? Well, it’s Economists and other associated careers. Without proper decisions, we won’t be able to utilize resources to their optimum level and the economy may not grow to its full potential.
Career in Economics
The Bureau of Labour Statistics has declared that the median annual wages of the economists in the top industries were as follows in May 2018:
|Finance and Insurance||$118,290|
|Scientific, Consulting and Management Services||$110,630|
|Federal Government, Excluding Postal Service||$119,590|
|State Government, Excluding Education, and Hospital||$70,280|
The scope of career in economics is so elastic that even concepts and definitions can’t put a limit on it. The employment opportunities for Economics graduates have increased to a higher extent and this is just the beginning.
Pros of Having A Career in Economics
1. Strategic Thinker
While building a career in economics, you will learn to think critically and analytically with the help of reasoning. Economics consists of tools like statistics, mathematics, and experimental designs so that complex questions can be answered in the most efficient manner.
2. Impact the Society
For over years, Economics is considered as the study of science. But how is it different from the science that we have known since childhood? Well, this kind of science is responsible for making people satisfied. You can learn various ways to improve the standard of education, increase the number of jobs, and reduce poverty. At last, you will be a policymaker when you choose a career in economics.
3. Decision Making
Another advantage of a career in economics is that you will learn how the data is manipulated and how people arrive at a conclusion. The statistical approach helps us to do research in a more profound way. Such research is essential to evaluate and develop various policies that are the backbone of any economy.
4. Opportunity To Change The World
When you build a successful career in economics, you will have the opportunity to learn and regulate situations like poverty, unemployment, healthcare, etc. These are the parameters that impact not only the country but the whole world.
5. High Salary
According to the Bureau of Labor Statistics, an economist earns more than $100,000. But remember! Those who have sharp skills are making more money than those who don’t. A career in Economics is a high paying career but you will have to work hard to prove your mettle.
Well, we said recognition because many researchers and professors get a degree in economics and are approached by many world famous organization for an outside opinion or review. And yes, they get additional respect in society just because of the work they do and their career in economics.
Cons of Having A Career in Economics
1. Basic Mathematical Understanding
If you are not comfortable with basic mathematics and graphs, then you may not enjoy Economics that much. The very core of economics is to analyze and interpret the nitty-gritty of complicated data and numbers. Being good at mathematics will help you a long way to have a successful career in economics.
2. You Have To Have A Higher Graduate Degree
Along with sharp skills, you will also need a graduate degree because government and academics always look out for the qualified economics majors. So basically, to get a better position, you have to do a master’s or a doctoral degree to present yourself as an elite in this field and take your career in economics to newer heights.
Pursue Career in Economics as a Market Research Analyst
The work of a market research analyst is to research and analyze the industries & trends and conclude how services and products should fare in various economic circumstances. Market Research Analysts are also trained in designing various studies and collecting data. Ultimately, they represent data to clients in a quantifiable form. On average, the annual salary of such kind of analyst is more than $71,230.
Pursue Career in Economics as an Economic Consultant
An economic consultant utilizes his research and analytical skills to do intensive studies so that companies can improve in distinctive situations. The fundamental work of an economic consultant is to consult organizations so that they can improve their performance. Such consultants work for organizations in a number of industries like finance, government, healthcare, business, etc. Moreover, economic consultants can also work as an expert witness in legal matters to evaluate economic loss, address regulatory violations, and analyze the intellectual property & antitrust violations. On average, an economic consultant earns more than $112,560 per year.
Pursue Career in Economics as a Compensation and Benefits Manager
Such a manager is able to think numerically and asses the options for benefits and pay. They usually study trends in the market and examine supply and demand for different classes of jobs. Compensation and benefits managers take care of the research of pay and benefits in organizations within their industry to draw out a competitive structure for their company’s pay and benefits. Moreover, they make reports and represent their research to the senior management and sometimes also work with their company’s human resources department. The annual earning of such a manager is more than $130,110.
Pursue Career in Economics as an Actuary
Actuaries are geeks in mathematics and statistics. They evaluate the probability of accidental happenings like illness, death, fires, and business failures. Actuaries take care of huge numbers of variables while analyzing risk profiles to form meaningful insurance policy. Actuaries often take the help of computer software for the analysis. They simply draw charts and graphs to express their decisions to other members of the management team. On average, an actuary earns more than $114,800 annually.
Pursue Career in Economics as a Credit Analyst
A credit analyst tends to conduct a microeconomic analysis of the clients to evaluate the risks inclined with giving advance funds to businesses or people. They reach towards the final conclusion on the basis of various factors such as industries, region, economic trends, and competitors. At last, they end up making a summary report. On average, a credit analyst makes more than $82,110 annually.
Pursue Career in Economics as a Financial Analyst
Another popular job profile to consider when planning to do a career in economics is a Financial Analyst. Financial Analysts work of a financial analyst is to research stocks, bonds, industries, companies, and other investment vehicles for various finance departments. In such a job, quantitative skills are highly emphasized. They take the assistance of models and computer software for their analysis. Eventually, a financial analyst writes a report and construct a presentation for clients and colleagues who are about to make the final decision about stock offerings, mergers, and investments. On average, a financial analyst earns around $100K annually.
Pursue Career in Economics as a Policy Analyst
As the name suggests, a policy analyst is that person who analyzes and researches problems that directly affect the public. After analyses, policy analyst recommends legislation to address certain issues. They hold all the necessary skills required to analyze problematic issues like energy, international trade policy, environment, healthcare, and taxes. However, they tend to fall back upon their writing skills because that’s the only thing they have to represent the data of their research to convince the public and the legislators. On average, a policy analyst earns $122,020 annually.
Pursue Career in Economics as a Lawyer
Areas of law such as antitrust law, corporate law, medical malpractice, and personal jury consist of the application of macroeconomics and macroeconomic analysis. Lawyers depend upon their writing and research skills for the representation. But wait! Before representing any research, they make sure that whether they have strong facts and evidence or not to reinforce their work. The annual earning of a lawyer is around $140,930.
Pursue Career in Economics as a Management Consultant
Such consultants examine business issues and research possible solutions in order to help prospective clients. Newbie graduates often begin their career in the fields like research analyst, junior consultant, and research assistant to support the work of a senior. Later on, the same newbie graduates become the management consultant. They use their skills like quantitative modeling, public speaking skills, and writing to consult their clients. The annual earning of a management consultant is around $94,459.
Pursue Career in Economics as a Business Reporter
The work of business reporters is to write, broadcast, and research about industry trends, companies, business leaders, financial markets, and economic developments. All you need as a business reporter is an ability to represent the business in simple language that an average reader, listener or a viewer can understand easily. The annual earning of a business reporter is around $70K.
Top Universities Where You Can Start Your Career In Economics
Here are the top universities you must consider for building a successful career in economics:
1. Massachusetts Institute of Technology
MIT was founded 158 years ago because of the increasing industrialization in the US. Recently, QS Rankings has ranked it in the first place in the World For Economics. Currently, it offers graduate and undergraduate programs for economics. Senior professors of the university train and develop research skills of their undergraduate students with the help of the Undergraduate Research Opportunities Program.
34% of the students in the university are international students. A fact which makes it one of the most desirable university is employment. MIT’s students tend to get employed by national and international organizations across the globe.
2. Harvard University
Have you heard the name before? Well, most of the people out there have already heard about Harvard university but let us tell you that it is 383 years old university and still ranked 2nd in the World For Economics. The department of Harvard University organizes more than 15 seminars a week on a variety of topics related to Economics. In addition to this, they also provide research assistant and internships to undergraduate economics students as well as funding for the research.
3. London School of Economics and Political Science
This public research university has an experience of 124 years and it is now considered as one of the largest Economics departments in the world. It has ranked 5th in the World For Economics and 1st in the UK. Currently, it consists of almost 71% of international students. One thing for sure, if you study here, you will achieve a truly international experience because it lies in the heart of the metropolitan city. Moreover, you will also meet people from different parts of the world who are acclaimed professionals in the industry.
4. University of Oxford
This is one of the oldest collegiate research university in the English-speaking world. Oxford University has ranked at the 7th position in the World For Economics program. 1190 was the initial number of international students at Oxford University but now, it consists of 38% international students. Members of Oxford’s Economics department work for advisers and officials in the international and national organizations. Even though it isn’t the topper in World For Economics but still, it managed to rank 1st globally in THE (Times Higher Education) World University Rankings 2019.
5. Erasmus School of Economics
Erasmus School of Economics was established 106 years ago in the Rotterdam, Netherlands. At present, it is ranking at the 179th position in the QS Global World Rankings. Erasmus School of Economics has 30% of international students. Moreover, they also provide two scholarship programs for non-EEA students. And here’s a secret that you may not know. Erasmus School of Economics also provides special honors programs to those students who excel in their first year.
6. University of Melbourne
This public research university came into existence over 166 years ago. In the current year, it is ranking at 39th position in the QS Global World Rankings. The university has managed to attract 40% of international students in its strength.
If you choose to pursue a career in economics, then your whole career will be dependent upon the level of skills you will have. Once you graduate, you will be rippled around various opportunities, but remember opportunities will stay only when you will have the skills to hold them. So it is very important to start your career right early on.
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