Economics is a social study. It includes the learnings on the production and consumption of goods. Also, the right allocation of wealth to produce and purchase these goods. Human interaction is driven by Economics. Economics degree is specialized in, not just giving you an understanding of concepts, principles, and theories. It also opens a wide range of career opportunities for you, with job roles covering everything from food and agriculture to business and banking.
Ultimately, depending upon your field of interest,
helps you develop specialized analytical skills, enabling you to effectively enter numerous industries as a professional. It boosts your employability in many areas, regardless of the industry you work within.
What can you do with an Economics Degree?
Here, we come up with a list of common careers in Economics:
Professional economist careers
Career as a hard-core economist includes detailed researching and analyzing economic issues and trending data. For being an economist, you also need to learn Economics at postgraduate level, to gain the advanced skills. Business strategies and policies require you to be confident in producing economic trend estimates and in generating reports. Jobs will possibly include local and national government, banks, insurance companies, financial consultancies, accountancy firms, think-tanks, large multinational companies, and other local authorities.
Careers in Banking Sectors
This comes as the most common option for most of the Economics students, reason being, the scope for high earnings and a high demand for economists. Roles like financial planning, data analysis, risk analysis, and consultancy value graduates with an Economics degree. Banking careers majorly include advising, guiding and providing services for a range of banking clients and consumers, considering their financial requirements.
Careers in Accountancy
To become a qualified accountant, you need professional qualifications, but there are many job roles in accountancy which are available for Economics graduates. In the area of accounting, you can work across various industries, monitoring the financial situation of an organization, business or individual. Careers in accountancy mostly emphasis on classifying, communicating and interpreting financial records, computational ability, requiring strong analytical skills, mathematical proficiency, an understanding of all elements of company finances, and the ability to understand and comprehend the data collected. Economics graduates are treasured in this field as they are often experts in reading a financial situation and identifying the root cause of the financial problems. Accountancy roles are perfect for those economists, who are well organized and able to make sense of complex data sets.
Careers in Business and Financial consultancy
Economics experts are at the core of the business consulting and financial world. Job profiles and roles in business sector vary widely. However, economics graduates may explore chances in large and medium-sized business organizations where economic research is required. The role of an economic researcher in large and medium-sized business organizations is self-explanatory. It requires in-depth knowledge of all theories and models, detailed analytical and problem-solving ability. Economists with a deep understanding of financial consulting would fill similar roles. Work on multiple projects and keep advising on business strategy.
Careers in the Public Sector
Careers in the public sector, especially for economists, are highly productive, their task is to keep government finances under control. Public and private spenders from all fields value Economics graduates. Including roles within economic planning, risk analysis, financial consultancy, and pricing. While work profile varied enormously, they may involve transport, public taxation, commercial and waste services. It also includes many other types of government expenses. The recent global recession across the globe and the tightening of economic regulation by governments all over the world has increased the demand of economics students in this sector.
Careers in Actuarial and Data Analysis
Role of an actuary is to evaluate and advise on the effects of financial matters, risks, and uncertainty. Combining learnings and skills of both business and economics. They provide detailed reports and solutions/strategies on how to reduce the risks. While most initial level job profile in this field is within insurance. Going forward in your actuarial career you may have the prospects to move towards areas including healthcare, banking, and investment. Actuaries must have in-depth knowledge of mathematics and statistics. Also should be able to communicate complex data effectively to non-experts at the business or organisations.
Well, even after reading all the above options, you may wish to consider broader options. Options like business intelligence, international development, law, management, market research, human resource management, IT, journalism, politics, public relations, social research, and taxation. In fact, you can even become an entrepreneur and start your own business and run that successfully!