Estimated reading time: 7 minutes
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. The study of this subject also opens a wide range of career opportunities for you, with job roles covering everything from food and agriculture to business, finance, and banking. Don’t worry if you’re studying economics degree and aren’t sure what you want to do with your life! Let us assure you that you are not alone in thinking about what to do with your economics degree! There are a lot of folks who are still in college or who have graduated who are still trying to find out what their ideal job or career path is. In this blog, we will cover a range of different common careers with an economics degree that you can pursue.
Also Read About: Career in Economics
This Blog Includes:
- List of Common Careers With Economics Degree
- Professional Economist Careers
- Careers in Banking Sectors
- Careers in Accountancy
- Careers in Business and Financial Consultancy
- Careers in the Public Sector
- Careers in Actuarial and Data Analysis
- Career as an Entrepreneur
- Internships for Economics Degree Graduates
- Career Scope After Economics Degree
- Skills Required to Pursue Common Careers With Economics Degree
List of Common Careers With Economics Degree
Here, we come up with a list of common career paths that one can pursue with an Economics degree graduates:
- Financial risk analyst
- Data analyst
- Economic researcher
- Personal Finance Advisor
- Financial consultant
- Investment analyst
- Public sector roles
- Financial planner
- Securities Trader
- Business Analyst
- Research Associate
- Policy Analyst
- Operations Associate
- Associate Underwriter
- Economic Consultant
- Loan Officer
- Portfolio Manager
- Management Consultant
- Market Analyst
- Equity Analyst
- Agricultural Economist
Professional Economist Careers
A 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 the postgraduate level, to gain 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 Economics students, the reason being, the scope for high earnings and 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.
Also Read: Career in Banking 2021
Careers in Accountancy
To become a qualified accountant, you need professional qualifications, but there are many job roles in accountancy that 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 emphasize 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 the 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.
Must Read: Career in Managerial Economics
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 for economics students in this sector.
Also Read: [Career in Public Administration]
Careers in Actuarial and Data Analysis
The 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 organizations.
Career as an Entrepreneur
Economists or graduates having an economics degree will be well-versed in the market. They will swiftly grasp market trends and successful company fields. As a result, by starting their own firm, individuals may quickly attain exponential growth. As a result, a significant number of work possibilities can be established in this manner. It will also assist to alleviate the country’s unemployment problem.
Also Read: Scope of Business Economics
Internships for Economics Degree Graduates
If you are someone who is currently pursuing an Economics degree and want to eagerly build a career in the same field of study, then you might consider pursuing internships as it will not only add value to your resume or CV but will also give you much-needed exposure and work experience. Here are a few ideas to get you started:
- Finance Internships
- Government Internships
- Accounting Internships
- Policy Internships
- Economics Internships
- Consulting Internships
- Tech Internships
- Data Analyst Internships
- Research Analyst Internships
- Operations Internships
Career Scope After Economics Degree
Because of its great use and high demand in employment markets, economics is one of the evergreen disciplines. It is also a significant discipline in terms of both a career and a job. Job prospects have expanded as a result of globalization and the integration of the international economy. A well-educated economist is in great demand not only in India but across the world. As a result, due to the fast globalizing economic landscape, common careers with an economics degree like Financial analysts, researchers, and consultants are recruited by large companies or organizations.
Skills Required to Pursue Common Careers With Economics Degree
In an era where organizations are increasingly searching for employees with a quantitative background, the abilities you learn from studying economics are vital. Your economics studies will provide you with tools or skills that are very sought in the business, such as:
- Reasoning skills
- Quantitative skills
- Critical thinking
- Logical Reasoning
- Knowledge about the market and the domain
- Understanding of the business world
- Data Manipulation
- Statistical mindset
- Communication skills
- Current affairs must be strong and up to date (especially related to Business Economics, Social Economics, Financial Economics, Agricultural Economics, and International Economics)
An economics degree is a strong basis to build on for any finance-related employment. An economics graduate’s traditional professional path is in data analysis, such as as an actuary or an investment analyst. Further education is advised for people who desire a job directly connected to economics.
It isn’t ineffective until you choose not to utilise it. Economics is one of those degrees where your high school is quite important. A straight economics major isn’t going to be able to achieve that. Also, as another user mentioned, plan on attending graduate school if you want to work for the government or in high-level roles.
The simple answer is no. If you struggle with Maths, economics is not for you. However, if you enjoy economics so much, it should pique your interest in mathematics.
Annual earnings for economists are reported in the U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook (online in 2019). In 2018, the median salaries for economists of all educational levels were $104,340, with $58,130 at the tenth percentile and $182,560 at the 90th percentile.
This field requires a lot of math and statistics studies, as well as a lot of critical thinking and data synthesis – so it may be challenging! Many economics graduates go on to work in business, technology, government, and finance.
You now have thorough knowledge about popular employment paths afteror while earning an economics degree. If you have any questions, please leave them in the comments area. We are always here to help you with any problems. You may also contact our Leverage Edu experts for more assistance and advice. Book a free 30-minute consultation with us and follow us on Facebook, Instagram, and LinkedIn.