This post shows you the various jobs you can get with an economics degree, including the duties that they perform, as well as their expected salary, to be able to decide correctly if taking the economics career path is the best for you.
Are you planning to take a degree program in economics and are thinking, “What jobs can you get with an economics degree?
If so, then this post is for you.
You will also get to know a lot about the economics career and the skills you stand to develop in the course of training to become an economics, which will help you to face not only work challenges, but also life’s problems and overcome them.
Why Economics Degree?
An economics degree is one of the most sought after social science courses in colleges.
As published by TopUniversities, Dr. George Bratsiotis (Director, Undergraduate studies, University of Manchester,
Economics Department as at 2011) tagged it, ‘The most popular subject of all social sciences’.
This is in regard to the massive admissions offered by most universities to students into various economics degree program.
The popularity of an economics degree is widely attributed to the fact that it deals with money; an enticing reason for students to enroll for the course, little wonder it ranks 25th most popular degree program out of 200 in the U.S with a total of 32,766 degrees awarded from 2013-2014 according to MatchCollege.
An economics degree isn’t popular out of mere hearsay, it is one of those courses that furnishes one with essential skills for critical thinking, analyzing, reasoning, concise communication and ability to make economic deductions/inferences.
These skills coupled with an understanding of economic theories, concepts and principles prepares an individual for professional careers in diverse areas such as the business/finance industries, accounting sector, audit department, education sector, management field, and marketing and sales to mention but a few.
The job outlook for economists is favorable as they are predicted to have attractive job remunerations with over 65% of economics graduates in the U.K becoming gainfully employed six months after graduation according to Prospects.
As a step towards reaping the benefits associated with being an economist, one can go for a 2-year Associate’s degree program which provides the basic skills and knowledge required for an entry-level career in economics.
What can you do with an Economics Associate’s Degree?
Although an Associate’s degree in economics usually is perceived as preparatory course prior to further Bachelor’s studies, an Associate’s degree in economics can serve as a ticket for a quick transit into the economics job market.
With an A.A in economics, one can get job positions such as:
- Insurance Sales Agent: Their duties involve reaching out to clients to increase their customer base, aid clients in analyzing insurance policies and proffering professional suggestions, as well as adjusting insurance programs to suit different clients. See detailed insurance sales agent job description.
- Administrative Assistant: Their duties include maintaining order in an office, proper arrangement of files, taking calls, scheduling appointments, and management of information within the office. See detailed administrative assistant job description.
- Bookkeeping Clerk: They specialize in maintaining financial records, watching out for tax payments, handle cash/checks to and from bank, preparation of tax report, invoice and verification of balancing receipts.
- Marketing Agent: They specialize in the sales of a company’s product, they usually go out to hunt for new clients or maintain contact with known customers. They also strategize plans for selling different product.
Payscale pegs the annual median salary of economics Associate’s degree holders at $45,000 for female earners and $34,748 for male earners.
It is pertinent to mention that most entry-level jobs for economists require a Bachelor’s degree, so in order to achieve professional advancement, as well as increased salary, most Associate’s holders go for Bachelor’s degree studies.
What can you do with an Economics Bachelor’s Degree?
A Bachelor’s degree study in economics provides an elaborate understanding of relationships (between sales and cost), principles of supply and demand, mathematical skills, ability to analyze situations to come up with reasonable inferences, as well as the ability to adapt to changing economic trends.
Various employment positions available to economics Bachelor’s graduate include:
- Business Analyst: Their job specification entails identifying the needs and problems in an organization and to proffer solutions on how best to achieve set goals, as well as ways to improve on business processes and procedures. See detailed business analyst job description.
- Research Associate: They specialize in conducting market survey by collecting data and using collected data to determining current market conditions.
- Labor Economist: They analyze employment levels by studying the supply of labor in regards to the demand, and use the results to determine employment growth.
- Budget Analyst: Their duties entail preparing budget reports and organization of a company’s finances. They also help in analysis of proposed plan to ensure its feasibility, as well as estimating financial needs.
- Accountant: They maintain financial records such as balance sheet; they audit financial transactions, analyze account information, and coordinate activities of accounting staff. See detailed accountant job description.
The U.S Bureau of Labor Statistics projects a median annual salary of $99,180 for economists with job growth rate of 6% through 2014-2024, which is as fast as average though individuals with advanced degrees such as Masters/Ph.D. are preferable.
Economics majors with Master’s degree experience minimal competition in the job market as they go ahead to secure top-level management positions in several fields, ranging from the banking and finance industry to consulting firms, academic institutions and government agencies to mention but a few.
What can you do with an Economics Master’s Degree?
With an M.A in economics, one can get job positions as:
- Financial Managers: They direct the monetary affairs of an organization by budgeting, preparing financial statements, and coordinating the financial activities of a government or private firm.
- Economists: They conduct analysis of economic issues and use the results to predict market trends. See detailed economist job description.
- Policy Analysts: Their job specification involves creating awareness of economic issues, using economic information to give professional recommendations, which is essential in making of political and social decisions.
The salary range of economics Master’s degree graduates, according to Payscale is $61,042-$98,264 for females and $47,500-$103,547 for males.
What can you do with Economics Doctorate Degree?
Economists with doctorate degree usually take up academic portfolio as Post-secondary school teachers, lecturing in colleges and universities as professors, while conducting economic survey and research.
Some others find employment as survey researcher, and economic consultant. Their salary range according to Payscale is pegged at $71,000-$130,013 for females and $77,013-$143,780 for male earners.
A degree in economics undoubtedly is a well-paying qualification that provides one with jobs that aren’t too time-consuming but remain intellectually stimulating.
Having a degree in economics can afford you the opportunity to do a lot of jobs, and even to become self-employed as a consultant. It’s a career path you can find excitement and job fulfillment in.