A degree in the science of economics can prepare you for a number of career paths. The jobs you can get with an economics degree often offer high wages – including, for some roles, near-six-figure median salaries. Many of the positions you can attain with an economics degree also give you the opportunity to make an impact on a company’s, organization’s or government entity’s business strategies and policies.
An Economics Education
Economics is the study of how goods and resources are produced and distributed, the United States Bureau of Labor Statistics (BLS) reported. In a degree program in economics, students take classes such as principles of microeconomics, principles of macroeconomics, mathematical economic modeling, statistical methods in economics, intermediate economic theory, economic applications of game theory, market design, logic, analysis, economic research and econometrics. Mathematics is a big part of the study of economics, so students should be comfortable taking math courses such as statistics, linear algebra and differential equations.
An Economist’s Career
Naturally, a degree in economics can prepare you for a career in economics. What exactly does that mean? Analyzing data and market trends is a crucial part of an economist’s work in that it helps them evaluate and understand the consequences of economic issues. Economists can choose to specialize in a number of different fields. Behavioral economists, econometricians, financial economists, industrial organization economists, international economists, labor economists, public finance economists, macroeconomists and microeconomists are some of the specialized job titles an economist may hold.
Economist is among the highest-paying business careers, earning a median salary of $99,180 per year, according to the BLS. These professionals find work in a variety of settings, ranging from government agencies to research firms and even corporations.
Business Occupations Beyond Economics
The BLS expects job opportunities for economists to grow by just six percent, slightly slower than the seven percent growth expected across all occupations. Fortunately, an economics degree is versatile enough to prepare students for a range of career paths. In fact, Forbes reported that “most of the jobs that economics majors get do not have ‘economist’ in the job title.”
It’s not always a direct line from the economics major to the job titles graduates hold. While comparatively few job descriptions call for an economics degree in particular, many call for the skills an economics major cultivates throughout their education. Employers in the field of business and finance are always seeking candidates who are experts at analyzing statistics and manipulating data in order to figure out trends. These skills are valuable and can help companies determine how they can best improve profits. Graduates of economics degree programs can also predict how different courses of action will work out – including whether a strategy will be good or bad for business.
A graduate from an economics degree program has many possible career paths in industries like finance and consulting. Research assistant, financial analyst and market research analyst are among the most common job titles for those with an economics degree, the BLS reported.
Whether you aspire to become an economist or simply attain the economics skills sought after in the business and finance world, this degree path is sure to provide you with a strong and versatile foundation of knowledge that can help you succeed.