Jobs for economics degree – Economists study how society uses, regulates, and distributes its natural and human-made resources such as land, labor, raw materials, and machinery to produce goods and services (Horizons, 2000). In simpler terms, they study how effectively society meets its human and material needs.
Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it? They then compile, process, and interpret the answers to these questions (Economists, 2005). Economists may analyze the relationship between supply and demand and develop theories and models to help predict these future relationships.
They help provide a logical, ordered way of looking at various problems. They attempt to explain social concerns such as unemployment, inflation, economic growth, business cycles, tax policy, or farm prices. Most economists apply their skills to solve problems in specific areas, such as transportation, labor, heath, finance, marketing, corporate planning, energy, or agriculture.
Business firms, banks, insurance companies, labor unions, governmental agencies, and others seek advice from economists to use in their decision making.
Jobs For Economics Degree – Types Of Economists
Theoretical economists, employing mathematical models, develop theories to examine major economic phenomena, such as the causes of business cycles or inflation or the effects of unemployment, energy prices, or tax laws.
Most economists, however, concern themselves with the practical application of economic policy to such areas as finance, labor, agriculture, health, and transportation (Harkavy, 1999).
Although there is a wide range of careers open to economists, there are three main career paths: business, government, and academia. Each type of economist applies the economic approach to decision-making in a different setting.
Business economists work in such areas as manufacturing, mining, transportation, communications, banking, insurance, retailing, private industry, securities and investment firms, management consulting firms, and economic and market research firms, as well as trade associations and consulting organizations (Careers, 2001).
Many private firms, both large and small, recruit undergraduate economics majors for jobs. These jobs are general-purpose ones for which employers seek bright, highly-motivated students who can learn a specific business through on-the job training. To become a professional business economist requires graduate training. Business economists perform such tasks as forecasting the business environment, interpreting the impact of public/governmental policy on the firm, and collecting and processing data.
If you’re the analytical type, fascinated by the world around you, then an economics major might be a good choice for you. A degree in economics can help you get started in many areas, including public policy and finance.
You can use an economics degree to study industry trends, labor markets, the prospects for individual companies, and the forces that drive the economy.
Jobs for Economics Degree – Top Skills Economics Majors
Jobs for economics degree; Economics majors learn to gather, organize, and interpret data, using mathematical formulas and statistics to make calculations.
They also create models to predict the impact of investments, policy decisions, industry trends, demographics, climate change, and much more.
Although economics majors must be able to analyze problems and propose solutions, success in the field also requires solid communication skills. Individuals working in economics must be able to translate their complex findings into a format that business leaders, legislators, and everyday people can understand.
While graduates with a degree in economics are masters of the chart and graph as tools for summarizing trends and results, the ability to write clear descriptions and present complicated information to others are also vital skills for the economics major.
Top Jobs for Economics Degree
Here are some job options to consider when you’re choosing a career path with a degree in economics. Let’s proceed!
Jobs for Economics Degree – Market Research Analyst
Market research analysts tap knowledge of industry trends to assess how products or services might fare under various economic conditions. Like economics majors, they are trained to design studies and to gather and analyze data. They must be able to quantify results and present this information to clients.
These analysts apply many of the skills that economics majors develop, such as the use of presentation software and graphical representation, as well as writing and statistical skills. They must think critically about products and services and be adept at solving problems.
Jobs for Economics Degree – Economic Consultant
Economic consultants use analytical and research skills to carry out studies regarding economic scenarios. They analyze industry trends to help organizations improve their performance. They might work for organizations in a variety of industries, including business, finance, healthcare, education, the government, and more.
Economic consultants can also act as expert witnesses in legal cases to assess economic damages, analyze intellectual property and antitrust violations, and to address regulatory violations.
Compensation and Benefits Manager
Compensation and benefits managers are responsible for designing a company’s employee benefits packages.
Just like economics majors, compensation and benefits managers must be able to think in numbers, since they evaluate options for pay and benefits. They study trends in the labor market and assess supply and demand for various classes of job.
They create reports and present their findings to senior management, and might also work with their company’s human resources department.
Compensation and benefits managers research pay and benefits in similar organizations within their industry to establish a competitive structure for their company’s pay and benefits.
Jobs for Economics Degree – Actuary
Actuaries apply advanced mathematical and statistical skills to determine the likelihood of events like fires, deaths, illnesses, and business failures. Like economics majors, they need to consider a great number of variables when analyzing risk profiles to establish a profitable structure for insurance policies.
Actuaries often use software to help with their analyses. They devise graphs and charts to convey their decisions to members of the management team.
Jobs for Economics Degree – Credit Analyst
Credit analysts assess the economic risk of loaning money to individuals or businesses applying for loans, mortgages or credit cards.
Credit analysts conduct microeconomic analyses of prospective clients to assess the risks involved with loaning funds to those people or businesses. They take into account economic trends and factors impacting the region, industries, and competitors of prospective clients.
Credit analysts prepare reports summarizing their findings and suggest interest rates that are appropriate to clients’ risk profiles.
Jobs for Economics Degree – Financial Analyst
Financial analysts research companies, industries, stocks, bonds, and other investment vehicles for finance departments. Their analyses often require the advanced quantitative skills possessed by many economics majors.
These analysts often use computer software and models to aid their analyses. They write reports and prepare presentations for colleagues and clients who make the final decisions about investments, stock/bond offerings, and mergers/acquisitions.
Jobs for Economics Degree – Policy Analyst
From marketing and finance, to public policy and journalism, there are a variety of fields open to the economics major.
Policy analysts research and analyze issues that impact the public and recommend legislation and government intervention to address the problems.
Economic knowledge is critical to understanding many of the issues and for creating affordable solutions.
Economics majors often have the skills needed to analyze issues like healthcare, taxes, energy, the environment, and international trade policy.
Policy analysts rely on strong writing skills to present their research findings and convince legislators and the public of the viability of their recommendations.
Jobs for Economics Degree – Management Consultant
Management consultants analyze business problems and research possible solutions to present to clients.
New college graduates often start out in positions like research analyst, research assistant, or junior consultant, where they support the work of more senior staff. They can then progress to positions like management consultant.
The economics major provides an excellent background in the financial and quantitative modeling that consultants use to conduct their analyses. Writing and public speaking skills are also necessary when writing reports and presenting recommendations to clients.
Jobs for Economics Degree – Business Reporter
Business/economics reporters research, write and broadcast stories about business leaders, companies, industry trends, economic developments, and financial markets. In essence, they are ongoing students of economics as applied to the modern world.
From the above listed jobs jobs for economics degree, you can earn a sufficient amount of money from it and earn a standard living.
Congratulations as you make your choice on jobs for economics degree.
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