Do you possess analytical thinking capabilities? Do you wish to apply your problem-solving, data, and critical thinking skills to solve real-world problems? If the answer is yes, in that case, a career in economics might be the right choice.
A degree in economics helps develop a broad array of skills, including logical reasoning, computing, data collection, communication, and problem-solving – all of which set the stage for success in future jobs. It helps build a solid understanding of how businesses and financial institutions work. Additionally, by merging powerful economics concepts with in-demand professional skills, an economics degree equips you to pursue careers aimed at providing solutions to real-world challenges.
What Makes Economics a Coveted Career Choice?
Anticipated to grow by 6% by 2031, the employment outlook for economists continues to increase as quickly as the projected growth rate of other professions. And this increase is fueled by the growing demand for statistical analysis and economic proficiency across various sectors. Besides, the universal applicability of economics expertise is a crucial factor in why it has become a favored major at most colleges and universities.
Earning an economics degree is an informed choice if you want to study labor markets, industry trends, patterns in data, and factors that stimulate the economy. Not only this, but the field also offers a diverse selection of lucrative career pathways. That’s because you can examine almost every other aspect of life with powerful economic concepts and principles. And this implies that studying economics isn’t just about numbers but about using data and reasoning to comprehend behaviors, enhance wellness, and influence other people’s lives.
But you might wonder which of the highest paying jobs for economics majors are worth pursuing. Although the dynamic field of economics offers a plethora of options, the following are some of the most sought-after careers:
These professionals are responsible for managing myriad tasks, be it collecting data, analyzing information, or formulating predictions. They assist investors and businesses in making informed and strategic decisions contingent on market conditions. With their strong academic background in accounting, finance, and economics, these professionals watch macroeconomic trends and develop recommendations accordingly.
The following are a few job duties of financial analysts:
- Consolidate data, thoroughly study industry-specific trends, and assess asset depreciation and capital expenditures
- Evaluate past and current performance data to determine the financial health of the business
- Come up with creative recommendations and alternatives to diminish costs and enhance financial performance
As per reliable data, financial analysts earned an average median salary of $95,570 in 2021. And this exciting field is likely to witness a growth rate of 9% by 2031.
If you are a strategic thinker who loves to play with numbers and wishes to embark on a meaningful career, becoming an actuary might be an ideal decision. These professionals gauge risk and assess the financial implications of risk. With their profound knowledge of business management and statistics, these individuals help organizations prosper.
On a given day, the following are some of the job responsibilities of actuaries:
- Gather and analyze information to figure out financial risks associated with specific events and their impact on business
- Devise, examine, and maintain projection models, reports, and tables to present findings
- Communicate intricate mathematical information to stakeholders and establish professional relationships with clients
According to the data revealed by BLS, these professionals earned a median salary of $105,900 as of 2021. Not to mention the field is likely to grow by 21% by 2031, translating to plenty of job opportunities.
While statisticians have always played an essential role in academia, lately, there has been an increasing demand for these professionals in the business realm due to the widespread data development and collection. These highly-skilled individuals apply statistical concepts and theories to construct solutions for real-world problems.
The day-to-day job responsibilities of statisticians include, but are not limited to:
- Maintain the integrity of data by regularly performing rigorous cleaning, inspecting errors, and validation
- Collaborate with various departments to gather sales figures and collect supply and demand data
- Employ statistical software to build and update databases and stay abreast of the developments in statistical analysis
Statisticians earn an average base salary of $85,167 each year. But to excel in this career, you must possess mathematical, data analytics, and computer literacy skills.
Market Research Analyst
It likely comes as no surprise that most companies use data-driven insights to make well-informed decisions and develop personalized recommendations. And as technology continues to advance relentlessly, the need for market research analysts also surges.
Today, market research analysts play a pivotal role in an organization’s marketing strategy. Also known as market researchers, these professionals perform qualitative and quantitative research to provide data-backed insights and help businesses attain a competitive edge.
The typical job responsibilities of market research analysts include the following:
- Gather relevant data points regarding the sales channels and pricing structures of competitors
- Create questionnaires, surveys, and polls to study the demographics and buying patterns of consumers
- Understand business goals, study market conditions, and measure the effectiveness of marketing initiatives
In 2021, the median pay of these professionals was $63,920. However, this dynamic career path is poised to experience a growth rate of 19%, leading to 99,800 job openings per year.
Management consultants develop solutions for organizations to help them boost their productivity, streamline business operations, and improve revenue. These individuals overlook various areas, such as supply chain, marketing, strategy, and management. More often than not, they work alongside senior management and business leaders to identify organizational challenges and solve them.
Below are some of the job responsibilities of management consultants:
- Manage various teams and negotiate resources and schedules to meet project goals
- Come up with recommendations and suggestions to implement new practices, systems, and practices
- Monitor implemented changes and ensure they align well with organizational objectives and produce desired results
As a management consultant, you can expect an average base salary of $93,381 yearly. However, you must develop and hone strategic planning, problem-solving, and communication skills to qualify for this position.
The role of economics graduates is critical in comprehending market dynamics, making well-informed decisions, and stimulating growth in various industries. Their ability to understand data, assess patterns, and provide insightful analysis makes them well-prepared to thrive in the ever-evolving realm. However, these individuals offer much more than number-crunching skills. Their proficiency in research and critical thinking makes them promising candidates for impactful job roles in governance, banking, and business. Whether getting involved in complex operations of financial markets as credit analysts, creating and influencing policies as economic consultants, or overseeing corporate strategies as business analysts, graduates can find rewarding positions in the dynamic field of economics.