Jobs For Economics Graduates: Following graduation, work options for those with an economics degree are varied. These people can have an impact on the economy in a number of areas, including government, business, and education. Numerous work settings are available to economists.
Top 10 Jobs For Economics Graduates
The top 10 jobs with the highest salaries for economics graduates are shown below:
1. Market Research Analyst
A market research analyst is a person who gathers and evaluates information on customers, rivals, and the success of marketing campaigns.They make use of this data to assist businesses in determining the prices, target demographics, and desired products for consumers.
Analysts in market research often require a bachelor’s degree in economics or a closely connected subject. Numerous people hold degrees in subjects like math, computer science, or statistics.
An analyst of market research has a promising future in employment. Market Research Analyst demand is expected to increase by 22% by 2030, according to the Bureau of Labor Statistics, which is substantially greater than the average rate of growth for all occupations.
The growth in data gathering, analytics, and the utilization of consumer data for marketing objectives are the main drivers of this surge in market research analysts.
2. Financial Analyst
For organizations and individuals making investment decisions, financial analysts offer advice. They evaluate the performance of bonds, equities, and other financial products.
The majority of financial analysts have at least a bachelor’s degree in business administration, finance, accounting, economics, or economics at the undergraduate level. The majority of them have a background in accounting, selling securities, or financial services.
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3. Personal Financial Advisor
A seasoned personal financial advisor might earn between $43k and 143k annually. Personal financial advisors’ salary is based on their amount of expertise and the kind of business they work for. A personal financial advisor makes an average salary of $73,423.
Client financial advice is the responsibility of a personal financial advisor. Depending on the sector of the business, these responsibilities may include managing investments and dispensing financial advice.
4. Operations Research Analyst
A person who studies math and applies it to issues is known as an operations research analyst. They accomplish this through numerical simulation, mathematical modeling, and statistical analysis. It turns out that the annual salary range for operations research analysts in the US is $47k to $115k.
You must have at least a bachelor’s degree to work as an operations research analyst in the US. You can advance your career by earning a graduate degree in operations research or mathematics. For someone to be successful in this sector, they need to have worked for at least five years.
Banks, military groups, universities, and national governments are just a few of the entities that employ operations research analysts. Analysts in operations research also have a promising employment future. The Bureau of Labor Statistics projects that this labor market will expand by 26% by 2030.
5. Economic Advisor
Economic advisors assist companies, nonprofit organizations, and governmental bodies in making judgments on the advantages and disadvantages of various financial options. They could collaborate with clients to create a plan of action depending on the needs of the client, or they could research data to foresee national economic trends and suggest solutions.
The duties of an economic consultant might range greatly based on their company and industry because every client has different needs. However, in order to analyze the available data and apply it to provide recommendations, all economic consultants need possess good analytical abilities. For entry-level roles, many firms need a master’s degree in economics or a closely related discipline. However, some positions could merely need a bachelor’s degree in economics.
Economic advisors should have research or economics experience in addition to meeting the necessary educational qualifications. Candidates with professional licenses or certifications, as well as those who have done internships, may be required by some businesses. As of February 2022, the annual average pay for economic consultants was $ 77,730. The top 10% made more than $125 per year, while the lowest 10% earned less than $60,000.
The demand for analysis and guidance in company decision-making will be what drives the growth in the employment of economic consultants. More economic advisers will also be required to assist businesses in comprehending global marketplaces and selecting wise investments as globalization progresses and they enter new markets.
6. Managers of Compensation and Benefits
They must take into account the needs of its employees, according to the compensation and benefits managers. They create and oversee a variety of pay structures, including as commission schemes, salary structures, benefit and insurance plans, bonus plans, and more.
The employment forecast for compensation and benefits managers is favorable. The BLS predicts that during the following ten years, there will be a 10% growth in the number of individuals employed in this position.
Compensation & benefits managers can be found in mid-sized and small organizations in addition to the vast majority of large corporations. Numerous can be located in populous areas like Chicago, Los Angeles, and New York City.
Paid Time Off & Benefits Most managers require a bachelor’s degree in human resources or a closely connected discipline. They need to be able to comprehend complicated legal documents and have great interpersonal skills.
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7. Corporate Economist
A corporate economist is a business expert who works for a corporation to offer economic guidance, create plans, and forecast important financial choices. They frequently offer guidance to businesses on financial strategy, rules, and objectives.
Depending on the business you work for, a corporate economist may or may not need a certain amount of experience. Before hiring an economist, some businesses might need that you have at least 3 years of relevant experience, while other businesses might demand that you have at least 5 years.
Your chances of getting employed by the business you want to work for increase the more experience you have as an economist. The employment forecast for corporate economists is favorable, particularly for those with postgraduate degrees in economics.
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8. Management Consultants or Analysts
A career in management consulting may be right for you if you enjoy problem-solving and corporate strategy. In order to help businesses reach their objectives, management analysts and consultants work with them to pinpoint issues or potential improvement areas and develop solutions. To comprehend a company’s goals and find the finest solutions, they frequently collaborate with CEOs, CFOs, and other top executives.
By 2030, it is anticipated that employment of management consultants will expand by 14%, which is substantially faster than the average for all occupations. The need for these workers’ services should increase as businesses look for methods to boost productivity and save expenses. An MBA or a master’s in economics may improve a management consultant’s career prospects. But in the end, it all comes down to how you portray your project experience and analytical abilities on your resume.
9. Sales Manager
Leading the sales staff, establishing individual sales goals, developing sales plans to boost revenue, and doing data analysis to inform future sales tactics are all duties of a sales manager.
You need a bachelor’s degree in business management or a closely related discipline, as well as necessary professional experience in sales, to become a sales manager. A sales manager must also have strong decision-making, leadership, and interpersonal abilities.
Payscale reports that the median annual salary for a sales manager was $91,563 as of February 2022. Some businesses do, however, base compensation on performance and profit margins.
As you can see, one of the factors contributing to the sales manager job outlook’s current optimism is the digital revolution, and this trend will only increase as time goes on.
An actuary assesses the risks associated in insurance, finance, and other industries using mathematical and statistical techniques. They use their research to create policies that lower the price tag associated with that risk.
You require a bachelor’s degree in a subject like mathematics, statistics, or actuarial science as well as professional certification to become an actuary. Actuaries make an average of $98,927 per year in salary.
Actuaries have a highly bright employment future, according to the Bureau of Labor Statistics. By 2030, there will be 24% more jobs in this industry than there were in May 2021, when there were just 23,040 actuaries employed in the United States. How is that even doable?
Actuaries are employed in a variety of highly specialized sectors, including as finance, employee benefits (such as retirement plans), property and casualty insurance, life insurance, and health insurance.
Actuaries can be employed by any business involved in these industries. Actuaries frequently work for financial institutions like banks or investment organizations as well as insurance companies. But some actuaries also work for big businesses that have to self-insure or provide their own perks.
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For economics majors, one of the highest paying fields is business and finance. The good news is that the highest paying positions are satisfying and lucrative for economics majors. The bad news is that without prior expertise in the industry, it will be difficult to find employment in one of these high-paying occupations even if you have the best economics degree.
Other occupations that just need a bachelor’s degree in economics or a higher degree, depending on the organization, include financial managers, credit analysts, supply chain analysts, and financial services sales agents.
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