Economics students can find a job with an economics degree, but the question here is which career path you will select for the future. If you are wondering what the best careers for economic majors are, you are in the right place!
With a degree in economics, you have a variety of skills. You know data analysis and you also have communication skills. You may be exploring micro and macro economic trends. You have to research and analyze data.
A job search with a bachelor's degree can give you a variety of options, but you can explore more options with a specialization.
For an economics student, it’s possible to work for the government, banks, insurance companies, corporations, and so much more. You have the final say so you can decide what career is interesting for you.
Let’s dig in.
#1. Financial Analyst
With economics majors, you can consider the career path of financial analysts. You must have mathematical skills along with knowledge of software and technology. You must know about the financial markets. A financial analyst gathers data, analyzes it, and makes decisions accordingly. With an economics degree, you have the knowledge of finance that can help in this career.
The average salary of a financial analyst is $67,742 per year in the United States. Salary varies from state to state. Based on your experience and location, you can expect to earn higher.
#2. Pricing Analyst
Pricing analyst deals with product history, trends and also with the price of the product so that the profit is maximized. Their goal is to set competitive prices that give the company an edge over competitors in pricing. With your research and data analysis skills, you can consider this career option as it’s quite lucrative in terms of salary.
The pricing analyst salary in the United States ranges from $88,198 to $105,571 per year.
#3. Market Research Analysts
Market research analysts have knowledge of the qualitative and quantitative methods. The economics major can help you acquire such skills. You can collect data, analyze it, and then explain your findings. It’s ideal to have a master’s degree as it can be the requirement of many employers, but you can try applying at the entry-level to gain some experience. In this career, you try to understand the consumer experience so that you can help a company get the right marketing strategies for the potential audience.
According to the U.S. Bureau of Labor Statistics, the median pay (2020) of a market research analyst is $65,810 per year.
#4. Management Consultants
The management consultants identify management issues in a company and provide relevant solutions. If you have great analytical skills, this career can be a good match for the economics major. You will help companies find efficient ways to run their business.
On average, the management consultants make $73,264 per year in the United States.
#5. Compensation And Benefits Managers
Compensation and benefits managers, as the name suggests will be involved in employees payment programs. You will analyze data to find the best payment plans for the company. As a compensation manager, you will set the pay structure of an organization and as a benefits manager, you will look into wellness programs, retirement plans, etc of the employees.
The compensation and benefits managers earn $125,130 per year according to the U.S. Bureau of Labor Statistics (2020).
With an economics major, you can also pursue your career as an accountant. You will be responsible for creating the company's financial accounts. It’s possible to work for corporate clients and even for individuals running a small business. You need to have strong business finance skills. You can also gain some experience to sharpen your accounting skills.
The average base salary of an accountant in the United States is $56,080 per year.
#7. Business Reporter
If you have suitable writing and communication skills, you can consider the role of a business reporter. As a business reporter, it will be easy for you to gather data about economic policies as your educational background will make the journey smooth for you. You know about the human resource. You need to have knowledge of the financial trends so that you can evaluate your findings and prepare the relevant news story.
As a business reporter, you can make an average base salary of $46,000 per year.
Frequently Asked Questions
What Can You Do With An Economics Degree?
With an economics degree, you can explore various career options. You develop skills while studying that can help you find the job or career that appeals to you the most. You can study further and even go to law school. You can also obtain a master’s in business administration. There is a lot you can do with this degree. You can even become a data scientist or economist in the future with more education and knowledge.
What Is An Economics Major, and How Does A Career In Economics Look?
Economics is the study of social sciences. A student who plans to study the use of limited resources to its fullest potential pursues a major in economics. A career in economics gives you skills that many employers look for in a potential candidate. It opens ways to work in numerous industries of your choice. For example, it’s possible to work for the non-profit, government, private, and even public sectors. You can also work for corporate clients.
As an economics major student, you have different career options. If you are not sure what’s the right option for you, consult a career advisor. You must have different strengths and skills so it’s better to match a career that suits your preferences. To open more opportunities, you can gain experience in the relevant field. Also, with certifications and skills, you can expect to earn higher than the average salary in your state.
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