Economics is an exciting field that has become increasingly popular with students and job seekers alike. It is no secret that the combination of analytical skills, problem-solving abilities, and business acumen that this discipline offers can be extremely beneficial in the job market. With this in mind, many people are now wondering what kind of jobs economics majors can expect to get after graduation.
The answer is quite varied, as economics majors are in high demand across a range of industries. Some choose to pursue careers in finance, working as investment bankers, portfolio analysts, or financial advisors. Others may opt to work in government agencies, providing economic analysis and policy recommendations to lawmakers. Still, there are those who go into academia or research, studying the intricacies of the economic world and looking for ways to improve it.
One thing is for sure, however – an economics major provides a solid foundation for career success. From understanding the principles of supply and demand to mastering the intricacies of statistical analysis, those who study economics are well-equipped to tackle complex challenges in a variety of fields. So, if you’re considering a major in economics, you can breathe easy knowing that the job prospects are wide-ranging and plentiful.
Common career paths for economics majors
Obtaining a degree in economics opens up a wide range of opportunities in various industries. Here are some of the most common career paths for economics majors:
- Financial analyst
- Economic consultant
- Data analyst
- Policy analyst
- Market research analyst
- Business development manager
- Investment banker
- Accountant
- Financial planner
Each of these careers involves working with data, analyzing trends, and making informed decisions based on economic theory. To succeed in any of these fields, a strong foundation in economics is essential.
| Career | Median Annual Salary | Job Growth (2018-2028) |
|---|---|---|
| Financial analyst | $85,660 | 6% |
| Economic consultant | $85,660 | 14% |
| Data analyst | $62,453 | 14% |
| Policy analyst | $56,810 | 5% |
| Market research analyst | $63,120 | 20% |
| Business development manager | $105,165 | 10% |
| Investment banker | $104,970 | -10% |
| Accountant | $70,500 | 6% |
| Financial planner | $88,890 | 7% |
As the table shows, these career paths often come with a considerable salary potential and job growth. Additionally, many economists go on to pursue graduate degrees, which can lead to even better career opportunities and earning potential.
Importance of internships in the field of economics
Internships play a crucial role in an economics major’s career. In fact, many employers prefer applicants who have interned in their industry before because it shows that they have gained some practical experience that will be useful in their future job. Internships provide students with the opportunity to learn from seasoned professionals in the field, acquire new skills, and build their professional network that may lead to job offers.
- Hands-on experience: An internship provides opportunities to work on projects, participate in research, and get an inside look at how the industry operates. Economics majors who have completed an internship have a better-than-average chance of understanding the real-world application of the theory they have learned in their classes. Practical experience will give them the upper hand when they start looking for full-time jobs.
- Professional development: An economics major can learn a lot from shadowing or working alongside a professional. Interns will gain industry-specific knowledge and learn skills that are highly valued by employers. They will learn how to communicate more effectively, problem-solve, negotiate, and be a team player. All of these skills are necessary for future success in the industry.
- Networking: Through internships, economics majors can meet other professionals in their industry, form relationships, and expand their network. These connections are extremely beneficial because they might open doors to job offers, provide mentorship opportunities, or enhance future career prospects. Maintaining contact with former colleagues from an internship might lead to future job opportunities in the industry.
Some internships are paid, while others are unpaid. However, the experience that a student gains through either type can be invaluable. It’s essential to note that some internships are more competitive than others, and there are different types of economic internships. Some opportunities may involve analyzing data or writing research papers, while others may require the creation of models and participation in research. Therefore, it’s wise for an economics major to research and apply for internships that fit their interests and career goals.
| Type of Internship | Description |
|---|---|
| Research | Involves working for think tanks, advocacy groups, government agencies, or universities, conducting research, and analyzing data. |
| Corporate | Involves working for corporations, banks, and financial institutions, participating in the development of the business and economic strategies. |
| Non-Profit | Involves working for non-profit organizations, engaging in fundraising, program development, and analysis of data for public policies. |
To get the most out of an economics internship, students should approach it with a growth mindset. They can ask questions, seek feedback, take notes, and participate in networking events. They should take advantage of the opportunity to learn innovative solutions and contribute to company projects. Internships can help an economics major explore different career paths, cultivate meaningful relationships, and gain real-world experiences of living out what they learned outside of the classroom.
Economics job opportunities in the government sector
Government jobs can offer a great deal of job stability and security, making them a popular option for many economics majors. There are a variety of job opportunities available in the government sector, ranging from entry-level positions to more advanced roles with greater responsibility.
- Policy Analyst: Policy analysts work in a variety of government organizations, including federal, state, local agencies, and non-profits. They are responsible for analyzing government policies, assessing their effectiveness, and providing recommendations for improvement. This can involve conducting research, collecting data, and working with stakeholders to determine the best course of action.
- Economist: Economists work in many different areas of government, including finance, healthcare, and environmental policy. They are responsible for analyzing data, developing economic models, and providing guidance on policy decisions. Healthcare economists, for example, may evaluate the cost-effectiveness of different treatments, while environmental economists may assess the impact of regulations on businesses and the economy as a whole.
- Government Affairs Specialist: Government affairs specialists work for corporations or non-profits, and they are responsible for advocating for their organization’s interests with government officials and agencies. This can involve tracking legislation, attending hearings, and meeting with policymakers and government officials.
In addition to these positions, there are also opportunities for economics majors in government agencies such as the Federal Reserve, the World Bank, and the International Monetary Fund. These organizations often hire economists and analysts to provide economic research and analysis, as well as to help inform policy decisions.
Overall, the government sector provides a wide range of opportunities for economics majors at all stages of their careers. Whether you’re interested in policy analysis, data analysis, or advocacy, there are many options available for those looking to make a difference in the public sector.
| Job Title | Median Salary | Job Growth |
|---|---|---|
| Policy Analyst | $69,530 | 5% |
| Economist | $105,020 | 14% |
| Government Affairs Specialist | $69,430 | 6% |
While individual salaries and job growth rates may vary depending on the specific field or organization, government jobs in general offer competitive salaries and excellent benefits packages. Additionally, these jobs often provide opportunities for career growth and advancement within the organization.
Private sector career options for economics majors
One of the most popular career paths for economics majors is in the private sector. The private sector encompasses a wide range of industries, including finance, consulting, and technology. Here are some of the most common private sector career options for economics majors:
- Financial Analyst: Financial analysts are responsible for analyzing financial data and helping companies make informed investment decisions. This is a popular career choice for economics majors who are interested in finance and investments.
- Consultant: Consultants work with businesses to help them improve their operations and increase their profitability. Economics majors are well-suited for this career because they have a deep understanding of the factors that drive business success.
- Data Analyst: Data analysts are responsible for collecting, analyzing, and interpreting large amounts of data. This is a great career choice for economics majors who enjoy working with numbers and statistics.
One of the benefits of pursuing a career in the private sector is that it can be highly lucrative. Salaries in the private sector can vary widely depending on the industry, but many private sector positions come with high salaries and generous benefits packages.
Another benefit of pursuing a career in the private sector is that it can offer a lot of autonomy and flexibility. Many private sector companies offer remote work opportunities and allow employees to set their own schedules.
Skills required for private sector careers in economics
If you are considering a career in the private sector as an economics major, there are several key skills that you will need to develop:
- Analytical skills: As an economics major, you will need to be able to analyze complex data and make informed decisions based on that data.
- Problem-solving skills: Economics majors are often tasked with solving complex business problems, so it is important to develop strong problem-solving skills.
- Communication skills: Economics majors need to be able to communicate their ideas and findings effectively to other people, both in written and oral form.
Top private sector employers for economics majors
Here are some of the top private sector employers for economics majors:
| Company | Industry |
|---|---|
| Goldman Sachs | Finance |
| Bain & Company | Consulting |
| Amazon | Technology |
These companies are known for hiring economics majors and offering high salaries and strong benefits packages. They also provide opportunities for advancement and professional development.
Top-paying jobs for economics graduates
Economics majors have a wide range of career options after graduation. Apart from the traditional finance and consulting roles, they can also pursue careers in public policy, data analysis, or market research.
For those interested in earning a high salary straight out of college, here are the top-paying jobs for economics graduates:
- Investment Banker: As an investment banker, economics graduates can advise companies on mergers, acquisitions, and financing. The average salary for an entry-level investment banker is $85,000.
- Quantitative Analyst: Quantitative analysts use mathematical modeling and statistical analysis to find patterns in financial data. They work for financial institutions and hedge funds, with an average salary of $90,000.
- Data Scientist: Data scientists extract insights from large data sets, using tools like machine learning and predictive analytics. They can work in various industries such as healthcare, marketing, or finance, with an average salary of $95,000.
- Actuary: Actuaries use math and statistics to assess risk and uncertainty. They work mainly for insurance companies and can earn an average salary of $100,000.
- Economist: Economists study how societies allocate resources and make decisions. They can work in academia, government, or private companies, with an average salary of $105,000.
While these salaries are impressive, it’s important to note that they are often tied to long working hours and high pressure. Furthermore, salaries can vary depending on factors such as location, company size, and level of experience.
Possibilities for entrepreneurship with an economics degree
Entrepreneurship is one of the most sought-after paths for young economics graduates. It allows them to start and grow their businesses while using their economic background to make informed decisions. The good news is that an economics degree provides you with sufficient knowledge to make sound business decisions and analyze market trends, which are vital skills for an entrepreneur. Here are some possible entrepreneurial opportunities for economics graduates:
- Consulting: Economics graduates can start their consulting practice, providing expert advice to businesses on how to streamline their operations, improve efficiency, and increase profits. This field is one of the fastest-growing in the industry and provides plenty of opportunities for those with an economics degree.
- Financial planning: As an economics degree holder, you can leverage your skills to help individuals and businesses plan their financial futures. This field requires an understanding of the market, and the ability to analyze data and make projections, and an economics degree can provide you with just that.
- Startups: If you have an idea that you think can change the world, then entrepreneurship is the perfect avenue for you. With your knowledge of market trends and economic principles, you can start a business and effectively navigate the challenges that come with building a successful venture.
Moreover, there are several other options out there for economics graduates who wish to start their own business. The business arena is vast and varied. Therefore, it is essential to choose a route that aligns with your passions and experience, as well as your economics background.
If you are interested in starting your own business, the following table outlines some potential industries with strong growth prospects:
| Industry | Growth projection |
|---|---|
| FinTech (Financial Technology) | 25% – 30% |
| Healthcare | 18% – 20% |
| E-commerce | 12% – 15% |
If you feel drawn to any of the industries in the table, combine your passion with your economic degree to build a successful and sustainable business.
Jobs in research and academia for economics majors.
For those interested in research, economics majors have a variety of options. Research and academia are great career choices for economics majors who enjoy working with data and analyzing trends. Some potential jobs in this field include:
- Economic Analyst
- Economic Policy Advisor
- Research Assistant/Associate
Economic analysts work for think tanks, government agencies, and consulting firms where they analyze economic data and provide insights to improve business practices. Economic policy advisors provide advice to politicians and other policymakers on economic policy issues. Research assistants/associates often work for academic institutions and assist with research projects and journal articles.
If you are interested in an academic career, pursuing a PhD in economics may be the right path for you. Economics PhD graduates can become professors, researchers, and economists at think tanks, government organizations, and private firms.
Here’s a breakdown of the education level, job outlook, and median annual salary for a selection of research and academic careers:
| CAREER | EDUCATION LEVEL | JOB OUTLOOK | MEDIAN ANNUAL SALARY |
|---|---|---|---|
| Economist | Master’s or PhD | 14% growth (much faster than average) | $109,230 |
| Market Research Analyst | Bachelor’s or Master’s | 18% growth (much faster than average) | $63,120 |
| University Professor | PhD | 9% growth (faster than average) | $76,000-$140,000+ |
Research and academia provide a variety of opportunities for economics majors looking to pursue careers in analysis and data. Consider your interests and goals when deciding which path to take.
FAQs: What Kind of Jobs Do Econ Majors Get?
Q: What kind of career paths can I pursue with an economics degree?
A: The career paths available to economics majors can range from finance and banking to public policy and research. Some common job titles include financial analyst, data analyst, economist, consultant, and policy analyst.
Q: Can I work in the government or politics with an economics degree?
A: Yes! Many economists work in government or politics, applying their knowledge of economic theory and data analysis to inform public policy decisions.
Q: Is it common for econ majors to work in the business sector?
A: Definitely. Economic principles play a crucial role in various aspects of business, such as market analysis, predicting trends, and evaluating financial performance.
Q: Do economics majors typically work with data and statistics?
A: Yes, many entry-level positions for economics majors require knowledge of statistics and data analysis. Econometrics is a key part of many economics programs.
Q: Can an economics degree lead to a career in academia?
A: Absolutely! With additional graduate-level study, economics majors can become professors or researchers in academia. A PhD in economics is typically required.
Q: Is an advanced degree necessary to get hired in the economics field?
A: Not necessarily. While a graduate degree can improve your job prospects and earning potential, many entry-level positions are available for economics majors with just a bachelor’s degree.
Q: What kind of industries are hiring economics majors right now?
A: Industries with high demand for economics majors include finance, consulting, government, and tech. However, the skills and knowledge gained from an economics degree can be applied across a wide variety of industries and fields.
Closing Thoughts: Thanks for Reading!
So there you have it, a brief overview of the many job opportunities available to economics majors. Whether your interests lie in finance, politics, or academia, an economics degree can provide a solid foundation for a rewarding and fulfilling career. Thanks for reading, and don’t forget to come back for more informative articles!