9 Best Jobs for People with Economics Degrees

As the world becomes more interconnected, businesses and governments are relying more heavily on data-driven decision making to stay competitive.

This trend has made economics degrees one of the most in-demand fields of study today.

Graduates with economics degrees possess a unique combination of analytical and problem-solving skills that can be applied to a wide range of industries.

In this post, we’ll be discussing the top 9 jobs that are ideal for economics degree holders. We’ll look at the job description and responsibilities, as well as the average salary and job growth rate for each position.

We’ll also explore why an economics degree is valuable for each job, highlighting the specific skills that graduates bring to the table.

Whether you’re a recent graduate or someone considering a career change, this post will provide you with valuable insights into some of the most rewarding and high-paying jobs in the field of economics.

So let’s get started and explore the best job opportunities available to economics degree holders.

1. Financial Analyst

Financial analysts are professionals who provide guidance to individuals and businesses on investment decisions, analyzing financial information to help them make informed choices.

They assess the performance of stocks, bonds, and other types of investments, as well as track economic trends that may affect the overall market. Financial analysts also produce reports and presentations for clients and management to help them understand market conditions and investment opportunities.

According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for financial analysts was $85,660 in May 2022, and the job outlook is expected to grow by 5 percent from 2029 to 2039, which is faster than the average for all occupations.

An economics degree is beneficial for financial analysts because it provides a strong foundation in analytical and critical thinking, statistical analysis, and financial modeling, which are all essential skills for the job.

An economics degree also offers a deep understanding of market conditions, macroeconomic trends, and financial theory, which can be applied to financial analysis and decision-making.

2. Market Research Analyst

Market research analysts are responsible for collecting and analyzing data on consumer preferences, market trends, and competitor activity to help businesses make informed decisions.

They design surveys, gather and interpret data, and prepare reports for clients or management.

An economics degree can be extremely beneficial for this role because it provides a strong foundation in data analysis, statistics, and research methodology.

Market research analysts must be able to analyze large amounts of data, identify trends, and present their findings in a clear and concise manner.

According to the Bureau of Labor Statistics, the average salary for market research analysts is $65,810 per year, and the job growth rate is expected to be 18% from 2022 to 2030, which is much faster than the average for all occupations.

As companies continue to focus on improving their marketing strategies and understanding their target audiences, the demand for market research analysts is expected to grow.

Market research analysts may work in a variety of industries, including advertising, healthcare, and technology. They may also work for market research firms or as consultants.

This flexibility allows individuals with an economics degree to pursue a career in a field that aligns with their interests and passions.

Generally, a career as a market research analyst can be both financially rewarding and intellectually stimulating. With an economics degree and a strong analytical skill set, individuals can thrive in this role and make a significant impact on the businesses they work for.

Find out: Top 6 High Income Skills That Will Make You Money

3. Economist

Economists are experts in the field of economics and work to study and analyze economic data and trends. They use this information to create forecasts, develop policies, and advise businesses and governments on various economic issues.

Job responsibilities:

• Conduct research and analyze economic data to understand economic trends and patterns.
• Develop economic models and forecasts to predict future economic outcomes.
• Advise businesses and governments on economic policy decisions.
• Evaluate the effects of policies and regulations on different economic sectors.
• Write reports and present findings to various stakeholders.
  
  

According to the Bureau of Labor Statistics, the median annual salary for economists in the United States is $105,020.

The job growth rate for economists is projected to be 6% from 2022 to 2030, which is about as fast as the average for all occupations.

A degree in economics provides a strong foundation in economic theory and analysis, which is crucial for economists. It also helps develop skills such as data analysis, critical thinking, and problem-solving, which are essential in this field.

Additionally, many economics programs offer opportunities to gain practical experience through internships or research projects, which can be valuable when entering the workforce as an economist.

So, if you are interested in economic policy and analysis, and have a strong interest in understanding how economic systems work, a career as an economist might be a good fit for you.

4. Management Consultant

Management consultants are hired by organizations to help them solve complex problems and improve their overall performance.

They analyze business processes, identify areas for improvement, and make recommendations on how to increase efficiency, reduce costs, and enhance profitability.

Management consultants work in a variety of industries, including healthcare, finance, and technology.

To become a management consultant, a bachelor’s degree in economics is often preferred, but degrees in business administration, engineering, or other related fields may also be accepted. Additionally, many management consultants pursue a master’s degree in business administration (MBA) to enhance their credentials.

According to the Bureau of Labor Statistics, the median annual salary for management analysts, including management consultants, was $87,660 as of May 2022. The job growth rate for management analysts is projected to be 11% from 2020 to 2029, which is much faster than the average for all occupations.

Management consulting firms like McKinsey & Company, Bain & Company, and Boston Consulting Group are some of the top employers for management consultants. However, many large corporations also have their own in-house consulting departments.

An economics degree is valuable for management consulting because it provides a strong foundation in data analysis, critical thinking, and problem-solving.

Consultants with an economics background can effectively analyze and interpret data, identify trends, and develop strategies to improve a company’s bottom line. In addition, economics majors learn about micro and macroeconomic principles, which can be applied to a range of business scenarios.

A career as a management consultant can be both challenging and rewarding. It offers opportunities to work with a variety of clients and industries, and the potential for upward mobility within consulting firms or in-house consulting departments.

Find out: Top 15 In-Demand Sales or Retail Jobs

5. Financial Manager

Financial managers are responsible for managing an organization’s financial health, preparing financial reports, and overseeing investments.

They make sure that an organization’s finances are aligned with their goals and strategies. Financial managers work in a variety of industries, including finance, healthcare, and manufacturing.

As a financial manager, you can expect to earn an average salary of $134,180 per year, according to the Bureau of Labor Statistics (BLS). The job growth rate for financial managers is expected to be 15% from 2020 to 2030, which is much faster than the average for all occupations.

Having an economics degree can be beneficial for a career in financial management. An economics degree provides you with a strong understanding of financial markets and economic principles, which are essential for managing finances effectively.

Additionally, economics courses can teach you skills such as data analysis, which are highly valued in the financial industry.

As a financial manager, you will be responsible for analyzing financial data, preparing financial reports, and developing strategies to improve an organization’s financial health.

You will work closely with other departments, such as accounting and human resources, to ensure that an organization’s finances are aligned with its goals.

To become a financial manager, you typically need a bachelor’s degree in finance, economics, or a related field. Some employers may also require a master’s degree or a professional certification, such as a Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA).

In summary, financial management is a promising career path for economics graduates. With a strong understanding of financial markets and economic principles, along with skills such as data analysis, an economics degree can prepare you for a successful career in financial management.

Find out: 32 Best Paying Jobs in Finance Consumer Services

6. Policy Analyst

Policy analysts are responsible for analyzing and evaluating government policies to determine their effectiveness and make recommendations for improvement. They may work for government agencies, think tanks, or advocacy groups.

One of the key skills needed for this job is the ability to analyze complex data and communicate findings clearly and effectively. An economics degree provides a solid foundation in quantitative analysis and critical thinking, making it a valuable asset for policy analysts.

According to the Bureau of Labor Statistics, the job outlook for policy analysts is expected to grow by 5% from 2022 to 2030, which is slightly faster than the average for all occupations. The average annual salary for policy analysts in the United States is $61,470, with the top 10% earning over $116,300 per year.

Policy analysts may work on a variety of issues, such as education, healthcare, environmental policy, or international trade. They may also work on specific projects, such as analyzing the economic impact of a proposed policy or evaluating the effectiveness of an existing program.

Policy analysts must be able to work independently and collaboratively to analyze policy options and make recommendations based on their findings. They may also need to communicate complex information to policymakers and the public in a clear and concise manner.

A degree in economics can provide a strong foundation for a career as a policy analyst. It offers the analytical skills and quantitative reasoning needed to evaluate policies and make informed recommendations.

7. Actuary

If you enjoy math and are interested in the insurance industry, becoming an actuary may be the perfect career path for you.

Actuaries use their knowledge of statistics, probability, and financial theory to assess and manage risk, particularly as it relates to insurance.

As an actuary, you’ll be responsible for analyzing data, developing models, and using statistical tools to evaluate the likelihood of future events and their potential financial impact.

You’ll use this information to help insurance companies determine pricing and develop new products.

According to the Bureau of Labor Statistics, the median annual salary for actuaries is $111,030, and the job outlook is very strong, with a projected growth rate of 18% from 2022 to 2032.

An economics degree is particularly useful for this field because it provides a strong foundation in statistics and probability, which are essential skills for actuaries.

Additionally, economics majors often have experience with analyzing large data sets and developing mathematical models, which are valuable skills in the field of actuarial science.

To become an actuary, you’ll typically need to pass a series of exams administered by the Society of Actuaries or the Casualty Actuarial Society. These exams cover a range of topics including calculus, probability, and financial theory, and can take several years to complete.

Generally, becoming an actuary is a challenging but rewarding career path for those with a strong aptitude for math and an interest in the insurance industry.

With a high salary and strong job growth outlook, it’s a great choice for those with an economics degree looking to apply their skills in a quantitative and analytical field.

Find out: 40+ Best Paying Jobs in Business Services

8. Budget Analyst

Budget analysts are responsible for developing and managing an organization’s budget. They analyze financial data, monitor spending, and prepare budget reports.

A budget analyst ensures that an organization’s financial resources are used efficiently and effectively.

According to the Bureau of Labor Statistics (BLS), the average salary for budget analysts was $78,970 per year as of May 2022.

The BLS projects a 3% job growth rate for budget analysts from 2022 to 2030, which is about as fast as the average for all occupations.

An economics degree can provide budget analysts with a solid understanding of financial principles, including micro and macroeconomic theory, forecasting, and analysis.

Additionally, economics graduates have strong quantitative skills, which are critical for budget analysis.

Budget analysts must also have excellent communication skills to work with stakeholders, such as program managers and executives, to develop and adjust budgets.

Budget analysts typically work in government agencies, non-profit organizations, and private companies. They often work in teams and may be required to present budget reports to executives and elected officials.

Budget analysts play a vital role in ensuring that organizations make sound financial decisions. With an economics degree, you can gain the necessary skills to succeed in this field and make a meaningful impact in the financial management of organizations.

9. Data Analyst

Data analysts play a crucial role in today’s data-driven world. They are responsible for collecting, analyzing, and interpreting large sets of data to identify patterns, trends, and insights that can help companies make better business decisions.

This job requires strong analytical skills and the ability to work with data and statistical models.

According to the Bureau of Labor Statistics, the job outlook for data analysts is expected to grow by 33% from 2022 to 2032, which is much faster than the average for all occupations.

The average annual salary for data analysts is $83,510, with top earners making over $130,000 per year.

Having an economics degree can be beneficial for data analysts, as economics provides a strong foundation in statistical analysis, which is a key component of the job.

In addition, economics graduates often have experience working with large sets of data and are skilled in data visualization and presentation, which are important skills for data analysts.

Data analysts are in high demand across a wide range of industries, including finance, healthcare, retail, and technology. As companies continue to collect and analyze more data, the need for skilled data analysts will only increase.

If you’re interested in becoming a data analyst, consider taking courses in statistics, programming, and data visualization, in addition to your economics coursework.

Internships or part-time jobs in data analysis can also be valuable experiences to help you gain the skills and experience you need to land a job in this field.

Conclusion

An economics degree can provide graduates with a wide range of job opportunities, from financial analysts to data analysts.

These jobs often come with high salaries and strong job growth rates, making them desirable options for those with an economics degree.

If you’re looking to break into one of these fields, it’s important to have a strong resume that highlights your relevant skills and experience. That’s where CEOMichaelHR Resume Writing Service can help.

CEOMichaelHR Resume Writing Service is a top-rated professional resume writing service that can help you craft a resume that stands out to potential employers. With experienced writers and a commitment to personalized service, we can help you showcase your unique strengths and accomplishments in a way that makes you an attractive candidate for the job.

Investing in a professionally written resume from CEOMichaelHR Resume Writing Service could be the key to landing your dream job in economics. So why wait? Collaborate with us today and take the first step towards your next career move.