In the 21st century, economists are working with a global economy. Businesses often source from one country, perform operations in another, and predominantly provide their products to several others. This article takes a closer look at three career paths relating to global economics: economists, postsecondary teachers, and financial analysts.
Global economists are experts at analyzing and predicting trends in the international market. They study exchange rates and weigh the risk management factors in shifting international politics. International economists may find work in government agencies, multinational corporations, research companies or consulting firms, and job titles might include private consultant, research analyst or economics professor. A Doctor of Philosophy (Ph.D.) is typically required to hold the most advanced positions in the field of economics.
|Career Title||Economist||Postsecondary Teacher||Financial Analyst|
|Education Requirements||Master's degree in economics||Ph.D. in economics, though a master's degree may be sufficient for some community colleges||Bachelor's or master's degree in finance or an MBA|
|Projected Job Growth (2018-2028)*||8%||8%||6%|
|Median Annual Salary (May 2018)*||$104,340||$101,480||$85,660|
Source: *United States Bureau of Labor Statistics
Multinational corporations hire economists to forecast global economic and political trends that may impact corporate development or to devise economic cases to promote particular corporate or public policies. Read on for details about some careers available to individuals who have studied global economics.
Economists assess the effects of foreign trade, tariffs and new legislation upon corporations. They may be hired to work as financial analysts and public policy researchers. Government agencies like the International Monetary Fund, World Bank and the Bureau of Economic Analysis employ economists to analyze domestic and global economic data.
According to the U.S. Bureau of Labor Statistics (BLS), economists in the 25th-75th percentile earned salaries of between $77,270 and $141,780 per year, as of 2018. The BLS also reports that job opportunities in this field should increase by 8% from 2018-2028, which is faster than average.
Postsecondary economics teachers work in colleges and university environments. In addition to assisting students who are pursuing degrees in economics, these professionals may conduct research and publish books. Employment of postsecondary economics teachers was expected to increase by 8% between 2018 and 2028, according to the BLS. Median annual salaries were approximately $101,480 in May of 2018.
Financial analysts are experts in analyzing economic trends. These professionals provide advice on various investments, including stocks and bonds. The BLS indicated that jobs for financial analysts were expected to expand at a rate of 6% from 2018 through 2028. In May 2018, median annual salaries for financial analysts were $85,660.
Education Requirements for Global Economics Jobs
A bachelor's degree may provide entry into assistant-level jobs, but most careers in the field of global economics require a master's degree or doctorate. At the graduate level, international economics may be offered as a major or as a concentration, particularly within a Master of Business Administration (MBA) program. Some international economics programs have rigorous admissions standards that require graduate students to demonstrate math and foreign language proficiency in addition to passing written and oral exams. Graduate students take courses in:
- International trade
- Economic growth
- Global strategy
- Multinational corporations
While economists often gain the most financial compensation for their work, job opportunities for both postsecondary teachers and financial analysts are predicted to rise at a faster than average rate over the next decade. The best opportunities for all careers in global economics will be available to those holding a master's degree or higher.