Career Options for Business Economics Majors
Business economics majors should have an understanding of economic and business issues, and be prepared to enter a number of careers. Individuals may work in private, public, or government settings, or even work for themselves. Several career options for those who major in business economics are listed below.
|Job Title||Median Salary (2018)*||Estimated Job Growth (2018-2028)*|
|Compensation, Benefits, or Job Analysis Specialist||$63,000||6%|
|Claims Adjuster, Appraiser, Examiner, or Investigator||$65,670||-4%|
Source: *U.S. Bureau of Labor Statistics
Career Information for Business Economics Majors
Insurance underwriters approve or deny insurance applications for individuals and businesses, and decide what the terms for insurance will be. Underwriters must posses strong detail and analytical skills in order to process requests and assess risk. Employers prefer candidates with a bachelor's degree in fields such as business or finance, and underwriters can generally train on the job for entry-level positions.
Management analysts look for, and recommend, methods to improve efficiency within their organization. Analysts collect and analyze data, conduct interviews and observations, and find solutions or alternative practices to improve organizational efficiency. Most entry-level positions require a bachelor's degree in business and/or economics.
Loan officers process loan requests by reviewing and either approving or denying those requests based on many factors. Loan officers may meet with applicants, verify information, and utilize underwriting software as they process the request. Loan officers typically need to have a bachelor's degree in a business-related field, and can be trained on the job.
Fundraisers create and organize events in order to raise money or other donations for organizations. Fundraisers conduct research, contact prospective donors, utilize technology for donations, and train other fundraisers. Fundraisers usually need a bachelor's degree along with excellent organizational and communication skills.
Financial examiners make sure that their organization or clients are following any governing policies or laws. They may monitor economic positions of banks, review financial statements and regulations, create guidelines, and prepare reports. Financial examiners typically need a bachelor's degree, and employers often prefer that candidates have some accounting coursework within their undergraduate degree.
Financial analysts counsel and guide individuals and businesses with financial decisions, such as investments. Financial analysts closely watch economic trends, valuate companies, analyze financial data, and present their findings and recommendations. Financial analysts usually need a bachelor's degree, with business economics being one of the preferred specialties.
Cost estimators obtain and review data related to costs of a product, service, or building, which include money, materials, time, and labor. Cost estimators find relevant costs, work with clients and engineers, prepare estimates, and present recommendations for improving project costs. Employers prefer applicants who hold a bachelor's degree, and provide new hires with on-the-job training.
Compensation, Benefits, or Job Analysis Specialist
Compensation, benefits, and job analysis specialists manage benefits and compensation programs, as well as evaluate positions to determine characteristics such as appropriate salary. Duties will vary based on actual position and employer, but all will likely perform research, comparisons, regulations checks, and presentations. Employers prefer candidates with a bachelor's degree, in fields such as human resources or business.
Claims Adjuster, Appraiser, Examiner, or Investigator
Claims adjusters, appraisers, examiners, and investigators review insurance claims and determine if an insurance company will pay for a claim, and how much. Duties vary with the specific job, but all of these will likely investigate and verify information, create estimates, as well as negotiate and authorize settlements. Although a bachelor's degree is not always required, employers appreciate and prefer candidates with relevant knowledge, which is articulated with a degree in business economics.
Budget analysts assist organizations with financial organization, as well as prepare and maintain budgets. Budget analysts review and create budgets, make revisions, implement budgets, and monitor company spending to ensure that the budget is followed. Budget analysts are typically required to hold a bachelor's degree with instruction on topics such as economics and accounting, so that they can effectively perform job duties.