Is Economics a Good Major for a Business Career?

Sep 30, 2019

Business careers are vast, and each of them may hold different requirements for applicants. Many positions accept, or prefer, a candidate to have courses or a degree in economics. Read more below.

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Career Options for Economics Majors in Business

Economics degrees consist of extensive instruction in economic topics, including businesses economics and business economic environments. There are many career options within business fields that individuals can obtain with a degree in economics. Some of these careers are listed below.

Job Title Median Salary (2018)* Estimated Job Growth (2018-2028)*
Financial Analyst $85,660 6%
Management Analyst $83,610 14%
Insurance Underwriter $69,380 -5%
Budget Analyst $76,220 4%
Financial Examiner $80,180 7%
Cost Estimator $64,040 9%
Securities, Commodities, or Financial Services Sales Agent $64,120 4%
Financial Manager $127,990 16%
Loan Officer $63,040 8%
Sales Manager $124,220 5%

Source: *U.S. Bureau of Labor Statistics

Career Information for Economics Majors in Business

Financial Analyst

Financial analysts advise both individuals and businesses on their financial investment decisions. Financial analysts study and assess investments such as bonds, and make recommendations which give clients a customized balance of risk and reward. A degree in economics is one of the preferred educational requirements for financial analysts, and work experience may enable them to obtain higher positions, such as fund manager.

Management Analyst

Management analysts come up with methods for improving the efficiency of their organization. These analysts typically provide advice to organizational leaders based on their analysis. Employers typically require a bachelor's degree for entry-level positions, and a master's degree enables applicants to have preference as well as higher positions.

Insurance Underwriter

Insurance underwriters are responsible for reviewing insurance applications from individuals and businesses, and determining the terms for any insurance that is approved. Insurance underwriters are typically required to hold a bachelor's degree; courses in economics and finance are preferred.

Budget Analyst

Budget analysts assist organizations with financial organization, budgeting, and monitoring. Budget analysts may create, review, revise, and manage budgets to ensure their organization is operating within the set budget. Budget analysts typically are required to hold a bachelor's degree in fields such as accounting or economics, because the position requires strong mathematical and analytical skills.

Financial Examiner

Financial examiners review financial statements and records to ensure their organization is in compliance with governing laws. Financial examiners also assess the efficiency of finances and management, as well as evaluate loan risk. Most employers require candidates to hold a bachelor's degree with some instruction in accounting, economics, and finance.

Cost Estimator

Cost estimators search for and review data in order to estimate the costs associated with the creation of a building, service, or product. They pinpoint costs that will be involved, such as labor and materials, review project plans and specifications, and work with engineers to find ways for cost reduction. Employers typically seek candidates who hold a bachelor's degree, and a degree in economics enables job seekers to articulate their comprehension of economic topics, including costs.

Securities, Commodities, or Financial Services Sales Agent

Securities, commodities, and financial services sales agents provide a connection from sellers to buyers within financial markets. They may advise organizations, find investors, assist with trades, and sell investments to individuals. Employers typically require a bachelor's degree for entry-level positions, with experience or classroom instruction in courses such as economics, finance, and business.

Financial Manager

Financial managers direct the financial departments of an organization, and may work at different levels. Financial managers usually need to have a bachelor's degree in fields such as finance or economics, along with work experience in a related field (such as financial analyst).

Loan Officer

Loan officers review and approve or deny loan applications for both businesses and individuals. Loan officers typically need to exhibit understanding in business, economics, and accounting. Many employers prefer applicants who hold a bachelor's degree, and often provide new hires with on the job training.

Sales Manager

Sales managers direct the operations and employees within sales departments, as well as review data and create training programs. Sales manager positions typically require a bachelor's degree with courses in business, economics, and finance. Additionally, many employers prefer sales managers who have some sales training.

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