Career Options That Involve Economics
Economics is essentially the study of how wealth is used to produce and consume goods all around the world. Obviously, this is a very broad field and there are a number of different career options that involve economics in some way. Some careers focus more on theory and research, while others are based more on real-world application. Many of these potential career choices require extensive postsecondary education. We will discuss a few options below.
|Job Title||Median Salary (2016)*||Job Growth (2014-2024)*|
Source: *U.S. Bureau of Labor Statistics
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- Applied Economics
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Career Information for Jobs That Involve Economics
One of the most obvious career choices for an individual interested in pursuing economics is to become an economist. The highest concentration of economists are employed by the federal government or by various consulting companies. A smaller number work in research and development, and about 5% are employed in the finance industry. Economists study different types of economic issues, like healthcare or education. They analyze the issue and use various statistical analysis tests to collect data, which they then use to prepare reports to present to their employers. Some economists may subscribe to a different economic theory than others, making their recommendations for next-steps different from their peers'. To become an economist, you usually will need at least a master's or Ph.D. Students can pursue an advanced degree with a bachelor's degree in a variety of related fields, but they should be highly proficient in mathematics.
Business, corporations, organizations, and individuals typically employ financial analysts when they are in need of investment guidance. Analysts work with their clients by analyzing all of their financial documents. For a business, this may include their yearly profits, debts, and financial goals. For an individual, an analyst may look at their savings account, retirement fund, and tax returns. Analysts work with clients to determine how much money they want to invest and what kind of investment strategy they want to pursue. These professionals must have a solid understanding of economics and business, as it is crucial to understanding the global stock exchange and investment strategy. Financial analysts typically have a bachelor's degree in economics or a similar field, though a master's degree may be required to gain access to more prestigious positions.
More than half of all political scientists are employed by the federal government. This makes sense, as one of the main duties of a political scientist is to research politics systems, both nationally and internationally. Political scientists may specialize in a specific area, like French and American relations, and be called upon by the government for guidance. They work with political science theory and determine how it applies to current events or how it could be used to predict future trends. Because economics is a huge part of the political system and how different political systems interact with one another, a political scientist will likely be well-informed on economic principles and theories as well. You will need a master's or Ph.D. in political science or a closely related subject to find employment in this field.
Economics professors work at colleges, universities, and other post-secondary institutions of higher learning. They must be experts in economics, as their main responsibility is to pass on their knowledge to students who may hope to enter the field themselves. Professors may work on a team with other economics professors and could specialize in a particular area of economics, like microeconomics or global economic systems. To become an economics professor, you will likely need a Ph.D. in economics, though some schools may hire you if you at least have a master's degree in the subject.
Actuaries work in the world of risk analysis. The majority of actuaries are employed in the insurance and finance industries. They use different statistical, economic, and mathematical theories to make predictions about the likelihood of various events and what the financial cost would be. For example, an actuary might be employed to understand how likely it is for a natural disaster to happen and what the resulting cost of that disaster would be. Actuaries usually work with computers and use different types of software in order to do their work. To become an actuary, you will need a bachelor's degree in a field like math, statistics, or actuarial science.