A master's degree in economics is a flexible degree that can be applied to several different careers in business and related fields. These jobs typically require a master's degree in economics or a closely related field and vary in their specific job duties. Here we discuss some of the job options for those with a master's degree in economics.
Career Options for a Master's in Economics
|Job Title||Median Salary (2016)*||Job Growth (2016-2026)*|
|Market Research Analysts||$62,560||23%|
Source: *U.S. Bureau of Labor Statistics
Career Information for Economics Jobs Requiring a Master's
Economists may find entry-level positions with a bachelor's degree, but most positions require at least a master's degree. These scientists study the economy and economic issues by analyzing how goods and services are made and distributed in local, regional, national and international markets. To do this they may create and collect data from surveys, examine market trends and run simulations using statistical and mathematical models and software. Their work is typically presented in detailed reports and is used by businesses, policymakers and other organizations interested in addressing different economic problems or issues.
Although many financial analysts are only required to have a bachelor's degree, a master's degree can provide advancement in the field. A background in economics may help these analysts as they study stocks and different investments in order to properly advise their clients in their investment decisions. Financial analysts make their recommendations to businesses and individuals based on current economic trends, financial data and valuation of the client. Their work is presented in reports and they may specialize as risk analysts, rates analysts, portfolio managers or fund managers.
Market Research Analysts
Some market research analysts are required to have a master's degree, but must have at least a bachelor's degree. Those with a background in economics can apply their knowledge of the field to the analysis of market conditions to help clients know what consumers are buying. To do this, they examine consumer data, watch sales trends, conduct surveys and monitor market conditions. They typically run their analysis with statistical software and present their findings in reports.
Survey researchers usually need a master's or doctoral degree in statistics, survey research or the social sciences, like economics. These researchers specialize in designing surveys for a wide range of topics and then analyze the data they collect using statistical software and advanced mathematics. Designing a survey typically requires some background research and then a testing process to ensure that questions are understandable for the readers. They correct any issues that are found, as well as account for any sampling issues, and present their findings in reports.
Entry-level positions for statisticians may require a bachelor's degree, but most positions need a master's degree in statistics, economics, computer science or a related field. In general, statisticians use statistics and mathematics to solve problems in a variety of fields; however, those with a background in economics may focus on business-related issues. Statisticians collect data through surveys, data records and other sources to analyze with statistical software and mathematical models. They report their findings and use their results to determine possible solutions to business problems and provide input into the decision-making process.
A master's degree in economics can be used to work different research and analyst positions. Many of these careers look at different markets and apply economic principles to their research and analysis.