Are you fascinated with the world of economics? Do you love the idea of analyzing trends in different industries and making a living by predicting patterns of spending and innovation in the years to come? Economists exist in just about every sector of work, and once you find your specialty area, you can turn your passion for numbers and statistics into a career in economics.
If you're interested in economics, you'll need a field where you can focus your efforts! Whether it's a hospital, a credit card company, or a large manufacturing firm, economists determine ways to maximize profits and minimize potential losses in business operations.
Health Economics Jobs
Dedicated economists in healthcare analyze health policies to better understand their impact on the finances of a hospital or insurance company. Health economists might design strategic plans for the sale of new medical devices or pharmaceuticals, finding ways to increase profits for the business. Health economists within the government run analyses on current policies, including public health policies and medical benefits for government officials. Experienced healthcare economists may work as economic consultants, leveraging their expertise in the field to solve more complex or wide-ranging issues. Economics jobs in healthcare include:
- Case managers
- Medical economics analysts
- Finance and policy controllers
- Community coordinators
- Healthcare advisors and appraisers
Business Economics Jobs
The value of an economics expert in the business world who understands financial analysis and forecasting, cannot be understated. You might choose a career as an actuary, where you help to determine risk factors of investments and how to proceed with business decisions. You can also become a budget analyst, preparing reports for a company or organization, and keeping track of the trends affecting budgetary habits. Another career path is that of a market research analyst, which involves the projection of sales of products or services as well as the analysis of how a current market is behaving and what to expect in a given time period. Job titles you'll find for business economics jobs can also include:
- Business strategy associate
- Business analytics specialist
- Financial and sales analyst
- Business development advisor
- Business systems and policy consultant
Entry Level Economics Jobs
If you're fresh out of your economics education program or have just changed careers, an entry-level position in economics will help you establish your professional credentials and give you the valuable experience needed to succeed in the field. Some jobs for recent economics grads include:
- Credit risk analyst, looking at financial statements and habits to project an individual's ability to pay off debt, helping a company weigh the risk of issuing credit or loans to the proper number of individuals
- Environmental economist, collect data to determine the monetary effects of climate change, soil erosion, or different sources of fuel use through local, state, and federal branches of the government
An economics internship can be a great way to build up your credentials in the field while exploring possible career paths. These positions, often taken as part of an undergraduate economics program, typically last between three and nine months and expose you to real-world work. You'll be able to learn from other economists while gaining practical experience. In some cases, an internship may help you get a foot in the door at a reputable company.
Your salary when you enter the economics field varies depending on which industry you choose for a career. The higher your experience with economic trends and budget predictions, the more qualified you are to take a position with a bigger salary, such as that of a dedicated economist. The U.S. Bureau of Labor Statistics lists finance and insurance as the highest-paying field, with a median annual wage of $121,920 for economists in the field. The table below represents a selection of careers in economics and their respective median annual salaries.
|Bank Financial Analyst||$80,310**|
|Operations Research Analyst||$78,630**|
**Source: U.S. Bureau of Labor Statistics