This article will provide you with information on the job descriptions of an Economics degree holder, the schools you can attend, and programs to take. If you are great at keep analysis of every expense you make, consider making an illustrious career out of Economics. The table of contents below summarizes this entire article. If you really want to know what you can do with a degree in Economics, read with rapt attention. You could be the next Economist of our time, you know?
What is Economics?
This field of study is an arm of the social science that is majors in the management, circulation, and utilization of goods and services. In the process of acquiring a degree in Economics, you learn how those who are involved in the stages of goods and services try to give utmost satisfaction to the recipients of their services. This arm of study is further divided into two sub-disciplines namely: Microeconomics and Microeconomics. While the former deals with the correlation between several economic agents, the latter demystifies the economy of a society.
Why Study Economics?
There are various reasons to study Economics with the basic being that it is evergreen. A degree in economics will have a spiral effect on your employability rate as there is a high demand for graduates who are quantitatively inclined. A degree in economics sets you sailing and makes you a prospect to drive the economy. Also, when you study economics, you learn financial hitches and come up with solutions on how impending economic disasters can be averted. Moreso, there are invaluable tools that will increase your relevance in the labour market that a degree in economics can give. They are: You can opt for online degrees in economics. See the schools here.
What Skills do I Need to Gain an Economics Degree?
It is not enough to become an economist because you are analytic. See other relevant skills you need to do well in economics.
Job Descriptions: What Can You Do With An Economics Degree?
There are lots of amazing things you could do with an economics degree and below is a few of them.
#1 Finacial Analyst
As a financial analyst, you can work in banks, insurance companies and help businesses that have investment procedures. With a degree in economics, you can do very well analysing data, building excels, making forecasts, making presentations using models. The Bureau of Labor Statistics (BLS) projects that jobs for financial analysts will grow by 6% through 2028. This is fast as average for all occupations. Salary: The BLS also projects that the average annual salary for financial analysts ranges between $85,660 to $167,420. Check out the Best Economics Schools in the World
#2 Actuary
An actuary is one who applies advanced mathematical and statistical skills to decipher the possibilities of events in the society. To be an effective actuary, there are softwares to make your job easier just as graphs and charts help in conveying your decisions to the team members. According to BLS, the job outlook for actuaries is expected to grow at a relatively faster rate of 20% through the year 2028. Annually, actuaries earn between $108,350 to $193,600.
#3 Economic Consultant
This is one of many economics degree jobs where you can apply techniques to how economic analysis works in regulating businesses. Economic consultants also possess the expertise in assessing economic damages, intellectual property and address regulatory violations. The annual salary for economic consultants according to PayScale range between $74,000 to $110,000.
#4 Market Research Analyst
A market research analyst is one who gathers and analyses data on business competitors. You can also study market conditions to determine the sales worth of a particular product. As an effective market research analyst, you must build capacity such that you can quantify results. The yearly salary for market research analyst range between $63, 790 to $112, 630. According to the Bureau of Labor Statistics, the job outlook for these set of people will grow by 20% from 2018 to 2028. This is much faster than the average for all occupations.
#5 Management Consultant
An economics degree equips you for positions as this. You could either start out as a research analyst, research assistant, or even a junior consultant. Every ounce of background knowledge you already possess before venturing into management consultancy can come to play as you grow in your career. BLS predicts that the job outlook for management consultants will grow by 14% by the time 2028 is here. A management consultant earns about $85,260 to $154,310 annually.
#6 Policy Analyst
A degree in economics prepares you to become a policy analyst and the basic skill you need to do well here is your writing skills. Here, you carry out researches on issues that border the public and provide necessary solutions to address them. As a policy analyst, you are open to earn between $59,312 and $82,000 annually.
#7 Accountant
With a degree in economics and a couple of other professional certificates, you can become an accountant. This is one of the most vial economics degree jobs you can find. You will keep diverse forms of financial records for businesses, individuals or even organizations. Additionally, the average salary for an accountant is between $54,613 and $86,719.
#8 Credit Analyst
Basically, what you do as a credit analyst is to conduct microeconomic analysis associated with loaning and prepare reports according to your findings. BLS states that the average annual salary for a credit analyst is between $73,650 to $145,840.
#9 Data Scientist
A data Scientist is one who helps organizations unravel answers that help them make business decisions through modeling, statistics, analytics and a vivid business sense. For the fourth consecutive time, this job has secured a first spot on Glassdoor’s list of Best Jobs in America. The average pay for a data scientist according to BLS is $117,345 annually. Also see this: Best 15 PhD Scholarships for Economics Students
#10 Economist
This is about one of the most lucrative jobs you can do with a degree in economics. An economist interprets data, performs research, spot trends and make predictions regarding the information you have. Another name that is best to refer this professional is the ‘think-tank’. It might interest you to know that if you have a desire of going into the tech industry, you can also do well as an economist. The average annual pay for an economist is $102,339.
Which Schools Can I Attend to Obtain a Degree in Economics?
We have carefully outlined the best schools where you can get a degree in economics to prepare you for the suture that lies ahead.
#1 University of Michigan
Cost of tuition: $29,017. With the standard curriculum this institution trains its students with, the students have excelled in their various careers. Also, the school ensures it builds the students’ analytical skills with a solid quantitative background. Through this degree in economics, it makes the adequate preparation you need for graduate studies available.
#2 University of Texas
Cost of tuition: $25,721. The Economics Department at the University of Texas is about the biggest department you can ever find in the College of Liberal Arts offering over 1,700 undergraduate majors. This economics degree program prepares you for professional careers in the financial and government organizations. You will study the relationship between theory, data, and policy making with this B.A program.
#3 University of Virginia
Cost of tuition: $27, 485. A degree in Economics at the University of Virginia will open you up to statistical analysis and a plethora of real-world issues. Research has it that most graduates of this program do not have difficulty finding a placement in the workforce.
#4 Georgia Institute of Technology
Cost of tuition: $28,669. Although this B.S degree in Economics demands you to have background knowledge in mathematics and statistics, it focuses on building your skill set so that you don’t underperform when you find yourself in a real-world situation. Masters in economics is also available to students in this institution.
#5 University of California Berkeley
Cost of tuition: $32,845. This is one of the first institutions in the US to have a Department of Economics. It also ranks in the list of world’s top research departments because of how it has developed women and its creativity. Among over 1,000 students the department houses, the exceptional ones eventually go further to acquire their PhDs from various institutions as Harvard, Yale, MIT, etc. Also, the very wealthy opportunities in Berkeley are taken up by such students.
#6 University of North Carolina
Cost of tuition: $23,363. The number of programs this institution offers the students isn’t limited to undergraduate programs. However, those undertaking a major in Economics devote a minimum of 24 hours to make about 120 hours needed for graduation. You too can be a beneficiary of the MIT scholarships
#7 Texas A&M University
Cost of tuition: $22,839. According to livability, Texas A&M comes tops as the college town in the US. So, it attracts a good number of undergraduates to take up the BA and BS in Economics programs. These students are expected to take preparatory classes in microeconomics, macroeconomics, and mathematics. Finally, they can scale up to taking upper-level elective courses.
#8 Purdue University
Cost of tuition: $24,467. Purdue University offers an Economics honors Program and a Minor in Economics. While about 75% of the students go into the labour force upon graduation, the remaining 25% choose to advance themselves.
#9 University of Florida
Cost of tuition: $18,542. The undergraduate program at the University of Florida is especially designed for students who intend to go for advanced degrees in the social sciences. Also, they may enrol for professional schools of management. The BA in Economics provides them with foundational knowledge and prepare the students for careers in business, banking, and international relations.
#10 Massachusetts Institute of Technology
Cost f tuition: $62, 073. MIT’s undergraduate program in Economics explores all there is to theoretical and applied topics in microeconomics and macroeconomics. While this program is bordered on research, it gives the students extra training in statistics and econometrics. MIT’s challenging intellectual environment spurs majority of her economics undergraduates to take up a graduate program in either economics or finance.
What are the Best Degree Programs in Economics?
Whichever route you choose to take to make your dreams of becoming an economist come true is the best. However, there are undergraduate, masters, PhD, and online programs you can acquire.
Conclusion
There is a lot you can do with a degree in economics. All you need is to get foundational knowledge and then break forth into your area of specialization. However, you must ensure you acquire this degree from accredited institutions as it is the surest way to starting out a career as an economist.
