Economist jobs

You may not first realize the extent to which a career in economics can be as varied as it really is. There is a lot more to economics than just stock markets, banks, and governments. The majority of positions in economics don't even have the term "economics" in the title of their position. So, what exactly is economics, and what exactly do those who specialize in economics do for a living?

Economics is a field of study that focuses on the science of human behavior and the application of that knowledge to the process of shaping the world around us.

It should come as no surprise that the employment market for economists is more bullish than bearish given the importance of economics to our day-to-day lives. It is anticipated that the demand would be highest in the private sector, notably for scientific, managerial, and consulting services. According to the Bureau of Labor Statistics (BLS), those who have strong mathematical and analytical abilities, relevant work experience, and advanced degrees will have the greatest prospects for finding employment in the coming years.

Your educational credentials and experience, in addition to aspects of the local labor market, may all have an impact on the career prospects and earning potential that are available to you. Continue reading to learn about one example of the many different directions a career in economics might go.

What Kinds of Careers Are Open to People Who Have a Degree in Economics?

A master's degree opens the door to hundreds of work options in a variety of fields, including academic research, the public sector, the corporate sector, and nonprofit organizations. It is common practice in the field of economics for a master's degree to be the minimum level of education necessary for entry-level work in the economics industry. If you have a graduate degree in economics, you not only have the potential to get your foot in the door at prominent firms, but you are also in a position that puts you in a class by yourself to progress through the ranks of those companies very fast.

Economics graduates find employment in a wide number of fields, including the following:

Anthropology

Banking

Business

Consulting

Financial services

Government

Law

Nonprofit

Public policy

Research

Urban planning

Your career in economics offers a wide variety of opportunities, which is excellent news for those of you who want to work in the field. You have the opportunity to affect public policy by working at one of the country's most influential think tanks, assisting economically depressed regions all over the globe in figuring out how to prosper, or working as an adviser on Wall Street. The door to achievement is wide open for you.

The Top 10 Most In-Demand Careers in Economics

The following ten profitable and expanding economics occupations can set you on the right track toward achieving your goals.

1. Investing in Securities

Median Pay: $130,299

Securities traders are responsible for buying and selling investments on behalf of their customers, who might range from individual investors to Fortune 500 organizations. They are accountable for the accomplishment of these deals and employ the economic expertise as well as the foresight they possess to get to reasonable conclusions. This high-pressure profession calls for excellent oral and written communication abilities, in addition to a boundless supply of energy. Because the majority of a securities trader's day is spent communicating with market makers in order to execute client orders, preparing financial reports in order to monitor company finances, and reviewing securities transactions.

2. Financial Manager

Median Pay: $129,890

Because the position requires evaluating market trends in order to enhance a company's revenues while simultaneously lowering its expenses, it is well suited for students majoring in business economics. Financial managers are also responsible for the development of expansion strategy for their organizations. The very minimum education need is a bachelor's degree, although the majority of companies search for applicants with a master's degree and at least five years of experience working in the financial industry. The most exciting part? By the year 2029, it is anticipated that there will be 15 percent more positions available for financial managers.

3. Economist

Median Pay: $129,826

The study of economics focuses on how societies make do with limited resources, such as land, water, raw materials, and human labor, in order to meet their requirements and gratify their desires. After that, they use the knowledge they've gained to make predictions about future market patterns, construct economic models, and report their results to top management. This profession calls for exceptional inductive and deductive thinking abilities, much like many others that demand a master's degree in economics.

4. Lawyer

Median Pay: $122,960

The work of lawyers may have an effect on a diverse set of topics, including the law, business, and finance. The tasks of this position might vary from appearing in court to defend clients to doing research on various legal matters. Because discovering patterns and discrepancies in vast volumes of information is a common task in the legal industry, attorneys who have a graduate level education in economics have a significant advantage in the profession.

5. The actuary

Median Pay: $121,077

Actuaries, like other professionals who have a master's degree in economics, work with data and are concerned with probability issues. They look at the data for a variety of scenarios, but calamities like floods are a primary focus. After that, they calculate the likelihood that these occurrences will be place in certain geographic areas. They often work for organizations such as insurance firms, where they contribute to the process of pricing and selecting coverage alternatives. The employment outlook for actuaries is optimistic, with an anticipated increase of 18 percent by the year 2029.

6. Data Scientist

Median Pay: $116,185

Data scientists are responsible for the collection, interpretation, and publication of data in order to assist in the making of economic decisions. The information that they uncover often relates to the efficiency or profitability of corporate operations. A data scientist may, for instance, compare the number of sales over a certain period of time to the business choices that were made during that period in order to evaluate the level of success associated with those decisions. These experts supply the expertise of forecasting that a company requires in order to determine whether or not upcoming changes will be substantial before making a decision. Data scientists that work in this field may have a master's degree in economics and find employment in a variety of businesses, including information technology (IT), healthcare, finance, retail, or marketing.

7. Management Consultant

Median Pay: $103,022

Management consultants provide recommendations on how a firm might operate more effectively. Management consultants have one of the most essential professions available for private companies among those that need a master's degree in economics. They examine prevailing economic trends and business practices, and then provide proprietors of companies advice on how to maximize their profits while limiting their exposure to risk.

8. People who specialize in mathematics and statistics

Median Pay: $93,808

Mathematicians and statisticians do data analysis and use mathematical and statistical methods in order to find solutions to real-world issues in a variety of sectors, including business, engineering, healthcare, and others. In most cases, they collaborate with other experts in their field to evaluate numerical data in order to predict or project results and requirements, whether the data in question is statistical or mathematical. It is anticipated that the number of available jobs in this sector would increase by an astounding 33 percent by the year 2029.

9. Budget Analyst

Median Pay: $81,344

Analysts of the budget assess proposed budgets in order to identify how project funding should be distributed most effectively. In addition to the various tasks they are responsible for, they are responsible for assessing budget plans and requests for financing, evaluating expenditure needs, and performing cost-benefit assessments. Analysts of the budget are highly skilled mathematicians who are also knowledgeable in statistical modeling. In addition to the mathematical abilities they already possess, they must also appeal and convince management to grant their demands, which requires them to have strong communication and interpersonal skills.

10. Pricing Analyst

Median Pay: $72,220

Pricing analysts are required to multitask in a variety of different ways. They integrate information from economic studies with findings from marketing research, and then utilize this information to establish the pricing that should be charged for various goods and services. The owners of companies who use pricing analysts are interested in learning how they may optimize their earnings while maintaining a healthy customer base by finding the optimal price point for their products or services. Pricing analysts are able to assist them in striking this equilibrium.

The Advantages of Climbing Higher in Your Economic Profession

Consider the following three ways in which advancing your education and profession in economics may have a beneficial influence on your life:

1. You will get an understanding of your place in the larger picture of life's finances.

Your day-to-day activities are impacted by economics in more ways than one. Do you want to know why there is a fluctuation in the price of gasoline? How about the reason why going to the movies at night to see a summer blockbuster costs more? What are the reasons why Uncle Sam withholds such a large amount of money from your paycheck? Earning a master's degree in economics may assist you in determining the solutions to issues such as these, in addition to a great many more. Additionally, it will assist you in comprehending monetary tendencies and may lead you to employment that provide a larger salary.

2. You will get profound new understandings.

An understanding of people's actions may be gained via economic analysis, which in turn enables society to make more creative use of its limited resources. By increasing the gross domestic product of our nation, we will be able to improve the allocation of resources. This will allow people to have access to food that is better for them, opportunities for education, clean water, and the ability to protect themselves and their communities against diseases that can be fatal.

3. Your perspective on the world as a whole will be completely altered.

If you have a more advanced degree in economics, you will be able to see patterns that others would miss. Take for instance the case when the government devises a new levy in order to finance a new program. People's purchasing habits may shift as a result of the tax, which might cause a slowdown in economic activity if the tax is not designed in an effective manner. You will have the unique capacity to see these patterns and provide answers once you begin working as an economist.