Do stock market graphs interest you? Think about choosing careers related to economics. Economics is a vast domain of study. It is more than just GDP, Demand, Supply, and endless curves and graphs. Careers related to economics cover everything from agriculture to food, from business to banking, and from the scraping of raw materials to the production of finished goods.
Suppose you’re interested in pursuing economics as a career path or want to know more about various careers related to economics in terms of opportunity and salary. In that case, this guide is for you.
What is Economics?
Economics is an interdisciplinary field focusing on the tradeoff between supply and demand. Those who pursue careers related to economics seek to understand trends, especially around production and consumption on a small (microeconomics) or large (macroeconomics) scale. Economics also attempts to answer questions related to the spending habits of individuals and communities.
A degree in economics program begins with a heavy mathematical and analytical foundation. Although each college program has a variance, courses may cover topics like consumer economics, money and banking, and health economics. However, few colleges provide elective subjects such as international economics and behavioral economics. This allows students to focus on an area of interest.
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Economics majors learn to gather, organize, and interpret data, using mathematical formulas and statistics to make calculations. They also create models to predict the impact of investments, policy decisions, industry trends, demographics, climate change, and much more.
Although economics majors must analyze problems and propose solutions, success in the field also requires solid communication skills. Individuals working in economics must translate their complex findings into a format that business leaders, legislators, and everyday people can understand.
While graduates with a degree in economics are masters of the chart and graph as tools for summarizing trends and results, writing clear descriptions and presenting detailed information to others are also vital skills for economics.
Top career choices
An economic consultant utilizes research and analytical skills to do intensive studies to improve in certain situations. The work of an economic consultant is to consult organizations so that they can improve their performance. Such consultants work for organizations in several industries like finance, government, healthcare, business, etc. Moreover, economic consultants can also work as expert witnesses in legal matters to evaluate the monetary loss, address regulatory violations, and analyze the intellectual property and antitrust violations. On average, a financial consultant earns more than $112,560 per year.
A credit analyst’s work is to conduct a microeconomic analysis of the clients to evaluate the risks of giving advance funds to businesses or people. They conclude based on various factors such as industries, regions, economic trends, and competitors. At last, they end up making a summary report. On average, a credit analyst makes more than $82,110 annually.
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Financial analysts analyze financial information. They help their clients make educated choices about investments. They work in banks, pension funds, insurance companies, and other businesses. Within a corporation, you may be analyzing the financials of your company and its investments. You could be looking for financial issues, running the numbers for new projects. On average, a financial analyst earns around $100K annually.
A policy analyst is a person who analyzes and researches problems that directly affect the public. After analyses, policy analyst recommends legislation to address specific issues. They hold all the necessary skills required to analyze complex problems like energy, international trade policy, environment, healthcare, and taxes. On average, a policy analyst earns $122,020 annually.
Management consultants examine business issues and possible research solutions to help prospective clients. In entry-level jobs, you will work in fields like research analyst, junior consultant, and research assistant to support the work of a senior. You are required to use your skills like quantitative modeling, public speaking skills, and writing to consult their clients. The annual earning of a management consultant is around $94,459.
The work of business reporters is to write, broadcast, and research industry trends, companies, business leaders, financial markets, and economic developments. A business reporter needs to represent the business in simple language that an average reader, listener, or viewer can easily understand. The annual earning of a business reporter is around $70K.
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Top Universities for Economics
Here are the top universities you can consider for starting careers related to economics:
The department of Harvard University organizes more than 15 seminars a week on various topics related to Economics. In addition to this, they also provide research assistant and internships to undergraduate economics students and funding for the research.
Massachusetts Institute of Technology
According to the QS Rankings, it’s the first to top schools for careers related to economics. Currently, it offers graduate and undergraduate programs for economics. 34% of the students in the university are international students. A fact that makes it one of the most desirable universities is employment. MIT’s students tend to get employed by national and international organizations across the globe.
London School of Economics and Political Science
It has the largest Economics department in the world and consists of almost 71% of international students. The university offers various courses through its Department of Economics. Also, it offers specialized courses in subjects like statistics, law, and mathematics.
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Yale University’s Department of Economics offers a Bachelor of Arts (BA) degree in economics recognized among the country’s best economics degrees. About 30% of the students enrolled in Yale University’s best degree in economics double major in another subject. Students complete a senior thesis project in an economics-related field of interest to students. Coursework includes microeconomics, multivariate calculus, linear algebra, macroeconomics, econometrics, statistics, and economic theory, plus a senior essay.
University of Pennsylvania
The University of Pennsylvania offers a BA in Economics recognized among the nation’s best economics degrees. Students complete 32 – 34 semester credits pulled directly from the major economics curriculum. The degree includes microeconomics, macroeconomics, business economics, probability, Calculus with matrices, and econometrics.
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If you choose to pursue a career in economics, make sure your career choice is correct because careers related to economics are all about the skills you have.