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Economist Jobs To Pursue

August 10, 2023
By AdmissionSight
Female financial analyst holding papers studying documents standing against window

Economist Jobs To Pursue

Economist Jobs assist us in making better financial decisions and understanding global news and public policies. Economics is a foundational major that will prepare graduates for rewarding careers in almost any field! Students who study economics at the collegiate level not only learn more about finance, business, government, and law, but they also excel in these fields.

What is an economist?

So what is an economist? To put it simply, an economist is a specialist who studies the relationship between a society’s resources and its output. Economists research everything from small, local communities to entire nations and even the global economy.

An economist’s expert opinions and research findings help shape a wide range of policies, including interest rates, tax laws, employment programs, international trade agreements, and corporate strategies.

A person interested in a career as an economist is likely to work for the government. According to the Bureau of Labor Statistics, approximately 36% of all economists work for a federal or state government agency. Economists can also work as professors, for corporations, or as members of economic think tanks.

Being a professional economist

An economist is one of the most common jobs for someone with a degree in economics. A professional economist studies global economic trends as well as individual economic factors. They use their research to forecast how the economy will perform in the future. Many economists work for corporations or universities.

a professor looking at the output of his students

There are two major requirements for a career as a professional economist. To begin, most economists have advanced degrees, such as a Ph.D. or a master’s degree. A master’s degree is the typical entry-level education for an economist. Second, economists usually develop a field of specialization in which they concentrate their research efforts.

Other economist jobs

As a major in Economics, you will study the economy and how the government and businesses allocate resources and produce goods. People who understand these factors will always be in demand due to the ever-changing global political climate.

The Economics degree provides insight into real-world experiences and problem-solving solutions, making it an appealing qualification for many industries. So, other than becoming a professional economist, what can you do with a degree in economics? Let us investigate further.

Financial Analyst

Because an economics degree improves your numerical skills, many graduates go on to work as financial analysts. Financial analysts primarily deal with the financial assets of an individual, company, or financial institution.

They examine investments, bonds, stocks, and shares, as well as legal tender, to determine the best course of action for their client. They conduct research and analysis in order to provide accurate financial recommendations, making the majority of their client’s money or assets.

Accountant

Accountancy is another popular career that deals with the financial side of an economics degree. An accountant’s primary responsibility is to manage their client’s financial records, whether they are individuals or businesses.

They deal with tax returns and payments, as well as risk analysis in financial decisions. Accountants also make financial recommendations for the company and identify ways to reduce operational costs in order to maximize profit.

a female economist looking at the camera

Actuary

Actuaries protect businesses by focusing on risk and ways to reduce it. They conduct extensive calculations, research, and study before reporting their findings. Actuaries are employed by companies in healthcare, finance, information technology, and finance. This is considered to be one of the most needed economist jobs in a corporate setting.

Market Research Analyst

Market researchers gather data and apply their economic knowledge to predict how well a product or service will sell. They gather information about their potential customers’ purchasing habits and what is important to them. This role entails conducting research and writing reports that display results using quantitative data and graphs.

Statistician

If you enjoyed the statistical components of your economics degree, you should think about a career as a statistician. This role is concerned with data as well as its analysis and interpretation. Depending on their position, statisticians frequently conduct research in a specific field, compile data, analyze findings, and assess the implications for their employer. They make recommendations and assist their employers in making next-step decisions based on their research and findings.

Management Consultant

Management consultants plan and develop strategies for businesses and brands, organizing campaigns and projects in a systematic manner. They frequently collaborate with others and collaborate with various departments to make plans a reality. Management consultants also conduct an analysis of current operations and make recommendations on how to improve or streamline them.

Policy Analyst

If you have a degree in economics and credits in politics or social policy, you could work as a policy analyst. Policy analysts work for either the federal or state governments. They conduct research on policy and existing laws, then report their findings and make recommendations to politicians.

Data Scientist

Consider the role of a data scientist if you are interested in scientific economist jobs. Data scientists analyze data from various studies and use this information to forecast future events or behavior. Data scientists work for companies, laboratories, technology developers, and retailers.

Graduate Study

Alternatively, rather than simply choosing a career after your bachelor’s degree, you can continue your education in economics at the graduate level through a Master’s or Ph.D. program. While a graduate degree is not required for a successful career, it is an excellent option, particularly if you want to teach in academia.

How much does an economist make?

Most of you would ask, “How much does an economist make?” A degree in economics opens the door to numerous career opportunities and a high salary.

a young economist holding a paper while presenting to his colleague

In 2019, the average economics degree job salary was around $105,000. (USD). Furthermore, the U.S. Bureau of Labor reports that opportunities and job prospects in this field have increased by about 8%. Economics majors will not be out of work!

There are numerous career opportunities in the global labor market because there is a high demand for graduates with strong numeracy skills and the ability to analyze data.

How to become an economist

Now let’s discuss how to become an economist. When applying to universities, it can be difficult to decide which major to pursue.

With thousands of students studying it each year, economics is one of the top five most popular majors in the United States. If you’re thinking about majoring in economics, learn everything you can about the courses and what you’ll be learning.

Your specific path to having economist jobs is heavily influenced by the specialization you’re most interested in and the industry you choose to work in. However, there are a few basic steps you can take to begin your career. In five easy steps, you can become an economist:

Get your bachelor’s degree

Earning a bachelor’s degree is the first step toward becoming an economist. There is no requirement for your major, but earning a degree in economics or one related to economics, such as accounting, finance, or mathematics, can help you in the long run.

You will most likely learn about economic theory, social sciences, macroeconomics, international economics, and development processes while pursuing your bachelor’s degree. You can also choose to specialize in your undergraduate studies by focusing on economic fields such as health care, politics, finance, and policy.

At the end of your undergraduate career, you should prepare for and take the Graduate Record Examination (GRE), which you must pass before applying to graduate school. Taking the exam as you complete your undergraduate studies, rather than after you enter the workforce, can be advantageous because your critical thinking and analytical skills remain current and readily available to you.

Look for internship opportunities.

While pursuing your bachelor’s degree, you should look for internship opportunities in the field of economics. Aspiring economists typically devote one to two years to honing their skills through internships.

Internships not only allow you to gain relevant work experience, but they can also help you build a solid foundation of skills. It also exposes you to other economist jobs. Make the most of the opportunity to work hands-on alongside full-time, practicing economists who can teach you about the complexities of the field.

Earn a master’s degree.

Economists may pursue master’s degrees to hone their skills and develop differentiated knowledge sets. To become an economist, you can pursue one of three degrees: a Master of Business Administration (MBA), a Master of Arts (MA), or a Master of Science (MS). Each of these degrees provides unique benefits that can help you advance in your career.

Earning an MBA can help you develop a broader understanding of business and how financial industries affect economics. In comparison, pursuing an MA or MS can assist you in developing a deeper understanding of economics and preparing you to work in more specialized fields of economics.

Apply for positions you’re interested in pursuing.

After earning your master’s degree, you should consider looking for work. Where you look for work is determined by the economic field in which you have specialized your education. If you want to work in the private sector, look for opportunities with companies like real estate, utilities, and financial institutions.

If you want to work in the public interest, you can look for opportunities with socially responsible corporations, governments, universities, startups, and nonprofits. Once you’ve found a job, aim for at least a few years of consistent work experience before making any changes to your career path. It is critical to advance your career by gaining relevant professional experience.

Consider earning a doctoral degree.

Some economists pursue doctoral degrees in order to pursue academic research opportunities and more specialized education. The classes and workshops you take in a doctoral program are determined by the field you wish to pursue.

Some even pursue this while working as economist jobs. Theoretical study and firsthand experience can be really great ways of learning. The most appealing aspect of doctoral programs for most degree candidates is completing a comprehensive research project and dissertation in their field of study.

A student walking with a teacher in a school campus.

While this type of work can be demanding, it can help you develop high-level skills that will be extremely useful while serving in the field of economics. Furthermore, after earning a doctorate, you will be eligible for prestigious job opportunities such as university teaching and consulting as an expert economist at high-impact organizations.

Getting into your dream college

You might be thinking about all the things you want to know regarding economist jobs, but let’s talk about your college admissions first. There are college placement services and coaches who can help you get into college and make the process as easy as possible. Let’s get you into your dream college!

Do not be afraid to ask for help if you have questions while putting together your application and supporting materials. In the end, college placement professionals only want to make sure you get into your dream school since that would also reflect on their reputation. AdmissionSight has a high success rate of more than 75%. AdmissionSight has taken care of students in the past and will continue to do so in the future.

At AdmissionSight, you have access to a variety of resources and professionals for assistance with the application process. If you have specific questions about the degree program, don’t hesitate to contact the professionals.

 

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