What are the best jobs for economics majors?
Jobs for economics majors are available in a wide variety of fields, not just those with the title “economist.” Economics graduates have a much broader pool of potential employers to choose from. After all, graduates of economics programs have the opportunity to find work in a wide variety of industries, ranging from banking and insurance to real estate and public service, even though almost none of these fields specifically seek economists to fill open positions.
Is economics a good major?
Is economics a good major? Before beginning your search for the most ideal jobs for economics majors, you need to have a solid understanding of the important things to consider before pursuing an economics degree.
It’s not simple to choose a major for a degree in economics. It necessitates a lot of study and critical thought on the part of economics students. The topics taught in economics degrees get progressively more demanding as you move through your coursework. This is not meant to discourage you from majoring in economics. Actually, it’s a great thing. This is because you will graduate feeling confident in yourself because you met the task.
Employers will also see that you were able to finish a particularly challenging major, giving them the impression that you are a stick-to-it-live person who can bring that same tenacity to their business. You’ll be able to provide specific illustrations of your problem-solving or financial decision-making methods.
This is especially true if you finished a thesis or had an internship during your study to obtain experience in the real world. You might receive a profitable and rewarding job offer as a result of your practical research and the obstacles you overcame during your studies.
These are only a few instances of how studying economics can help students in their daily lives and future careers. The subject is broad. Jobs for economics majors exist outside the purview of this article. Overall, earning a degree in economics is a wise investment that will give you a solid basis for the rest of your life.
Many college students who take macroeconomics and microeconomics leave their studies without having a greater comprehension of the subject. These individuals might see themselves as experts given their ability to interpret a straightforward demand curve to chart economic growth. But economics majors are aware that this field, which Adam Smith founded, encompasses far more than this. Serious economics students are also aware of how every part of our life is impacted by the subject, from a basic home budget to the current state of the world’s economy.
What are the best jobs for economics majors?
As you get closer to finishing your economics degree, it is time to start thinking about expanding your horizons from the micro to the macro level by researching what are the best jobs for economics majors.
The question now is, what can you do with a degree in economics? Plenty. We did some research and found a few job opportunities and sample salaries for economics majors so that you can get a better idea of what lies ahead for you.
1. Credit Analyst
The median annual wage across the nation is $57,327.
Credit analysts’ primary responsibilities include determining the credit scores of customers by compiling a variety of relevant information. They may also assist customers in improving their credit ratings by developing improvement strategies and providing information about a variety of financial institutions.
Their assessments are utilized in the process of making decisions regarding the client’s creditworthiness, such as applications for credit cards, loan applications, and other similar processes.
Northwell Health, the State of Louisiana, and Superior Access are among the companies that hold this position.
2. Personal Finance Advisor
A yearly salary of $65,526 is considered to be the national average.
Personal financial advisors’ primary responsibilities consist of assisting their clients in meeting both short-term and long-term monetary objectives through collaborative efforts. They evaluate the individuals’ current financial situations and assist them in making choices regarding matters such as savings, loans, stocks, insurance, and other investments by providing feedback and guidance.
Financial advisors may work directly with their clients or they may be employed by organizations such as banks or investment firms. Either way, they are paid to provide financial advice. This is why this is one of the most lucrative jobs for economic majors.
McAdam Financially Advanced, Florida Career College, and Northwestern Mutual are some of the companies that hold this position.
3. Policy Analyst
An annual salary of $66,462 is considered to be the national average.
Policy analysts’ primary responsibilities include researching national economic trends as they relate to corporations and government organizations. To make accurate projections of future economic developments and outcomes, they compile data from a wide range of sources.
Leidos and Perspecta are two companies that hold this position.
4. Supply Chain Analyst
The national median wage is $67 947 dollars per year.
Supply chain analyst is among the best jobs for economics majors. The primary responsibilities include analyzing the processes that take place throughout the operations of a supply chain to identify inefficiencies and determine potential improvement areas. In the end, they are the ones responsible for increasing output at the lowest possible rates.
PepsiCo, Boeing, and 3M are among the companies that hold this position.
5. Economic Consultant
A yearly salary of $67 968 is considered to be the national average.
The primary responsibilities of economic consultants include producing analyses, data, evidence, and other materials in legal cases related to economics or finance. They frequently collaborate with legal professionals in this endeavor. Although paralegals are typically responsible for performing the majority of these tasks, consultants may also be brought in for larger and more complex cases.
FedEx and Office Depot, as well as Deloitte, are examples of companies in this position.
6. Business Reporter
An annual salary of $69,488 is considered to be the national average.
Business reporters are journalists who concentrate on covering business stories and trends as their primary area of coverage. They research topics such as financial trends, economic policies, government actions, and company actions that may have an impact on the nation’s finances, and then write about their findings.
Gannett, NBCUniversal, and TEGNA are some of the companies that hold this position.
7. Loan Officer
Annual salary at or above the national average: $75,911
Loan officers’ primary responsibilities include working with applicants to reach an arrangement that is satisfactory to both the individuals and the lending institution. They are accountable for deciding the applicants’ credit standing and coming up with a solution for the customer’s problem.
BB&T, KeyBank, and SunTrust are some examples of companies in this position.
8. Portfolio Manager
An annual salary of $77,641 is considered to be the national average.
The primary responsibilities of portfolio managers include overseeing the management of any funds or fund groups to which they are assigned. To make the best decisions for their fund, they need to research the current economic climate and economic trends, as well as other forms of analysis.
Companies that hold this position: United States companies Bank, TD-Bank, Glacier Bancorp
9. Management Consultant
An annual salary of $82,108 is considered to be the national average.
A management consultant is one of the best jobs for economics majors. Management consultants work with both public and private organizations to evaluate areas that could benefit from operational improvements. They devise strategies to enhance organizational functions to facilitate better and more effective ways of working.
Accenture, RSM, and Aetna are among the companies that hold this position.
10. Senior Financial Analyst
An annual salary of $84,878 is considered to be the national average.
The primary responsibilities of financial analysts include conducting in-depth research on trends in the stock market, bonds, and other investments. They employ their research to assist individuals and companies in making profitable decisions regarding their investments.
CBRE, Raytheon, and IBM are among the companies that hold this position.
An annual salary of $88,426 is considered to be the national average.
The primary responsibilities of a statistician include utilizing statistical calculations to provide answers to questions posed by both public and private organizations. Statisticians can find work in virtually any sector of the economy. Statisticians are capable of working on a wide variety of projects, including risk management, improving business efficiency, and more.
ESPN, Medtronic, and Merck are among the companies that hold this position.
12. Corporate Lawyer
An annual salary of $93,655 is considered to be the national average.
As one of the many jobs for economics majors, the primary responsibilities of corporate lawyers include providing support to businesses and acting as their representatives in legal matters. In addition to other responsibilities, they are responsible for monitoring contracts, engaging in negotiations, providing advice in precarious situations, and other related activities.
HSBC, GEICO, and Amazon.com are examples of companies in this position.
13. Product Manager
An annual salary of $101,501 is considered to be the national average.
Product managers are responsible for defining the strategies and plans that will be used by organizations in the process of developing, launching, and testing new and existing products. They frequently manage teams that are solely devoted to the myriad of responsibilities that come with working on a particular product.
Cisco, Oracle, and PetSmart are among the companies that hold this position.
An annual salary of $102,311 is considered to be the national average.
Among their primary responsibilities, economists analyze a variety of financial trends, including those relating to stocks, bonds, spending, exchange rates, and inflation. They carry out specialized research to develop projections and provide information to entities such as corporations or government agencies.
Companies that hold this position: United States companies CoreLogic, the CoStar Group, and the Government
15. Compensation Manager
An annual salary of $106,435 is considered to be the national average.
A compensation manager is one of the most in-demand jobs for economics majors. The primary responsibilities of compensation managers are to develop and administer an organization’s compensation and benefits plans for its employees. These plans may include retirement plans, 401(k) plans, wellness programs, and other similar initiatives. They conduct research and negotiations to find the most beneficial plans for employees, and they may also be responsible for presenting the information to employees and responding to any questions they may have.
Google, AT&T, and Samsung Electronics are examples of companies in this position.
The national average salary is currently sitting at $113,430 per year.
Actuaries’ primary responsibilities consist of conducting statistical and mathematical analyses to define the financial consequences of a given risk. They could work for either public or private organizations, doing risk assessments and financial forecasting for those companies.
Aetna, RGA, and Liberty Mutual are some of the companies holding this position.
17. Senior Market Analyst
The national average salary is currently sitting at $115,166 per year.
Market analysts’ primary responsibilities include conducting research and analysis of data about sales of products and services. They could work for a specific organization that studies customers and competitors, or they could work for a firm that specializes in market research.
Disney, Whole Foods Market, and the State of Vermont are among the companies that hold this position.
18. Quantitative Analyst
The national average salary is currently sitting at $141,375 per year.
Quantitative analysts’ primary responsibilities include employing a wide variety of mathematical and statistical approaches to carry out risk management and other finance-related studies. They may collaborate with public or private organizations to investigate consumer buying or selling patterns to identify potential profit opportunities.
Entry-level jobs for economics majors
Finding a job immediately after graduating from college may appear to be difficult, but recent graduates with a degree in economics have a wide variety of excellent employment opportunities to choose from. Following is a list of entry-level jobs for economics majors:
- Data Analyst
- Research Associate
- Policy Analyst
- Operations Associate
- Associate Underwriter
Most common jobs for economics majors
Congratulations on your decision to pursue a degree in economics; upon graduation, you will most likely be entering a field that pays well. According to research conducted by Glassdoor, economics is one of the college majors that leads to the highest salaries. The following are some of the most common jobs for economics majors:
- Financial Analyst
- Investment Analyst
- Business Analyst
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