While many people think that an economics major leads only to economist jobs, there are more opportunities available. Often, academic and research institutions will only hire an economist who has a doctoral degree. This means that the average economics major will most likely be hired in an alternative field. Considering the mathematical, logical and analytical nature of the degree, economics majors are highly desired by employers in a range of different professions.
An actuary uses statistics to figure out the chances of negative events happening. Often, they work with an insurance company to figure out how likely an illness, fire, major disaster or death will occur. To do this, they use advanced mathematics to determine the statistical probability that an event will occur. With this information, the insurance company is able to decide who can receive insurance and how much the insurance will cost. To succeed in this position, actuaries must be talented at using computer software, statistics and mathematics.
2. Market Research Analyst
A market research analyst works to understand trends in a specific industry. They may be given a product or a service and told to find out how well it will do in the future. To succeed in this position, the market research analyst must be able to gather and analyze data. Due to this, economics majors are natural fits for this profession. They can use graphical representations, statistical skills and software programs to solve marketing problems.
3. Financial Analyst
In this career field, economics majors are highly valued. A financial analyst helps to manage client portfolios, research investment vehicles and work with financial departments. Employees in this field must be exceptionally talented at using advanced quantitative skills and statistics to write reports. In this field, employees may work with private investors, corporations, credit agencies and banks. They may research upcoming mergers, initial public offerings or investments to help clients make sound financial decisions.
4. Management Consultant
A management consultant must use their economic knowledge to help business become more efficient and find solutions. College graduates are often hired as research assistants and junior consultants initially. Once they show that they are able to do the work, they may be promoted to the senior staff. In this career, employees are expected to use financial and quantitative modeling to analyze business issues.
5. Economics Consultant
companies always need economics consultants to research trends and industry changes. They may be hired to testify in legal trials or help improve the financial efficiency of the business. Economic consultants must use analytical, mathematical and research skills to forecast potential economic trends. Through their work, the economics consultant may help corporate clients to decide on mergers, investments and expansions for their business.
By getting a degree in economics, students open up a variety of potential career choices. The analytical and research skills learned by economics professionals are valued within the business community. Whether the company needs an economics consultant to calculate the benefits or a merger or an actuary to decide on insurance liability, the skills of an economics major are an important aspect of financial decisions.