One pursues a degree in the university for two reasons- passion and career. If you are one of those who has chosen a degree out of passion but yet are unsure about how to convert your passion into career? Then you have arrived at the right place.
What Are The Best Career Options For Economics Majors?
1) Personal Financial Advisor
Personal Financial Advisors assist clients in achieving their short and long-term financial objectives. They evaluate the clients’ financial positions and based on their assets and income assist them in making personal financial decisions on things like deposits, loans, bonds, insurance, and other finances.
Financial advisors may work directly for their own clients or with organizations such as banks or investment firms. With people looking for more diverse income options and investments become more common every day, a career as a Personal Financial Advisor looks very promising in the coming years.
Love working with data and numbers? Then this is the job you should definitely watch out for. Economists gather and interpret data and information and use their analysis to detect patterns and make economic forecasts. Economists not just for the government or think tanks, contrary to common opinion. It is now becoming one of the best careers in tech and other mainstream businesses.
Large companies perform their activities such as rolling out of products based on the information provided by the economists as they help understand the market sentiments. With businesses becoming more competitive, you can definitely work with both private firms and the federal government if you wish to pursue a career as an Economist.
3) Pricing Analyst
Have good analytical skills and also love monitoring the market trends? Then you can combine both these skills and make a successful career as a Pricing Analyst. Your work will be to strategically determine optimal price for goods and services in the competitive market. You will also have to conduct competitive pricing audit, partnering with hidden shoppers, tracking the price of raw materials, and coordinating with commodity development departments on pricing policy.
This is just a small part of this job as once you join it, you will get a chance to explore other job opportunities as well. If you love a highly interconnected job and have adequate skills and interests then this is a job you should definitely get into.
4) Product Manager
Product managers devise policies and plans for companies’ growth, launch, and testing of new and current products. They also lead teams devoted to the different tasks involved in developing a product. Product managers are in charge of company’s business plan, defining the technical specifications, and overseeing the rollout of new functionality.
Their input is really important before rolling out a product in the market. The growth of a company’s market value depends on its product and the products depend on you. If you understand the market and customer sentiment then this is the job made for you.
5) Management Consultant
Management consultants are in charge of making high-level decisions about how to operate a business. This is a position of high responsibility and power. Your work will be focused on productivity, development, and profit maximization. Your work will also include to find out places of risks and opportunities for the company and use those options to drive the company on the path of profits.
This is a relatively high paying job but includes a lot of time, responsibility, and stressful conditions. If you are an individual who loves to take responsibility of your actions and have complete trust over your knowledge and can handle work pressure then you must pursue your career as a management consultant.
6) Market Research Analyst
The job of a market research analyst is to gather consumer and competitor data. Based on the data collected, you will have to analyze the market dynamics and help the company formulate their business plans accordingly. Your analysis will assist the businesses in determining what goods and services the consumers want. It will also help you target the required customer base and make a pricing strategy accordingly.
Your input will also tell the company, what products to put in the target market. Understanding the customer behavior along with the larger market sentiment will be beneficial for your job.
7) Financial Analyst
A financial analyst is someone who makes strategic recommendations to a business based on analysis carried out on various factors like the market trends, current financial position of the company and making recommendations about the outcomes of any business deals. This job is a mixture of being an accountant and a counsellor who monitors constantly monitors the financial health of any company.
Based on the reports of a financial analyst, a company procures and uses its funds and enters into a market or puts more investments in a particular field. It is also a job of high responsibility and accountability as finance is the backbone of every business. If you think you have the interest, and the required skill sets then you must definitely make a career in this field.
8) Business Reporter
The work of an economic enthusiast is not limited there is a whole set of opportunities that you can exploit and make a successful career in. Business reporter is one of such diversifications. They are the journalists who focus on the stories related to finance and business trends. You can research and report on financial patterns, economic policies, governmental decisions, and businesses that may have an effect on the country’s finances and overall health of the business sector.
You can report about the health of medium and small-scale industries in your country or all round the globe to that relevant actions can be taken to help them grow. Your research can also prove to be beneficial to awaken the government to correct its policies. This is a high paying job that comes with a lot of social recognition.
9) Environmental Economist
Sustainable development is the need of the hour and everyone at this point needs to take this seriously. Are you someone who feels we have been overexploiting the Earth for years and its now or never to take an action and save the environment then you should consider environmental economics as your career. Your work will include conducting a cost-benefit analysis of environmental sustainability and natural resource use, including water, air, soil, and renewable energy options.
Using economic concepts and mathematical methods, you can evaluate and measure the advantages, risks, rewards, and impacts of alternative options. You can suggest various policy changes pertaining to the use of fossil fuels and other resources which have a negative impact on the environment. Your work will include the study of economic development that is not done at the cost of the environment.
As an actuary, you will have to conduct statistical and quantitative analyses to determine the financial outcomes from taking certain risks. You can conduct risk assessments and financial forecasts for both public and private organizations. You can work with the insurance companies, where your work will require use mathematical, statistical and financial theory in practicality which will enable you to study uncertain financial events of the future especially the ones related to insurance and pension schemes.
11) Data Scientist
Data science is an interdisciplinary discipline that employs computational techniques, procedures, algorithms, and systems to derive information and insights from structured and unstructured data, as well as to extend that knowledge and actionable insights to a variety of application domains.
If you have an economics major then there is high possibility that you that you crazy analytical skills. If you are one of those who is friends with numbers and loves making sense out of very limited resources then you should definitely consider a career in this field.
12) Quantitative Analyst
Quantitative analysts use a variety of mathematical and statistical methods to perform risk management and other finance-related studies. They can work in both public and private sectors to research sales or purchasing habits to determine profitable opportunities. You will have analyze various financial instruments in order to understand the market behavior. If you are good with number and aware about the market functioning then this is the correct job for you.
13) Corporate Lawyer
Corporate lawyers are responsible for supporting and representing businesses in legal matters. Some of their duties include overseeing contracts, negotiations, advising in situations and their legal ramifications and more. If you are someone interested in legalities and economics then this is the best job for you.
As the name suggest Corporate Layers are hired by large corporate firms. You will need to have a degree in both law and economics in order to pursue this career. It is one of the highest paying jobs and a really rewarding career.
14) Economic Consultant
Economic consultants examine the financial health of businesses and make recommendations for how to improve and change their existing programmes. They usually work with a consultancy company and is contracted by private companies. One can call it an upgrade to the personal financial advisors as here you will work for companies and not individual.
Your work will be more rigorous and also high paying. The financial health of the company will depend on your input. You can be the sole consultant or work with a team of people depending upon the size and needs of the company you are working with.
15) Economic Scholar
Academic scholars are paid a handsome amount and this job comes with lots of respect and financial stability, especially in the US. If you are someone keenly devoted to the field of academics and want to work and explore it academically then you can pursue your career as an economic scholar.
You can join universities as a professor or work individually as a researcher or join a think tank. If you have crazy interest in this field then definitely you should start looking at the available aspects of working as a career. It might not be a highly paying job like a corporate lawyer but incomes of scholars relatively high when compared to other careers.
These are some of the best career options that you can pursue with a majors in economics. These career options allow you to amalgamate different skills and qualifications into one job and enables and economic enthusiast to pursue his/her passion and make a successful and respectable career. A degree in economics opens a wide range of career options for an individual and it all depends upon the interests and qualifications. To be successful in any career it is really important to have adequate knowledge and enough interest in the field.
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