What Additional Advice Would You Give To Those Considering A Degree In Economics
My advice is based on things I wish I had known earlier on in my course. First, find a mentor, or ideally about 3-5 mentors, one from each field you are interested in.
The time will pass faster than you think. Before you know it, you will be in the final exam season and still have no idea where you want to apply for your first position. Start talking to people in interesting careers early. By the time you are graduating, not only will you have a clear idea of what you want to do, but you will have the contacts who will be able to get you a job with ease .
You can use the Mavenli app to find the right mentor for you for free or contact your alumni resources.
Also, apply for internships and work experience very early on. While you can get an average job very quickly, elite organizations often want to see excellent academic qualifications as well as relevant work experience before they will consider inviting you for an interview.
Take The Next Step In Your Economics Career
As industries continue to evolve rapidly, theres a growing need now more than ever for skilled professionals with an advanced degree in economics to lead the way. If youre interested in advancing your economics career, explore Northeasterns program page to learn more about how earning a Master of Science in Economics can help.
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You Develop Unique Skills
The analytical problem-solving skills that come from studying economics will help you stand out as a candidate in many fields. Knowing how to analyze data to predict future economically oriented events differentiates you from many other liberal arts graduates. It makes you more appealing to potential employers. The ability to use mathematical and statistical techniques to derive meaning from data is a highly valued skill in today’s workplace.
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Decide What Salary Level Is High Enough
Typically, those with master’s degrees or higher make more than those with bachelor’s degrees. According to the U.S. Bureau of Labor Statistics, the median annual wage for economists was $108,530. The top 10 percent earned over $198,000, and the lowest 10 percent earned less than 59,220.
But most economics grads don’t end up as economists. They find jobs like the ones listed in this article, and they enjoy median salaries that are generally higher than the ones listed for economists. Economics majors consistently rank among the top earners in many fields.
Career Paths After Economics Majors
An economics degree will help your employability in numerous spaces, paying little heed to the business you work in. There is a strong demand for highly numerate graduates throughout the global labour market.
The widely transferable analytical and problem-solving skills developed by economics students means that careers in economics are extremely wide-ranging and diverse.
Below are a range of popular economicscareers, with details on what to expect and the skills youll need.
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Best Career Paths For An Economics Degree
In the next section of this article, we will be discussing twelve different popular career paths for those who have graduated with a degree in economics. Some of these careers might require further schooling than just a bachelors degree, while others might have you entering your position immediately after graduation.
In each description, we focus on what the daily roles and responsibilities look like for those in these roles and what their average yearly salary is in the United States. These are all essential parts of choosing a future career, so if you are looking to explore more options for careers in economics, this list is a great place to start.
You Qualify To Make Some Seriously Good Money
An economics degree can be an extremely sound investment. One study in the U.K. found that 10 years after graduation, the average salaries of economics graduates were higher than those of every other major except medicine. Economics grads made more than those with engineering, law, and computer science degrees. And a found that economics majors topped the list of the highest-earning graduates in all fields.
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How To Decide If You Need A Graduate Degree
It’s no surprise that many of the top jobs for economics majors are reserved for those with advanced degrees. But investing more time and money in higher education may not necessarily get you where you want to go. Before you dash off your grad school applications, take some time to consider your options carefully.
You Learn How To Become A More Responsible Consumer
Economics students learn to think analytically about issues of economic efficiency, globalism, wealth and poverty, and social justice. You can become a critical consumer of statistically based arguments about public policy by studying economics. Your training will help you sift through the rhetoric and understand the basis for different viewpoints.
The skills you pick up in an economics program make it easier for you to solve problems and make data-driven decisions. You can assess the risks of an investment opportunity, the benefits and costs of different career choices, and the potential impacts of public policies like health care and taxation. All of these things will help you become a more responsible consumer.
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Is Economics A Good Major
When you are applying to universities, it can be difficult to know which major to select. Economics is one of the top five most popular majors in the US, with thousands of students studying it each year. If youâre considering an economics major, research everything you can about the courses and what youâll be learning.
As an Economics major, youâll analyze the economy and how government and businesses allocate resources and produce goods. Due to the ever-changing global political climate, there will always be a demand for people who understand these factors. The Economics degree provides insight into real-world experiences and offers solutions to problems, making it an attractive qualification for many industries. So, what can you do with an economics degree? Letâs take a closer look.
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What Is The Use Of Economics In Our Everyday Lives
One of the widespread applications of economics is to make life-changing money-related decisions. Economics truly helps in making life decisions. Some of these include your marriage, how many kids you decide to bear, and your living conditions. Before we make our final decision on either of them, we need to use cost-benefit analysis. In this technique, all the options are equally weighed. The pros and cons are straightened out. Depending on which choice is better and practical, a decision is made based on the outcome. Household budgeting, employment, and price tags are other areas where economics is used every day.
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Special Skills Of Economics Majors
Economics majors hold an edge over some of the graduates of other courses in regard to the breadth of competencies they possess and their ability to analyze data in a wide variety of fields. It is an accepted notion that economics is an excellent major for those interested to become business leaders. Flynn and Quinn even conducted a study to validate this popular view and found that, indeed, economics is a good choice for those seeking to be CEOs.
Bouyed by these, the 2018 2028 job outlook growth for economists in the United States is at 8%, higher than the national average of 5% . Schools ensure that students gain a mastery of several transferable skills that can be leveraged in various economics jobs.
According to Jüttler and Schumann , economic competencies collectively encompass the capability to function as knowledgeable citizens of contemporary societies by having the competency to appreciate and evaluate economic concerns. And aside from the given special skills, economics majors also get to hone their ability to manage time while in school . They work around time constraints of classes by mapping out complex tasks in advance. When applied to the professional realm, they can use this method to generate accurate production forecasts when dealing with lengthy projects.
Economics Careers In Banking
Banking careers are very popular with economics graduates, offering scope for high earnings and have a high demand for economists. Graduates with a background in economics are particularly valued for roles in financial control, financial planning, risk analysis, data analysis and consultancy. With a focus on keeping the financial requirements of clients and businesses on track, banking careers are largely concerned with advising and providing services for a range of banking clients and consumers.
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How Much Does An Economics Degree Cost
Most people would agree that the cost of higher education in the United States is generally considered to be relatively high. However, there is significant variation in the cost of getting an undergraduate economics degree depending on the kind of school you attend. For example, you will likely pay much less per year for an economics degree at a public university or community college than you would at a private college or university.
At some community colleges or public universities, you might only pay $8,000 a year for an undergraduate degree, perhaps even less if you have financial aid or scholarships. However, at more prestigious or private universities, you could pay up to $60,000 a year to get your degree. The cost of a degree really depends on the kind of school you choose, so decide carefully!
A Career In Sustainable Economics: Challenging And Rewarding
There are a number of majors that can help students pursue a career in sustainable economics. These include economics, environmental studies, and policy. Sustainable economics is a relatively new field that is concerned with the long-term viability of economies. It takes into account environmental and social factors in addition to purely financial considerations. There is growing demand for experts in sustainable economics, as more and more businesses and governments recognize the need to address environmental and social issues. A career in sustainable economics can be both challenging and rewarding. Professionals in this field can help to shape the future of the economy and make a positive impact on the world.
According to Bob Hartzell, there are five career paths in environmental economics that are worth pursuing. A masters degree is required for the vast majority of these positions. It is common for students who do not major in the field after graduation to have no job prospects. The environment is more important to a positions title than it is to another. There is no one-size-fits-all solution to the job market, so you may find that you have a variety of options. Be aware of the opportunities you want to create in your major as you make your decision.
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Possible Careers Of Economics Graduates
Jobs for economics majors are in abundance given their broad knowledge base and transferable skillsets. A lot of sectors have openings that they can apply for, and those are not limited to the jobs offered to economists. In fact, contemporary advancements in technology have further expanded their list of options, as fields like big data analytics and data science would benefit from the competencies of economics majors .
Being a professional economist remains a highly coveted option, with the median pay in 2019 amounting to $105,020 a year and $50.49 per hour . However, there are equally promising options in the job market that could lead to lengthy and fulfilling careers , even if the job titles do not necessarily have the word economist in them.
What Was The Job Search Like After Graduating
It was not easy at first because I chose to go into mergers and acquisitions and wanted to get into a top-tier bulge bracket investment bank, which is incredibly competitive, and the applications are very long and quite complicated. Thankfully, I managed to find a mentor who helped me get an internship in private equity, which, combined with a relevant degree, allowed me to get into JPMorgan with relative ease.
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Plenty Of Job Options For The Economics Major
While attending classes, economics majors gain knowledge of how entities of various scales utilize their resources . To quantify their findings, they engage in various research methods and hone a set of skills that help them identify problems and posit solutions for a wide range of scenarios. Those skills happen to be transferable to a plethora of economics jobs spanning different industries, which is why aspirants have an abundance of possible careers .
Typically, economics majors are competent in problem-solving, data analysis, research, monitoring new trends, contextualizing the relationships of datasets, and reporting their findings in a manner thats easy to understand . Using these skills effectively will help any aspirant not only gain a career but also excel in whichever field they enter.
In essence, there are jobs for someone with an economic background in any given industry , but some lines of work have a more immediate need for what economics majors bring to the table. Being a professional economist comes as the foremost option since the job mirrors what graduates have learned in school. However, it is far from being the only viable occupation available. These include being a market research analyst, data scientist, lawyer, and an actuary, among others .
Your Skills Will Position You For Many In
Economics programs equip you with the skills that many companies need. Employers value workers with well-developed research, analysis, and data modeling abilities. Here are just a few examples of economics-related occupations that are expected to see faster-than-average employment growth between 2020 and 2030:
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What Advice Would You Give Undergraduate Students Who Are Considering A Graduate Degree In Economics Is It Worth It
Like all things, you get out of it what you put in. Personally, I think economics is a great study to undertake because it leads to a flexible career path. You can go into banking with as much ease as you could go into teaching or sales or any number of things. Employers really like graduates who have proven numerical, project management, and teamwork skills and the ability to think strategically and be commercially minded.
If, like me, you end up deciding that you want to build your own company, economics is a great place to start since you already have a decent background in business and a commercial mindset, not to mention a network of people who are probably doing things related to finance and can help act as angel investors, which has been my case.
Careers And Salaries For Economists
Economists apply economic analysis to research and analyze economic issues. This involves the analysis of data using various statistical techniques and may include conducting cost-benefit analyses, interpreting and creating forecasts, or conducting economic impact analyses. Frequently, policy recommendations are derived from economic analysis.
According to a study published in 2015, the median annual salary for economic majors is $76,000 and $75,000 for business economic majors in 2013. Below is the median yearly salary for all business majors.
- Information systems and statistics: $77,000
- Economics: $76,000
- International Business: $60,000
- High School Graduate: $36,000
Carnevale, A. P., Cheah, B., & Hanson, A. R. . The economic value of college majors. Georgetown University, Center on Education and the Workforce. McCourt School of Public Policy.
Below are the eight common jobs for individuals with a degree in economics, according to payscale.com, along with the average annual salary.
- Data Scientist: $92,000
- Business Reporter
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What Is An Economics Major And How Does A Career In Economics Look Why Does It Matter
Before we dig into economics jobs, lets pause for a moment and look at what economics is and what it means to major it in. According to Merriam-Webster, economics is a social science concerned chiefly with description and analysis of production, distribution, and consumption of goods and services.
When you decide to become an economics major, youre dedicating yourself to the study of material prosperity and the conditions that create, move, or destroy it. Youll explore the underlying principles, such as the classic supply and demand model, as well as examine various theories about how goods, services, and money move throughout a locale, be that a small community, the entire world, or anything in between.
If you graduate with an economics degree, you actually have a surprising number of career options. Many of the foundational understandings you gain can be used in many business areas, including some you may not expect.
Often, tech, business, finance, and various other departments would be thrilled to have an economics major in their ranks. Its a versatile degree, giving you possibilities far beyond traditional economist jobs.
What Is An Economics Degree
Many students find that economics is a great degree to build off of if they want to pursue further study, as it encompasses knowledge relevant to law, finance, business management, and more.
During an economics degree, students will explore questions related to real-world applications of the economy, including resource management and allocation, incentives, wealth, and more. Additionally, students will study foundational topics like macro and microeconomics and calculus throughout an economics degree, later moving to different policy or real-world applicable research.
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