What Are Some Jobs for Economics Majors?
Are you wondering about the career opportunities for economic majors. In this article, let us discuss some of the career options that one can think of after completing graduation with an economics major.
So, what’s next after completing your graduation as an Economics major? As a graduate who has just passed out from a grad school, you have an ample amount of opportunities to do well in this field. If at all you are not willing to go for any higher studies, you still have a lot of opportunities in your hand. Go ahead and grab those opportunities. In this article, we shall discuss some lucrative jobs where you being an economics major can certainly do well.
Here are some career options that one can think of after completing graduation with an economics major.
Market Research Analyst
Market research analysts keep a track of how the market is changing over a period of time. More or less, they study the market and trends. They study how the price of products and services vary from time to time. They gather lots of data, study those data, analyze those data, and draw some meaningful conclusions.
Market research analysts possess good analytical skills, problem-solving skills, use of advanced software i.e. technical skills, graphical presentation skills, statistical, and writing skills.
Salary: According to the Bureau of Labor Statistics, the average salary per year of a market research analyst varies from $35,700 to $63,120
Growth: Again according to BLS the job market for market research analysts is supposed to grow by 23%.
Economic consultants help their clients by giving meaningful advice, solving their problems, they study different economic scenarios, analyze industry trends. They work for different organizations or industries; like a business, finance, healthcare, education, the government, and more.
Economic consultants can also work as economic experts who are very good at studying the market and make predictions. They are also responsible for legal activities like assessing economic damages, analyzing intellectual property and antitrust violations, and addressing regulatory violations.
Salary: In America, the average salary per annum of an Economic consultant varies from $50,000 to $108,000
Growth: In the upcoming days it is expected that the job market will show a growth rate of at least 5%.
Compensation and Benefits Manager
Just like economics majors, compensation and benefits managers must be able to think in numbers, since they evaluate options for pay and benefits. They study trends in the labor market and assess supply and demand for various classes of jobs.
Compensation and benefits managers research pay and benefits in similar organizations within their industry to establish a competitive structure for their company’s pay and benefits.
They create reports and present their findings to senior management, and might also work with their company's human resources department.
Salary: According to a study done by BLS, the average salary per year of a Compensation and Benefits Manager in the U.S ranges from $70,560 to $205,010.
Growth: Again BLS has projected that the employment for Compensation and Benefits Manager is supposed to grow by 5%.
Credit analysts help their clients with various macroeconomic activities. They analyze a certain situation and make decisions based on that. Basically they look for factors like risks involved with loaning funds to people or businesses. They look and take into account what impact it will have on the region, industries, and competitors.
Credit analysts can work for financial institutions, banks, and different money lending organizations. They prepare reports based on clients’ past records and whether the loan can be given or not and if given then what can be the interest rate.
Salary: According to the BLS, Credit Analysts in America usually earn an average income of $43,000 to $1,36,000 per year.
Growth: Though there is no certainty about the growth of jobs for Credit Analyst still a rough estimate can be made and said that this field may grow by 3 to 4%.
Financial analysts do study and research on different company’s stock prices, investment patterns, bonds, stocks, and policies. They possess very good quantitative skills and are excellent with numbers. They use different computer software to make ports, to visualize data, and present it to their managers and clients.
Salary: According to the BLS, the average annual salary of a financial analyst varies from $52,540 to $167,420.
Growth: The BLS predicts that financial analyst jobs will grow by 11% in the next five to six years.
Management consultants are responsible for finding solutions to various economic problems faced by the company. As a fresh economic graduate one might be given the role of a research analyst, research assistant, junior management consultant, etc. As a fresher one is supposed to help and assist the senior staff. After working for a few years in these positions one can then be operated to the position of a Management Consultant.
In addition to good quantitative skills, one must possess good writing skills, communication skills, presentation skills, and public speaking skills as one will be dealing with clients and top-level managers.
Salary: According to the BLS, the average annual salary for management consultants ranges from $48,360 to $152,760.
Job Outlook: The BLS says jobs for management consultants will grow by 14% in the upcoming decade.
Business reports create and report business news. You will be asked to follow startups, big businesses, write stories about them, and finally, after editing you have to broadcast them. You should have a good command over the language, a good way of presenting, and curiosity to learn and update people about ongoing business trends and stories. These are the key to success in this field.
Salary: According to ZipRecruiter, the average salary for business reporters varies from $38,900 to $61,497.
Growth: The industry may see a growth rate of 5 to 10%in the coming years and jobs for business reports are more likely to increase.
In conclusion, as an economics major, you have ample opportunities and lots of chances of doing good with your career. All you need to find is which career or job will be the best fit for you and what fascinates you the most. Hope this article helped you sort out your dilemmas. Good luck!