A PhD in economics gives you the luxury to take your career into new heights as PhD. is the highest educational qualification that an individual can obtain. Most people with this set of qualifications apply to join the elite financial institutes of the country. But there are many other job opportunities for which a PhD graduate can apply. Whether it's research or being an advisor in a federal office, people with PhD. degrees are highly preferred. If you are one of those who wish to obtain a doctoral degree in Economics then you must be aware of what are the careers available for you and which career can be the best fit for you. If you are a student then you might prefer to go to a regular class and get your doctoral degree. But if you are a working professional then you may not like to go to a normal regular class and get a doctoral degree. You would probably like to attend an online class. But not all online classes provide doctoral degrees and not all online degrees are of value and quality. But there are only a few numbers of colleges whose doctoral degrees are recognized all over the world. So before you make up your mind let’s take a look at some of the most lucrative jobs available in the market for doctoral students.
Accountant or Auditor
Most people with an Economics background go with the accountant or auditor job. Accountants or auditors are mostly responsible for examining financial records, understanding the taxation regimes, and maintaining account books. Accountants or Auditors are hired by large financial firms. But some Accountants are private practitioners as well. The pay scale of accountants or auditors ranges from $55,000 to $75,000 per year. The jobs of accountants are supposed to grow by 10% in the next 10 years, which means that there will be a lot of new openings and a huge demand for auditors and accountants.
The next lucrative career which everybody looks into is the job of a College Professor. Many graduates with a PhD. in Finance or Economics who prefer a career in academia may choose to work as a professor. The job of College professors is also considered to be one of the safest careers as it is not affected by the market condition or economic downturn. In an economic downturn, an entire financial firm might collapse but the education industry remains stable.
The average salary of a college professor ranges from $68,000 to $80,000. The job outlook is expected to grow by 15% in the next decade, as per the BLS. Many graduates with doctorates who wish to be wholly and solely related to academics prefer the job of a College Professor.
An economist can be the best term for someone having a doctorate in Economics. When it comes to the roles and responsibilities of Economists, they are the ones who dive deep into the economical problems faced by government or companies or business firms. They take a problem, analyze it, and then formulate a solution for it. With years of experience in this field, many prominent Economists also become financial advisors for federal bodies or private firms. They usually earn a salary in the range of $62,000 to $95,000.
Urban and Regional Planners
Urban and regional planners aid project developers and public officials in creating development plans that will help in the utilization of the resources and the land fully and minimize the cost. In order to do this they have to gather and analyze information related to various economic and environmental factors. These planners also check whether a project is doable or not. Out of several projects, they choose the best one and disapprove of others.
Most recent PhD graduates are preferred for these positions as they will be able to solve real-world problems and help the businesses and govt officials make some sound financial decisions.
They earn a salary ranging from $45,000 to $67,000.
Personal Finance Advisor
Personal Finance Advisors usually give financial advice to their clients regarding loans, investments, mortgage, taxes, and other financial matters. They can either be hired by large companies as a full-time employee or they may prefer to work as private consultants to individuals. This career is a lucrative and safe career option for doctorate degree holders.
Personal finance advisors in America earn around 70,000 to 90,000 U.S dollars. This field is and in the future, it is expected to grow by 15%.
Financial managers are usually hired by large business firms, financial corporations, and financial institutions. Their job is to monitor the financial transaction happening in an organization, assure that proper legal procedures are followed, analyze the financial reports, look at cash inflow and outflow, give advice for investments, make maximum utilization of the resources, and reduce cost and to keep track of market trends. It is also considered to be one of the higher paying financial jobs which gives you a lucrative career.
Financial managers usually earn an average salary ranging between $98,000 to $1,30,000 per year. This field is growing rapidly and is expected to grow further by 20% in the coming years.
With a background in economics and having a good understanding of mathematics and statistics, one can also become a Statistician. The main job of a statistician is to look at a large set of economic and business data and to derive meaningful conclusions from them which will help the business to make sound decisions.
The average salary of statisticians ranges from $58,000 to $1,00,000. With the advancement in technology where one has to deal with large numbers of datasets, this field is growing at a rapid speed.
As discussed above these are few lucrative careers that one can opt for with a doctorate degree in economics. Today there is a wide range of opportunities for such qualified people. The employers are happy to hire efficient and qualified candidates and are ready to pay higher salaries to such employees.