In 2017, there were over 45,700 economic degrees awarded and 3.82 million in the workforce who majored in economics. If you’re considering this field, you’ll have a wide range of career choices to consider and many different potential employers, from an economic consulting firm to the government, a university, and a bank, among many others.
The most difficult decision with so many options is which career to pursue – these are three you might want to seriously consider.
An economic consultant uses analytical and research skills to analyze the economic conditions of a business and carry out studies involving economic scenarios. They may work in a variety of industries, like healthcare, education, business, finance, the government, and more. Many work for economic consulting agencies that are hired by private businesses to look into conditions of their current economic standing to suggest alternative methods for receiving maximum economic outcomes. They may be called upon to advise in legal settlements related to economic issues to support an expert who will be testifying, or to testify as an expert themselves to assess economic damage, analyze antitrust violations and intellectual property, and/or address regulatory violations.
According to the US Bureau of Labor and Statistics, the median pay for an economist with a master’s degree is more than $105,000 per year.
A financial analyst has a wide range of responsibilities, such as gathering data and organizing information, making projections and forecasts. Researching industries, companies, stocks and bonds, and other investment vehicles for finance departments are often part of the job too. They use computer software and models to help in their analyses and frequently prepare presentations and write reports for clients and colleagues who are trying to make the best possible decisions in regard to investments, mergers and acquisitions, and more. This typically requires the advanced quantitative skills most economic majors have.
The median pay for a financial analyst with a bachelor’s degree according to the US Bureau of Labor and Statistics, is $85,660 annually.
Students majoring in economics tend to perform better in law school than other majors, such as political science, finance, psychology, and accounting, according to Baylor University, so this is also an excellent career to consider. Many areas of law, such as personal injury, corporate law, antitrust law, tax law, and medical malpractice involve the application of macro- and microeconomic analysis. Lawyers represent and advise individuals, businesses, and government agencies on legal issues and disputes. They need analytical and critical thinking skills to prepare and try cases. They have to gather evidence to support a certain position that will be compelling to convince a jury, judge, or opposing attorney.
The US Bureau of Labor and Statistics puts a lawyer’s median pay at nearly $123,000 per year. Of course, you’ll have to go to law school after earning your economics degree. Most lawyers work in corporate or private legal offices although some work for local, state, or federal governments.