What can you do with an economics degree? This is a question many prospective college students ask when considering this popular major. While there may be many potential answers to this question, some of the most lucrative ones are highlighted below. If you want to study economics and earn a handsome salary upon graduation, these are the career paths you should consider.
| Job Title | Median Salary (2018)* | Job Growth (2018-2028)* |
|---|---|---|
| Economist | $104,340 | 8% |
| Budget Analyst | $76,220 | 4% |
| Top Executive | $104,980 | 6% |
| Personal Financial Advisor | $88,890 | 7% |
| Financial Manager | $127,990 | 16% |
1. Economist
With a bachelor’s degree in economics, you would be qualified for entry-level positions and pursuing a graduate degree in economics would open up several other options. Economist uses analytical and research skills to carry out studies regarding economic scenarios. They analyze industry trends to help organizations improve their performance.
They might work for organizations in a variety of industries, including business, finance, healthcare, education, the government, and more. The economist can also act as an expert witness in legal cases to assess economic damages, analyze intellectual property and antitrust violations, and address regulatory violations. In 2018, economists made a median annual salary of $104,340.
2. Budget Analyst
A budget analyst is employed by an organization or business and is responsible for helping the company develop and manage an annual budget. They may work closely with other company executives and managers to understand the financial needs of each department, as well as the expenditures.
An economics bachelor’s degree would be adequate preparation for a career as a budget analyst, though certification may also be helpful for those working in the government. These professionals made a median salary of $76,220.
Related post: Economics Books For Economist.
3. Top Executive
Top executives work in several different capacities for companies and organizations, like operations managers, executive directors, and CEOs. While their responsibilities and job duties may vary depending on their specific role, top executives are often in charge of setting organizational goals, working with other company executives, analyzing sales and financial reports, and overseeing the daily operations of a company.
With an economics degree and relevant work experience, you would be qualified for a position as a top executive. In 2018, top executives made a median annual salary of $104,980 and there is the potential to earn even more depending on your role, as the top ten per cent of CEOs made over $208,000 in 2018.
4. Personal Financial Advisor
As a personal financial advisor, you will work closely with clients who are seeking financial advice concerning their investments and savings. You may help them set up savings funds for retirement or their children’s future education, manage their investment portfolios, and navigate tax season.
A degree in economics would provide an individual with a good foundation for a career as a personal financial advisor and certifications or licenses may provide an additional advantage. These advisors made a median annual salary of $88,890 in 2018, which is also much higher than the national median of $38,640 for all occupations.
5. Financial Manager
Financial managers play a key role in businesses and organizations, as they oversee all of the business’s financial activities and make important financial decisions. For example, a financial manager would be responsible for managing the finance department and all of its employees, producing financial reports and statements, making sure budgets are set and abided by, and reporting to top executives.
Financial managers typically have a bachelor’s degree in a relevant field, like economics, and significant work experience in a related role. In 2018, financial managers earned a median annual salary of $127,990.
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