Entry Level Jobs Economics Major
Accounting and finance managers are responsible for overseeing the financial operations of a company. These professionals might work in accounting departments or with other financial departments, such as those concerned with human resources or marketing. Economics majors often find themselves in this career field because they are focused on understanding how real-world economic factors affect business strategies and decision-making.
Economics majors can also pursue careers in sales, marketing, and advertising. These positions require an understanding of how to use economic principles to sell products and services. Entry level positions in these industries often require less experience than similar jobs in accounting and finance, but still require an understanding of basic economic concepts like supply and demand.
Entry level jobs economics major may also work as research assistants for professors or economists at universities or think tanks. These professionals gather data from government agencies on topics related to their field of study so that they can write research papers that help shape public policy decisions related to their industry or field of expertise.”
Entry Level Jobs Economics Major
- Actuary
An actuary uses numerical analysis to calculate and manage risk. An actuary’s job is to analyze the likelihood of future events and identify ways to minimize the risk of adverse outcomes. A bachelor’s degree will get you in the door. You will likely be partnered with more experienced actuaries who can guide your development. You will need to apply for membership in a professional actuarial society and pass a series of exams to be certified. You can start that process in your senior year of college. Many employers expect students to have passed at least one of the qualifying exams before they graduate.
Median salary: $111,030 per year
- Personal financial advisor
Providing advice about investments, insurance, mortgages, taxes, and more can be a rewarding way to put your economics education to work. With training in financial planning, financial advisors work with clients to set financial goals and figure out how to achieve them. They educate clients about anything from budgets and savings plans to investment and tax issues. New hires typically undergo on-the-job training under the direction of senior advisors. Moving up in this field usually requires becoming a Certified Financial Planner.
Median salary: $89,330 per year
- Healthcare analytics specialist
Many informatics companies need healthcare analytics specialists to study the performance patterns of different hospital departments and recommend ways to streamline and improve processes. These professionals analyze data from patient files, billing records, and hospital inventories to make projections and find inefficiencies. A bachelor’s degree can get you an entry-level position, but a master’s degree will help you advance. Once you have at least three years of experience, you can apply for certification through the American Health Information Management Association.
Median salary: $104,280 per year (among all medical and health services managers)
- Statistician
Do you love number crunching? Statisticians gather and analyze data to detect trends and relationships. They design surveys, collect data, and communicate the results to policymakers and others. You need to be well versed in calculus, probability, survey methodology, and statistical theory to make it in this job. Most positions require a master’s degree, but some entry-level jobs are available to those with an undergraduate degree in economics.
Median salary: $92,270 per year
- Financial analyst
Guiding companies’ investment decisions is the job of financial analysts. They use their skills in quantitative analysis to assess financial projections and evaluate investment proposals. You have to be skilled at deriving meaning from economic and business trends to succeed in this field. Some positions require that you get a license from the Financial Industry Regulatory Authority (FINRA), but employers don’t generally expect you to have that before you start.
Median salary: $83,660 per year
- Financial examiner
As a financial examiner, you can help keep the world’s financial systems on track by ensuring banks, credit unions, and brokerage firms comply with applicable laws and regulations. Part of the role involves ensuring that borrowers are treated fairly and that the financial institutions are prepared to handle any unexpected losses. A bachelor’s degree in economics (including some accounting courses) is a good foundation for this career.
Median salary: $81,430 per year
- Operations research analyst
Operations research analysts examine data to help organizations solve problems like how to use resources, manage the supply chain, and set prices. They use sophisticated statistical modeling software to assess the likely consequences of process or organizational changes. Their work influences a company’s policy decisions. A bachelor’s degree is enough for entry-level positions, but you will need an advanced degree to move up in this field.
Median salary: $86,200 per year
- Budget analyst
A common fixture in government departments, research firms, and higher education institutions, budget analysts help large organizations keep their financial house in order. They study the costs of policy or program decisions and recommend funding levels. They also analyze revenue and expenses to project future financial needs. You need solid communication skills to explain and defend your recommendations.
Median salary: $78,970 per year
- Accountant
Handling the day-to-day financial transactions of companies is the job of accountants. They calculate payroll, file tax returns, and prepare year-end financial statements. Some companies prefer to hire candidates with a master’s degree in accounting. However, many entry-level positions are open to those with a bachelor’s degree in economics. You might need to start the process of becoming a certified public accountant (CPA), which requires passing an exam. An internship experience is a big plus in this field.
Median salary: $73,560 per year
- Auditor
The main role of an auditor is to review and verify the accuracy of an accountant’s work. Auditors perform quarterly or annual reviews. They look for financial mismanagement or inaccurate reporting, and identify ways to eliminate fraud. Professional certification can lead to better opportunities and is available to those with a few years of experience in this field.
Median salary: $73,560 per year
- Supply chain analyst
Manufacturing firms, retail businesses, and transportation service providers rely on supply chain analysts (also known as logisticians) to ensure that getting products from warehouses to end-users operates as efficiently as possible. These professionals collect data on costs and productivity to evaluate shipping processes and identify problems. You need to be good at strategic planning and resource allocation to succeed in this field.
Median salary: $76,270 per year
- Insurance underwriter
Insurance underwriters evaluate the risks involved in insuring a person or company. They analyze financial statements to understand a client’s economic background, and determine appropriate insurance coverage amounts and premiums.
Median salary: $71,790 per year
- Mortgage loan associate
Some companies hire economics grads with bachelor’s degrees to assist senior staff in managing mortgage loans. Typical tasks in this job include setting up new loans, reviewing rent income, and analyzing financial statements. Your job is to make sure clients comply with the terms of their loan agreement.
Median salary: $63,960 per year (among all loan officers)
- Market research analyst
As a market research analyst, your job is to survey a business segment to determine what products will sell well, who will buy them, and how much companies can charge for them. You are responsible for conducting surveys and keeping abreast of industry trends. You also have to present your findings in a way that people can easily understand. In addition to having a firm understanding of marketing, you need to be detail-oriented and have good quantitative abilities for this work.
Median salary: $65,810 per year
- Compensation and benefits analysis specialist
These human resources professionals research compensation statistics and perform market analysis to determine appropriate salary and benefits packages for different jobs. Part of the job involves assessing the financial impact of compensation plans and ensuring that those plans comply with regulations and labor laws. In larger companies, the positions might be split in two. Taking courses in business, finance, and accounting during your degree can be helpful.
