The fields of economics and finance are far more diverse than the average layperson may imagine. For many people the word “economist” conjures up images of academics who ponder esoteric topics of interest to few. As a result, many economists leave academia for careers in which their work is more popularly known and appreciated (e.g., consulting). The truth, however, is that there’s a wide variety of jobs that fall under the title “economics” and are well suited to those with an economist’s mindset.
Economists can work in a variety of fields, from government to business to education. Economists are sought after for their ability to analyze data and make predictions about the future. They help organizations plan for the future and make decisions that align with those plans.
Economists may work with governments, businesses, and nonprofits. For example, they can help businesses understand market trends and advise them on how best to invest their money. Economists can also help governments understand their economies and determine what action should be taken based upon current trends.
In some cases, economists may work directly with consumers—for example, by providing information about how consumers spend their money or what products they purchase most often.
Economists can also teach at universities and colleges or write articles on economic issues that are published in magazines or newspapers.
What jobs can economists do
Introduction
Economists study markets, trends and the forces that determine choices. This description clearly identifies economists as well-rounded job candidates. While many economists work directly in finance or monetary research, those with a bachelor’s degree are qualified for a wide variety of non-economist positions.
Economist
It is common for economists to work for governments or in jobs where they have an influence on public policy. Public policy can include things like taxes, welfare programs and healthcare.
Other jobs that economists might take include working in a business or industry related field, such as consulting or research firms.
You should also consider the possibility of getting a job as an economist at a university or private research firm. These types of positions usually require a PhD in economics and usually pay well compared to other jobs that require similar levels of education (like professors).
Educator
- Teach at universities.
- Teach at high schools.
- Teach at elementary schools.
- Teach at colleges and community colleges.
- Teach at vocational schools, including those in the military, law enforcement and business professions.
Actuary
If you enjoy using mathematics to solve problems and want to help companies manage risk, actuary may be the right career path for you. Actuaries work with numbers and statistics to help insurance companies, banks and other organizations assess how likely certain events are to occur so they can price their products accordingly.
The field of actuaries is growing rapidly: by 2022, it’s expected that there will be 1 million job openings for actuaries in North America alone (Riley). With an abundance of jobs available across all industries, this makes the field a great choice for economists who want to stay competitive in their career or change fields completely.
Financial Analyst
Financial analysts are the people who help companies make better decisions. They use their expertise to analyze and interpret financial data, usually by preparing reports that predict what will happen in the future. Economic or market trends are studied by economists who work at financial institutions or consult with companies. In addition to analyzing current trends, they can also provide advice on how they might affect your business’s bottom line.
Financial analyst jobs are available across all industries, although there is some specialization within this field: Some analysts specialize in consumer markets while others focus on industrial clients such as manufacturers and retailers. Regardless of the area of focus for an individual analyst, all must have strong quantitative skills (i.e., math), excellent communication skills and a high level of analytical ability to succeed in this role
Corporate Development Manager
A corporate development manager is a person who helps companies grow through mergers, acquisitions and divestitures. These professionals may also help companies with joint ventures and strategic alliances.
What do you need to do this job? You will need a bachelor’s degree in business or economics, as well as some experience in finance and accounting. Some employers prefer someone with an MBA or master’s degree in finance or administration of enterprises (MBA).
What does the job involve? Corporate development managers work on high-level strategic decisions for their organizations, such as deciding whether to buy another company or whether to sell off assets like real estate holdings or manufacturing plants. They usually specialize in one industry so they can understand trends within that sector more easily than someone who doesn’t have specific knowledge of the industry at hand; if you’re interested in working for an oil company but don’t have any experience working with petroleum products, it might not be worth pursuing this type of career path because there would be little opportunity for growth since you wouldn’t know enough about what makes up a successful oil operation (e.g., where profits come from).
Budget Analyst
As a budget analyst, you will examine economic data, prepare forecasts, and develop budgets. You may also make recommendations about how to allocate resources or analyze costs and benefits of different courses of action.
There are lots of different jobs that economists do
As an economist, you can work in a number of different fields. You might teach college courses or high school classes, conduct research at a university or think tank, or even analyze data for private companies and government agencies.
There are many great career options for economists because they are in high demand. Economists are needed to help businesses and governments make good decisions when it comes to investing money, creating jobs and managing budgets. They also help companies with financial forecasting so they know how much money will be coming in the door next quarter or year.
Economists often earn six-figure salaries right out of college; some even go on to earn over $200k per year!
Conclusion
We hope this article has given you some insight into career paths for economists. We also hope it will help you make an informed decision about your future career. In fact, there are many more opportunities that we didn’t even include in this article. If you want more information on any of the careers listed above or have other questions about what jobs can economists do, please contact us today!
