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Economics majors are trained well with the help of some of the best colleges, making it easy for them to enter the corporate world. Whether it’s handling numbers or analyzing market trends, economics majors are equipped with flexible skill sets that allow them to pursue different career paths.
From financial analysts cracking market trends to policy analysts affecting governmental decisions, each of the roles mentioned below plays a vital part in helping keep the economy running smoothly.
Whether you have a Bachelor’s or PhD in Economics, let’s explore the jobs based on this ranking to start a fulfilling career.
Here are ten of the most in-demand jobs in the United States for economics majors:
Financial Analyst
National Salary Average: $88,111 per year or an hourly rate of $42.36
Minimum Education: Bachelor’s degree
Licensing Requirements: Optional, but obtaining certifications like Chartered Financial Analyst (CFA) can enhance prospects.
Job Outlook: More than 27,000 openings every year, with a projected 8% employment growth until 2032.
Financial analysts are like detectives, always monitoring the financial well-being of organizations and individuals. Their role involves offering crucial insights into investment decisions and assisting businesses in making well-informed financial choices.
Additionally, these professionals use data and trends to create reports that serve as guides for business managers and owners, facilitating better investment strategies.
Data Analyst
National Salary Average: $82,219 per year, with an estimated additional compensation of up to $7,413 annually
Minimum Education: Bachelor’s degree
Licensing Requirements: No specific licenses are required, but acquiring certifications in tools like Structured Query Language (SQL) or programming languages like Python can enhance your career prospects.
Job Outlook: Projected to have 10,000 job openings and 25% job growth from 2020 until 2030
As more companies embrace data-driven approaches, the demand for skilled Economics majors with a focus on Data Analysis rises. Data analysts are the interpreters of the digital economy. This position involves collecting, processing, and analyzing complex datasets to help companies solve problems and make informed financial decisions.
Economics majors with strong analytical skills are perfect for this role since it involves going through a lot of data.
Policy Analyst
National Salary Average: $100,949 per year and an hourly rate of $48.53
Minimum Education: Master’s degree
Licensing Requirements: Not required but some roles may need relevant certifications such as membership in the Association for Public Policy Analysis & Management (APPAM) or the Govern for Impact Policy Governance Proficiency (PGP).
Job Outlook: Around 100,000 job openings until 2028 and a growth rate of 11%
As government institutions deal with increasingly complex issues, there is a growing need for professionals who can assess and shape public policies. Policy analysts evaluate government policies and operational procedures to provide insights into their effectiveness. These professionals play a crucial role in influencing policies by offering valuable perspectives on their social and economic impacts.
Aside from working for the government, they can also contribute to diverse industries such as health, education, and even non-profit organizations. Their functions are similar or related to the work of experts in Public Policy Administration.
Management Consultant
National Salary Average: $63,292 per year, or $30.43 an hour
Minimum Education: Bachelor’s degree
Licensing Requirements: Optional certifications from professional bodies, like the Chartered Institute of Management Consultants (CIMC), may be taken.
Job Outlook: Over 987,000 employment openings, based on 2022 data
Often checking for problems, Management consultants offer advice on the organization’s efficiency and come up with reliable strategies to improve its operations. They assist organizations in overcoming challenges, boosting growth, and enhancing their overall performance. They work on the company’s structure, focusing on its management and day-to-day operations.
Management consultants are also highly sought-after since they work on streamlining processes and often offer customized solutions.
Market Research Analyst
National Salary Average: $64,795 per year
Minimum Education: Bachelor’s degree
Licensing Requirements: Not mandatory, but certifications, such as the Certified Internet Research Specialist (CIRS), may enhance your credibility in the field.
Job Outlook: Expected to grow by 13% until 2032
Market Research Analysts use surveys, interviews, and data tools to uncover potential opportunities for a product or service. Some of the data they collect include consumer preferences, market trends, and competitor information. These provide valuable insights that can be applied to create effective marketing strategies utilized by retail and sales managers.
The roles involve analyzing information, identifying trends, and sharing reports with clients. Through Market Research Analysts, businesses get a better understanding of what consumers like, helping them improve their sales.
Actuary
National Salary Average: $93,525 per year or an hourly rate of $44.96
Minimum Education: Bachelor’s degree
Licensing Requirements: Professional certification from organizations like the Society of Actuaries (SOA) is typically required, but you may also pursue other professional certifications like the one from the Casualty Actuarial Society (CAS), both highly regarded in the industry.
Job Outlook: An estimated increase of 7,000 jobs by 2032
Actuaries, or Actuarial Analysts, specialize in assessing potential risks in different businesses with the help of mathematics, financial theories, and statistics. As part of their work, they evaluate the odds of business success and estimate the costs of potential events like natural disasters or employee issues. They also come up with insurance policies to minimize financial risks.
Aside from having strong math skills, they’re also great at communicating their findings with various stakeholders through presentations and reports. Most actuaries are employed by insurance companies, often tasked with analyzing policies to maximize profit. Alternatively, some actuaries work in consulting firms and government agencies.
Financial Manager
National Salary Average: $139,790 per year but may vary depending on years of experience
Minimum Education: Bachelor’s degree
Licensing Requirements: Optional, but certifications like Chartered Financial Analyst (CFA) or the Certified Treasury Professional (CTP) can be beneficial.
Job Outlook: Estimated 71,000 annual job openings until 2031
Financial Managers help maintain an organization’s financial health. They handle tasks like creating comprehensive financial reports and developing strategies. They take charge of preparing long-term plans to ensure the overall financial stability of businesses and organizations. From budgeting to investment decisions, financial managers steer companies through various challenges and successes.
Financial Managers contribute significantly to shaping the financial landscape of companies, often focusing on risk management and identifying valuable investment opportunities. To rise through the ranks, professionals must enroll in graduate programs in Finance at reputable universities.
Budget Analyst
National Salary Average: $85,337 per year and an estimated additional $4,980 per year from cash bonuses and commissions
Minimum Education: Bachelor’s degree
Licensing Requirements: Certifications like Certified Budget Analyst (CBA) may help you get the job.
Job Outlook: Over 53,000 employed in 2021, with a 3% growth in 10 years
Often considered as financial engineers, Budget Analysts build and manage the financial plans of organizations. They contribute significantly to organizing the finances of businesses through the preparation of budget reports, monitoring of spending patterns, and analysis of financial data. They work across various sectors, including private businesses, government agencies, and non-profit organizations.
With their analytical skills and keen attention to detail, economics majors possess the essential qualities needed to thrive as successful Budget Analysts.
International Trade Specialist
National Salary Average: $96,197 per year
Minimum Education: Bachelor’s degree
Licensing Requirements: Seeking certification from the International Trade Certification (ITC) may be valuable.
Job Outlook: Expected to grow by 19% until 2028
International Trade Specialists are essential players in the global business arena, going through worldwide markets and business agreements. They excel in analyzing market trends, identifying business opportunities, and aiding companies in extending their presence beyond domestic borders. These professionals are also familiar with international customs regulations and tariffs, providing valuable insights to organizations entering the trade market.
International Trade Specialists also play a pivotal role in fostering relationships with foreign partners, negotiating deals, and ensuring compliance with diverse regulatory frameworks. With a doctorate in International Business, you gain even better insight into global businesses, qualifying you for high-level careers.
Economist
National Salary Average: $114,775 annually with a rate of $55.18 per hour
Minimum Education: Master’s or Ph.D.
Licensing Requirements: You may opt for a certification from the Chartered Financial Analyst (CFA) to improve your professional standing.
Job Outlook: Job openings of around 1,100 by 2032
Economists dive into data to provide valuable insights on emerging market trends, which help businesses and policymakers in making better decisions. Having proficient knowledge of the dynamics of supply and demand, inflation, and unemployment rates, this role plays an important part in crafting effective economic plans. They work in government agencies, financial institutions, and research organizations.
Economists who have earned a Ph.D. from top universities develop models for economic research and forecasting to study how societies allocate resources.
The demand for Economics majors continues to grow across various industries. Additionally, they may seek different certifications and even enroll in short courses to enhance their professional standing.
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