Flickr user Ken Teegardin
Jobs for economics majors can range from financial analysts to market research analysts to actuaries. All of these are fantastic career paths for anyone who is analytical and has a good head for numbers and finance. Plus, economic majors are in demand more than ever. If you are considering a career path in economics, here are 10 jobs for economics majors that could interest you, plus more information about each, including their projected growth rates between 2020 and 2030.
1. Actuary
- Median wages: $113,000
- Projected growth rate: 24%
- Minimum required degree level: Bachelor’s
An actuary specializes in analyzing risk profiles. This involves determining the likelihood of an event happening and calculating the financial consequences of that event. They may also determine the likelihood of natural disasters, illnesses, accident deaths or business failures. They then use complex mathematical formulas and analyses to calculate the financial consequences of said-event happening.
Actuaries work for insurance companies, government agencies, consulting firms, and the HR department of large corporations. Companies hire actuaries to protect themselves from fraud or other financial scams. The exact job that an actuary does varies by the employer and their specific field.
2. Market Research Analyst
- Median wages: $68,000
- Projected growth rate: 22%
- Minimum required degree level: Bachelor’s degree
Market research analysts study stock markets worldwide and make predictions regarding how some stocks, bonds, and other investments may perform on the world economic stage. Research analysts play a key role in keeping world economies going and making sure money is truly worth what it is supposed to be. This job requires expert math, reasoning analytical skills, and also the ability to work well under pressure.
Market research analysts and marketing specialists can work for companies, including market research firms, advertising agencies, and healthcare organizations. However, they’re also needed in government agencies and nonprofits.
3. Auditor
- Median wages: $78,000
- Projected growth rate: 6%
- Minimum required degree level: Bachelor’s
Auditors are employed by companies of all sizes, as well as by the government, to find out where their money is going. They pour over the company or agency’s financial records to ensure they are legal and valid. They also go through financial transactions minutely to ensure that they are all processed and recorded accurately. These tasks are essential for taxes and bookkeeping.
In addition to auditing, auditors help companies boost their profit margins by recommending cost-saving and risk aversion measures.
4. Personal Financial Advisors
- Median wages: $95,000
- Projected growth rate: 5%
- Minimum required degree level: Bachelor’s
Personal financial advisors work with individuals to help them get a handle on their finances, short-term budgeting, and long-term goals. They can create comprehensive financial plans, offer investment advice, and design plans for better debt management. They’re also capable of assisting with tax, retirement, estate, and education financial plans.
Personal finance advisors can work with financial planning firms, banks, credit unions, lawyers, government agencies, and more. They can also start their own firm if they wish!
5. Lawyer
- Median wages: $135,000
- Projected growth rate: 9%
- Minimum required degree level: Professional degree
Tax and business lawyers have a solid foundation in economics and accounting to do their jobs to the best of their abilities. Economics majors who have a flair for precise written work and are excellent communicators work well in this specialty. This field is not usually suitable for those who are shy or introverts by nature. In this role, you will be required to do more than just research and put together a case. You will also have to present a compelling argument in court to convince the judge and jury of your stand.
This is a great career for anyone interested in business and tax law with a strong background in economics. You can join an existing law firm, work with government agencies or nonprofit organizations, or open your own firm.
6. Financial Analyst
- Median wages: $95,000
- Projected growth rate: 0%
- Minimum required degree level: Bachelor’s
Financial analysts specialize in evaluating the performance of different types of investments, stocks, and bonds. They study short and long-term business and economic trends. Based on their findings, they help businesses and individuals make sound investing decisions.
Financial analysts often choose to specialize even further and focus on one field, such as fund management, rating analysis, or portfolio management. Thus, this role requires a deep understanding of how money moves around the world and how international and domestic trade works. Businesses highly value their advice when making decisions regarding stock and bond offerings, investments, mergers, and acquisitions.
7. Economic Consultant
- Median wages: $95,000
- Projected growth rate: 11% (between 2018 and 2028)
- Minimum required degree level: Bachelor’s
Economic consultants are experts when it comes to giving clients sound financial advice. They often can work with law firms, aiding them with analyses and data research related to the firm’s cases. They can also offer market, economic impact, and risk assessment studies. In government, economic consultants will evaluate the impact of government policies and regulations on various industries and the economy as a whole.
Those interested in this career must be able to communicate effectively and have excellent organizational and time-management skills.
8. Business Reporter
- Median wages: $55,000
- Projected growth rate: 6%
- Minimum required degree level: Bachelor’s
If you love economics and have strong communication and writing skills, you may want to consider a future in business reporting. You need a strong background and understanding of economics and business, as well as knowing how world trade markets work, to succeed in this role. This is a unique field that may not have massive appeal to everyone, but if you love to write and if your analytical skills are impressive, this may be the perfect career for you.
Business reporters can work with newspapers, magazines, television networks, radio stations, financial news services, and more.
9. Management Analysts
- Median wages: $95,000
- Projected growth rate: 14%
- Minimum required degree level: Bachelor’s
Management analysts, also known as management consultants, work closely with businesses to help them do more than just make money. They also recommend ways to invest money back into the business so that it can grow and thrive. These professionals help businesses analyze their strengths and weaknesses using data and problem identification strategies. Management analysts can offer advice regarding stocks, trade issues, and investments, and help them fend off potential financial problems before they occur.
Economics majors with a strong communications background and solid math skills work best with this type of job. Management consultants can be found with consulting firms, government agencies, corporations, financial institutions, nonprofit organizations, and more.
10. Credit Analyst
- Median wages: $78,000
- Projected growth rate: -6%
- Minimum required degree level: Bachelor’s
Credit analysts can evaluate the creditworthiness of individuals as well as businesses and nonprofit organizations. This determines the risk of lending money to the individual or organization, which helps to manage a bank or credit union’s risk. They’re well versed in financial analysis, credit scores, risk assessments, loan options, compliance with relevant laws and regulations, and credit monitoring.
Credit analysts often work with banks and credit unions, but can also be found with investment firms, credit rating agencies, insurance companies, and other financial institutions.
There are plenty of jobs out there for economics majors in businesses, nonprofit organizations, and government agencies. Some economics majors may even be able to open up their own firm depending on their career path. However, before you can find one of these opportunities, it’s important to find the right school for you. Here are some of the best schools for economics in the country.
If you’re ready to explore these careers and others, we highly recommend using our Career Finder tool. It can help you learn more about the job position, your expected responsibilities, job growth, required education level, salary expectations, and more.
