An economics degree can increase your employability in all areas, no matter what industry you are in. The global labour market is in strong demand for highly skilled graduates. Additionally, the wide range of transferable analytical skills and problem-solving abilities developed by students in economics make it a very diverse field.
Here are some popular careers in economics, along with information about what you can expect and the skills required. Our guide How to Find a Job After University provides more information on how to get a job as a graduate.
What are the possibilities for an economics degree?
There are several common career options for graduates of economics:
- Financial risk analyst
- Data analyst
- Financial planner
- Economic researcher
- Financial consultant
- Investment analyst
- Public sector positions
Some choose to continue their studies at the graduate level in economics (e.g. A Masters of Economics is an option, but it’s not necessary to find a job as a graduate economist. If you are interested in specialized positions (such as professional economists), this shouldn’t discourage you from continuing your studies. However, it is useful to know that there are many economics jobs available for those who have only a bachelor’s degree. Below are some common economics careers.
Careers as a professional economist
You will be responsible for researching and analysing economic trends, data, and issues. To be able to specialize in economics, most economist jobs require you to have studied at least postgraduate economics. You will need to be competent in producing forecasts and reports for clients, including individuals, companies and financial institutions, and be able to provide advice on business and policy strategies.
There are many possible employers: local and national governments, public and private bank branches, insurance companies and think-tanks. These roles require a good understanding of economic and current affairs.
Banking careers: Economics jobs
Bank careers are highly sought after by economics graduates. They offer high earning potential and high demand for economists. Economics graduates are highly sought after for roles in financial control and consulting, as well as financial planning, risk analysis, data analysis, consultancy, and financial control. Banking careers focus on providing advice and services to a variety of customers and clients.
Accounting careers in Economics
You will need additional professional qualifications to become an accountant. However, many accounting roles are open to economics students. Accounting roles can be found in many industries. They focus on the monitoring of financial situations for individuals, businesses, and organizations. Accountancy careers typically involve the recording, classification, interpretation, and communication of financial data.
These jobs require strong analytical skills, math proficiency, computer literacy, a good understanding of all aspects of company finances and the ability to contextualize data. Many economic graduates can make sense of complex data and find the root cause of financial problems. This makes them a good match for accounting roles.
Business and financial consulting are two of the many careers available in Economics.
Economists are the core of financial consulting and business. Economists can find jobs in large and small organizations that require economic research. An economic researcher needs to have a deep understanding of economic theories and models, as well as strong analytical and problem-solving skills. The role of financial consultants in economics is similar to that of an economist, but they may be working for multiple clients as well as producing reports and providing advice on business strategy. These roles require knowledge of the industry and a good understanding of corporate finance.
Public sector careers in Economics
Economics students will find employment in any area of public or private spending. This includes roles in pricing and risk analysis and financial consulting. Public sector careers often involve economics. These include transport, waste, energy, and commercial transportation. Due to the recent global recession and tightening economic regulation by governments around the world, there is a rise in economics students.
Careers in economics as an actuary or data analyst
An actuary, a business professional, is responsible for assessing and advising on the effects of uncertainty and financial risk. Actuaries use their knowledge of economics and business to create reports and suggest ways to reduce these risks. While the majority of entry-level positions in this field are in insurance and pensions, you might be able to progress into banking, investment, and healthcare later. Actuaries must be proficient in math and statistics and able to communicate complex information to non-experts.
Other economics degrees and careers
It seems that anything is possible with a background in economics. Other roles in economics include: stockbroker, insurance agent, auditor, stockbroker and business manager.
What if you don’t like the above options? You might also want to consider the following options: international development, business intelligence, human resource management and IT, journalism, legal, management, market research and politics. You could also become an entrepreneur to start your own company.