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Employment Outlook
The skills you gain from studying economics are invaluable in an era where companies are increasingly looking for candidates with a quantitative background. Economists research and study the production and distribution of resources, goods, and services by collecting and analyzing data, observing trends, and evaluating economic issues.
Far too often, economics majors know that there are plenty of job opportunities for them in finance and government, however, they tend to discount the private sector! Many companies, both small and large and especially in tech, are increasingly seeing the value of hiring economists for roles that demand forecasting and data science. These opportunities are available everywhere from retail companies to software as a service (SaaS) companies.
Whether your major in economics or major in accounting, numbers, and data all add up the same way. However, those majoring in economics learn problem-solving techniques that are very helpful when it comes to preparing tax returns. Tax accountants are in high demand, which means when you have an economics degree, you too are in demand. A degree in economics will provide many opportunities to work in nearly any industry. There are many careers available to individuals with a background in economics.
Economics majors are successful in a wide variety of careers. Although various roles in businesses are most common, economics majors are successful in law, medicine, government, non-profits, and international relations, as well as in academic roles.
WHAT CAN I DO WITH AN ECONOMICS MAJOR?
Majors in economics will have a good understanding of how markets function. This knowledge and skills is useful for a variety of entry-level jobs in government, industry, or finance.
An area with rapid growth for employment for majors, especially those who have strong analytical skills in mathematics and statistics, is management consulting. Another is banking, most noteworthy is both commercial banking and investment banking. In addition, governments at all levels, including international organizations such as the United Nations, are also significant employers of economics majors for positions involving analyses of revenues and expenditures or cost-benefit studies of programs in education, health, and transportation.
Important Qualities
Analytical skills.**
Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions. For example, labor economists analyze the effects of labor policies on employment.
Critical-thinking skills.
Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.
Speaking skills.
Economists must be able to explain their work to others. They often give presentations and explain reports to clients who may not have a background in economics.
Writing skills.
Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.
What Specifically Economist Do?
Economists* typically do the following:
The Bureau of Labor Statistics, U.S. Department of Labor in it periodic update of the Occupational Outlook Handbook, (2019), reported the data below for median annual wages for economists in the top industries in which they worked:
| Finance and insurance | $120,770 |
| Federal government, excluding postal service | 119,580 |
| Scientific research and development services | 114,140 |
| Management, scientific, and technical consulting services | 108,190 |
| State government, excluding education and hospitals | 73,400 |
Most of these employees had attained their masters degrees. In general, economists work full time with some who may have to work overtime hours.