Economics majors can become insurance underwriters, business reporters, or operations research analysts. With a background in economics, there are tons of career choices available. Jobs for economics majors are growing at a fast rate and salaries in the field are high. The US Bureau of Labor Statistics (BLS) reports that economists have a median annual salary of $108,350.
If you want to work as an economist, the logical first step is to earn an economics degree. With a degree in economics, you’ll be able to find work as an economist, a data analyst, a researcher, or a management consultant, among other occupations. This article details some of these professions and gives some insight on how to find work in these roles.
What Is an Economics Major?
An economics major focuses on concepts such as inflation, currency, banking systems, econometrics, statistics, and international trade. You can study for either a Bachelor of Science Degree or a Bachelor of Arts Degree in Economics. You should consider majoring in economics if you have strong math, problem-solving, logical reasoning, and analytical skills.
How to Become an Economist: Economics Education Options
There are several education options for economics students to launch their career but most employers prefer candidates with a bachelor’s or advanced degree in an economics-related field. While earning a college degree is the most surefire way to land a job in economics, other education options can help get you started in the field or advance your career.
Economics Bootcamp
Bootcamps are short-term educational programs that feature condensed curricula designed to train students in a given technical field. These programs have become popular over the past decade, owing to their affordable cost, targeted training services, and career support. For many students, they offer a great alternative to universities and colleges.
There are a few bootcamps that offer programs on economics-related topics. The following bootcamps cover budgeting, taxes, public investment, unemployment data, trade, statistics, and financial services.
Best Economics Bootcamps
- Behavioral Design | Irrational Labs
- Data | NYU Bootcamps
- Data Analytics | University of Kansas Boot Camps
- Various Courses | Columbia Business School Executive Education
Economics Associate Degree
Associate degrees are two-year programs traditionally taught at community colleges. An Associate Degree in Economics can help you kickstart your professional career in economics or pave the way for a bachelor’s degree.
An associate program can teach you about macroeconomics, microeconomics, quantitative reasoning, intermediate algebra, and statistics for behavioral sciences.
Best Associate Degree Programs in Economics
- Associate of Arts Economics Degree for Transfer | Cypress College
- Associates of Arts in Economics | Front Range Community College
- Associate of Arts in Economics Associates | Nashville State Community College
- Associate in Arts, Emphasis in Economics | Scottsdale Community College
- Associate of Business in Economics | South Seattle College
Economics Bachelor’s Degree
A bachelor’s degree is the best option for those looking to pursue careers in economics. Most employers prefer to hire candidates who have bachelor’s degrees for entry-level or mid-level positions. Additionally, earning a bachelor’s degree will set you up for postgraduate education, including master’s and doctoral programs.
Best Bachelor’s Degree Programs in Economics
- Bachelor of Science in Economics | Massachusetts Institute of Technology
- Bachelor of Economics | Harvard University
- Bachelor of Arts in Economics | University of California, Berkely
- Bachelor of Arts in Economics | Northwestern University
- Bachelor’s of Arts in Economics | Stanford University
Economics Master’s Degree
A master’s degree can be earned through a graduate school program after you’ve earned a bachelor’s degree. This takes about two to four years to complete. One of the key advantages of earning an advanced degree is that you gain specialized knowledge. A master’s degree might help you qualify for senior executive jobs, which pay higher salaries.
Best Master’s Degree Programs in Economics
- Masters of Arts in International and Development Economics | Yale University
- Master of Arts in Economics | Columbia University
- Master of Arts in Economics | Duke University
- Master of Science in Applied Economics | University of San Francisco
- Master of Arts in Applied Economics | University of Houston
Economics Career Overview: Is an Economics Career Worth It?
Economics Job Outlook
The job outlook for professionals in economics is promising. According to the US Bureau of Labor Statistics (BLS), the demand for economists is set to increase by 13 percent over the next decade, which is faster than the national job growth rate across all occupations. For this reason, you are almost guaranteed many career opportunities in the future as an economist.
Economics Salaries
Professionals in economics earn significantly higher salaries compared to most professions. The US Bureau of Labor Statistics estimates that economists earn a median annual salary of $108,350. This is considerably higher than the national average annual salary for all jobs, which was $56,310 as of May 2020.
Best Jobs for Economics Majors: What Can You Do with an Economics Degree?
An economics degree makes you eligible for a host of entry-level and mid-level jobs in economics-related departments. Your career options include working as an economist, accountant, researcher, financial consultant, investment analyst, credit analyst, personal finance advisor, loan officer, portfolio manager, or statistician. Here are some of the best economic jobs for aspiring economists.
Best Economics Jobs for Coding Bootcamp Grads
| Job Title | Recommended Bootcamp | Top 10% Salary |
|---|---|---|
| Business Data Analyst | NYU Data Bootcamp | $119,500 |
| Junior Market Research Analyst | Irrational Labs Behavioral Economics Bootcamp | $95,000 |
| Entry-Level Data Scientist | University of Kansas Data Analytics Bootcamp | $83,000 |
Business Data Analyst
- Average Salary: $82,762
- Job Outlook: 14%
A business data analyst is placed strategically in an organization to use different data sets to solve related problems and propose solutions that lead to efficiency and reduced costs. They use various economic techniques such as statistical analysis, data mining, and predictive modeling to help them accomplish organizational goals.
Junior Market Research Analyst
- Average Salary: $64,384
- Job Outlook: 22%*
After studying behavioral economics at a bootcamp, you can become a junior market research analyst. Market research analysts collect a wide range of data from consumers, competitors, and the general marketplace and transform it into actionable information through reports and presentations.
Entry-Level/Junior Data Scientist
- Average Salary: $68,054
- Job Outlook: 22%*
As an entry-level junior data scientist, you will work as part of a data science team that builds tools to automate data collection to be used in cyber-insurance risk models or finance models. You will also create reports and data visualizations when required to make presentations on analytic results.
* Job outlook data from the Bureau of Labor Statistics information on Market Research Analysts
Best Jobs for Economics Associate Degree Majors
| Job Title | Recommended School | Top 10% Salary |
|---|---|---|
| Junior Personal Financial Advisor | Los Angeles Southwest College | $119,500 |
| Revenue Agent | Southern New Hampshire University | $98,000 |
| High School Economics Teacher | South Seattle College | $78,000 |
| Entry-Level Budget Analyst | Scottsdale Community College | $70,000 |
| Entry-Level Actuary | San Jose City College | $69,000 |
Personal Finance Advisor
- Average Salary: $56,601
- Job Outlook: 5%
These professionals help clients with their financial planning and assist them in making investment decisions. Employers are usually keen on hiring professionals with a degree. An advanced degree can significantly increase your odds of being hired for senior positions.
Revenue Officer
- Average Salary: $54,590
- Job Outlook: 8%
Revenue officers work for the government or federal agencies to collect overdue loans, taxes, or revenue yet to be paid. You will need some form of education to verify your knowledge in domestic affairs, economic trends, and politics. You’ll also need to take the Union Public Service Commission (UPSC) exam, covering a wide range of topics including current affairs, mathematics, and economics.
High School Economics Teacher
- Average Salary: $50,937
- Job Outlook: 8%
High school economics teachers teach economic theory and enjoy good job security and benefits. Most states require teachers to have a bachelor’s degree coupled with licenses and certifications. However, some private schools do not impose such requirements.
Budget Analyst
- Average Salary: $46,931
- Job Outlook: 5%
A budget analyst plays a massive role in preparing a company for its financial future. A two-year degree in accounting, followed by a CPA certification, can be enough to kickstart your career.
Actuary
- Average Salary: $56,155
- Job Outlook: 24%
Actuaries use data and statistics to help clients and businesses minimize risks. These professionals work in banking, education, health insurance, management, universities, and information technology, among other sectors. You do not need an advanced degree to become an actuary. However, you need to complete certification exams to work legally as an actuary.
Best Jobs for Economics Bachelor’s Degree Majors
| Job Title | Recommended School | Top 10% Salary |
|---|---|---|
| Junior Economist | Princeton University | $116,000 |
| Economic Policy Analyst | University of Pennsylvania | $114,500 |
| Economic Consultant | University of California-Berkeley | $107,000 |
| Economic Data Analyst | Massachusetts Institute of Technology | $90,500 |
| Pricing Analyst | Northwestern University | $85,000 |
Junior Economist
- Average Salary: $66,044
- Job Outlook: 13%
Junior economists help research teams with the collection, review, and analysis of data. They create, develop and maintain data repositories. To qualify, you need an undergraduate degree in economics, finance, statistics, or a related field with at least one year’s experience. You’ll also need excellent communication, writing, and organizational skills.
Economic Policy Analyst
- Average Salary: $77,011
- Job Outlook: 6%
Economic policy analysts use mathematical formulas, models, and statistical techniques to develop favorable economic policies. Part of their jobs includes researching the labor market, human behavior, market conditions, industry trends, public policy, and economic issues. Economic policy analysts work in government agencies and financial institutions.
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Economic Consultant
- Average Salary: $72,402
- Job Outlook: 13%
An economic consultant provides insights into the financial status of an organization and recommends plans to improve existing systems. They work for management consultants, insurance companies, federal governments, and brokerage firms.
Economic Data Analyst
- Average Salary: $72,558
- Job Outlook: 6%**
Economic data analysts research and discern trends in financial data to generate actionable insights about certain facets of the economy. They use analytical and critical thinking skills to help them work for the government and private corporations. BLS estimates that most people in this position have a bachelor’s degree in a related field.
Pricing Analyst
- Average Salary: $60,864
- Job Outlook: 6%**
Pricing analysts study financial markets, economic conditions, and market trends to help them arrive at an ideal pricing scheme for products and services. They work in several sectors including retail, and B2B sales. They work as consultants in manufacturing firms, individual companies, and financial firms.
** Job outlook data from the Bureau of Labor Statistics information on Financial Analysts
Best Jobs for Economics Master’s Degree Majors
| Job Title | Recommended School | Top 10% Salary |
|---|---|---|
| Senior Data Scientist | Northeastern University | $184,000 |
| Economist | Harvard University | $180,000 |
| Professor of Economics | Massachusetts Institute of Technology | $147,000 |
| Statistician | Utah State University | $145,500 |
| Senior Financial Analyst | Columbia University | $106,500 |
Senior Data Scientist
- Average Salary: $144,068
- Job Outlook: 22%
Senior data scientists lead teams of data analysts and data scientists to offer expert advice to businesses. They develop business continuity plans, policies, and procedures. A senior data scientist typically has a strong background in mathematics, project management, statistics, and data science.
Economist
- Average Salary: $86,100
- Job Outlook: 13%
Economists analyze and interpret large data sets to identify how consumers use limited resources to satisfy different wants and needs. They also study how the government distributes resources and the effects such actions have on the economy. You will have numerous employment opportunities as an economist with a master’s or advanced degree.
Professor of Economics
- Average Salary: $76,190
- Job Outlook: 33%
Professors of economics prepare and deliver economics-based curricula for students at colleges or universities. Academic institutions prefer hiring professors with the highest academic qualifications, including advanced degrees and certifications. This makes it ideal for professionals who fancy a teaching role and have advanced degrees in economics. Economics professors typically earn reasonably high salaries.
Statistician
- Average Salary: $97,643
- Job Outlook: 33%
Statisticians gather, analyze and interpret large data sets to derive actionable information that can inform business strategies. According to BLS, most professionals in this career path have a master’s degree. As a business economics major, you will work in the federal government, colleges, universities and professional schools, the healthcare sector, or insurance firms.
Senior Financial Analyst
- Average Salary: $85,657
- Job Outlook: 6%
Financial analysts are senior executives who lead teams to design, test, and implement financial or accounting systems. They gather information on internal controls, economic policies, and procedures to determine strategies that lead to optimum company performance. Hiring managers prefer employing analysts with master’s degrees in economics, finance, or accounting.
Three Final Tips to Get a Job in Economics
- Learn programming languages, software, or coding. As an economics major, you’ll frequently be working with large amounts of data. Data and statistics are delivered using a wide array of software and, in some cases, programming languages.
- Get experience. Hiring managers are always keen to hire candidates with experience. For this reason, you should consider paid internships as you’ll gain hands-on experience in a professional setting.
- Network. Networking might help you expand your professional circle and ultimately land a high-paying job. LinkedIn is a great place to start as there are millions of professionals on the platform.
There are many job opportunities for economic majors. Earning an advanced degree is the best way to increase your chances of landing a job in this field. However, learning a programming language used in data or economics is a great way to add to your skillset. Consider enrolling in a data science bootcamp as they are shorter in length and cheaper than universities.
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