5 Great Careers in Economics

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Five Popular Economics Jobs

  • Policy Analyst
  • Actuary
  • Market Research Analyst
  • Economic Consultant
  • Business Reporter

Economics essentially studies how individuals and society manage wealth and resources and work to improve their well-being in order to analyze behavior to predict and explain financial shifts, and with this skill set, there are many possible career paths for an economist. According to Forbes, since many professionals are unsure of an economist's role, it is important for professionals to market their skills. This way they can help employers understand how much of an asset they can be to almost any organization. Some possible careers using an economics degree are as follows.

1. Policy Analyst

This job combines analytical thinking with strong written communication skills. These professionals examine existing government programs and find ways to optimize them to provide the most services at the lowest expense. They look for weaknesses in the programs and propose solutions to government officials. Most political candidates also have policy analysts to help draw up their platform. Universities and think tanks hire economists in these positions to study society and make recommendations for problems that have not yet been addressed.

2. Actuary

Actuaries are essentially analysts for the insurance industry. This is a perfect career for an economics major because it requires an understanding of upper-level computing, statistics, and predictive modeling, all of which overlap with economics. These professionals study data on things like diseases, mortality rates, safety precautions, and geographic and lifestyle risks in order to help insurance companies set prices for customers. Actuaries need strong analytical skills but also require the communication abilities to create understandable guidelines.

3. Market Research Analyst

These professionals study the customer base of different companies to determine the popularity of future products and how a company can expand and reach more customers. Economists fit well in this role because they have extensive training on designing studies, collecting data, applying statistical modeling methods, and interpreting the results. This is one potential career in economics for those interested in business. One of the most important tasks of a market research analyst is the final presentation of findings with recommendations.

4. Economic Consultant

This is one of the more traditional careers in economics and deals with the financial aspects of an organization. These professionals work in industries including healthcare, retail, property, finance, and the government, and their job is to analyze their business practices in relation to other trends in the industry. This allows the company to maximize profits.

5. Business Reporter

This is a career path in economics that is in high demand. On an intellectual level, these reporters have the ability to make sense of the complex world of global markets, corporate dealings, and how the bigger financial picture affects individuals. Most importantly, though, they are able to explain the news and financial trends to the general public while also providing essential context.

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Economists are similar to engineers in that a large part of their jobs involve using theory in an innovative, practical manner. They have the mathematical abilities to objectively analyze a problem along with the communication skills to effectively convey the information which is why there are a variety of good careers in economics.