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 a few jobs for economics majors that are poised for quick growth.
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.
Market Research Analyst
Market research analysts are among the higher-paying jobs for economics majors. These specialists study stock markets worldwide and make predictions regarding how some stocks, bonds, and other investments may perform on the world economic stage. Market 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.
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’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. In addition to auditing, auditors help companies boost their profit margins by recommending cost-saving and risk aversion measures.
Pricing analysts specialize in determining the optimum pricing for a particular product or service. They do this by analyzing the competition and conducting extensive research to determine the market demand of the product or service. Excellent research, analytical and math skills are all essential requirements for this role. The exact tasks that a pricing analyst performs depend on the company that has hired them. They may collaborate with the product marketing team to determine, both marketing and pricing strategy. Alternatively, they may conduct competitive pricing audits or even work with secret shoppers.
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 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.
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.
Economic or Financial Consultant
This is one of the top jobs for any economics major, and for a good reason. Economic or financial consultants are experts when it comes to giving clients sound financial advice. They tell their clients where to put their money and how to manage it for the best returns. Economic consultants work everywhere, from finance to economic and consumer law, and may even get top jobs with various government agencies. Consultants are considered to be experts in their fields. They must communicate effectively and clearly, and have excellent organizational, and time-management skills.
If you love economics and have strong communications 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.
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. They offer advice regarding stocks, trade issues, and investments, and help them fend off potential problems before they occur. Economics majors with a strong communications background and solid math skills work best with this type of job.
These jobs for economics majors should help get you started off to a great career in a field you love.
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