Understanding the jobs for economics majors available after graduation can help you choose the right major. Whether you end up majoring in economics or something else, you should know what type of work you will do after earning your degree. Here’s a look at the highest-paying and most common jobs for economics majors.
Highest-Paying Jobs for Economics Majors
One of the highest-paying jobs for economics majors is becoming a financial manager. This career path starts with an economics degree but may require further education. You can earn an average salary of nearly $128K. The salary potential for this position is more than $200K per year.
Financial managers are in high demand, too. This job field is growing faster than the average. You will need a bachelor’s degree in finance, business administration, or economics. Usually, you will need at least five years of experience to land this job. It can also be helpful to gain a master’s degree.
Another well-paying job for an economics major is one as an actuary. This type of position includes specializing in risk-taking from a financial perspective. You will likely work for an insurance company or an enterprise. There are several types of actuaries, including:
- Casualty insurance actuaries
- Enterprise risk actuaries
- Health insurance actuaries
- Life insurance actuaries
This is a very fast-growing field. Jobs for actuaries are expected to grow by 20% over the next ten years. It’s a small and competitive field with great job growth potential.
You will need a bachelor’s degree in economics, statistics, or mathematics for entry-level actuary positions. It may also be necessary to get the right certifications from the Society of Actuaries or the Casualty Actuarial Society.
As an actuary, you can earn an average salary of about $102K per year. The top actuaries will earn more than $180K per year. It’s best to get a master’s degree if you want to gain access to the best positions in the field of actuarial science.
Personal Financial Advisor
Another excellent job you can get with a major in economics is one as a personal financial advisor. This position will put you working directly with clients and providing expert financial advice. You will help clients with their retirement savings, choosing investments, saving for children’s college, and more.
Personal financial advisor jobs are growing faster than the average. As a result, there is a high need for this type of advisor at larger firms. You can also open your own financial advisor business.
The average annual salary for a personal financial advisor is nearly $89K. The top personal financial advisors make more than $200K per year, however.
With a bachelor’s degree in economics, you can enter into this field. Those with master’s degrees will earn more money and gain access to better jobs, however.
Along with your degree, you may need to gain certifications in financial planning and accounting. The best personal finance advisors will continue their education and become experts in estate planning, risk management, investing, and tax planning.
Operations Research Analyst
A very fast-growing career and high-paying job for an economics major is one as an operations research analyst. This career option is expected to grow by about 26% over the next ten years. This is about five times faster than the average of all occupations.
As an operations research analyst, you will handle common tasks, such as identifying issues for a corporation, providing consultation, and developing solutions to the issues using statistical analysis.
You will need a bachelor’s degree to become an operations research analyst. However, it’s best to get an advanced degree, as well. With a master’s degree, you will gain access to better job opportunities.
As an operations research analyst, you can earn an average annual salary of about $83K. The top earners in this field will make more than $136K per year.
Another high-paying job for economics majors is one as a management analyst. This position may also be called a management consultant. You will likely advise business managers when it comes to strategies to increase profits and reduce costs. Reviewing corporate financial documents and accounts is a big part of the job for a management analyst.
You will need a bachelor’s degree in economics, finance, or accounting to enter this career path. Some employers will choose candidates with an MBA (Master of Business Administration) or with professional certification.
As a management analyst, the average salary comes in at about $83K per year. Those at the top of this field will earn more than $150K per year. It’s a very high-paying career for those willing to get a master’s degree and gain some experience.
Most Common Jobs for Economics Majors
With a degree in economics, you can become an economic consultant. This type of job will include quite a bit of research and analysis. You may even end up acting as an expert witness in legal cases.
Economic consultants tend to work in education, finance, business, healthcare, or another industry. They can also work for the government. If you choose this job for economics majors, you can earn an average salary of about $76K per year. The top earners in this field make nearly $120K per year.
Another job for economics majors you can consider is one as a credit analyst. This type of position will include assessing the risks of prospective clients. You will look at the regional impact, competitors for your clients, and the industry as a whole.
Credit analysts prepare reports to show their findings. They can recommend interest rates based on the risk of a client, as well. When you work as a credit analyst, you can earn an average annual salary of $73K per year. The top earners in this field make around $145K per year.
A bachelor’s degree in economics can be the start of your journey to becoming an accountant. While most accountants will get a degree in accounting, a degree in economics can also work well for this career path.
You will spend time reviewing and advising businesses and clients on financial information as an accountant. In addition, most accountants spend quite a bit of time working with the taxes of clients.
The average salary for an accountant is about $71K per year. However, top accountants can earn more than $120K per year.
One of the top jobs for economics majors to consider is one as an auditor. As an auditor, you will check for accuracy in the work of an accountant. For example, you might provide audits on a quarterly or annual basis for clients.
Auditors are looking for inaccurate reporting, fraud, mismanagement, and other mistakes made in accounting. So, along with a bachelor’s degree, it’s a good idea to gain professional certifications. Usually, you will need to gain some experience before becoming an auditor.
The average salary for an auditor is nearly $80K. However, as you gain experience or more education, you can certainly make more money per year.
If you want to earn a nice salary and enter a fast-growing career path, becoming a statistician is a great choice. This career requires a degree in economics and likely a master’s degree. You can work for many different organizations if you choose this job for economics majors.
As a statistician, you will work with mathematical modeling and data. You will also take on challenges for your employer when it comes to anything with stats and math.
Frequently Asked Questions About Jobs for Economics Majors
What skills are most common for economics majors?
If you decide to major in economics, you will likely have certain skills. Skills such as mathematics, critical thinking, data analysis, and quantitative reasoning are very common. It’s also a good idea to have a good understanding of business and market operations.
Will I need a master’s degree in economics to get a job?
No. Many entry-level jobs are available to those with bachelor’s degrees in economics. However, the best and highest-paying jobs for economics majors may require a master’s degree. Even if they don’t require a master’s degree, it can give you a competitive advantage over other applicants.
Is it possible to complete an economics degree online?
Yes. You can complete a bachelor’s degree in economics online. There are many top programs in economics you can enter into and complete without needing to live on campus or sit in a classroom.
Which schools offer a bachelor’s degree in economics?
Many schools across the country offer degree programs in economics. There are more than 500 colleges and universities offering bachelor’s degrees in economics. Whether you want to attend a community college or a top university, you will have many options to major in economics.
There are many different jobs for economics majors to choose from. With a bachelor’s degree, you will gain access to many entry-level positions. However, you can advance your career even further with a master’s degree and the right certifications.