What Can You Do with a Bachelor in Economics?
Thursday, September 9, 2021
Are you interested in pursuing a bachelor’s degree in economics? Here is everything you need to know about this business-related discipline and what these professionals do.
Economics degrees are the perfect match for the analytical type of people, the king that is fascinated about the world around them.
What is Economics?
Economics is the science in charge of the production, distribution, and consumption of goods and services. Professionals in the area of economics study how individuals, businesses, governments, and nations make decisions about how to allocate resources with the objective of seeking the most optimal benefit or utility. The main task of economics is to determine which methods of human labor yield the best results.
That is to say, economics is mainly concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.
What will you learn in a Bachelor’s degree in Economics?
Economics students are prepared to gather, organize, and interpret data using mathematical formulas and statistics to make calculations. In addition to that, they learn to create models to predict the impact of investments, policy decisions, industry tendencies, demographics, climate change, among other things.
During a bachelor’s degree in economics, students acquire demanded and transferable skills that prepare them to compete in the workforce. Even though analytical thinking and problem solving skills are essential for these professionals, they also need to develop solid communication skills, as they must be able to put complex findings into a format that business leaders, legislators and common people can understand.
What can you do with a Bachelor’s degree in Economics?
The knowledge and skills students learn during their bachelor’s degree in economics prepare them to work across a wide range of job options. The following are some of the career paths for those with a bachelor’s degree in economics:
1. Market Research Analyst
Economics professionals who work as market research analysts tap knowledge of industry trends to assess the ways in which products and services might fare under various economic conditions.
The employment for market research analysts is estimated to grow 18% in the next 8 years, which is much faster than the average for all occupations. These professionals are highly rewarded for their important work, with a median annual salary of $63,790 in 2019.
2. Economic Consultant
They use analytical and research skills to conduct studies considering economic scenarios. Their main job is to assess industry trends to help any kind of organization, including business, finance, healthcare, education, the government, among others, improve their performance.
They can also work in legal cases as expert witnesses to analyze economic damages, assess intellectual property and antitrust laws violations, among other things.
These professionals have a high earning potential, with an average annual salary of $76,487.
3. Compensation and benefits manager
They are in charge of studying trends in the job market and assess supply and demand for various classes of jobs. They evaluate options for pay and benefits in similar organizations within their industry in order to establish a competitive structure for their company’s pay and benefits. Their median annual salary is $122,270.
These are business professionals who deal with the measurement and management of risk and uncertainty. The likelihood of fires, deaths, illnesses, and business failures is what they are mainly in charge of assessing and trying to prevent. Actuaries median annual earnings are $108,300.
5. Credit Analyst
Their main job is to assess a loan applicant’s ability to repay the loan and, depending on what they find, to recommend that the loan is approved or denied. They can work in banks, credit card companies, credit rating agencies, investment companies, among others. They earn a median annual salary of $73,650.
6. Financial Analyst
They work for banks, pension funds, insurance companies, among other businesses to guide them in decisions about expending money to attain profit. They are mainly in charge of assessing the performance of stocks, bonds, and other types of investments. Their average annual salary is $81,650.
All of these job titles’ employability is expected to grow in the years to come because of the important role they play in enabling any kind of organization and even individuals make wise economic and financial decisions that positively affect their future.
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