Major in Economics

6 Jobs for Business Graduates with a Major in Economics

major in economics

Would you consider yourself an analytical person? Business graduates with a major in economics can start their careers in many areas. For instance, they’d be a good fit for public policy. On the other hand, finance would also suit them. Studying the forces driving the economy is what your degree prepares you for. Therefore, trends in the labor markets or any industry won’t be beyond you. Similarly, determining the prospects for individual companies is another area you can check out.

While economics is fascinating, you might be wondering which kinds of jobs it leads to. Below, we have some suggestions in that regard:

The World of Market Research Analysts

As a professional at this post, you’ll be studying products/services. Of particular interest to you would be those would fare under various economic conditions. Your knowledge about the industry’s trends will come handy here.

In short, you will design studies on the subject. Then after a quantifiable analysis, you’ll take your results to the clients. When you present said outcome, your clients can make better decisions.

The skills from your economics courses that will aid you on the job include:

  1. How to get your point across when you present data
  2. Using the right software and graphical tools for the job
  3. Writing skills
  4. Critical thinking
  5. Statistical skills
  6. Problem solving

Certainly, there’s uncertainty about the post-pandemic future. Hence, experts think market research analysts will be quite in demand. So, is that good news or what?

Did you major in economics? Are you worried about the relevance of your degree? Find answers here: Business Degrees: Relevance, Challenges, and Other Pandemic Problems!

Become a Professional Economist

Like a market analyst, these experts also do much research and analysis. Specifically, they study what the data tells them about issues and trends. We’d recommend completing postgraduate level education for this job. After that, you’ll be armed with the specialist skills needed.

Other than that, your job will also entail forecasts and report preparations. Because those will go to your clients. Those end users could be:

  • Individuals
  • Financial organizations
  • Companies
  • Public bodies
  • Local government
  • Public banks
  • National government
  • Private banks
  • Multinational companies
  • Insurance firms
  • Think-tanks
  • Local authorities
  • Accountancy firms

Simply put, your analysis will lead employers to formulate policies and/or business strategies. Therefore, stay up to date on global and current affairs.

From a Major in Economics to Management Consultant

These experts come up with high-level recommendations. Their objective is to advise on how a business should be run. Thus, they will focus on the following areas:

  1. Profit maximization
  2. Efficiency
  3. Opportunity
  4. Improvement
  5. Risks

Bear in mind that you will be an influential employee. Back up your advice with in-depth studies on how to help businesses grow.

Choosing Pricing Analyst for a Profession

Throw the analytical skills that a professional economist uses into a pot. Then tip in some market research. And that’s what a pricing analyst does. Simply put, these experts are all about the optimal pricing of products and services.

To strategize how much a particular product should cost, pricing analysts do these specific tasks:

  1. Competitive pricing audits
  2. Collaborate with product marketing teams
  3. Work with secret shoppers
  4. Monitor the price of raw materials

Hence, knowledge of similar competing products will be crucial. So, stay ahead by being up to date on such matters.

Does the post-pandemic professional arena seem unfamiliar? Find your niche with these 4 Job Searching Tips: An Ongoing Pandemic Series!

From a Major in Economics to an Auditor

In this niche, your work will take you to financial consultancy companies. Besides that, you may also end up working for the government. Auditors review the accounts and financial statuses of companies.

Specifically, they collect information from organizations on those matters. Then, they match it to the financial statements and records. Finally, they must decide if the two agree or not.

Mainly, you will be:

  • Inquiring about financial data from the management
  • Get to know an organization’s policies
  • Analyze the financial documents

Personal Financial Advisor

Are you a graduate with a major in economics? Then you can also become a personal financial advisor. As you can guess, your expert advice will help people make better financial decisions. Mostly, they’d want to know about:

  1. Retirement savings
  2. Bonds
  3. College funds
  4. Stocks
  5. Other investment vehicles
  6. Taking out mortgages
  7. Tax prep
  8. Purchasing insurance

With time, the number of aging baby boomers in the population is growing. Many will be leaving employment soon enough. Hence, they want financial advice about retirement. That’s where your expertise comes in. It’s also why more personal financial advisors are going to find employment. In the coming years, this position will keep being a stable way to earn.

A word of advice for those with a bachelor’s in economics. Your qualification is sufficient to serve as a personal financial advisor. However, we’d recommend aiming to complete a master’s program. It will give you better job prospects.

Furthermore, specialized degrees in this field are becoming increasingly popular. For instance, in recent years, many colleges have started offering a BS in Financial Planning. Classes on the following are part of the curricula:

  1. Estate planning
  2. Financial accounting
  3. Income tax planning
  4. Risk management
  5. Insurance planning
  6. Financial plan making

On completing the module, graduates can also sit for the Certified Financial Planner examination. You can easily discover online classes that end in a BS degree in Financial Planning too. Complete the modules on a self-timed basis. And then take the financial planners’ world by storm.

In conclusion, many of the jobs these days suit those with a major in economics. But there will be stiff competition, too. Therefore, use the knowledge and skills from an advanced degree to set yourself apart. Or, aim for a professional certification that is in demand in your field. For more suggestions on how to become a leader, get in touch!

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