The highest-paying jobs for economics majors include positions like financial analyst, data scientist, management consultant, and economist. Other lucrative options are investment banker, actuary, and policy analyst. Salaries can range significantly but often exceed $100,000 annually in mid to senior roles depending on industry and location.
Best Job In Economics
Planning to study economics in college? As far as career options go, you’ve made a pretty great choice! Due to the flexibility of this degree, economics majors can pursue a variety of careers in a vast number of fields, from investment banking and insurance to business analytics and consulting. Employers in virtually every sector need employees who can think critically, solve problems, crunch numbers, interpret complex data, and communicate effectively — all traits which econ majors often possess in abundance.
Basically, there are tons of things you can do with an economics degree. The real question is: What do you want to do? To help you answer that question and chart a career path for yourself, here are some of the best jobs for economics majors that you can land after graduation.
1. Market Research Analyst ($63,790) – Are you an equal mix of creative and analytical? You may enjoy being a market research analyst. This job involves researching market conditions and gathering information to determine the potential profitability of a product, service, or campaign. To excel as a market research analyst, you need to be good at breaking down complex information into reports — lots and lots of reports with graphs. Having expertise in Excel is also a big plus!
2. Management Consulting ($85,260) – You’ve probably heard of management consultants before, but what exactly do they do? Management consultants (also known as management analysts) offer advice and assistance to other businesses. They typically gather information about the business before talking with C-Suite level executives about how to improve the overall business performance and operations. According to the Bureau of Labor Statistics (BLS), employment of market analysts is expected to grow 14 percent through 2028, which is much faster than average.
3. Actuary ($108,350) – Actuaries use a combination of mathematics, statistics, and financial theory to study uncertain future events and evaluate the financial implications of the risk involved with those events. Many actuaries work in the insurance industry, helping companies to evaluate insurance products and calculate emerging risks. With an average yearly salary of $108,350 and a good job outlook, actuaries are one of the best bachelor’s degree jobs for economics majors.
4. Financial Analyst – Love reading about financial news and market movements? If so, a job as a financial analyst might be for you. Financial analysts gather information, analyze financial data, and write reports for their clients while keeping tabs on the economy. In short, they help clients make the best financial decisions based on economic trends, business news, and the company’s overall strategy. Since competition for financial analyst jobs can be pretty fierce, you’ll want to get an internship to jazz up your resume.
5. Lawyer ($120,910) – With an average yearly salary of $120,910, being a lawyer is one of the highest-paying careers that econ majors can score. In fact, an economics major is one of the best degrees for getting into law school, especially if you decide to practice corporate law. However, be aware that the road to becoming a lawyer is time-consuming and costly. You’ll need to complete your undergraduate degree, get into law school, and pass the state bar exam before you can start practicing.
6. Credit Analyst ($73,650) – Credit analysts are responsible for determining the creditworthiness of individuals and firms. They do this by analyzing the financial data of loan applicants to determine the degree of risk involved with lending them money or extending their credit. Credit analysts commonly work for banks, investment companies, and credit card companies.
7. Business Reporter ($43,490) – Love telling a good story? Become a business reporter. Business reporters inform the public about news and events related to businesses, financial markets, and the economy. They research topics, pitch story ideas to editors, interview relevant people, and write articles for magazines and newspapers. In addition to good research skills, business reporters should have the ability to write engaging and clear prose.
8. Economics Teacher ($61,660 per year) – Can you remember that one teacher or professor who first sparked your interest in economics? Why not be that same person for someone else? Teaching can be an extremely rewarding career that allows you to give kids the skills they need for the future. This career is ideal for economics majors who don’t want to do the same thing every day — because as a teacher, no two days are the same!
Don’t Be ‘Laissez-Faire’ with Your Career
As you can see, earning your degree in economics can lead to a diverse range of interesting careers. However, don’t assume that your economics degree will guarantee you a job. Put in the work now by getting internships and relevant work experience. By making the most of your time in college, you can set yourself up for success after graduation.
Common FAQs
Below are common questions we get asked.
How do financial modeling skills impact the earning potential of economics graduates in financial analyst roles?
Financial modeling skills can significantly boost the earning potential of economics graduates in financial analyst positions. Proficiency in creating complex financial models allows analysts to provide more meaningful insights and make better investment decisions. This expertise is highly valued in financial services and can lead to faster career advancement and higher salaries.
What role do statistical analysis techniques play in the success of market research analysts with economics degrees?
Statistical analysis techniques are crucial for market research analysts with economics degrees. These professionals use advanced statistical methods to analyze market trends, consumer behavior, and economic data.
Mastery of these techniques enables analysts to provide more accurate forecasts and valuable insights, potentially leading to higher compensation and better career opportunities in market research and data science fields.
How does obtaining a Chartered Financial Analyst (CFA) certification affect the career trajectory of economics majors in financial management?
Obtaining a Chartered Financial Analyst (CFA) certification can significantly enhance the career trajectory of economics majors in financial management.
This advanced credential demonstrates expertise in financial analysis, investment strategies, and ethical practices. CFA holders often command higher salaries and are more likely to secure senior positions in financial services, investment firms, and management consulting companies.
What unique advantages do economics degree holders bring to roles as operations research analysts in government entities?
Economics degree holders bring a unique perspective to operations research analyst roles in government entities. Their understanding of economic theories, quantitative skills, and ability to analyze complex systems make them valuable assets in policy analysis and decision-making processes.
This background allows them to provide insights on the economic impact of various policies, potentially leading to higher-paying positions in federal, state, and local governments.
How does expertise in data visualization contribute to the success of economics majors in data scientist positions within the financial sector?
Expertise in data visualization is increasingly important for economics majors pursuing data scientist positions in the financial sector. The ability to transform complex financial data into clear, visually appealing presentations helps data scientists communicate insights effectively to stakeholders.
This skill set, combined with their economic knowledge and analytical capabilities, can lead to higher-paying roles and faster career advancement in financial institutions and fintech companies.
