Jobs That Require an Economics Degree
- According to the American Economic Association (AEA), economics is the study of how people, businesses, industries, countries and governments choose to use resources. Microeconomics focuses on how people make these decisions. Macroeconomics evaluates the aggregate outcomes of individual choices.
An economics degree teaches analytical and critical thinking skills that help degree-holders understand complex data and solve problems, making them ideal candidates for a range of jobs.
- According to the Princeton Review, an economist must be a curious and creative thinker. Economists use data and statistical information to identify economic trends and activity, and to measure consumer attitudes. Economists are hired by private consulting firms and by businesses that want to predict economic scenarios.
- The AEA indicates that governments around the globe hire economists to help manage and evaluate their operations, and to support governmental decision-making bodies. The Federal Reserve Board hires economists to study the flow of money within the United States and across its borders, and to predict economic trends and how they will affect the U.S. money supply.
Jobs in economics also include advisers to members of Congress and a variety of political organizations.
- Academic jobs that require an economics degree include teachers, professors and researchers. Some teaching positions require a masters in economics, others require a doctorate, and salaries will increase as your education level rises. Teachers and professors are responsible for training undergraduate and graduate students in the field of economics.
Researchers use their economics degrees to study economic trends and activity, similar to the role of an economist in a private organization. Academic researchers tend to have more freedom, as their roles are not constricted by corporate demands.
- Although there are many acceptable paths of study for those seeking to enter law school, the Law School Admission Council notes that economics is one of the traditional subjects aspiring law students study during undergraduate coursework. An economics degree is a good grounding for lawyers because of the critical and logical thinking and research skills it imparts, all of which are critical to lawyers.
Opportunities for lawyers are not limited to the corporate world; non-profit organizations, such as the International Finance Corporation, also seek lawyers to help advise on legal and regulatory issues. Another facet of legal roles in the non-profit world is financial. Lawyers often advise on the structure of financial transactions affecting various regions of the world. An economics degree can help the job-holder see a broader range of financing opportunities and understand the impact that economic trends might have on financial transactions.