Students, who have already reached the final years of their academic programs, often get worried about what to do next.
Not all of them are well acquainted with the current corporate world, neither they are familiar with the most popular trends in the recent job market. The completion of a degree obviously brings a culmination in the academic pursuits but, along with that, it is also necessary to gather details about the potential job opportunities after the completion of that particular course.
Apart from that, nowadays, students are more inclined to go for those academic programs that would surely offer attractive career options once the course is completed. Among such courses, economics is a significant one.
Why economics is considered a major subject in the job market?
The subject of economics is closely connected to the overall management of all the finance related issues, irrespective of whether the money is owned by the government, an organization, or an individual.
Matters related to finance and their correct applications are of extreme importance in both the microcosmic and the macrocosmic levels. Appropriate management of the financial issues is capable of building a strong nation, a successful company, and a balanced individual.
Because of its great significance in almost every sector of human society, experts of economics are also held in high esteem and the students of this subject never experience redundancy in the job market. From banking to budget planning, everywhere there is the command of the financial experts.
What are the best career options available for an economics student?
As it has been stated earlier, students of economics will never come short in their career pursuits since plenty of attractive job-opportunities are there in the market for them. The professions that economics students mostly prefer are:
- Market Research Analyst
- Economic Consultant
- Compensation and Benefits Manager
- Credit Analyst
- Financial Analyst
- Policy Analyst
- Economic Lawyer
- Management Consultant
- Business Reporter and so on.
Top three job opportunities for any economics graduate
From the list mentioned above, here we are going to choose the top three of the jobs and present a detailed description of them before you so that you can get a comprehensive idea about them:
- Market Research Analyst
Job description: The main job of the Market Research Analysts is to evaluate customer inclinations for the purpose of helping organizations come to a decision on how to form, promote, and sell their services and products. In order to assemble information, analysts make use of investigations, focus groups, and consultations.
Job sectors: The sectors that most commonly take up Market Research Analysts and offer the uppermost remuneration consist of administration, technical & scientific consultancies, services related to computer systems design, and marketing or public relations services.
Required skills: Apart from the necessary educational requirements, the following job-specific skills are also expected from a candidate aspiring to become a Market Research Analyst:
- Evaluate customer demographics, choices, requirements, and buying tendencies
- Scrutinize data to exemplify qualitative and quantitative conclusions
- Plan research method
- Build up and execute sample plans
- Assess the usefulness of promotion programs and approaches
- Supervise and anticipate advertising and trades developments
- Provide industry benchmarks
Added to these, a Market Research Analyst is also expected to possess sufficient familiarity with the use of the statistical softwares and other related technical amenities.
- Economic Consultant
Job description: Economic consultants make use of methodical and investigating proficiency to complete learning on the subject of trade and industry settings. They examine commercial trends to assist businesses in developing their performance.
Job sectors: They can be employed in organizations in different industries including the administration, commerce, education, finance, healthcare, and more. Economic consultants can also serve as specialist witnesses in official cases to review financial harms, scrutinize intellectual assets and antitrust abuses, and deal with authoritarian infringements.
Required skills: An economic consultant is required to perform the following duties:
- Delve into financial concerns
- Carry out investigations and accumulate data
- Evaluate information by making use of statistical models, numerical methods, and software
- Present the results of researches in statements, charts, and diagrams
- Understand and predict industry trends
- Give advice to companies, administrations, and individuals on financial matters
- Suggest resolutions to financial difficulties
- Prepare critiques for scholastic magazines and other media
Added to that, they are also required to demonstrate promising and optimistic attitude and pleasing soft skills in order to build trust concerning their services in the minds of the clients.
- Financial Analyst
Job description: Financial analysts are required to provide direction to industries and individuals by making correct investment choices. They evaluate the performance of stocks, bonds, and additional forms of investments.
Job sectors: Financial analysts can find work in any sector of the job market where the financial matters are managed carefully, such as administrative, industrial, educational, and entertainment sectors. They also work in annuity funds, banks, insurance companies, mutual funds, securities firms, and other companies.
Required skills: The job-specific abilities that a financial analyst must demonstrate are:
- Advise personal investments and compilations of investments, which are identified as portfolios
- Assess recent and past economic statistics
- Revise financial and commercial trends
- Scrutinize the financial statements of a business to find out its worth
- Communicate with company spokespersons to get superior insight into the current scenario of the company
- Review the power of the executive group
- Organize written statements
Financial analysts need to make use of computer software and replicas to give support to their investigations. Their analyses frequently call for the highly developed quantitative expertise that is expected from any economics graduate.
These are the best job opportunities available for the graduates of economics according to the experts in this domain. In order to be considered as perfectly eligible for these desired professions in the future, start getting prepared from today. And, in addition to your academic preparations, take care of your grooming and soft skills as well.
The best career path and jobs that can be taken by an economics graduate
A person, who is a bit analytical in his approach or outlook, can definitely look forward to a career in economics.
If you are holding a degree in economics, it can be used in different areas such as public policy making as well as managing finance. The economics degree will help you to study different trends in labor markets as well as know the things that drive the economy of a company forward.
Different exciting prospects are also required to be spotted by you and communicated to the concerned people by and by.
Working with data
The different majors in economics need to know ways to gather as well as organize data. This is done by making use of statistics as well as different mathematical formulas.
Different models are also formulated accordingly to predict what kind of impact this data would have in framing policies. Problems are analyzed and solutions provided by economists.
On your part, you also require having really great communication skills. Different complex findings of economics are needed to be translated into a form that businessmen can understand quite easily.
Different charts and tools are used by economists to summarize different trends and results. Very clear descriptions and complicated information is often required to be presented by majors of economics.
Market research analyst
Different market research analysts make use of their knowledge of the industry and then predict how different products or services would be faring in markets under different economic scenarios.
A lot of work goes in designing studies as well as analyze data. These people need to show results and represent information to clients. There are many skills used by economics majors such as use of presentation software as well as graphically representing different things. Different problems associated with marketing needs to be solved by these people.
Different economic consultants, make use of their analytical as well as research skills to carry out various studies. Different economic scenarios are analyzed by them for helping organizations to grow.
Performances of organizations, is greatly dependent on word of advices offered by economic consultants. There are lots of industries where economic consultants can work such as finance, education, healthcare as well as government based organizations.
You will find that these people often act as witnesses in various legal cases that study economic damages that might have been caused to a company.
A manager for compensation and benefits
The different compensation and benefits managers think in terms of numbers. These people are usually seen to evaluate different options for pay as well as benefits. Various trends occurring in labor markets are studied by these people.
Supply and demand existing for different job classes is assessed by these people and appropriate results are then brought forward. A structure for pays and benefits doled out by a company is designed by these managers. They formulate this by researching the structure in similar organizations in the market.
These people usually prepare reports and then present their findings to people in senior management. Often these people work in tandem with people in the HR department of a company.
Role of actuaries
People working as actuaries, often employ different advanced type mathematics and statistical skills and determine the likelihood of occurrence of certain events. These are usually insurable events such as fires, deaths or bankruptcy of a business. These people analyze lots of different variables and then resent the data.
Risk profiles are analyzed and profitable structures for various insurance companies are then established. Different computer software is used by these people on course of their analysis. They make use of graphs and charts, to make announce their decisions to people. Different members of the management team, work according to what they say.
Credit analyst job
Different credit analysts are known to conduct different micro economic analyses for their clients. These people assess the risks that a company might face while loaning out money to individuals or businesses. They are known to take into account different economic trends and various factors that impact different regions as well as industries.
The credit analysts would be preparing reports that summarize findings made by them. They further suggest rates of interest that might be charged from a person. It is dependent on risk factors present in the profile of a person.
The name of this job profile is in itself quite exciting and interesting in nature. These people perform research on various industries as well as stocks, bonds and other investment options for finance departments of companies.
The kind of analysis that they make, often require them making use of great quantitative skills that all good economics graduates must possess. Computer software as well as models is used by these people to improve the presentation of their analysis. They prepare reports as well as make presentations for clients as well as colleagues.
The decisions that these people make on certain financial products is often considered being final.
Job for Policy analysts
These analysts make research on different issues and study the impact they would have on the public domain. They also recommend different legislation and government intervention done to improve upon these issues.
Through knowledge of economics is often required for understanding these issues and then people need to find different affordable solutions. These people have skills that would help in analyze issues related to taxes, healthcare as well as environment and trade policies.
These people are known to strongly depend on their writing skills to present their data, findings. They convince administrators and legislators with the help of their research. The recommendations that they make often prove to be beneficial for the public.
Maja Kazazic is a force to reckon with in the economic circles. He has done her MBA from the University of Michigan and is one fiery teacher and author. He is a really well known face among her students and teaches economics with much gusto. He explains complex models in easy manner to his students, owing to over six years of experience he has gained in this sector.