Discover more from Economics with Dr. A
My Video Went Viral
YouTube Questions You Asked
My video on why major in economics has gone viral!
I have been getting many emails and messages. I am glad my video has gotten the views and has made people consider economics as a major. I have had the opportunity to hear from students from across the world. Many of them are interested in economics but they have some questions.
The questions I have received so far can be summarized as
1. People are looking for certainty that majoring in economics will get them a GOOD job. No major can make this guarantee, no major alone will get you a job. It’s what you do with it. Here is a video on college advice for undergraduates that might help explain what I mean.
2. The second question is WHAT jobs can I get with an econ major? In my previous video I said you can do anything with an econ degree, but that was not convincing. So, I will tackle this today. I will share some jobs out there that would be a great fit for an economics major. I will share the job title, description, salaries, and job outlook.
WHAT CAN I DO WITH AN ECONOMICS DEGREE?
Careers in Economics apply many of the skills that undergraduate majors develop, such as the use of statistical software, presentation skills, and graphical representation, as well as writing skills. Positions with a focus in economics must think critically about products and services and be agile at solving business or social problems with attention to detail while presenting the solutions.
Here are 3 opportunities you can do with an economics degree. I include some current job openings at the end.
1. Market Analysts
Market Analysts help tap into the knowledge of industry trends to assess how products or services might fare under various economic conditions by gathering and analyzing data. They must be able to present the results and present this information to stakeholders. The Econ Games helps students develop these skillsets during the annual conference and our complementary Data Camp.
Salary: The BLS estimated that a market research analyst’s median annual salary was $63,790 in May 2019. The bottom 10% earned less than $34,350 and the top 10% earned more than $122,630.
Job Outlook: The BLS projected that employment of market research analysts will grow 18% from 2019 to 2029, much faster than the average for all occupations.
Actuaries apply advanced economics, mathematical, and statistical skills to determine the risk profiles needed to establish a profitable structure for insurance firms. Analyzing the likelihood of events like fires, deaths, illnesses, and business failures are skills that economics students learn during their undergraduate degrees.
Actuaries often use software to help with their analysis. The Econ Games Data Camp is a great way to start with statistical software skills and the conference would be an opportunity to connect with these employers.
Salary: According to the BLS, the median annual earnings for actuaries in May 2019 was $108,350. The bottom 10% earned less than $64,860, and the top 10% earned more than $193,600.
Job Outlook: The BLS predicts that jobs for actuaries will grow at the much-faster-than-average rate of 18% through 2029. One limitations of being an actuary is that you must complete additional credentialing beyond the degree.
3. Research Analysts/Assistants
Research, analyze, and support economists with issues that impact the public and this research can recommend policy to address the problems. Economics students often have the skills needed to analyze issues like wealth, labor, healthcare, taxes, energy, the environment, and international trade policy.
Salary: According to PayScale, policy analysts earn an average annual salary of $59,565. The bottom 10% earned up to $43,000, while the top 10% earned $84,000 or more. BLS resources provide an geographic overview of where social scientists are most in demand.
Job Outlook: Click here to watch our Fall Speaker Serie with the Federal Reserve Bank of Cleveland RA’s with the best practices to applying to the Fed.
These are three jobs that I quickly jotted down. I hope you find it helpful. There are thousands of other possibilities. Economics students can also apply to entry level jobs in finance and other business majors. Jose Fernandez, University of Louisville, left a comment on my video sharing his advice.
If you found this information helpful, make sure to like and subscribe. Share it with a friend too!