What is a major in economics all about?
With the scarcity of available resources and the increasing demand to meet the needs of the population of the world, economics plays a major role in figuring out the allocation of resources so that they are not misused.
The economics major degree is a social science course that deal with the production, distribution and consumption of impalpable resources like money, supplies, accommodation, and labor.
The study path typically follows a route that starts with a degree of an associate in economics and then pursues a bachelor’s, masters and doctoral degree. In the present situation of the world, higher studies in economics create a huge scope for students to excel.
What are the basic courses that can be opted for a major in economics?
While there are a lot of branches of economics to choose from, the most common ones pursued by any student at the major level are –
- Economic principles
- Microeconomics
- Macroeconomics
- Society and business
- Economics of developing and third-world countries
- Health economics
- Mathematical economics
- Econometrics
- The economics of gender
- History of economic thought
- Statistical economics
- Law and economics
- Regional and urban economics
What are the specialization courses in economics for master’s degree?
A student can choose from the following courses to uptake a master’s degree in economics –
- Environment of global economic condition
- Managerial economics
- Empirical analysis of trade policy
- Research methods in economics
- Public policy and industrial organization
- Behavioral economics
- Financial derivatives
- Global enterprise
What is the course of an economics major program?
Before delving into the course of economics major, one must be familiar with the requirements for pursuing a degree in economics major. Economics is spiraled around a lot of mathematics and analytical justification. So, if that is not your strength, then it is advisable not to pursue a degree in economics major.
An economics major course deals with the different types of economic theories and the different branches of economics like – microeconomics, macroeconomics, classical and international economics.
An economics major student can learn the current trends in the industry, scope of the labor markets, future of companies and businesses and the force that makes a business thrive.
Economics majors focus on collecting, organizing and analyzing data by using statistics, mathematics and economic theories. They are also responsible for creation of models to foresee the effect of investments, decisions regarding policy, climate change and demographics.
What are the benefits of an economics major degree?
An economics major degree helps shape a student’s mind and not only his career. An economics major degree helps –
- Strengthen the critical thinking ability
- Build an excellent foundation to pursue higher education in
- Graduate school
- Law school
- Masters of business administration
- Public policy analysis
An overview at the career options with a degree in economics
A general overview at the career options with a degree in economics shows that while a bachelor’s degree in economics can earn some personnel the position of research analyst and strategy consultant, a master’s degree ensures a wider scope of opportunities.
A master’s degree can earn the job of an economist, instructor at any community college, macro-economic quantitative researcher, credit risk manager, risk analyst and director of research analytics.
What are the best 10 jobs for a student holding a major degree in economics?
If logic intrigues you, then a degree in economics is best suited for you. A degree in economics is applicable in multiple fields from finance to public policy. A degree in economics open the path to pursue higher studies in labor market, trends in the industry, the driving force of any company and the future of individual companies.
Economics majors learn to collect, organize, and analyze data, using mathematical concepts and statistical theorems to make calculations. They also create models to foresee the impact of policy decisions, industry trends, investments, demographics, and climate change.
Although anyone with an economics major must be able to analyze problems and propose solutions, the person will only be successful if he/she has solid communication skill. Individuals working in the field of economics must be able to translate their complex findings into a layout simple for business leaders, legislators, and everyday people to follow and understand.
While graduates with a degree in economics are experts of the chart and graph as tools for summarizing trends and interpreting results, the ability to write clear and easy to understand descriptions and present complicated information in a simplified manner to others are also vital skills for the economics major.
Given the magnitude of a major in economics, there are many possible career choices for people with an economics degree. To choose the right career one must consider other skills, interests, and values.
Below are a few job options to consider when someone is choosing a career path with a degree in economics.
- Market research analyst
A market research analyst is responsible for the assessment of the preferences of consumers to help organizations decide how to plan, promote and market their services and products. Market research analysts are mostly hired by consultancy firms on a contractual basis.
What are the responsibilities of a market research analyst?
Depending on the need of the employing organization, the responsibilities of a market research analyst mainly varies between the following –
- Determine effective methods of data collection like survey, questionnaires, discussion groups and opinion polls
- Devise effective ways to present their findings using tools like graphs, charts, and other visual representatives
- Interpret data and come to logical conclusions
- Create a visual representation of the trends in the market and industry to help organizations predict how they will perform in the market
- Determine the effectiveness of marketing strategies
What is the average salary of a market research analyst?
The estimated average annual salary of a market research analyst by the Bureau of Labor Statistics was $63,120 in the month of May in 2018.
- Economic consultant
Economic consultants are held responsible for the research of trending economic situations in the market. They use their analytical skills to assess the market trends and helps organizations improve their performance. Economic consultants are hired in variable fields of occupation like healthcare, finance, business, education and the government as well.
What is the average salary of an economic consultant?
The estimated average annual salary of an economic consultant by the PayScale is $73,090.
- Compensation and benefits manager
Compensation and benefits managers are responsible for evaluation of pay and benefits for employees of an organization. They are recruited in the human resources department and has multiple roles to play within their scope of job description.
What are the responsibilities of a compensation and benefits manager?
Human resources managers are responsible for the development of personnel policies in consultation with senior executives and department heads. HR managers are also responsible for hiring, training, and supervising human resource specialists and assistants.
HR managers work in non-profit organizations, government agencies, private companies, and educational institutions. Those employed at small organizations tend to be generalists (juggling many responsibilities) while those at larger organizations may specialize in a HR discipline such as employment or benefits.
While a compensation and benefits manager are an expert with numbers but should also specialize in hiring and training as these are their added responsibilities. They research pay and benefits in similar organizations within their industry to establish a competitive structure for their company’s pay and benefits.
They generate reports and present their findings to senior management, and work with their company’s human resources department hand in hand.
What is the average salary of a compensation and benefits manager?
The Bureau of Labor Statistics estimated the average annual of a compensation and benefits manager to be $121,010 in the month of May in 2018.
- Actuary
Actuaries are responsible for the application of advanced mathematical and statistical skills to determine the likelihood of events like fires, deaths, illnesses, and business failures
Actuaries often use different software to help them with their analyses. They devise graphs and charts to present their decisions to members of the management team.
What are the responsibilities of actuaries?
- Collection and compilation of data for statistical analysis
- Estimation of probability and likely expenditure for events like accidents, natural disasters, death and/or sickness
- Testing and administration of self-designed policies to minimize risk and maximize profitability of pension plans and insurance policies
- Explanation of findings and proposals to different stakeholders
What is the average salary of actuaries?
The estimated average annual salary for actuaries by the Bureau of Labor Statistics was $102,880 in May, 2018.
- Credit analyst
Credit analysts are responsible for assessing the profile of probable clients before lending money – be it an individual or a business organization. After assessing the risks, they create a report and gives an opinion on the interest rate based on the client’s risk profile
What is the average salary of a credit analyst?
The estimated average annual salary for credit analysts by the Bureau of Labor Statistics was $82,300 in May, 2018.
- Financial analyst
Financial analysts are responsible for analyzing companies and their finances, stock, bond and share value. They then use their findings to prepare a report based on which financial investors determine their decision about investing in a company or business or not.
Financial analysts can also be hired in the roles of portfolio managers, rating analysts, risk analysts and fund managers.
What is the average salary of financial analysts?
The estimated average annual salary for financial analysts by the Bureau of Labor Statistics was $100,900 in May, 2018.
- Policy analyst
Policy analysts are responsible for researching and analyzing issues that have a direct impact on the society. Based on their findings, they advise the necessary steps to be taken by the legal department or government to address such issues.
Policy analysts depend strongly on writing skills to present their research findings and convince legislators and the public of the viability of their recommendations.
What is the average salary of policy analysts?
The estimated average annual salary for policy analysts by the PayScale was $57,025 in 2018.
- Lawyer
An economics major degree lays the foundation of being a lawyer. With a major in economics, one can opt for law school for higher qualifications. With a strong ability to critically think and analyze situations, an economics major turned lawyer has a great scope in corporate, tax and antitrust law. They also have a bright future in the field of medicinal malpractice which is based on the theories and applications of macroeconomic and microeconomic analysis.
What is the average salary of policy analysts?
The estimated average annual salary for lawyers by the Bureau of Labor Statistics was $120,910 in the month of May in 2018.
- Management consultant
Management consultants are responsible for analyzing problems associated with businesses and finding probable solutions to overcome these problems. A fresher economic major start with being a junior consultant and research analyst and eventually with time and experience promotes to the position of a management consultant. It is the most sought-after profession for an economics major.
The economics major degree provides an excellent background in the financial and quantitative reasoning and modeling that consultants use to conduct their analyses. Writing and oratory skills are equally important when writing reports and presenting recommendations to clients. The job opportunities for management consultants are expected to rise by 14% by the year 2026.
What is the average salary of management consultants?
The estimated average annual salary for management consultants by the Bureau of Labor Statistics was $83,610 in the month of May in 2018.
- Business reporter
The profile of a business reporter or an economic reporter needs a major degree in economics. The person is expected to study, research and write articles about market trends, business organizations and companies, motivational leaders in the field and developments in economy. They can print or broadcast their articles digitally depending on the company they are associated with. For this job opportunity, a very strong hold over the English language and an excellent writing skill is as essential as the foundation in economics.
What is the average salary of a business reporter?
The average
salary of a business reporter is estimated around $61,497 by ZipRecruiter.
Author Bio:
Omer Tamuz is an Assistant professor of normative economics with an experience of over the years. He completed his specialization in the field of Economics from Tel Aviv University (B.Sc) and the Weizman Institute of Science(M.SC). He followed his passion of teaching students and inspiring them to take the route of economic study and excel in the world.
He is in the online tutoring platform, helping their huge student base available. Students love reading economics and its varied topics with an ease of understanding because of him.