Do you love to analyze the world around you? Are you fascinated by the matters related to finance and economy?
Then a degree in the subject Economics can be the perfect option for you. It can earn you a lot of job opportunities and you will be able to showcase your talent in your favorite field. This article will give you a good amount of details on those prestigious job options that you can try your luck with a degree in Economics.
Why Economics is considered a very valuable subject?
Economics is a subject that mostly focuses on various economic factors and their effect on the economy of a place. This subject has a lot of implication in various fields including finance, business, health care, government, law, politics, environment, administration of a country, etc.
A student who is studying Economics major is taught to collect, sort, evaluate, and represent the data using various formulae of mathematics and statistics. He will also learn how to prepare presentations that would analyze the effects of various factors including investments, present market trends, climate change, etc.
If you are interested in going ahead with Economics then just a thorough knowledge of the subject will not help. You should also develop good communication skills as that will take you much ahead. In every step of your job your communication skills and the way you convey important messages will be tested.
Any job related to the subject will require you to translate complex data into simpler forms. This is because you will have to make the data understandable for the business managers and other people who will appoint you. You will have to keep in mind that they do not know economics better than you and you will have to guide them through the matters.
There are many excellent job opportunities if you can successfully earn a degree in Economics. Learning the basics of the subject very nicely will never let you down as you will be able to prosper beyond limits. Here are some of the best job options that you can consider after completing your majors in the subject.
The job of a financial consultant is very prestigious and holds a much-esteemed place in all organizations. As a financial consultant you will have to use your research skills and ability for analyzing any situation regarding the economy. You will have to scrutinize the trend of the financial market and advice the organization accordingly. Each and every suggestion provided by you will directly impact the performance of the organization you are working for.
A financial consultant may find his place in different types of industries, healthcare units, finance sector, government bodies, etc. He can also be appointed by the judiciary to determine the amount of financial loss in any legal case. These consultants are highly paid and get a good amount of hike every year.
If they can successfully manage the financial matters of the organization and help them earn good profit then nobody can stop them from reaching heights. For this, it is very important that they brush their research and analytical skills and try to grasp the best.
The job of a market analyst is not at all easy as he needs to keep a record of each and every trend of the market. For this he will have to conduct thorough research on the market to stay updated always. As a market analyst, you will have to analyze the future of the products and services offered by the business firm you are working for. You will have to survey the market and gather relevant data that might help the clients.
These market analysts collect information from the market and evaluate them using mathematical and statistical formulae. Then they present them in front of the clients in the format they will be able to understand clearly.
A market analyst is supposed to be extremely proficient in preparing graphs and translating them for his clients. There are various types of software involved in this whole process and he should have knowledge about them. They are also expected to be a pro at the skills of solving critical problems related to products and services.
An actuary is supposed to determine the occurrence of any mishap in the business process. It can be anything like the sudden outbreak of fire in the office, a huge loss in the business, products and services failing miserably in the market, etc. In short, your job will be to analyze the risks awaiting the organization much ahead of time so that they can be successfully altered.
Actuaries design structures for insurance policymakers. They will have to determine a lot of things in this process so that the company offering the insurance can make a profitable business. There is software that will be required by the actuaries to carry out their job. So they should be highly proficient in operating them.
They also have to use graphs extensively. An actuary has to give the graphical representation of the data collected by him to the management body of an organization. These graphs should be well maintained and should be able to convey messages very clearly to the people concerned.
The job of a credit analyst is very interesting and challenging at the same time. They will have to apply various theories of microeconomics in their entire career. A credit analyst is hired by those organizations who deal in giving loans. The credit analyst is supposed to analyze the financial condition of those people or businesses applying for any loan.
These analysts have to evaluate whether the loan offered by that company can be recovered successfully or not. These professionals conduct thorough research on the background of those applying for loans. They find out each and every minute detail about those people or organizations and check whether they have any bad record in the past.
This helps in preventing the number of defaulters to that particular company. These analysts evaluate the reports related to those clients and suggest the rate of interest as per each client. A very high amount of salary is drawn by these credit analysts and their success rate determines the success rate of the organization.
As a policy analyst, you are expected to evaluate different rules and regulations related to an organization. You will have to find out the impact of various problems on people and chalk out effective measures to resolve them. It is your suggestion that will be followed by the management body of a particular organization in designing and defining policies.
An economics major will have to apply important theories related to the subject in finding out the feasibility of a policy. Then he will have to design a reasonable solution to the problems raised due to the impact of a particular policy. These analysts will have to convince their seniors the reports prepared by them addressing each and every problem.
A policy analyst is supposed to possess very strong writing and communication skills. They will have to prepare solid reports of their research findings. The reports prepared by them should be full-proof and there should not be any loophole as it might distract the management body.
A management consultant holds a very crucial position in an organization. His job is to evaluate various problems arising in a business and find out the root cause of those problems. Then he will have to suggest the best solution to those problems that can help that particular organization in overcoming it.
After completing your graduation in Economics, you can start your career as a research analyst or research assistant. Then you can steadily progress in your career and become a management consultant. Therefore, it can be safely concluded that it is not very easy to become a management consultant. You will have to dedicate many years in learning from seniors before you actually earn the post.
A management consultant should have a thorough knowledge of finance and quantitative data modeling. This will help him in carrying out his tasks better and conduct various evaluations effortlessly. He should have a good amount of self-confidence and communication skill. There will be various situations where he will have to address big clients or the general public. His words should be convincing enough and should have a positive impact on the public.
You should not confuse an economics reporter with any other reporter as his job is completely different from theirs. He will have to research on various prominent figures of the business world and bring it in front of the world. Not only that, he will also have to research on big business houses, market trends, financial markets, and the economic development of a nation and broadcast it on various media.
The job of an economic reporter has suddenly seen a boom in the past few years and its demand is increasing at a steady pace. There are many students of economics who are showing their interest in this field. This job demands the professional possess a very good writing skill which is far from complexities. He will have to translate his complex findings into simple words so that the readers and viewers can easily understand it.
Each and every economics reporter should be curious about the ongoing economical trends of his surroundings. This will help him a lot to move forward in his career. He will be researching more and will be able to gather more knowledge. This will reflect on the reports presented by him.
As the name suggests, the job of a budget analyst is to help an organization maintain its budget successfully. Each and every organization has got a budget regulatory body and a budget analyst is an obvious part of that body. He can get a good job in a big organization running several educational institutions, government, or large business firms.
All the large business organizations that deal with a lot of money have to maintain a steady budget for every expense of theirs. If they fail to maintain the budget properly then they will surely suffer a huge amount of loss. This is where a budget analyst comes as a rescuer and takes care of the budget strictly.
A budget analyst will have to analyze each and every expense of an organization. As per his evaluation, he will have to recommend the amount of budget he can permit for a particular aspect.
If you love nature and want to protect it from the harmful consequences it might face in the future then you can opt for a career of an Environmental Analyst. You will have to collect various data related to the environment and suggest sustainable alternatives. For example, you can research some alternative fuel options that might prevent the natural ones from depleting fast. You can also suggest some effective method for conserving soil and reducing pollution from the environment.
Your suggestions and research papers will help the government bodies in planning the course of various actions. They will be able to apply, rules that can help in reducing the harmful effects on nature. To carry out this job successfully you will have to enroll yourself in a thorough training session.
Hope this article will help you understand various jobs related to the field of economics in details. Firstly, you should enroll yourself in a good college to receive a good amount of knowledge in Economics. Secondly, you should be able to translate that knowledge in the practical world to become successful. For more information regarding all job options, please visit at https://www.indeed.com/
About the Author:
Alberto Cavallo has framed this wonderful article that is highly informative. He has a great deal of knowledge in the subject which cannot be doubted at any instance. He is the Edgerley Family Associate Professor at Harvard Business School, where he teaches in the Government, Business and the International Economy (BGIE) unit, a Faculty Research Fellow at the National Bureau of Economic Research, and a member of the Technical Advisory Committee of the US Bureau of Labor Statistics (BLS). He has been assisting many students in completing their assignments.