Regardless of their major, any fresher is greeted with a rude awakening when it comes to the job market. While comprehensive and thorough, our education system fails to take into account the necessity for jobs in our economy and simply sidestep this issue by not addressing it in any curriculum. Let’s read this article further to unfold some of the best jobs for economics majors in your career.
Therefore, finding your dream job is something entirely on your hands, but if you are an Economics major, luck might just be on your side as this article will comprehensively explore the skill sets, abilities, and proficiencies you require to appeal to any employer. The objective of the article is to ultimately survey the job market to find the best jobs for Economics majors.
Major Skills for an Economics Major
Your skills are the first thing an employer will be interested in, and as an Economics major, here are some of the skills that will give you a massive advantage in the job market.
- Data analysis – An Economics student spends a lot of their time analyzing data, evaluating information and spotting patterns or inconsistencies. This allows them to hone their analytic skills to evaluate data, trends and models that can help with achieving goals.
- Mathematical skill – Economics involves a lot of math in the form of graphs, charts and other calculations.
- Critical thinking – Any coursework related to Economics has to deal with multiple sectors and perspectives, so any major will be able to examine issues critically and predict problems through gauging these issues from different perspectives. Independent thinking, healthy skepticism and dealing with details are skills fostered organically as a student in Economics.
- Business knowledge – An Economics degree gives you the financial know-how for conducting and understanding business.
- Market awareness – Every organization in every industry needs employees with the knowledge of essential markets to know how to efficiently function and position themselves within them.
- Adaptability – Economics is a constantly evolving field that deals with a wide range of subjects, theories and trends that have changed multiple times. Majors in Economics are thus highly skilled in agile thinking, organizing priorities and staying on top of the latest trends. Hence, this helps them to respond quickly and efficiently to any problem.
Each of these skills constitutes key areas in any profession, and you should be able to take advantage of them.
Now, let us look at some of the best jobs for economics majors which can put these skills to use –
1. Data Analyst
The profession of a data analyst is a career opportunity that has seen considerable growth in recent years and is set up for considerable growth in the years to come.
Opportunities in this sector are set for exponential expansion, especially in India, as more companies have started to invest in and bring in top-level data scientists.
A data analyst is responsible for handling and analyzing massive amounts of data for an organization, which is then used to solve the various challenges and Economics majors, can leverage their financial and market awareness to find major success in this job.
2. Business Reporter
As a business reporter, you will be responsible for evaluating and providing informed reports on companies, their stocks, investments, market trends and financial condition. You will have to interview experts and assess large amounts of economic data pertaining to the different companies.
An Economics degree holder can use their knowledge of business and Economics to understand the topics to report on and the context around them, which will give you an edge over other reporters who do not have a degree backing to provide the background on many of these stories. People skills, communication and a knack for choosing what stories to do are also essential skills in this field.
3. Management Consultant
Management consultants usually work for consultancy firms and research clients and their businesses to evaluate their practices and performance and make suggestions to resolve these issues.
Economics majors are ideal for this sort of career because of their research, communication, analysis, and problem-solving skills inculcated in your degree period with internships and projects. Your adaptability will also help you to rapidly adjust and adapt as you transition between projects and clients.
4. Insurance Underwriter.
Insurance underwriting involves evaluating the overall risks of ensuring various entities like people, property or organizations.
The basic task of an insurance underwriter is to determine when to or under what conditions should insurance be provided to potential clients, including individuals, businesses or others.
The calculations and evaluations made by underwriters are crucial as these companies assume millions worth of risk each year. If an underwriter is too conservative, the company could lose its business altogether. Underwriters usually work for agencies, brokers and insurance carriers.
The basic responsibility of an Economist is to study the economy, and any economic major is well suited for a long as successful career as an economist.
They have to hypothesize, test their theories, observe the flow of the market and make informed predictions related to the performance of different goods on the market. Economists usually work for state governments, but NGOs, research organizations, and even corporations employ their services in some cases.
The coursework and curriculum of an Economics student can pit you up against and ready for some of the most in-demand professions in the world. The wide world of job markets is your oyster, and you can choose between some of the most coveted and prestigious professions in the world as an Economics major. Mentor Monkey aims to provide the best social learning ecosystem for career aspirants and professionals to help millions of young minds ace in their career and professional journey and discover their true valour. Join us now!