When it comes to Economics, there is quite a lot that you can do with your economic degree. A lot of graduates with an economics degree are gainfully employed in almost all sectors of the economy. There is no limit to your career with your economics degree.
With your economics degree, you can use it to study industry trends, labour markets, the prospect for individual companies, and the forces that drive the economy. It can also be used in public policy and finance.
Economics majors learn to gather, organize, and interpret data, using mathematical formulas and statistics to make calculations. They also create models to predict the impact of investments, policy decisions, industry trends, demographics, climate change, and much more.
Although economics majors must be able to analyze problems and propose solutions, success in the field also requires solid communication skills. Individuals working in economics must be able to translate their complex findings into a format that business leaders, legislators, and everyday people can understand.
While graduates with a degree in economics are masters of the chart and graph as tools for summarizing trends and results, the ability to write clear descriptions and present complicated information to others are also vital skills for the economics major.
What is Economics?
Economics is the practical and theoretical science of the production and distribution of wealth. It is based around the system of the production, buying and selling of goods and services.
As a social science, it is primarily concerned with the behaviour and relationships of people and societies and economics is applied to the real world to study and analyse the activities and interaction between people, markets and governments.
Although there are various subdivisions of economics, the two main areas of study are microeconomics and macroeconomics.
Microeconomics is the study of the dynamics between individuals and industries, a more concentrated study of the broader discipline of macroeconomics, which is the study of the economic activity of an entire market or country.
Job Opportunities for an Economist
A graduate of economics can work in any of the fields listed below.
- Actuarial analyst
- Accountant
- Chartered certified accountant
- Chartered public finance accountant
- Data analyst
- Economist
- External auditor
- Financial risk analyst
- Financial adviser
- Forensic accountant
- Investment analyst
- Market research analyst
- Political risk analyst
- Statistician
- Stockbroker
Jobs where your degree would be useful include:
- Actuary
- Business development manager
- Civil Service fast streamer
- Data scientist
- Diplomatic service officer
- Local government officer
- Management consultant
- Policy officer
- Quantity surveyor
Importantly, many employers accept applications from graduates with any degree subject. So you don’t have to limit your job search to the ones listed on this page.
Industries Where an Economist Can Work
As an Economist, you can work both in government or private industry. The main industries that employ economics graduates in the public sector are:
- Banks
- Charitable and not-for-profit organisations
- Consultancies
- Insurance and accountancy firms
- Government departments and think tanks.
Skills to Include in Your CV for Economics Jobs
An economics degree gives you subject-specific skills enabling you to apply economic principles and models. You’ll also gain an understanding of the large driving forces shaping social policy and financial markets, as well as skills in statistical analysis.
You’ll also develop valuable transferable skills, including:
- Communication – presenting findings and explaining complex data
- Numeracy – handling complex data and applying mathematical and statistical analysis methods
- Problem-solving – extracting information, drawing conclusions and making recommendations
- Computing – using specialised software
- Time management – completing specific tasks within designated time frames
- Analytical skills – analysing research methods, data, conclusions and recommendations.
Work Experience with Economics Jobs
To become a successful economist, you need to get work experience. Most times you might not readily get a job, but volunteering will go a long way in preparing for career growth. You could also consider work experience or work shadowing in areas such as accountancy and finance.
Any work experience is useful as it allows you to build essential skills in a variety of areas including team working, communication and time management.
Further study
As an economics graduate, you could further to obtain a postgraduate degree. There are actually so many areas in which you can choose to specialize. Some wish to continue studying economics at a higher level because of personal interest or they may choose a specialist area such as health, agriculture or regional economic development.
Graduates may use the postgraduate study as a means to change career focus or to gain professional qualifications required to practise in certain career areas, such as accountancy. Although it is not essential, postgraduate study can offer an advantage to those wishing to seek careers in competitive areas.
