5 Rewarding Careers in Economics to Consider

According to Dictionary.com Economics is the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.” Some courses a person majoring in economics may take include finance, statistics, law and international trade.  Graduates with an economics degree can find employment in businesses, economic research, and government agencies.

Business Analysts

business-analystBusiness analysts are professionals who analyze business data, processes and systems to help businesses achieve long-term financial performance. Profit margins and company revenues are some the main types of data used by business analysts. You must have a bachelor’s degree in business administration or economics for you to be employed as a business analyst. Consulting firms, government agencies, and business firms usually employ business analysts. As of 2015, the average salary of a business (or Management) analyst according to the Bureau of Labor statistics (BLS) was $81,320 annually and job growth was expected to be much faster than average.

Financial Examiners

The main responsibility of financial examiners is visiting credit unions or banks and documenting their compliance reports as well as monitoring and developing policies. Many employers may demand a bachelor’s or master’s degree in business management, economics, or finance. They may also require someone with experience in the finance industry. According to the U.S. Bureau of Labor Statistics Occupational Outlook Handbook, the average annual salary for financial examiners was $78,010 as of 2015.  Job growth is expected to be faster than average.

Industrial Economists

Industrial economic experts analyze industry proposals and put together economic data. Qualified individuals must have a bachelor’s degree or a degree in economics. Finance and business administration are also good degrees to have. Industrial economists are usually employed by government agencies like the Department of Treasury, Department of Labor and economic organizations. The salary of these professionals was $58,000 annually as of March 2010.

Loan Officers

Loan officers act as intermediaries between financial organizations and individuals. Their responsibilities involve checking and reviewing loan applications. They also analyze data based on loan documents such as credit checks. Loan officers must have bachelor’s degree in Economics, Finance and Business Management with on the job training. Average annual salary for a loan officer in 2015 is $63,430 and jobs are expected to grow as fast as average.

Labor Economists

Labor economists carry out research on trends in the economy and their relation to employment. Some of them major in worker’s compensation by studying the amount of money workers are paid and the means of payments like stock options, salary and other benefits. They are also involved in studying the causes of unemployment and how factors such as population and demographic changes affect the rate of employment.

Economists in general according to the BLS earned an average of $99,180 per year but were required to have a Master’s Degree for the years 2014-2024 the prospects for Economists job growth was only average at 6%.

There is a wide range of careers for people with a major in economics. This is a growing profession with high potential. In addition, economics majors can be employed in both the private and public sector.

 

Dixie Somers is a freelance writer and blogger for business, home, and family niches. Dixie lives in Phoenix, Arizona, and is the proud mother of three beautiful girls and wife to a wonderful husband. Dixie recommends consulting someone with an online economics master’s degree to learn more.

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