Economics is a good major for those searching for job opportunities in various industries, such as the corporate world, government and policy and the nonprofit sector. The economics major also prepares students to go to graduate school in other areas such as law, operations research and health-related fields.
Corporate world
Economics majors are highly desirable in the corporate world, as their majors have generally studied demand theory and estimation, production and cost theory, analysis of market structure, antitrust policy, government regulation of business, capital budgeting, inflation theory, unemployment, the determination of interest rates, and international economics. Employers know that this knowledge will enhance their performance in decision making. Two examples of corporate careers for economics majors include financial analysts and management consultants.
- Financial analysts analyze market trends and business data to advise companies or investors on business decisions related to finances. They may work in banks, investment firms or corporations. A financial analyst gathers data, interprets results and makes projections to deliver recommendations. In 2022, financial analysts made a median salary of $96,220.
- Management consultants help businesses problem solve and provide strategies to improve various business issues, such as manufacturing, marketing, labor or pricing strategies. Consultants can focus on one major area, such as compliance, or one industry, such as healthcare. Management consultants made a median salary of $95,290 in 2022.
- Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. Market researchers collect and analyze market information and identify market trends and market segmentation. Researchers do this through the use of quantitative data, statistical analysis packages, surveys, focus groups, and product testing. Market Research Analysts made a median salary of $68,230 in 2022.
Government and policy
A degree in economics is easily transferable to a position in government and policy – not only in federal government but also in state and local governments. Working in public policy allows you to play a role in the decision-making that affects certain issues you are passionate about, decisions that can affect your community, both locally and globally. You may find work with policy making in the following areas: education, government, environment, health, immigration, housing, taxation, social policy, water, employment, economic development or agriculture.
- A Policy analyst evaluates policies related to social issues such as healthcare, education and environment by conducting surveys or analyzing existing statistics. As the world evolves, new and adjusted rules are necessary, and Policy Analysts are responsible for helping guide decision-making. In 2023, the average yearly salary for a Policy Analyst is $63,855.
- Government economists research, analyze and evaluate economic data, such as budgets, to assist in federal, state and local government policy-making. A Ph.D. is often required for work as an economist in the government. In 2022, the average yearly salary for an economist in the federal government was $134,776.
Nonprofit sector
There are opportunities for economics majors to make a difference in the nonprofit sector. Because of the close connection between economics and social issues, economics is a good major for those who want to enforce positive social and economic change. Working for a nonprofit organization means that a passion for the organization’s mission and a genuine desire to contribute your time and effort toward helping others are absolutely necessary. Recruiters and employees say it’s crucial to be a versatile, Jack- or Jill-of-all-trades type because you’ll likely be expected to pitch in on a variety of responsibilities, from fundraising and organizing volunteers to tracking expenses and completing paperwork. You’ll need to be able to work collaboratively, but also be a leader because nonprofits don’t always have the funds to hire more staff if workloads increase.
- Economics majors contribute to global development initiatives, such as mission-driven international organizations like the Red Cross or UNICEF. These organizations seek to change specific issues and advocate for social or economic groups worldwide.
- Economics majors are crucial in providing unbiased research and data to assist in social and economic change. Many nonprofit organizations seek economics majors to research and disseminate data to fight for policy change.
