Careers To Explore If You Have A Major In Economics

The job market for economists is growing rapidly and significantly compared to other occupations. This growth is mainly driven by the increasing need for data analysis and economic expertise in almost every industry and organization. A degree in economics gives you immense knowledge and valuable skills in data analysis and problem-solving. If you’re someone who has pursued a major in economics and has an interest in the study of markets, trade, or foreign affairs, then these career options may be a great path to follow. 

International Relations

Generally, careers in international affairs exist across three sectors: public, private and non-profit/NGO. Governments, international organizations, multinational companies, development consulting firms, NGOs, and think tanks are typical employers in the international relations arena.

Economic Analyst

Professionals working as economic analysts apply economics and data analysis to advise organizations on investment decisions, pricing, and a number of business strategies. The job profile of an economic analyst usually involves conducting surveys for determining and analyzing occupational employment statistics, wage information, labour supply and demand, tax revenues, agriculture production, and insurance and utility rate structures. The growth rate for this profession is expected to be 5% by 2031. 

Business Consultant 

A lot of people don’t think of this as a career option, but with a major in economics, you can work as a business consultant and your job profile essentially consists of offering advice to corporates and organizations on marketing, finance, and organizational development. This is an industry that has an expected growth rate of 12% by 2031, which means that the demand is just starting to rise and this is the perfect time to get in this field.

Public Policy

This career path involves working in the public sector and it is a great opportunity to build a network because public policy is all about advising governments and non-profit organizations on economic policy and social welfare programs. Evidently, this is a career path that requires a huge interest in research, so if you think that is something you are interested in, this is right up your alley.

International Trade

With an expected growth rate of 11% by 2031, a career in international trade involves helping companies navigate through the complex web of regulations and policies that govern international commerce. Because this is such a complex area of study and requires a lot of expertise, companies are looking for people well-versed in international trade to help them through economic policies. 

Economic Research

An economic research analyst essentially does thorough research, creates reports, and executes ideas to tackle economic problems associated with the production and distribution of goods and services. As an economic researcher, your job profile will cater to working for think tanks, government agencies, or private research firms and guiding them through the appropriate plan in order to tackle economic problems.

Data Analyst 

Last but not least, the demand for data analysts is growing rapidly and quite significantly. In fact, according to a report, the expected growth rate for this industry is approximately 25% by 2031, which means that if you break through the barrier and get into this field now, your experience and expertise will be in heavy demand in the coming years.