How an Economics Degree Could Provide the Career Change You’re Looking For

Posted January 4, 2021 by in Career

When most of us think about the term ‘economics’, we possibly see gray men in gray suits running the finances of nations around the world but, in truth, a qualification in economics can open significantly more opportunities than most people realize. 

The study of economics teaches a wide range of skills that can be used in a hugely diverse range of industries – everything from computer science to public sector roles. Moreover, possessing numeracy skills to a high level can make you employable in pretty much any business that aims to make a profit and gain a positive Return on Investment (ROI). 

Below are just a few of the more varied and surprising job roles you could attain with a degree in economics:

Professional Economist Careers

When talking about the jobs available with an economics degree, it would perhaps seem logical to start with the most obvious of all i.e. economics-related roles. Economists are useful in any company or organization where profits and losses are a consideration – in other words, pretty much any firm you can think of. Positions range from working for governments to banks to world-leading powerhouse firms or even in the healthcare industry. Which might lead you to ask yourself, what does a health economist do?

In short, an economist working in the healthcare industry could be responsible for any facet of the organization that costs money – so as to drive efficiency and encourage fiscal prudence. Tasks could range from studying the allocation of staff to analyzing spending, policy or procedures, all the time balancing costs against the successful treatment of patients. 

A Career in Banking

One of the more obvious roles for an economics graduate is to enter the banking industry where they can directly apply the monetary and financial skills they learned on their course. Abilities learned through an economics course like financial planning and data analysis are particularly useful in banking and graduates can achieve very high salaries in this sector.

Working in Accounting

While you’ll need an additional qualification to become fully trained, many accountants come from an economics background as the two subjects complement one another very well. After all, an accountant plays a pivotal role in the successful budgeting of any firm and, while having a high level of numeracy is a pre-requisite, also possessing an understanding of how best to invest money for a return is a clear advantage.

A Career in Business As an Actuary or Offering Fiscal Consultancy

The problem-solving, analytical and strategic skills taught in an economics degree lead many graduates straight into the world of business consultancy and corporate economic research. While all successful businesses take risks from time to time, they prefer them to be informed risks – most often on the back of significant research by a team of economists. 

As demonstrated above, a qualification in economics can open many doors into extremely diverse sectors and graduates are more or less assured work when they finish their studies. Other common roles including working as a data analyst, stockbroker, insurer, business manager or auditor. Any position that involves analysis, planning and fiscal responsibility can offer a successful career for graduates.