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An economics degree provides a good foundation of knowledge that can be applied in many industries, including insurance carriers and non-profit institutions. As an economics major, you will learn to make business decisions by analyzing financial and business data. Economics graduates enjoy more career flexibility that many other popular majors, while also boasting practical business skills. Some great careers for economics majors to consider:
Budget analysts help determine the accuracy and completeness of budgets for organizations. Their primary responsibilities include the preparation of budget reports, analyzing accounting data to ensure budget compliance, and performing cost-benefit analysis in order to make better business decisions. Budget analysts work in a variety of industries, including public administration and manufacturing. According to the Occupational Outlook Handbook, median annual pay for budget analysts was $68,200 in 2010. Growth of 10% is projected through 2020.
Financial analysts use financial information to produce forecasts to help in making investment decisions. They also analyze performance of various types of investments, including stocks and bonds. Most financial analysts work in the finance and insurance industries. Financial analysts earned a median annual salary of $74,350 in 2010. Growth of 23% is projected through 2020.
Management consultants provide strategic advice to help organizations increase productivity and profits. They may offer consulting services in a variety of specialty areas, including finance and information technology. Many consultants go on to obtain an MBA after gaining a few years of experience. Salaries vary greatly depending on an individual’s specific experience, employer and education. According to Glassdoor.com, the median pay for management consultants is $114,000.
Market researchers help companies determine which advertising campaigns and products will appeal to consumers. They may develop surveys or polls in order to accurately collect consumer data, and develop reports and forecasts based on information gathered. This rapidly growing career is ideal for an economics major double majoring or minoring in marketing. Market research analysts earned a median annual salary of $60,570 in 2010. Growth of 41% is project through 2020.
Insurance underwriters determine the risk of insuring clients, screen insurance applications, and determine coverage amounts. They may specialize in mortgage, health, life or property/casualty insurance. Insurance underwriters earned a median annual salary of $59,290 in 2010. Six percent growth is projected through 2020.
The above careers represent just a small sample of the potential jobs economics graduates can hold. To read more about jobs for specific college majors, visit our Jobs for Liberal Arts Majors page or read Great Jobs for Liberal Arts Majors (Great Jobs Series)