Are you among the many undergraduate students grappling with questions like “What’s next for me?” or “What kind of jobs can I pursue after graduating from university?” or “I have a particular job in mind, but I’m unsure about the skills and requirements needed for that role after graduation.” As a student with a bachelor’s degree in economics, the transferable analytical and problem-solving skills developed by economics students make career options in economics incredibly diverse and wide-ranging. Therefore, there are a wide range of job opportunities. Let’s explore some of them:
- Data Analyst: If you possess strong analytical skills, excel in mathematics, and have a curious and inquisitive nature, a career as a data analyst might be a perfect fit for you. As a data analyst, you transform numbers and data into actionable information that helps solve problems and drive data-driven decision-making. Data analysts are in high demand across all sectors, including higher education, retail, professional services, insurance, government, pharmaceuticals, and consultancy.
An economics background offers distinct advantages when it comes to data analysis. Unlike other STEM disciplines, a course such as economics helps you develop excellent presentation skills, which are essential for any data analyst. This means you’ll have the confidence and credibility to effectively showcase actionable insights. Additionally, as an economist, you possess the ability to think beyond the numbers, providing a different perspective due to your knowledge of causal relations.
To excel in a data analyst role with an economics degree, you’ll need to understand statistical results and their implications, possess strong analytical thinking skills, communicate effectively, and pay meticulous attention to detail. It’s not just about comprehending the data; you must also provide valuable insights and analysis through clear visual, written, and verbal communication.
Also, it is important to be proficient in Excel, have some programming skills in tools such as SAS, STATA, or R, experience with SQL, and familiarity with Tableau for data visualization with large datasets. When pursuing a role like this, showcase your analytical skills to employers by highlighting insights gained through research or academic work and emphasize their measurable impacts.
2. Business Consultant: Are you attracted to the idea of tackling challenging business problems? If so, a career in business consultancy might be the perfect fit for you. As a business consultant, you specialize in providing advisory services to businesses, helping them maximize growth and improve overall performance. Consultants play a crucial role in assisting companies in various areas such as sales, information technology, finance, marketing, operations, human resources, engineering, and security. They are sought after for a number of reasons such as launching new products or services in the market, implementing business strategies, improving employee performance, managing finances, ensuring environmental compliance, or enhancing customer service and satisfaction. The logical reasoning and data analysis skills acquired as an economics student is valuable in business consultancy in identifying areas for improvement within a company to optimize returns.
Graduates typically enter the consultancy profession through graduate training schemes in junior roles, gradually progressing and specializing in specific fields. Alternatively, individuals with industry experience can transition into consulting. Some companies even maintain in-house teams of consultants. The nature of a business consultant’s role varies depending on the project at hand. However, the primary goal is typically to drive business growth and profitability.
Skills essential for this role include the ability to analyze and interpret complex information, an understanding of statistics and economic models, and a comprehension of market dynamics and customer behavior. Excellent communication and relationship-building skills are also crucial. Regardless of the specific type of business consultant you aspire to be, enhancing your presentation skills is important.
To excel in this position, volunteer for projects that expose you to various business areas to gain practical experience. Additionally, it’s important to determine your preferred consulting specialization based on your skills, interests, and personality. If you enjoy working with people, sales, marketing, or human resources consulting might align well with your strengths. Conversely, if you prefer working independently, finance or IT consulting could be viable options to explore.
3. Economic Research Assistant: Are you passionate about gathering, analyzing, and documenting data or editing and proofreading research papers? Are you interested in gaining experience that can pave the way for higher education programs like a Ph.D.? If so, the role of economic research assistant is perfect for you. This position offers opportunities in diverse settings such as academic institutions, research organizations, government agencies, and think tanks.
An economic research assistant will typically work closely with senior economists or research teams. The primary responsibilities will involve data collection through interviews, surveys, and public records, literature reviews, and providing statistical analysis to support the lead economist in academic paper publications and reports. Economic research projects often require coordination and management, so part of the responsibilities may involve overseeing the planning, execution, and monitoring of research projects to ensure timely completion and achievement of research objectives. Many individuals leverage this position to advance their academic and research careers since it provides valuable experience in research methodologies and helps develop robust analytical skills. With a bachelor’s degree in economics and experience as an economic research assistant, you can pursue further education, such as a master’s or Ph.D. degree, to delve deeper into the field and become an academic researcher. Academic researchers contribute to universities and research institutions by conducting original research, publishing scholarly papers, and making significant contributions to the advancement of economic knowledge.
This position demands strong analytical skills, a solid command of statistics, and proficiency in research methodologies.
4. Accountant: If you have an interest in preparing and maintaining financial records for organizations, the role of accountant might be a perfect fit for you. The skills acquired during your economics major can prove to be highly beneficial in fields such as accountancy. In addition to bookkeeping, economics majors possess the ability to analyze data, identify problem areas, provide insights, and expedite solutions that enhance overall profitability and reduce expenditures. Economics graduates are often able to make sense of complex data sets and identify the root of financial problems, making them good matches for accounting roles.
A career in accountancy involves various tasks, including bookkeeping, financial reporting, tax preparation, budgeting, and auditing. Accountants can work in public accounting firms, corporations, government agencies, or even as independent consultants.
To enter this profession, it is essential to have a comprehensive understanding of all aspects related to a company’s finances, including the fundamentals of bookkeeping and the types of financial statements required by organizations. Familiarizing yourself with accounting software commonly used by professionals to streamline processes is also crucial. This can be achieved by fulfilling educational requirements such as completing additional coursework in accounting, obtaining professional certifications that enhance your accounting credentials, and considering internships or part-time positions that provide exposure to accounting principles and practices. Additionally, a successful career in accounting requires strong analytical skills, proficiency in mathematics, and computer literacy.
By leveraging your economics background, you can excel in the field of accountancy and contribute to the financial success of organizations through accurate financial management and informed decision-making.
5. Economic Policy Officer: If you are passionate about contributing to the development and implementation of policies that shape our society, the role of an Economic Policy Officer is an excellent fit for you. Whether you have an interest in policymaking or aspire to bring about meaningful change, this role offers opportunities to work in various sectors.
Policy officers play a crucial role across different functions, such as:
- Local and central government: by researching, developing and implementing public policies that affect everyone.
- Think tanks, unions, charities: by aiming to influence policies for societal causes.
- Public and private sectors: to develop and implement the policies that an organization needs in order to run effectively.
As a policy officer, you will engage in diverse activities including conducting research on various topics, consulting with internal and external stakeholders, preparing briefings and reports, and providing evidence-based insights to shape policies. By becoming an Economic Policy Officer, you can make a significant impact by influencing policies that address societal challenges, promote economic growth, and create positive change. Your role will involve being at the forefront of policy development and implementation, shaping the future of our communities and organizations through evidence-based decision-making.
Specialized knowledge in policy areas, along with prior training in research methodologies and analytical skills, is advantageous for building a robust evidence base for policy development. Excellent written and verbal communication skills are also vital, as they enable you to comprehend complex information and present it clearly and accessibly to diverse audiences.
6. Investment Analyst: If you have a passion for providing crucial research and information to guide investment decisions, then the role of an Investment Analyst is an exciting path for you. As an Investment Analyst, you will support traders, fund managers, and stockbrokers in making informed investment choices, ensuring well-managed investment portfolios and identifying potential opportunities.
You can work for various organizations in this role, such as investment management companies, stockbrokers, investment banks, wealth management firms, or institutional investors. Your responsibilities will revolve around analyzing financial information, assessing companies’ positions for investors, conducting due diligence on industries and companies, and preparing research reports for fund managers or clients.
In this role, it is essential to develop a strong understanding of financial information, including financial statements, company accounts, and sector-specific data. You will also need to access and comprehend broader business information such as economic data and the impact of political events. Deep knowledge of investments, coupled with a keen interest in current affairs, will enhance your ability to assess market trends and make informed recommendations.
Additionally, it is beneficial to pursue professional certifications highly regarded in the investment field, such as the Chartered Financial Analyst (CFA) designation, which demonstrates expertise in investment analysis.
By pursuing a career as an Investment Analyst, you will play a vital role in the investment process, ensuring informed decision-making and maximizing returns for investors. Your expertise and insights will contribute to the success of investment management firms, stockbrokers, and financial institutions, making a significant impact on the ever-changing world of investments.
We hope you have gained valuable insights from this information! If you are currently pursuing any of these career paths or have a keen interest in them, we would love to hear from you! Feel free to share your thoughts and experiences in the comments section below. Also, remember to share this post with your friends or on your social media platforms.
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