What can you do with Economics?
JOB NAME: MARKET RESEARCH ANALYST
WHAT DO THEY DO: Market Research Analysts conduct studies to gather information on specific consumers and competitors so that they can best help clients address their intended audience’s demands and unstated preferences. They forecast marketing trends and measure the effectiveness of certain strategies and programs. After analyzing data, Market Research Analysts convert the information into presentations and essays in order to present it to clients.
HOW IT IS SIMILAR TO ECONOMICS: If there is one thing economics students know how to do well, it is working with models. Market Research Analysts likewise interpret such models, design graphs, and research data. They apply the knowledge of business cycles, trends, and patterns that they acquire from their economics degrees in their market research analysis.
PROJECTED GROWTH OF JOB: The projected employment of Market Research Analysts will grow 22% from 2020 to 2030.
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JOB NAME: ACTUARY
WHAT DO THEY DO: By analyzing data and applying financial theory, Actuaries can predict hurdles in business and risks, which can affect both sides of the balance sheet and require asset & liability management and valuation skills. Actuaries estimate and calculate probabilities in order to develop policies that minimize such risks in work environments, and their insight is particularly relevant to pension programs and the insurance industry.
HOW IT IS SIMILAR TO ECONOMICS: Along with calculating the probability of different risks, Actuaries compile their data in graphs and models, as economics majors learn to do. They also help design policies and create budgets based on these events.
PROJECTED GROWTH OF JOB: From 2020 to 2030, the employment of Actuaries is expected to grow 24%, which is 3 times the average growth of other occupations.
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JOB NAME: STATISTICIAN
WHAT DO THEY DO: A statistician’s job is to collect data, process the raw numbers, and interpret it in the context of their study. Although in recent years, they are able to analyze their data sets using specialized software, many still apply manual data collection methods. Through using mathematical models and theorems to analyze information, they can help guide important decisions and suggest strategies to businesses and individuals.
HOW IT IS SIMILAR TO ECONOMICS: Economists are statisticians, so it should not be surprising to hear that general statisticians unaffiliated with the social science factor of economics apply the same mathematical thinking and model designing skills that economists use. Software, equations, hypothesis testing, linear regression, and many other mathematical concepts that economics majors learn are applied by general statisticians.
PROJECTED GROWTH OF JOB: The employment of Statisticians is expected to grow by 33%, which is over 4 times the average growth.
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JOB NAME: MANAGEMENT CONSULTANT
WHAT DO THEY DO: Management Consultants, or Management Analysts, observe companies’ behaviors and projected growth in order to further provide advice on how to eradicate the apparent shortcomings. By analyzing revenue and financial factors, they suggest resolutions that can solve specific problems.
HOW IT IS SIMILAR TO ECONOMICS: Management Consultants are required to study many different types of data, such as expenses and profits, which is what economics majors learn. They also come up with solutions that need to fit budgets and finances.
PROJECTED GROWTH OF JOB: The projected growth in Management Consultant’s employment from 2020 to 2023 is 14%.
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JOB NAME: COMPENSATION AND BENEFITS MANAGER
WHAT DO THEY DO: Compensation and Benefits Managers determine employees’ salaries and budget spendings. They research and develop different structures that help benefit their business and their finances.
HOW IT IS SIMILAR TO ECONOMICS: Similar to economists, Compensation and Benefits Managers evaluate data and statistics while determining salaries. They also create presentations to report their data to human resource departments.
PROJECTED GROWTH OF JOB: The projected change in employment from 2020 to 2030 is 4%, which is half of the average growth rate.
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JOB NAME: LOAN OFFICER
WHAT DO THEY DO: As one may be able to make sense of given the name, Loan Officers inform business and clients about the different types of loans. They research specific information and understand their clients’ finances to help businesses make beneficial decisions.
HOW IT IS SIMILAR TO ECONOMICS: Loan Officers have to ensure that loan agreements fit businesses’ budgets and legal agreements. They analyze their clients’ finances to approve a suitable type of loan.
PROJECTED GROWTH OF JOB: Loan Officer employment is projected to grow by 1% from 2020 to 2030 with little or no change.
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JOB NAME: LAWYER
WHAT DO THEY DO: Lawyers help represent clients in and outside of court and advise them in legal matters. In addition to preparing cases and defending their clients, Lawyers also inform them of their legal rights and duties.
HOW IT IS SIMILAR TO ECONOMICS: While preparing cases, Lawyers do extensive research and writing to develop a strong argument. Lawyers employ the same decision-making techniques and skills that economists study. Additionally, in order to effectively interpret their evidence, lawyers study charts and graphs like economists do.
PROJECTED GROWTH OF JOB: The expected growth in employment of Lawyers is 9% from 2020 to 2030.
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JOB NAME: FINANCIAL RISK ANALYST
WHAT DO THEY DO: As the name suggests, Financial Risk Analysts analyze the risks in a company’s finance, profits, and losses. They help ensure that companies maximize growth and reduce chances for losses through observing past patterns, recognizing their company’s present capacities, and forecasting potential threats to the company’s prosperity.
HOW IT IS SIMILAR TO ECONOMICS: While economists are mostly concerned with analyzing how products and services are utilized, financial risk analysts deal with advising organizations on investing, so one can see how the jobs work in tandem with each other and make use of the same knowledge bases. Financial Risk Analysts also are responsible for attaining data and research to develop financial strategies as economists do.
PROJECTED GROWTH OF JOB: The projected growth for Financial Risk Analysts from 2022 to 2030 is expected to grow by 6%.
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JOB NAME: ECONOMIC CONSULTANT
WHAT DO THEY DO: Economic Consultants help different organizations by analyzing their business conditions and industry trends. They interpret and showcase this data to their clients in order to improve organizations’ overall growth.
HOW IT IS SIMILAR TO ECONOMICS: The title of the job may give away the notion that the profession has some relation to an economics degree. More specifically, Economic Consultants mainly focus on analyzing their clients’ economic standards, and they use specific data to help organizations improve.
PROJECTED GROWTH OF JOB: Economic Consultants are expected to grow 14% from 2018 to 2028.
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JOB NAME: BUSINESS REPORTER
WHAT DO THEY DO: Business Reporters write news articles to help deliver information to the people. They analyze and research information about important topics, including economic policies and laws, that may affect businesses.
HOW IT IS SIMILAR TO ECONOMICS: Many categorize business and economics in the same general realm of study, and they are often not wrong in doing so. Learning economics, specifically within the subfield of microeconomics, can help those involved in business understand their decisions and tendencies more extensively. When business reporters are writing articles on business topics, they are often—directly or indirectly—referencing economics concepts.
PROJECTED GROWTH OF JOB: From 2020 to 2030, Business Reporters are expected to grow 6%.
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Works cited:
https://www.bls.gov/ooh/business-and-financial/home.htm
https://www.thebalancecareers.com/top-jobs-for-economics-majors-2059650
https://www.bls.gov/ooh/math/home.htm
https://www.bls.gov/ooh/management/home.htm
https://www.bls.gov/ooh/legal/home.htm
https://www.indeed.com/career-advice/finding-a-job/top-economics-degree-jobs
