Financial matters need a concrete knowledge of economics to ensure the books always get balanced. But in a quest to get an economics degree, there is also a desire to find some of the high-paying jobs for economics majors.
Economists have always carried the responsibility of maximizing profits while supplying steady data reflecting the flow of money within an organization. While they get handsome financial rewards for their craft, it is not the same at all levels.
According to College Grad, the median annual wage for economists is $108,350. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $59,220, and the highest 10 percent earned more than $198,230.
This disparity in earnings would surely push you to discover high-paying jobs for Economics majors, so you can attain a comfortable level of earning.
What is an Economics Major?
Among other things, economics majors focus on resource allocation, incentives, and wealth. Business administration, law, and public affairs are among the fields in which economics is relevant, along with many undergraduate degrees that could be applied to many careers.
Microeconomics, macroeconomics, and calculus are among the most common subjects studied at the beginning of students’ studies, and they can be used to pursue more advanced coursework and research opportunities.
What Skills Do I Need For Economics Major?
You can pursue any career related to finance with an economics degree since it will equip you with many important skills. Some of these are:
- Logic and critical thinking
- Understanding complex issues and extracting the relevant information
- Data analysis
- Verbal and written communication
- Taking initiative to solve problems
- Managing time
- Cultural and commercial awareness
- Interpersonal skills and teamwork
- Research expertise
- Presentation skills.
19 High Paying Jobs for Economics Majors in 2021
There are many jobs you can get with an economics degree, however, only a few of those jobs offer great pay. Hence, the high paying jobs for economics majors include:
19. Credit Analyst
National average salary: $57,327 per year
Credit analysts collect specific information to evaluate clients’ credit scores. They may also provide information about financial institutions and develop improvement plans to help improve clients’ credit standing.
Certain decisions about clients’ creditworthiness are made based on their evaluations, such as when applying for credit cards, loans and more.
18. Insurance Underwriter
Average salary: $58,005
A business underwriter looks at and analyses all the factors that contribute to whether the company they work for should offer insurance, how much it should cost, and how it should be offered. An underwriter in related fields may also perform in-person inspections and investigations of properties.
In addition to your analytical and critical thinking skills, you can use your business and market knowledge to value insurance policies properly using your economics major. Rose says economics majors tend to go into insurance underwriting, especially health insurance. Generally, insurance underwriters with a bachelor’s degree can get hired in entry-level positions, but as they advance in their careers, they need to be certified.
17. Policy Analyst
National average salary: $66,462 per year
Analysing economic trends in the market’s state is the responsibility of policy analysts. Various sources provide information for forecasting economic trends and outcomes.
16. Personal Finance Advisor
National average salary: $65,526 per year
People work with their personal financial advisors to reach their short- and long-term financial goals. A financial advisor assesses an individual’s financial standing and helps him or she make personal decisions regarding things like savings, loans, stocks, insurance, and various investments.
Whether working directly with their own clients or for organizations such as banks or investment firms, financial advisors have a vast range of skill sets.
15. Supply Chain Analyst
National average salary: $67,947 per year
An analyst of a supply chain evaluates the processes that occur during the operations of the chain to identify inefficiencies and determine where improvements can be made. As a result, their output increases at the slowest rates.
14. Economic Consultant
National average salary: $67,968 per year
Consultants in economics or finance work closely with lawyers and offer analyses and data for legal cases about economics or finance. Consultants may also be involved in larger, more complicated cases since paralegals often perform many of these duties.
13. Business Reporter
National average salary: $69,488 per year
Journalists who cover business topics are called business reporters. The writers have expertise in analyzing financial trends, economic policies, government actions, and companies that can affect the nation’s finances.
12. Loan Officer
National average salary: $75,911 per year
It is the responsibility of loan officers to develop a plan that is both beneficial to individuals and loan institutions. To determine a solution for the customer, they must determine the credit standing of the applicant.
11. Portfolio Manager
National average salary: $77,641 per year
Portfolio managers are responsible for operating their assigned funds or fund groups. To make the best decisions for their funds, they need to research the economic climate, economic trends, and other analytics.
10. Management Consultant
National average salary: $82,108 per year
The primary objective of management consultants is to identify possible areas for organizational improvement. To improve the organization’s efficiency, they develop plans for improving organizational functions.
9. Senior Financial Analyst
National average salary: $84,878 per year
Investors and analysts closely study the trends of the stock market, bonds and other investments. They use their research to provide beneficial investment recommendations to businesses and individuals. This is one of the high-paying jobs for economics majors.
National average salary: $88,426 per year
Public and private organizations alike can hire statisticians to answer questions using statistical calculations. Businesses can hire statisticians for a variety of projects, including reducing risk and increasing efficiency.
7. Corporate Lawyer
National average salary: $93,655 per year
Legal support and representation of businesses is the responsibility of corporate lawyers. These professionals handle contracts, negotiate, advise on matters with legal ramifications, among other things.
6. Product Manager
National average salary: $101,501 per year
Developing, launching, and testing products within an organization is the role of product managers. Their job usually involves overseeing several teams that work on different aspects of a specific product.
National average salary: $102,311 per year
A financial analyst studies financial trends, such as stock, bond, exchange rate, inflation, and spending trends. Informed organizations such as governments or corporations use specific research to develop forecasts.
4. Compensation Manager
National average salary: $106,435 per year
A compensation manager is responsible for developing and administering an organization’s benefits and compensation plans; this includes retirement plans, 401Ks, wellness programs, etc.
Their responsibilities may include presenting and answering employee questions, as well as researching and negotiating the best possible benefits package.
National average salary: $113,430 per year
An actuary calculates the financial effects of risk through statistical and mathematical analyses. To analyze risks and forecast financial matters, they might work for a public or private organization.
2. Senior Market Analyst
National average salary: $115,166 per year
Market analysts research and study data about the sale of products and services. They might work for a specific organization to study consumers and competitors, or a market research firm.
1. Quantitative Analyst
National average salary: $141,375 per year
Quantitative analysts use a variety of mathematical and statistical methods to perform risk management and other finance-related studies.
They might work with public or private organizations to research sales or purchasing habits to determine profitable opportunities.
You can have a master’s degree in economics or get a job with an undergraduate degree in economics. A job as an economic consultant could help you resolve legal disputes for businesses and organizations.
Then an actuary might be the right fit for you if you prefer to analyze risks. Recent graduates can also apply for research assistant jobs, especially if they are pursuing doctorates in economics.
Graduates in this field may also pursue programs such as law school and master’s degrees in management or public administration. Economic majors sometimes pursue medical school after completing appropriate undergraduate preparation.