Some College in Economics

Why would I want an economics degree?

Economists play an important role in analyzing data and giving direction to what needs to be done in order to keep the economy vibrant. If you are analytical and strive on being depended upon, then economics would be a good degree for you. The jobs aren’t as plentiful as in some other fields, but once positions are acquired, jobs are steady and the pay is above average.

What does an economist do?

“Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.

Economists develop methods for obtaining the data they need. For example, sampling techniques may be used to conduct a survey, and various mathematical modeling techniques may be used to develop forecasts. Preparing reports, including tables and charts, on research results also is an important part of an economist’s job, as is presenting economic and statistical concepts in a clear and meaningful way for those who do not have a background in economics. Some economists also perform economic analysis for the media.” -Bureau of Labor Statistics

About half of economists are employed by the government in various agencies on both the state and the federal level. The remainder of economists works in the private sector, mostly in the finance industry. Some also do part-time consulting on top of their regular jobs.

The most popular jobs in the econ industry are:

• Economist
• Investment Banking Analyst
• Sales Analyst
• Financial/Securities/Investments Analyst
• Operations/Data Analyst
• Price Analyst

How much does someone in economics make?

The median salary for people with an economics degree ranges between $78,800 to $143,620. The mean salary for an economist working for the Federal Government in 2019 was $123,210. The lowest 10 percent earn less than $59,450 , and the highest 10 percent earn more than $185,020 . The median salary for an economist is much higher than the average median salary for all jobs.

How popular are jobs in the economics field?

The availability of jobs in the economics field is a mixed bucket. The number of available jobs in government is expected to slow in the next decade. This is due to the current high number of economists who are employed by a government that is looking to cut back in that area. On the other hand, jobs in the private sector will pick up. This will be more so in management, scientific, and technical consulting services.

Over the next decade, people with a background in economics will be hired more for specific jobs like financial analyst, market analyst, public policy consultant, researcher or research assistant, purchasing manager, or a variety of positions in business and the insurance industry rather than as a general economist.

How do I get a job in economics?

Economics is a field in which you almost have to have at least a bachelor’s degree in order to get an entry level position. In other industries, you can get by without having a degree, whether it’s through an apprenticeship or by working your way up the ladder, but that’s almost impossible to do in the field of economics. A lot of jobs, in fact, require at least a master’s degree for an entry level position.

The Bureau of Labor Statistics website states, “A master’s or Ph.D. degree in economics is required for many private sector economist jobs and for advancement to higher-level positions. In the Federal Government, candidates for entry-level economist positions must have a bachelor’s degree with a minimum of 21 semester hours of economics and 3 hours of statistics, accounting, or calculus, or a combination of education and experience.”

This is one field in which education is absolutely key in obtaining job offers, a high salary, and success in the industry.