Careers in Economic Field
If you are interested in studying in the Economics field, there are a wide variety of career choices available to you. Generally speaking, most people with an Economics degree is whatever minor they choose, go for a Bachelor’s degree, although a Master’s degree will always ensure that you start out higher to the top of the companies food chain, and earn more annual income.
Career choices in the field of Economics can include Economic Consulting with research companies or consulting firms, where you would advise the company on business strategies and help to prepare economic evidence for court cases. Another destination that many Economic graduates find is law school.
In the field of Economic law, you would have the chance to influence many decisions based on the economy, and would be able to contribute to many firms and government agencies. And, speaking of government agencies, there is always the choice of working directly with the government through non-profit organizations. The government, local, state, and national, hire Economists to aid with the statistic and analysis portion of business.
A look at the potential annual earnings for majors in Economics shows that, with a bachelor’s degree, for instance if you decided to pursue your degree in Economics with a concentration in Finance, the annual salary that you could expect in your first year would be around $45,000, whereas a degree simply in marketing would earn you only $36,000 annually.
The low end of the earnings for an Economy major, reported in 2005 was $24,000 for a bachelor’s degree, while those with a Master’s degree earned $37,000 starting annually. Wages can go up to nearly $100,000 yearly, depending upon whether you decide to seek employment with a private or government sector. The Federal Government’s annual salary for economists with a Master’s degree in 2005 was $89,441.
That’s the average salary, so keep in mind that you may have to put a couple of years into the job before you can expect your salary to meet this standard. Overall, Economists are expected to earn a significantly higher income whether they are working with the government or with a private company, simply because the need much outweighs the supply.
Economists are normally employed within larger cities, however some do work overseas for varies companies, either government or private international operations. World Bank, International Monetary Fund, and the United Nations all employ economists from all over the world to work in their facilities.
If you are considering a career in the Economics field, there are a few minor requisites to keep in mind. Those interested in Economics will normally be able to pay great attention to details. This is highly important because you will spend much time on precise data analysis.
You also must possess patience and persistence, since you will be required to spend many hours solving problems, and you will have long hours of independent study ahead of you. You must be able to present findings on your studies in a clear manner, both orally and written, so good communication skills are of the utmost priority.
A Master’s degree or a PH.D is normally required for many private companies and most government agencies. Although a bachelor’s degree will get you in the door to your Economics career, it’s best to obtain at least a master’s degree if you plan to start in a top position. You will also need at least a master’s degree if you plan to teach Economics.
Instructors and professors of Economics are among the highest paid career choices, outside of the Federal Government, so if you want to help others to obtain their goal in reaching an Economics degree, a master’s degree will be required. The educational requirements and courses that you will need will, of course, vary depending on the college or institution that you attend. Basically, for a master’s degree, you will need courses such as advanced economic theory, econometrics, labor economics, and international economics courses.
These are the graduate courses that are required by most companies. Undergraduate courses will include microeconomics, macroeconomics, and econometrics, and the history of economic thought. The entry-level jobs for the Federal Government require a bachelor’s degree with a minimum of 21 semester hours of economics and at least 3 hours of statistics, accounting, and/or calculus.
You can find more information about the courses required and available at the college or institution that you attend. Economists are a growing number, and will continue to be needed in our society, so if you have an interest, and have the necessary thinking, analysis, and data skills, a career in the Economics field would be a wonderful choice.