What Can You Do With an Economics Degree?

With a projected growth rate of 6% by 2031, the job outlook for economists continues to grow as quickly as the expected rate for other occupations. This growth is driven by the increasing need for data analysis and economic expertise in a wide range of industries and organizations. Pursuing an economics degree can be an excellent choice for those interested in the study of markets, trade, and other economic principles. An economics degree provides graduates with a strong foundation in microeconomics, macroeconomics, and econometrics, as well as valuable skills in data analysis and problem-solving.

What Is an Economics Degree?

An economics degree is an undergraduate or graduate program that focuses on the production, distribution, and consumption of goods and services. The degree covers topics such as economic theory, microeconomics, macroeconomics, statistics, econometrics, and mathematics. It provides students with a broad understanding of how economic systems work and how various factors, including government policies, market forces, and international trade can influence them.

During an economics degree program, students will learn how to analyze economic data, develop economic models, and apply economic principles to real-world problems. They will also gain valuable skills in critical thinking, problem-solving, and communication.

Economics degrees are offered at many colleges and universities and can be completed in four years for a bachelor's degree or two years for a master's degree. Graduates of economics degree programs can pursue a variety of careers in fields such as finance, consulting, public policy, research, and academia.

What Do Economic Majors Do?

Economics is a fascinating and dynamic field that explores the ways in which individuals, businesses, and governments make decisions about the allocation of resources. Pursuing an economics major can provide students with a broad and comprehensive education, preparing them for a wide range of career paths in both the public and private sectors.

Economics majors can pursue a wide range of career paths, from economic analyst and business consultant to financial analyst and public policy expert. They can work in the public sector, advising governments and non-profit organizations on economic policy and social welfare programs, or they can work in the private sector, helping companies make informed decisions about investments, pricing, and other business strategies.

Here’s a closer look at a selection of different careers economic majors can pursue:

• Economic Analyst: These professionals use economic principles and data analysis to help organizations make informed decisions about investments, pricing, and other business strategies.
• Business Consultant: Economics majors can work as business consultants, advising clients on a wide range of issues, from marketing and advertising to financial management and organizational development.
• Financial Analyst: Economics majors can pursue careers in finance, working as financial analysts or investment bankers, helping clients make informed investment decisions.
• Public Policy: Economics majors can work in the public sector, advising governments and non-profit organizations on economic policy and social welfare programs.
• International Trade: Many economics majors work in the field of international trade, helping companies navigate the complex web of regulations and policies that govern international commerce.
• Economic Research: Economics majors can pursue careers in economic research, working for think tanks, government agencies, or private research firms.
• Data Analysis: Many economics majors have a strong foundation in data analysis and can work in a wide range of industries as data analysts or business intelligence specialists.

If you're considering pursuing an economics major, there are many excellent programs available at universities and colleges across the country. Whether you're interested in traditional economics or more specialized fields such as environmental economics or behavioral economics, there are many opportunities to explore this fascinating and dynamic field and build a successful and rewarding career.

Other Career Options for Economic Degrees

An economics degree provides graduates with a strong foundation for a wide range of career paths, and can lead to many opportunities for success and fulfillment in a variety of fields. While many economics majors pursue careers in traditional fields such as finance, consulting, and public policy, there are also many other career options available to individuals with an economics degree.

Whether working in traditional fields or pursuing more specialized career paths, economics majors can use their skills and knowledge to make a meaningful impact in their chosen profession.

• Market Research Analyst: These professionals conduct research to help companies understand consumer behavior and market trends.

• Actuary: An actuary uses statistical methods to analyze risk and uncertainty in order to help companies and organizations make informed decisions.

• Urban and Regional Planner: Economic majors can pursue careers in urban and regional planning, helping to design and develop communities and cities that are sustainable and economically viable.

• International Development: Economic majors can work in international development, helping to create economic growth and sustainable communities in developing countries.

• Risk Management: Risk management is an important part of many industries, and economic majors can pursue careers in risk management, helping companies and organizations to mitigate and manage risk.

• Education: Economic majors can work in education, teaching economics to high school or college students or pursuing careers in educational policy and administration.

• Law: Economic majors can also pursue careers in law, using their analytical and problem-solving skills to work in fields such as corporate law, antitrust law, or intellectual property law.

• Energy Economist: Energy economists analyze energy markets and help companies and organizations make decisions about energy consumption, production, and investment.

• Environmental Economist: Environmental economists focus on the economic impact of environmental policies and regulations and work to develop sustainable solutions to environmental problems.

• Health Economist: Health economists analyze the economic impact of healthcare policies and programs and work to improve the efficiency and effectiveness of healthcare systems.

• Data Scientist: Economics majors with strong skills in data analysis can pursue careers as data scientists, helping companies and organizations make informed decisions based on data-driven insights.

• Journalist: Economics majors can also work in journalism, using their expertise to report on economic issues and trends.

• Entrepreneur: Economics majors with an entrepreneurial spirit can start their own businesses, using their knowledge and skills to develop innovative solutions to economic problems.

• Public Relations Specialist: Public relations specialists use their knowledge of economics to help companies and organizations communicate effectively with the public about their economic policies and practices.

The skills and knowledge gained through an economics degree are highly valued by employers across many industries, and can lead to many opportunities for success and fulfillment in a variety of fields. With careful planning and strategic career development, economics majors can maximize their potential and build successful and rewarding careers in a variety of industries and professions.

Qualifications and Skills Needed for a Successful Career in Economics

To build a successful career in economics, individuals need to go beyond their formal education and develop additional qualifications and skills. By developing these qualifications and skills, individuals can pursue various career paths and make a meaningful impact in their chosen fields.

Here’s a closer look at some of the qualifications and skills a student will need to succeed in economics:

• Quantitative Skills: Economics is a highly quantitative field, and successful economists need strong skills in math, statistics, and data analysis. Strong analytical and problem-solving skills are also essential.
• Communication Skills: Successful economists need strong communication skills, including the ability to write clearly and concisely and to present complex economic concepts in an understandable way to both technical and non-technical audiences.
• Research Skills: The ability to conduct independent research, analyze data, and develop innovative solutions to economic problems is essential for success in economics.
• Technology Skills: With the increasing importance of data analysis and modeling in economics, technology skills are also becoming more important. Successful economists need to be proficient in statistical software programs such as STATA or R and other data analysis and visualization tools.
• Problem-Solving Skills: Economists must be able to think critically and logically to identify problems and create solutions that address complex economic issues.
• Teamwork: While some aspects of the job require individual work, economists often collaborate with colleagues to analyze data, develop reports, and share findings.
• Adaptability: Economists must be able to adapt to changing economic trends and be flexible in their approach to problem-solving.
• Leadership: As economists progress in their careers, they may need to lead projects, manage teams, and communicate findings to decision-makers. Strong leadership skills can be valuable in these situations.
• Attention to Detail: Economists need to be detail-oriented to analyze and interpret data and identify trends and patterns accurately.
• Financial Literacy: In addition to economic principles, successful economists must have a strong understanding of finance and accounting.

By continuously developing their qualifications and skills, individuals can maximize their potential and build successful and rewarding careers in the field of economics.

Top 10 Economic Schools Around the World

An economics degree from a top-ranked school can be a valuable asset for anyone pursuing a career in economics, finance, consulting, public policy, or academia. The quality of education and research opportunities at these top schools can help students gain a competitive edge and excel in their field.

While the ranking of economics schools can vary depending on various criteria, there are a few institutions that are consistently ranked among the best in the world. These schools are known for their exceptional faculty, rigorous academic programs, and cutting-edge research, making them ideal destinations for students seeking a top-tier education in economics.

MIT

MIT is recognized as one of the best schools for an economics degree for several reasons. MIT's rigorous economics curriculum combines economic theory, empirical methods, and quantitative analysis. This provides students with a strong foundation in economic principles and practical skills in data analysis, modeling, and forecasting. MIT's innovation and entrepreneurship culture encourages students to apply their skills and knowledge to real-world problems. This helps students develop a practical understanding of how economic concepts can be used to solve real-world issues and positively impact the world.

Stanford University

Stanford University's Department of Economics is known for its exceptional faculty and research excellence. The faculty includes several Nobel laureates in economics and other distinguished economists who are leaders in their fields. This provides students with access to some of the most innovative and influential research in economics today.

Harvard

Harvard has a strong reputation for producing successful economics graduates pursuing successful careers in finance, consulting, public policy, and academia. This gives students a strong network of alumni and professionals to connect with and learn from.

London School of Economics

LSE's economics curriculum is both diverse and challenging, with a wide range of courses covering microeconomics, macroeconomics, econometrics, and other specialized areas of economics. Students are exposed to a wide range of economic theories and analytical methods and are encouraged to apply these skills to real-world issues.

University of Chicago

The University of Chicago's Department of Economics is known for its excellence in economic theory, rigorous analytical approach, and emphasis on quantitative methods. The faculty includes many Nobel laureates in economics and other distinguished economists who are leaders in their fields, and this provides students with access to cutting-edge research and a wealth of knowledge and expertise.

Cambridge University

Cambridge has a long history of producing successful economics graduates pursuing successful careers in finance, consulting, public policy, and academia. This provides students with a strong network of alumni and professionals to connect with and learn from.

Berkeley

Berkeley's economics program emphasizes a strong focus on policy analysis and public service. Students are encouraged to apply their economic skills to address real-world problems and to work towards improving society.

Yale

Yale's economics program strongly emphasizes experiential learning and real-world applications of economic theory. This includes opportunities for students to engage in research, internships, and other forms of experiential learning, which allows them to apply their economic skills to real-world problems and to gain valuable professional experience.

Oxford

Oxford offers a range of opportunities for students to apply their economic skills to real-world problems, including internships, consulting projects, and other forms of experiential learning. Oxford's tutorial system provides students with a unique opportunity to engage in one-on-one discussions with faculty members, which allows for personalized attention and feedback on their work.

Princeton

Princeton is home to several renowned research centers and institutes, such as the Bendheim Center for Finance, the Center for Health and Wellbeing, and the Industrial Relations Section. These research centers provide students with unique opportunities to engage in cutting-edge research and to collaborate with leading economists and scholars.

Career Advancement Opportunities

There are several opportunities available economics professionals that can help individuals advance their careers and demonstrate their expertise in specialized areas of economics. Some examples of certifications include:

• Chartered Financial Analyst (CFA): The CFA certification is widely recognized as a leading credential in the investment management industry, and is awarded by the CFA Institute. The program covers a range of topics, including ethics, investment tools, asset valuation, and portfolio management.
• Certified Economic Developer (CEcD): The CEcD certification is awarded by the International Economic Development Council (IEDC) and is designed for individuals working in economic development. The program covers topics such as economic development theory, business retention and expansion, strategic planning, and community development.
• Professional Researcher Certification (PRC): The PRC certification is awarded by the Marketing Research Association (MRA) and is designed for individuals working in market research. The program covers topics such as research design, sampling techniques, data analysis, and reporting.
• Financial Risk Manager (FRM): The FRM certification is awarded by the Global Association of Risk Professionals (GARP) and is designed for individuals working in risk management. The program covers topics such as quantitative analysis, financial markets and products, risk management, and valuation and risk models.
• Certified Business Economist (CBE): The CBE certification is awarded by the National Association for Business Economics (NABE) and is designed for individuals working in business economics. The program covers topics such as microeconomics, macroeconomics, econometrics, and business strategy.

Certifications can help individuals demonstrate their expertise in specialized areas of economics and advance their careers in their respective fields.

Deciding If a Career in Economics Is Right For You

Deciding if a career in economics is right for you can be a challenging decision, but it is one that can lead to a fulfilling and rewarding career.

Economics offers a wide range of career opportunities in both the public and private sectors, with potential for advancement and growth. With an economics degree, you can pursue careers in finance, consulting, public policy, academia, and more.

To determine if a career in economics is right for you, it is important to consider your interests, skills, and goals. If you have a strong interest in economics and enjoy critical thinking and problem-solving, then a career in economics may be a good fit for you.

Additionally, it is important to research different career options in economics and gain an understanding of the skills and qualifications required for each. This can help you determine if your skills and interests align with the requirements of different roles in economics.

Finally, it can be helpful to gain practical experience through internships or other opportunities to determine if a career in economics is the right fit for you.

How Crimson Education Can Help You Get Into Wellesley College and Other Top Ranking Colleges

According to US News, Wellesley College ranks as one of the top Liberal Arts Colleges in the United States. Most college admissions experts agree that the number of students applying to top universities will continue to grow, especially if schools continue making standardized testing optional.

Crimson Education helps thousands of students gain admission to their dream schools. Despite enormous applicant pools and low acceptance rates at top universities, Crimson’s acceptance numbers are increasing! This year, more than 200 of our students were accepted to top universities in the US in the early round alone. Here is a breakdown of Crimson’s early-round numbers.

• 44+ early admits to the Ivy League with half of these students admitted into the most competitive: Harvard, Yale, Princeton, and Columbia
• 6+ early admits to Stanford and MIT
• 56+ early admits to the US Top 10
• A combined 20+ early admits to Duke, UChicago, Northwestern, and Johns Hopkins
• 17 early admits to NYU
• More than 200 early admits to the US Top 50 universities

If Wellesley College is your dream school, Crimson can help you get there! Our strategists include former Ivy League graduates who can help you put together a solid application that stands out from the crowd! Learn more about our Admissions Support program.