While some may have preconceived notions about what a career in economics looks like, the field itself encompasses a wide range of roles that work in different industries. People with economics degrees might work for the government, hold a role with a private company, or provide services on a freelance basis. You may have the opportunity to break into virtually any industry with an economics degree, provided that you are interested in the financial elements of that industry. An MBA degree will also equip you with economic skills if you wish to have a business concentration.
Careers in economics also vary widely in salary range. Many such careers offer a salary very typical of the national average, while others may offer a much more substantial paycheck. However, many jobs in economics are highly stable. This is because money matters are an evergreen concern to private citizens, businesses, and governments alike. As such, people who can effectively examine, calculate, and model financial information are highly valuable to a wide range of interests.
1. Tax Accountant
Tax accountants assess financial records and prepare tax documents for submission. They may work for an accounting firm or on a freelance basis. Tax accountants must have at least a bachelor’s degree in finance or a related field is preferred. According to the Bureau of Labor Statistics (BLS), accountants earned a median annual salary of $77,250 per year in 2021. This career is also incredibly stable — it is expected to grow by 6% between 2021 and 2031.
2. Auditor
Auditors verify the accuracy of a company’s financial statements. In addition to comparing records and documentation, they look for things that don’t appear to follow normal patterns. Auditors may work for a financial institution or on a freelance basis.
Auditors need to have at least a bachelor’s degree (but a master’s is preferred) and often need to have a year or two of general accounting experience. This career is also especially stable as both the income and career outlook are promising for anyone choosing to enter the field. The Bureau of Labor Statistics categorizes auditors with other accountants, and as such, they reported this field earning a median annual salary of $77,250 per year as of 2021. This career is expected to grow by 6% between 2021 and 2031.
3. Forensic Accountant
A forensic accountant investigates the presumed financial misconduct of others. They spend time auditing, verifying, evaluating, and preparing evidence for civil or criminal cases. It’s important that they have a strong background in finance and can use the critical thinking skills that you, as an economics major, use regularly. Forensic accountants often work for accounting firms, lawyers, law enforcement agencies, insurance companies, and various financial institutions.
A forensic accountant needs a bachelor’s or master’s degree, and at least two years’ experience in auditing or general accounting. Additionally, it helps if you take classes in law enforcement or criminal justice. Even though forensic accountants offer more special services as opposed to traditional accountants, the BLS categorizes them together in their salary reportings — both earn a median annual salary of $77,250 per year as of 2021. This career is expected to grow at a similar rate as other accountants with a 6% growth rate between 2021 and 2031.
4. Managerial Accountant
Managerial accountants spend their days analyzing the accounting data and then use that information to help make financial decisions for their clients. Managerial accountants may work for a variety of companies or government agencies that need help with daily and long-term financial hurdles.
These types of accountants also earn a similar salary to the other aforementioned accountants listed — the Bureau of Labor Statistics reported that managerial accountants earned a median annual salary of $77,250 per year as of 2021. This career is also expected to grow by 6% between 2021 and 2031.
5. Credit Analyst
A credit analyst assesses the creditworthiness of loan applicants. These applicants may be private individuals or corporate entities. Credit analysts often work for commercial and investment banks, credit card companies, and credit rating agencies.
On average, credit analysts earn more than accountants. According to the Bureau of Labor Statistics, financial analysts earned a median annual salary of $95,570 per year as of 2021. Credit analysts also have a higher growth rate — 9% between 2021 and 2031 that may manifest in over 32,000 job openings each year. This growth can be attributed to a variety of factors — the largest of which can be summed up to the fact that current credit analysts are either leaving the field or retiring.
6. Personal Finance Advisor
A personal finance advisor advises their clients on various financial considerations such as investments and estate planning. Personal finance advisors typically work in the finance and insurance industries. They typically need a bachelor’s degree, and many employers may prefer candidates who have taken courses in investments, economics, and other financial information.
Since financial advisors are typically responsible for large amounts of funds, they need a combination of licenses, depending on the state they operate in. To account for this responsibility, personal finance advisors earn a median annual salary of $94,170 per year as of 2021 according to the Bureau of Labor Statistics. This career is expected to grow by 15% between 2021 and 2031. As more people retire, they’ll need personal financial advisors with their retirement funds, thus leading to this growth.
7. Policy analyst
A policy analyst assesses existing and proposed policies and assesses how social and political issues can best be addressed by policy adjustments and proposals going forward. Someone with an economics degree may focus on economic policy. Policy analysts typically work for the government or lobby organizations and are considered a type of political scientist.
According to the Bureau of Labor Statistics, political scientists earned a median annual salary of $122,510 per year as of 2021. This career is expected to grow by 6% between 2021 and 2031.
8. Business Reporter
A business reporter writes articles and develops other media to share important news about an industry. They also break down big news occurring in the economy, and why different stocks may be rising or falling. Business reporters may work for newspapers, television news media, news blogs, magazines, and more. According to the Bureau of Labor Statistics, news analysts, reporters, and journalists earned a median annual salary of $48,370 per year as of 2021. This career is expected to decline by 9% between 2021 and 2031, as different news agencies adapt to a more digital environment and declining sources of revenue.
9. Loan Officer
A loan officer assesses and authorizes loan applications — whether that be personal, student, or mortgage loans. Loan officers typically need a bachelor’s degree in a related field and applicable licenses which may vary on the state.
Like credit analysts, loan officers typically work at commercial banks, credit unions, and other financial institutions. According to the Bureau of Labor Statistics, loan officers earned a median annual salary of $63,380 per year as of 2021. This career is expected to grow by 4% between 2021 and 2031.
10. Statistician
Statisticians gather and analyze a variety of data to model data and create projections. They can work in virtually any field. According to the Bureau of Labor Statistics, mathematicians and statisticians earned a median annual salary of $96,280 per year as of 2021. This career is expected to grow by 31% between 2021 and 2031. This growth, which is larger than most of the growth of other careers listed, can be attributed to the fact that more businesses are storing more digital financial information to make big financial decisions, and need statisticians to analyze this data.
No matter what career your choose in the economics field, each one shows promise and stability if you’re passionate about financial concepts and topics.
Sources:
U.S. Bureau of Labor Statistics, “Accountants and Auditors: Occupational Outlook Handbook”
U.S. Bureau of Labor Statistics, “Financial Analysts: Occupational Outlook Handbook”
U.S. Bureau of Labor Statistics, “Personal Financial Advisors: Occupational Outlook Handbook”
U.S. Bureau of Labor Statistics, “Political Scientists: Occupational Outlook Handbook”
U.S. Bureau of Labor Statistics, “Loan Officers: Occupational Outlook Handbook”
U.S. Bureau of Labor Statistics, “Mathematicians and Statisticians: Occupational Outlook Handbook”