You may have gone into economics intending to get a government job where you study and analyze the economic conditions of the country; however, as you have progressed in your studies, you now see that there are many other opportunities for you. If you are open to thinking outside the economics box, you will find that accounting jobs are in demand and the following four are a perfect fit for economics majors.
1. Tax Accountant
Whether you major in economics or major in accounting, numbers and data all add up the same way. However, those majoring in economics learn problem-solving techniques that are very helpful when it comes to preparing tax returns. Tax accountants are in high demand, which means when you have an economics degree, you too are in demand.
Tax accountants must have at least a bachelor’s degree, and a master’s in accounting is preferred. Per the Robert Half 2014 Salary Guide for Accounting and Finance, the estimated salary for a Tax Accountant is $44,000 to $125,500.
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 the normal patterns. As an economics major, you analyze patterns constantly and use many auditing skills.
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. The median salary for an Auditor is $62,000 per year.
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 on a regular basis.
A forensic account 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. Currently, the salary starts at around $65,000 and can go up to approximately $110,000 per year.
4. Managerial Accountant
You went into economics with the idea that one day you’d be analyzing interest rates, unemployment rates, trends in spending, and various other data. A managerial accountant spends his or her days analyzing the accounting data and then uses that information to help make financial decisions. Can you see why as an economics major, you would be great in this type of accounting position?
Your degree in economics is perfect because a bachelor’s degree is required for this position, and in some cases a master’s. Per the Bureau of Labor Statistics, the median salary per year for an accountant is $63,550.
The idea that you are limited to a few specific jobs if you major in economics is antiquated. The truth is that with an economics major you are extremely knowledgeable in mathematical and analytical skills. You are very marketable, especially to the accounting world and specifically to these four in-demand jobs.