Economists are responsible for researching, analyzing and interpreting economic data and market trends. Economists usually use economic data, microeconomics or macro economics philosophy, statistical methods and econometric techniques to explain and forecast economic conditions.
Not just a few large business check for economic headwinds. Although economics is a somewhat mysterious science, every business engages in it.
As such, an economist may create plans to help local government officials or corporations implement plans, or are involved with business checks on capital transfers, monetary policies or global trade issues. Sometimes economists manage staff, employ individuals or assign tasks. Economists may even be called to testify at legislative hearings or regulatory commissions, where their educated opinion is valued. In essence, the academic journey of someone pursing an economics education is full of hard work and tough courses, but with salaries averaging between $50,000 and $200,000, it’s ultimately rewarding.
For more career opportunities, students pursue economics education to get their master’s degrees. According to www.payscale.com, the most popular jobs for those with a degree in economics are Corporate Economists ($55,000), Economists ($50,000), Senior Financial Analysts ($62,000), VP of Sales ($80,000), Marketing Research Analysts ($60,000), Associate Business Analysts ($80,000) and Pricing Analysts ($60,000). Students pursuing their master’s will take advanced statistics, math and theory. They’ll gain hands-on experience through co-ops with institutions and will begin to follow a narrower path or area of interest. They may concentrate on finance, law, applied economics, analysis, health economics or economics history.
Most of the growth in economics education based careers will come in the private sector, as scientific research firms and consulting firms expand. More and more emphasis is placed on statistical analysis to predict market trends for businesses. While the federal government has cut some positions, more are expected to open up in local government. Competition is fierce for these top-paying jobs, particularly for those with only a bachelor’s degree from an economics college.
Real-world experience is the best way to find direction with your new economics degree. Professors encourage students to read as many economics books, order newspaper articles and magazine spreads as you can.
This news can be kept up with by ordering and reading The Economist, Barron’s and The Wall Street Journal.
Stay informed when purchasing business news online. Get Barrons, the Wall Street Journal or an IBD at discount online and have the news issues delivered or read it online to get a pulse of where economic direction lies.
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