Career Opportunities for Economics Majors

Most people working as professional economists hold advanced graduate degrees, but there is a wide variety of employment opportunities available to those with only a B.A.   Most students use economics as an entry to other professions. 

 

Job Skills

Most of the specific skills that people use on the job they learn on the job. Employers often care less about the specific pieces of information you know than about the package of more general skills you possess. And economics majors can bring an impressive package to the employment table.

Economics courses are full of graphs and charts that display information and explain relationships. As a result, students majoring in economics learn to analyze data and to think strategically about decision-making.  They learn to think critically about a variety of complicated situations, to ask the right questions, to work with numbers, and to solve problems. Because of their broad analytical skills, quantitative background, and clarity and precision of expression, students majoring in economics are highly sought after in many occupations. Employers know that, if they want someone who can think and who is able to learn the specific job skills they need, they should hire an economics major.

 

Salaries of Economics Graduates

Because of their strong employment opportunities, economics majors tend to earn high salaries.  While computer scientists lead the pack, economists do better than business and other social science majors. According to the Summer 2008 Salary Survey sponsored by the National Association of Colleges and Employers, Average Annual Salary offers for graduating seniors in popular majors were as follows:
 

STARTING SALARY OFFERS
Major	Average Offer
Computer Science	$61,110
Economics	$51,062
Finance	$48,158
Accounting	$48,020
Business Administration/Management	$46,171
Marketing/Marketing Mgmt	$41,506
English	$35,453
Sociology	$35,343
Visual and Performing Arts	$35,073
Psychology	$34,095

More importantly,  economics majors do even better over time.  Among graduates with 10-20 years of experience, students with undergraduate degrees in economics are second only to computer engineers in salary.

Source: http://www.antolin-davies.com/antony/index_files/Page300.htm

Opportunities with a Bachelor's Degree in Economics

Most career opportunities fall into the following categories:

• Banking and Finance.  These are perfect for a major in economics.  Banks, brokerage firms, insurance companies and investment houses are but a few of the options in this broad area.  Knowledge of the economy is indispensable for these institutions and your background in economics will make you a valuable recruit.

• Management and marketing.  Many economics majors filter into management and marketing positions with both commercial and non-profit firms.  Economics provides an understanding of the market system and broader social context within which these firms operate.  Managing scarce resources is right up an economist's alley.

• Government service.  Next to business, some form of government service is the most common employment for those with a B.A. in economics.  Almost every state and federal government agency needs people with training in economics.  The Department of Labor, the Department of Treasury, the Department of State and the Department of Commerce hire thousands of economists.  State and federal regulatory commissions, the Federal Reserve System, and the CIA also are major employers.

• Data analysis.  Numbers are the life-blood of every firm and government agency.  Decisions must be based on solid analysis, and analysis requires data. Firms need data on prices, data on output, data on costs, data on customers, and data on their competitors.  Government agencies need data on all aspects of the U.S. and world economies.  Because economics majors are trained to collect, analyze and interpret data, they are in demand.

• Economic journalism.  Economists who can write for the general reader are scarce.  If you enjoy current events, you might consider work as a business writer or editor for a daily newspaper, a free-lance writer for magazines or trade publications, a television journalist specializing in economic affairs, or even a career in the growing field of business journalism on the Internet.

Specific job titles for which students majoring in economics might be hired include:

• Auditor
• Market Analyst
• Budget Analyst
• Marketing Administrator
• Credit Analyst
• Pricing Analyst
• Economic Analyst
• Product Manager
• Environmental Planner
• Purchasing Analyst
• Financial Analyst
• Real Estate Appraiser
• Import/Export Agent
• Reporter
• Insurance Agent
• Research Analyst
• Loan Officer
• Sales Analyst
• Loan Review Analyst
• Stock Broker
• Lobbyist
• Statistician
• Management Consultant
• Underwriter

 

Specific Occupations of Students with a Bachelor's Degree in Economics

A sampling of actual entry-level positions obtained by recent graduates with only an undergraduate degree includes:

Bank examiner, U.S. Comptroller of the Currency

Financial advisor, American Express

Research Associate, University of Tennessee Center for Business and Economic Research

Annuities specialist, Prudential

Contract Specialist, U.S. Army

Financial Analyst, PepsiAmericas

Manager, Bruster's Ice Cream (yum)

Human Resource Specialist, GEICO

Purchasing agent, Gulf South Medical Supply

Manager, Marriott

Database specialist, Management Science Associates

Financial planner, GE Capital Corporation

Consultant, Quinn Consulting

Management Trainee, Springs Industries

Pension specialist, Employee Benefit Data Systems

Financial analyst, Vanguard

Reconciliation specialist, Wachovia

Research associate, U.S. Bureau of the Census

Global cash trust officer, Mellon Corporation

Price analyst, Airline Tariffs

Sales coordinator, Regency Office Supplies

Insurance underwriter, Fireman's Fund Insurance

Economist, Internal Revenue Service

Venture capital assistant, Castle Group

Sales director, Midland Rockhounds (Minor league baseball team)

Marketing researcher, National Food Brokers Association

Legislative assistant, U.S. House of Representatives

 

The American Economics Association has excellent web pages describing careers opportunities for students with a baccalaureate degree in economics. 

The Job Search Process

Searching for that first job can be frustrating, unless Uncle Harry is holding open a position for you in his company.  But help is available.   Start with Winthrop's Career Development Center.  They have the latest Career Search software and a career library to identify potential employers.  They sponsor workshops on how to write résumés and cover letters.  They offer mock interviews to polish your interpersonal skills and individual counseling to handle specific issues.  Check their web site at Career Development for details.

Talk with your professors, as well.  They keep in touch with alumni and might be able to identify contacts in the areas in which you are interested.  If nothing else, alumni are often willing to talk with current students about what types of opportunities are available in their fields and how to go about finding them. 

Internet sites are also of value.  Many sites list available employment opportunities.  Do you want to join a firm in telecommunications or transportation or pharmaceuticals?  Do a web search, find an industry trade association that lists the sites of members firms and start browsing.  Check out the job listings.  What is available?  What types of people and skills are the firms seeking?   Government agencies, both state and federal, list openings as well.  Log onto the web and search.  And don't forget sites such as monster.com and flipdog.com that allow students to post their résumés electronically.

Career Services does offer some on-campus interviews, but relatively few of you will be placed through them.  Most of you will rely on the old-fashioned approach of sending out résumés and making phone calls. 

Above all, be flexible.  Graduates who insist on finding a job in a particular location with a particular type of firm are often graduates who sit on the sidelines while their classmates grab the actual openings.  Remember you are unlikely to stay in your first job for long.  Good performance in a poor job often means the ability to find a much better job in the very near future. 

Additional Sites of Interest

• Occupational Outlook for Economists published by the U.S. Department of Labor
• The U.S. Government's official site for jobs and employment information provided by the U.S. Office of Personnel Management
• Job Web sponsored by the National Association of Colleges and Employers