Careers in the economic field
If you are interested in studying in the field of economics, there are a wide variety of career options available to you. Generally speaking, most people with a degree in Economics is whatever specialty they choose, they earn a bachelor’s degree, although a master’s degree will always ensure that you start at the top of the business food chain and earn more annual income.
Career options in the field of economics may include economic consulting with research firms or consulting firms, where you would advise the company on business strategies and help prepare economic evidence for court cases. Another destination that many economics graduates find is law school. In the field of economic law, you would have the opportunity to influence many decisions based on economics and could contribute to many companies and government agencies. And, speaking of government agencies, there is always the option of working directly with the government through non-profit organizations. The government, local, state and national, hires economists to help with the statistics and analysis part of the business.
A look at the potential annual earnings for Economics majors shows that with a Bachelor’s degree, for example, if you decide to pursue your Economics degree with a concentration in Finance, the annual salary you could expect in your freshman year would be around $ 45,000, while a degree simply in marketing would earn you just $ 36,000 a year. The lowest earning level for an economics major, reported in 2005, was $ 24,000 for a bachelor’s degree, while those with a master’s degree earned $ 37,000 starting annually. Salaries can reach nearly $ 100,000 a year, depending on whether you decide to seek employment in a private or government sector. The annual federal government salary for economists with a master’s degree in 2005 was $ 89,441. That’s the average salary, so keep in mind that you may need to put in a couple of years on the job before you can expect your salary to meet this standard. In general, economists are expected to earn significantly higher incomes, whether they work with the government or with a private company, simply because the need far outweighs the supply.
Economists are typically employed in larger cities, however some work abroad for various companies, either for the government or for private international operations. The World Bank, the International Monetary Fund and the United Nations employ economists from around the world to work at their facilities.
If you are considering a career in the field of economics, there are a few minor requirements that you should be aware of. Those interested in economics will usually be able to pay close attention to detail. This is very important because you will spend a lot of time analyzing accurate data. You must also possess patience and perseverance, as you will be asked to spend many hours solving problems, and you will have many hours of independent study ahead of you. You need to be able to present your study findings clearly, both orally and in writing, so good communication skills are top priority.
Typically, many private companies and most government agencies require a master’s or doctorate degree. Although a bachelor’s degree will get you into your career in economics, it’s best to get at least a master’s degree if you plan to start in a higher position. You will also need at least a master’s degree if you plan to teach economics. Economics instructors and professors are among the highest paid career options, outside of the Federal Government, so if you want to help others achieve their goal of pursuing a degree in Economics, a master’s degree will be required. The educational requirements and courses you will need will, of course, vary depending on the university or institution you attend. Basically, to get a master’s degree, you will need courses like advanced economic theory, econometrics, labor economics, and international economics courses. These are the graduate courses required by most companies. Undergraduate courses will include microeconomics, macroeconomics and econometrics, and the history of economic thought. Entry-level jobs for the Federal Government require a bachelor’s degree with a minimum of 21 semester hours in economics and at least 3 hours in statistics, accounting, and / or calculus.
You can find more information about the required and available courses at the university or institution you are attending. Economists are growing in number and will continue to be needed in our society, so if you are interested and have the necessary thinking, analytical, and data skills, a career in economics would be a wonderful option.