What Entry-Level Economics Jobs Can I Get?
If you're contemplating an undergraduate degree in economics, or you're in the midst of earning one, and interested in the options available to you when you graduate, read on. Discover some early employment opportunities in the field of economics.
Possibilities for Economics Graduates
Understanding economics can open doors to business careers, but the possibilities don't end there. The American Economics Association lists numerous other directions you could go with an economics degree, including jobs in government, law, institutions of higher education, global businesses, non-profits, research and consulting (www.aeaweb.org). The following entry-level ideas are just a few of the possibilities to get you started in an economics career.
Important Facts About Entry-Level Economics Jobs
|Financial Analyst||Actuary||Revenue Agent|
|Median Salary (2018)||$85,660||$102,880||$54,440|
|Job Outlook (2016-2026)||11% growth||22% growth||1% decline|
|Key Skills||Attention to detail; computer competency; analytical and critical thinking; strong mathematical foundation||Clear communication; problem solving; analytical thinking; computer competency||Organization; attention to detail; clear communication; analytical thinking|
|Similar Occupations||Budget analysts; financial managers; personal financial advisors||Cost estimators; mathematicians; statisticians||Accountants; loan officers; auditors|
Source: U.S. Bureau of Labor Statistics
As a financial analyst, you will help businesses make investment decisions. You will likely work at an investment bank, a mutual fund firm or an insurance company. According to the U.S. Bureau of Labor Statistics (BLS), a bachelor's degree in economics will allow you to work as a financial analyst, but you will eventually need to earn your analyst license (www.bls.gov). The BLS reports that your company should sponsor your licensure after you have gained some work experience.
If you work as an actuary, your job will be to minimize your company's financial losses and maximize its profits. You'll use data to predict the likelihood of financially damaging occurrences, such as injuries, property losses and death. You'll also advise your company to invest in opportunities that data suggests will be profitable. To be considered for a professional actuary position, you'll need to pass a series of exams administered by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA).
The BLS lists the job of revenue agent as a possibility for a graduate holding a bachelor's degree in economics or another business area. The Internal Revenue Service and state and local taxing bodies depend on revenue agents to perform accounting and auditing work. According to the BLS, entry-level revenue agents typically start out working on small business issues. If you pursue this career, you could gain experience and become an expert in a specific industry, which can lead to more responsibility and increasingly complex projects.