Economists: Popular Careers
- Credit Analysts
- Compensation and Benefits Managers
- Market Research Analysts
- Financial Analysts
- Management Consultants
Economics majors who are looking for a career as an economist will be glad to learn that there are many options available to them. They can also choose to work in a broad range of work environments, including:
- large corporations
- government agencies
- charitable organizations
- research facilities
To help make this search a bit easier, we have described five of the most popular careers for economists in the following sections.
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1. Credit Analysts
One occupation that is perfect for economists is that of a credit analyst. Credit analysts examine people’s credit ratings to determine their credit-worthiness. They may examine the credit of individual persons or businesses. They can be found working for a large variety of employers including:
- retail establishments
- banks
- mortgage companies
- credit card companies
These individuals typically need a bachelor’s degree in one of these:
- economics
- finance
- accounting
However, some employers will accept skilled persons who have earned an associate degree.
2. Compensation and Benefits Managers
Another terrific job option for economists is to become a compensation and benefits manager. The main responsibility of compensation and benefits managers is to develop compensation and benefit plans for employees. Other tasks they are often responsible for include:
- determining proper salaries for various job positions
- ensuring compensation and benefit plans comply with state and federal regulations
- overseeing the implementation of compensation and benefit programs
These positions are currently in moderate demand according to the United States Department of Labor.
3. Market Research Analysts
An economist is also eligible to apply for positions as market research analysts. These professionals are employed by:
- manufacturers
- large businesses
- various other for-profit organizations
They examine the current state of targeted markets for the purpose of improving profitability. They also examine current trends to determine what products or services would help boost profits the most and which ones should be eliminated. Persons who choose these positions must have excellent research skills in addition to perfect statistical and communications skills.
4. Financial Analysts
Obtaining a position as a financial analyst is a fantastic job option for economists as well. Financial analysts often work independently, but many are employed by a wide array of organizations. Their main job is to determine how individuals or businesses should invest their money by analyzing current markets and trends. Using computer software and models, they create and present various plan options to their clients or employers who make the final decisions.
5. Management Consultants
Becoming a management consultant is yet another great career option for economists. Management consultants work independently or for consulting firms. Their main responsibilities are to help businesses increase their profitability by improving their processes and procedures. Since these professionals are often required to solve complex problems, they must have a keen eye for detail as well as excellent decision-making skills. They should also have excellent researching skills. Much of their responsibilities require them to determine the causes of problems and locating efficient and effective solutions.
Economics majors who are preparing to graduate may be wondering what types of job options they will have when they enter the job market. There are several fantastic career options for that of an economist, and five of the most popular options are discussed briefly in the passages above.
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