7 Best Economics Careers: Responsibilities & Salary

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Economics majors learn to collect, organize, and analyze data using mathematical formulas and statistics to make calculations. They need to have solid communication skills, write clear descriptions, and present complicated information to others.

Given the scope of the major, there are many possible career choices for people with an economics degree. Economics careers revolve around areas such as banking, accountancy, business, and financial consultancy.

Here are some of the best economics jobs, the responsibilities these professionals have, and the estimated salary.

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Salary data is based on reports from Glassdoor.

Economist

The job description of an economist varies depending on where they work. These professionals usually specialize in a particular economic field in order to focus their research and expertise. Economists work with various organizations, including federal, state, and local governments, businesses, non-profit organizations, banks, research firms, and other financial institutions. Economists work in various fields: econometrics, finance, labor economics, macroeconomic, or microeconomics, among others.

What does an economist do?

An economist’s duties include the following:

  • Conducting research, creating surveys, and collecting data of any element of economic sciences.
  • Analyzing economic issues and historical trends using mathematical models and statistical analysis.
  • Preparing reports and presentations to show economic research results.
  • Forecasting market trends and future economic situations.
  • Recommending policies to help with economic problems.
  • Providing economic advice to companies, governments, and other clients.

Economist salary

The national average salary for an economist is $106,688.

Data analyst

Whether it’s for market analysis, sales figures, logistics, or transportation costs, every company collects data. A data analyst is an individual who examines data using data analysis software. The meaningful results they pull from the raw data help their clients make important decisions by identifying various data and trends. Data analysts can decipher data and report and clarify what the discrepancies in numbers mean when compared year to year or across departments.

What does a data analyst do?

Typical duties for a data analyst include:

  • Extracting the needed data by using advanced computerized models.
  • Getting rid of data that has been compromised.
  • Performing detailed analysis to determine the data’s accuracy.
  • Doing further research to assess the data’s significance.
  • Conducting final research in order to provide additional data screening.
  • Creating reports based on research and presenting them to management.

Data analyst salary

The national average salary for a data analyst is $67,631.

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Financial Planner

A financial advisor is someone whose job is to work with clients to create a personalized plan that helps them manage their budget and achieve their financial goals. A financial planner can identify areas clients need to work on, such as overspending or poor saving habits. They may even manage certain assets, such as an investment portfolio, helping clients make the best decisions for those assets based on their personal situation.

What does a financial planner do?

Typical duties of a financial planner are:

  • Providing clients with services such as financial planning, insurance, and investment.
  • Assuring the client documents are kept up to date.
  • Acting as a liaison between the client and other financial professionals.
  • Guiding clients through personal financial analysis, including goal setting.
  • Assisting clients with estate management, tax returns, budgets, or other financial tasks.

Financial planner salary

The national average salary for a financial planner is $66,662.

Accountant

Most accountants are in charge of various financial activities, whether for individual clients or larger companies and organizations. Public accountants, management accountants, and government accountants are the three major accountants, each focusing on a different aspect of the profession.

What does an accountant do?

An accountant’s daily duties include:

  • Keeping and interpreting financial records.
  • Ensuring the accuracy of financial documents.
  • Preparing and regularly updating essential financial reports.
  • Preparing tax returns and making sure taxes are paid correctly and on time.
  • Assessing financial operations to recommend best practices.
  • Conducting forecasting and risk analysis assessments.

Accountant salary

The national average salary for an accountant is $58,032.

Financial consultant

Financial consultants conduct economic scenario studies using analytical and research skills. They study research market trends in order to assist businesses in improving their results. They could work for various companies in a variety of industries, such as business, finance, healthcare, education, government, and so on. These professionals can also act as expert witnesses in legal cases to assess economic damages, analyze the property and antitrust violations.

What does a financial consultant do?

A financial consultant’s duties include:

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  • Helping a company implement a new accounting standard.
  • Providing financial and planning analysis to guide decision-making.
  • Developing financial plans to help clients achieve financial goals.
  • Monitoring financial markets and economic conditions.
  • Researching suitable investment opportunities for clients.

Financial consultant salary

The national average salary for a financial consultant is $65,709.

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Market Research Analyst

Market research analysts study market trends to see how goods and services can fare in different economic climates. They’ve been taught how to plan studies as well as collect and analyze data. They must be able to measure outcomes and present this data to clients. These professionals utilize various skills that economics majors develop during their studies, such as using presentation tools, graphical representation, in addition to writing and statistical skills.

What does a market research analyst do?

Some of the most typical responsibilities for a market research analyst  include:

  • Using maps, graphs, and other visual aids to present their results to executives and customers.
  • Devising and evaluating methods for collecting data.
  • Interpreting the data they’ve collected.
  • Making a visual representation of industry trends and competitors.
  • Measuring the efficacy of marketing campaigns and initiatives.

Market research analyst salary

The national average salary for a market research analyst is $58,215.

Actuary

Actuaries need to consider many variables when analyzing risk profiles to establish a profitable structure for insurance policies. They apply advanced mathematical and statistical skills to determine the likelihood of fires, deaths, and business failures.

What does an actuary do?

Duties of an actuary consist of:

  • Collecting and compiling statistical data for additional analysis.
  • Estimating the probability and likely cost of events such as an accident, death, natural disaster, or sickness.
  • Designing, testing, and managing policies to minimize risk.
  • Explaining proposals and findings to various parties.

Actuary salary

The national average salary for an actuary is $119,966.

If you are a number-oriented person who is an analytical problem solver, is interested in tackling market trends, and wants to advise businesses and governments on economic decisions, any of these careers can be the right one for you. Start your journey by enrolling in our Bachelor of Arts in Economics & Finance program.

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