Graduates with economics degrees have a wide variety of jobs that they can venture in. These jobs do not necessarily have to be labeled with the economist title. There is a huge variety of industries that economics major can be hired to work in. Of course, the position is dependent on the academic level, whether undergraduate, masters, or Ph.D. Therefore, What can you do with an economics degree?
Financial analyst use complex economic models to analyze and make projections so to guide companies in making investment decisions. This job requires economists to carefully analyze economic and business trends of previous investments of the same nature to arrive at predictions that would guide the decisions of future investments.
Economics and statistics are closely related, and so they are therefore mostly studied and practiced together. A statistician must gather data using different data collection methods e.g., survey, analyze using statistical methods, and relay the results to higher-ranking management who then use the results to generate policies. Statisticians rely on their extensive knowledge in probability models, survey methodology and statistical theory to perform their analyses.
Supply chain analysts are the people that are responsible for ensuring that the procedure of getting products from manufacturing plants or warehouses to the end-users is as efficient as possible. Manufacturing companies, retail businesses, and transport providers use the strategic resource allocation planning expertise of economists to balance the costs and maximize productivity in the shipping process.
Budget analysts are hired by government agencies, research companies, and large corporations to help them in recommending future financial decisions and policies. They analyze the policy cost and program decision to recommend the funding range and allocation for every program that is to be done. They also use financial odes to study revenue, expenses and financial trends to predict any future financial needs that may arise.
Financial managers are advanced business economists who examine market trends to find ways to reduce the costs of doing business and the ways of increasing profits. They are also responsible for the projection and development of strategies to ensure that the business expands concerning time. To be a financial manager, you may require an advanced degree like a master, a Ph.D., or an undergraduate degree that is coupled up with some years of experience.
Companies do not just randomly decide how much to price items. They consider the elements like materials and labor that were involved in the production of the items and analyze them together with the market demand and supply trends together with competitor prices. They then use complex price building models to get the optimum price that will boost sales and improve profits.
Environmental economists collect and analyze data that relates to the effects of infrastructural developments to natural resources and the environment in general. They carefully evaluate the implications of government policies involving matters like fuel use, climate change, and soil conservation to protect the natural world.
Market research analysts conduct surveys and keep tabs on the industry trends to help companies determine which products would sell better, how to target them and how to price them so that they can compete with products from other companies. Naturally, to be a market research analyst one may have to have some additional marketing training.
General economists are hired by private corporations and government agencies to monitor economic trends and develop predictions for anything. They can be used to determine energy costs or forecast interest rates or inflation. This job is an advanced level job and would require a master's degree or higher to pursue.
Economists in this sector carefully monitor and analyze financial markets to provide information to investors on when to buy or sell stocks of certain companies. They use carefully built computerized economic models to predict which company share value will increase or decrease to relay the next course of action to their employers. To be a securities trader, you will have to seek registration from the national regulatory authority.
Auditors carefully review the work that the accountants have done. They are hired to perform reviews annually, bi-annually or quarterly to look for signs of fraud or any inaccurate reporting that accountants may have done. They consider the projections made together with the profit and loss margins presented by the accountants to identify miscalculations.
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