As you're reading this, there's a good chance that you're close to finishing your university Economics studies - undergraduate, graduate or doctoral. No matter what level of Economics education you've attained, you're surely looking to make the most of your efforts and get the biggest return on your educational investment.
You could hardly proclaim yourself a disciple of Economics if ROI wasn't on your radar, could you? Still, your question has merit.
You might have gotten into Economics with a clear goal in mind only to find that vision blurred the more you studied. Perhaps accounting sounded like a safe bet for a stable career but you're also interested in environmental issues. Is it possible to combine your two passions?
Understand that a degree in Economics gives you a broad career field to choose from. Some tend toward the analytical – assessing data to prove trends or project outcomes, while others call for more speculation; the more theoretical side of economics.
Indeed, there's hardly a career field that economics doesn't at least touch on:
| Career Fields Economists Work In |
|---|
| Politics: economic advisors, treasury, budget, auditing, trade and global financial relations |
| Finance: banking, financial consultant, investment analyst, risk analysis, |
| Insurance: actuary, data analyst, pension planning |
| Business: accountant, data analyst, tax advisor, auditor, pricing analyst |
| Stock Markets: devising financial vehicles, brokering, auditing, investment analyst |
| Economic research: market research, social research, environmental research, |
| Education: Economics teachers, Economics tutors, theoretical economist |
Come with your Superprof as we explore some of the most in-demand jobs you could land with your Economics degree.
Accountant
Accounting may be one of the most recognizable, accessible and diverse careers for Economics graduates. Just take a look at all of the choices you have if accountancy is on your radar:
- Certified Public Accountant (CPA)
- Chartered Public Accountant
- Tax Accountant
- Business Accountant
- Cost Accountant
- Investment Accountant
- Academic Economist
- Forensic Accountant
- Economic Officer
You can search for where to find the most affordable economics tuition here.
On the surface, being an accountant sounds rather dry and dull. You have to know a lot about numbers - accountants are not (affectionately) called bean counters for nothing. But you also have to know about tax code, international finance and market trends. If you work in a large firm's accounting department, you may be tasked with finding the funds for the company's next big expansion, planning next year's budget or projecting the effects of mergers and acquisitions.
If you really want to see the excitement in accounting, consider the last two jobs: Forensic Accounting and Economic Officer for the Foreign Service.
Forensic accountants investigate financial crimes; sadly, there's currently a great need for this type of accountant. Foreign Service economic officers function as diplomats, negotiating economic matters with other political entities. You may be stationed in the UK or work abroad, in a host nation. How's that for excitement?
One of the greatest advantages an Economics degree offers is that you can start your own accounting business; some of the other careers on our list also allow you to establish your own firm. And, if you've studied Economics at one of the UK's top universities for Economics, you'll soon find clients beating a path to your door.
The average salary for accountants is £62,500 per year.
Financial Advisor
This job title, too, covers a lot of ground. You might advise people on their retirement funding options - a personal financial advisor, or an advisor to a business, a non-governmental organization (NGO) or a governmental financial advisor who recommends when to release treasury bonds or raise inflation rates.
As a corporate financial advisor, you would consider the current economic climate and devise strategies to help the company weather financial storms. Or, conversely, you would help prepare initial portfolio offerings (IPOs) for new startups entering the stock market.
A large part of your work as a financial advisor is to understand your clients' attitude to risk - are they risk-averse or a bit willing to take a chance on a less-than-certain investment? That means you have to have excellent communication skills, particularly listening skills.
You have to tease out what your clients mean, even when their goals and desires are not made perfectly clear. On the other hand, you have to explain every factor that goes into making financial decisions even if your clients don't quite grasp the full context of the economic environment they make their decisions in.
The median annual salary for a personal financial adviser is £57,500; more if you do possess excellent communication skills.
Actuary
Here's another career that sounds dull but can be quite engaging, especially if you love to problem-solve and do statistical analysis just for fun.
Those two functions form the core of an actuary's duties. Historically, actuaries have been primarily associated with healthcare and insurance industries but, these days, you may work as an actuary in a bank, the stock market and even in government.
An actuary's primary function is to assess risk and determine the financial costs of such risks. You would then be instrumental in helping to mitigate financial risks your client might suffer or, at least, lessen their impact.
An actuary earns around £50,000 per year but you stand to earn more, particularly if you get high marks on your GCSE Economics and have earned a degree from a fine Economics university.
Stockbroker
Forget Gordon Gekko - "Greed is good!" - and the film Wall Street, today's brokerage firms prefer to hire ethical, knowledgeable traders and brokers.
That doesn't mean there won't be any excitement, fancy footwork or quick thinking during the course of your workday. But you will have to work diligently for your clients and take responsibility for any trade your recommended (and they agreed to) that goes bust.
That means that you have to study the markets - global and national, and you have to move quick when you spot a deal that would benefit your clients. In slower times, if such times exist for a broker, you'll sell stocks, bonds and other commodities.
Note that, in the UK, besides attaining your high level of education, to become a stockbroker, you will also have to register with the Financial Conduct Authority, a government body that has oversight of all stock market activity.
Still, you'll be handsomely rewarded for your efforts. A stockbroker's average yearly haul is £74,500.
Business Journalist
If you, like so many others in our current pandemic conditions, are considering freelancing your way to a lucrative career, this profession is tailor-made for you. Your Economics degree qualifies you as an expert in all matters financial and economic which, in turn, allows you to report on matters affecting the global and local economy.
You don't have to limit yourself to freelancing, though. You could also write columns for the financial section of your local paper or report during the business segment of the nightly news.
For any of these positions, your communication skills have to be top-notch. However, unlike financial advisors who cultivate their listening skills, you will need to emphasise your writing and speaking skills.
If you already have a strong social media presence and have started to 'develop your brand' - marketing yourself as a person qualified to discuss economic issues, you should have no problem earning the average £32,000 salary such journalists may earn.
Academic Economist
Who are your Heroes of Economics? Joseph Stiglitz? John Maynard Keynes? Ronald Coase? If any or all of them are, you've chosen well. They are all academic economists.
When people think of academics domiciled in a facility and conducting research, they're more likely to think of physicists (Stephen Hawking), mathematicians (Alan Turing) or biologists (Richard Dawkins). Few think of economists holding such a position.
Academic economists have wide latitude to explore the economic topics of interest to them, formulate new analyses or review older postulates and publish papers describing their studies.
Teaching is another role for academic economists. You may teach at the secondary level or seek a university post.
Note that you will have to have the highest possible credentials as an economist for any of these positions and, for the researching economist, substantial experience in your field - much more than the basics of economics you'll learn as an undergraduate.
Furthermore, you will have to have excellent communication skills and, if you want to become an economics teacher or professor, you'll need a teaching degree.
Whichever path you choose to become an academic economist, know that you'll earn fairly well. The median income for such professionals is £62,500.
Environmental Economist
With the IPCC having recently released its latest report and the Glasgow climate summit wrapped up, it's clear that climate change and environmental concerns are the hot button topics of any field, including economics.
Environmental economists are needed to model and analyse data relevant to environmental concerns such as deforestation, industrial pollution, and plastic waste. They will calculate the environmental impact of these factors, translate them into economically-accessible information and help governments and companies make changes to reduce environmental harm.
If you'd like nothing better than producing cost-benefit reports and proving the economic incentives of green technologies, this is the type of economist you want to be.
Currently, the average salary for environmental economists is average; around £52,500 a year. However, as environmental concerns move rapidly to the forefront of government consciousness, it's a safe bet to assume that a well-qualified economist could stand to earn much more than that in the years ahead.
What do you think about these jobs for Economics graduates? Do you see one you want for yourself or is your dream job not on our list? You're welcome to share your ideas of the perfect career for economists in the comments section.
Now, discover how Economics A-Level helps prepare future economists for their university studies...
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