The study of economics generally focuses on the overall concept of supply and demand and structures of economies around the world. Studying economics allows us to look at how businesses function and the reasons why they function in such ways. It helps us better understand why people behave certain ways within specific types of markets. It explores why people are often looking to climb the hierarchy ladder and how their actions affect businesses and industries as a whole. Getting a degree in economics will open up a variety of career paths you can choose from that will help you get to know and influence your economy in a multitude of ways.
Branches of Economics
The world of economics can be split into two main branches: microeconomics and macroeconomics. Although they both involve industries and people within them, they have distinct differences.
Microeconomics – study of individual decisions made by consumers and companies within industries, why the decisions were made, and the effects those decisions have on people in other companies and industries
Macroeconomics – study and analysis of large-scale economies, including economies in other countries, and their structures and functions
How to Get Your Degree in Economics
If studying economies sounds intriguing, then consider an option of earning a degree while doing it. You could even land a good-paying job in the field of economics. Be sure to research a variety of schools before sending out your applications, and be sure to apply to multiple schools. After all, choices in education are highly valued in today’s economy.
Harvard University ranked number one on this list of the world’s top economics and econometrics programs. Located in gorgeous Cambridge, MA, this university offers economics courses titled Psychology and Economics, Game Theory and Economic Applications, Market Design and Electronic Marketplaces, Behavioral and Experimental Economics Workshop, and more. Undergraduates in search of a bachelors degree and/or masters degree in economics are sure to love the opportunities that Harvard has to offer.
The University of Oxford in the United Kingdom also contains a highly-ranked economics department for both undergraduate and graduate students. It offers classes that cover microeconomics, macroeconomics, economic theories, and more. If you’re looking to study abroad, the University of Oxford provides an excellent cultural environment and well-organized classes to give you the ultimate economics experience.
One other higher education institute with an outstanding economics department is the University of Pennsylvania. At this university in Philadelphia, you have the opportunity to earn a bachelors degree, masters degree, and even a doctoral degree in economics. If you have a major in mind already but you’re still interested in this subject, the University of Pennsylvania offers an economic policy minor for undergraduates.
Careers in Economics
If you’re planning on getting your bachelors degree or higher in the field of economics, you should start looking in to finding the right career path to follow before you graduate. The field of economics will always be open, because individuals and companies will never stop searching for the secrets to success in the business world.
Entry Level Economics Careers
With a bachelors degree in economics, quite a few options are open to you. They may be entry level positions, but they will certainly put your degree to use in no time.
Economic consultants possess quality communication skills and are talented with numbers. It is their responsibility to analyze the economic status of a business and propose tactics for advancing specific programs in order to bring the business more success. They are optimistic by nature and need to be persuasive in order to sell their business advancement techniques.
Economic consultants can make anywhere from $20,000 to over $55,000 a year depending on what the area the consultant specializes in, if any.
General managers are typically well-organized and efficient at delegating roles to specific people or departments in order to complete jobs in a timely fashion. Large companies with multiple locations often hire a general manager to look over each branch so that the business maintains high quality performance and continues to run efficiently. General managers are also often responsible for creating yearly budgets for their specific branch and are expected to present said budgets for approval.
Depending on the size of the business and its individual branches, general managers can make around $30,000 or more each year.
With a bachelors degree in economics, you could easily become a journalist writing for a local, state, or even global newspaper. Journalists don’t just cover sports events and the latest heart-wrenching tragedies; they also write about politics and business, many times from an economics standpoint. If the study of economics is appealing to you and you also love to write, then perhaps try jumping in the field as a business journalist. If you decide to write on today’s economy, you will provide readers with statistics and potential ups and downs in the subject. You can cover stories about businesses going under because of the slump in today’s economy, and more. Journalists need to be outgoing and creative in order to perform successful interviews and intriguing articles.
The average journalist today may make around $40,000 a year.
Advanced Careers in Economics
In addition to entry-level positions, if you obtain a masters degree or higher in economics, you have the potential to earn more money in a higher-ranked position.
If you enjoy studying specific trends within a given area, perhaps you should explore becoming a demographer. Demographers focus on maintaining the proper records of demographic statistics for a specific area, including its gender ratios, average lifespan, and population. They are generally organized people with good communication skills and a knack with numbers. They are often involved with universities or census bureaus.
Demographers are capable of making an average $63,000 a year.
Stockbrokers are the middlemen of the financial marketplace. People consult with a stockbroker when they decide to invest money in specific companies, and the broker provides advice on when to purchase or sell stock shares. Stockbrokers are responsible for researching financial trends of companies and small businesses in order to provide individuals with backup evidence for their reasoning behind instructing an investor to buy or sell stock shares at specific times. A stockbroker with a bachelors degree in economics and a masters in business can expect to make a significantly higher salary than a broker with just a bachelors degree in economics.
Stockbrokers with higher education can make anywhere from $56,000 to over $100,000 a year.
Investment bankers are responsible for uniting investors with businesses that need financing in order to become more successful in their industry. They also help with the process of merging businesses and/or when one business is interested in buying another business. Investment bankers are constantly communicating with clients, so strong communication skills are necessary for this particular career.
An experienced, highly-educated investment banker can make over $100,000 annually.
Companies that Hire People with Degrees in Economics
You’ve read up on a few courses and career paths, but do you know where to start looking for these types of careers? Many people find themselves wondering, “What company can I work for with my degree in economics?” Below are just a few choices. Many, many more can be accessed through internet search engines, as well.
Bloomberg – global company that aims to provide business data, analytics, and news by way of technology to locations around the world
Fireman’s Fund Insurance Company – founded in 1863 in San Francisco, CA; pays 10% of company profits to widows and children of deceased firefighters
National Football League (NFL) – offers positions in team finance departments (i.e., digital analysts), sales and marketing, communications, and more
Denver Museum of Nature & Science – in Denver, CO; museum of natural history and science; offers positions in financial and business analysis and more
Jobs in the field of economics will always be available, due to the human nature’s drive for success in business. Information provided here is merely a starting ground for what is the world of economics.