Economics Major Description: You took Economics as a Major and you are wondering what will come out of it? This is why I am here for you. A degree in economics provides you with an array of subject-specific and transferable skills highly sought after by employers.
I have more to discuss with you why you should study in economics major and what you can do with an economics degree.
But first, let us look at it bit by bit from the points below
If you are still wondering what job opportunities you will have after completing a degree in Economics, you will be glad to know that a whole range of options awaits you, such as financial or investment analyst, auditor, economic consultant, or financial manager. Keep reading to know more about Economics Major Description, and what the degree can do for you.
What is Economics?
Economics is the practical and theoretical science of the production and distribution of wealth. It is based around the system of the production, buying, and selling of goods and services.
As a social science, it is primarily concerned with the behavior and relationships of people and societies and economics is applied to the real world to study and analyze the activities and interaction between people, markets and governments.
Although there are various subdivisions of economics, the two main areas of study are microeconomics and macroeconomics.
Microeconomics is the study of the dynamics between individuals and industries, a more concentrated study of the broader discipline of macroeconomics, which is the study of the economic activity of an entire market or country.
Economics is a relatively modern discipline and Adam Smith is widely regarded as the father of modern economics having developed the idea of classical economics (or liberal economics) in the 18th century.
It has grown considerably as a field and now incorporates several other subjects, including sociology, geography, law and several others to develop our collective understanding of the economic systems that exist today.
Who is an Economist?
An is a practitioner in the social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field, there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance, and mathematical economics.
What Might you find on an Economics Degree Course?
Most economics degrees last for three or four years and are primarily taught through lectures and seminars. The content of an economics degree course is hugely dependent on whether a student opts for a BSc or a BA course.
BSc economics courses use mathematics and statistical theory applied to economic theory and they are designed for students who want to take advantage of a background in mathematics to further their understanding of the world today.
On the other hand, BA economics students will not be required to use as much mathematics, as they use more qualitative methods.
For joint honors degrees, a BSc economics degree is more likely to be combined with a science-based subject such as mathematics, while a BA economics course could be combined with various subjects including languages, politics, and psychology.
Often both courses will begin with the same fundamental economics syllabus, before diverging later on in the course as students specialize in a particular branch of economics.
Both are also based around empirical research and developing an understanding of economic theory, meaning that analyzing issues and dealing with numbers is central to both courses.
What Should I Study to do an Economics Degree?
The short answer is maths. Although BA programs require less mathematical ability, it remains a central discipline in economics courses and the more prestigious economics courses require high mathematics grades.
Economics is a real-world discipline so courses like history and politics may help a prospective economics student develop an understanding of the world, including the systems that govern it and the events that helped to shape it.
Some schools and colleges offer economics and this would be an advisable choice for aspiring economics students, while physics and maths are among the typical school subjects studied by economics students.
It is worth considering which branches of economics are of interest or where you see your career taking you because this may make deciding what subjects to study easier. If working abroad is of interest then perhaps studying a language would be a good choice, or maybe management if that could help your future career prospects.
What do Economics Graduates go on to do?
The skills developed through studying economics are incredibly versatile and can be employed in a wide range of industries – by the time the course ends an economics graduate will be comfortable with dealing with numbers as well as experience in using innovative techniques to overcome problems.
They will have developed an analytical mind alongside a strong economic awareness of the world, skills which can be transferred to numerous industries. A lot of professionals in banking and accountancy hold economics degrees. For any career related to finance, an economics degree is a good foundation to build on.
Roles in data analysis such as an actuary, or an investment analyst, are typical careers for an economics graduate.
For those who want a job directly related to economics, further study is recommended. Fortunately, there is an array of master’s and Ph.D. opportunities and these courses give students a chance to specialize further and conduct detailed research in areas of interest. An economics graduate will have some unique and highly sought after skills and in most cases, employment prospects are good.
Economics Major Description: What Can You Do With the Degree?
Professional Economist Careers
As a professional economist, you’ll be involved in researching and analyzing economic data, issues, and trends. For the majority of economist careers, you’ll need to study economics at the postgraduate level to gain the specialist skills required.
To be a professional economist you’ll also need to be confident in producing economic forecasts and reports to present to clients (individuals, companies, financial organizations, and public bodies) and to advise on policy and/or business strategy accordingly.
Possible employers include local and national government, public and private banks, insurance companies, think-tanks, large multinational companies, financial consultancies, accountancy firms, and local authorities. A sound awareness of current affairs and economic contexts is essential in these roles.
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Economics Careers in Banking
Banking careers are very popular with economics graduates, offering scope for high earnings and have a high demand for economists. Graduates with a background in economics are particularly valued for roles in financial control, financial planning, risk analysis, data analysis, and consultancy.
With a focus on keeping the financial requirements of clients and businesses on track, banking careers are largely concerned with advising and providing services for a range of banking clients and consumers.
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Economics Careers in Accountancy
To become a qualified accountant you’ll need further professional qualifications, but many accountancy roles are available to those who studied economics.
In accounting roles you can work across multiple industries, focusing on monitoring the financial situation of an organization, business or individual. Careers in accountancy typically focus on recording, classifying, interpreting and communicating financial data.
These careers require strong analytical skills, mathematical proficiency, computer literacy, an understanding of all elements of company finances, and the ability to contextualize the data collected.
Economics graduates are often able to make sense of complex data sets and identify the root of financial problems, making them good matches for accountancy roles.
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Economics Careers in Business and Financial Consultancy
Economists and economics experts are at the heart of the business world and financial consulting. Economics graduates may find positions in large and medium-sized organizations where economic research is required.
The role of an economic researcher requires in-depth knowledge of economic theories and models, thorough analytical and problem-solving skills and mathematical ability.
Financial consultants in the area of economics would fill similar roles but may work for multiple clients instead of just one organization, producing reports and advising on business strategy. Up-to-date industry knowledge and awareness of corporate finance are essential in these roles.
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Economics Careers in the Public Sector
Those who study economics will be valued in all areas of public and private spending, including roles within pricing and risk analysis, financial consultancy and economic planning. Economist careers in the public sector are often involved in public taxation, transport, commercial and waste services, energy and other forms of government spending.
Thanks in large part to the most recent global recession, and the tightening of economic regulation by governments across the globe, economics students are currently seeing an increase in demand in this sector.
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Actuarial and Data Analysis Careers in Economics
An actuary is a business professional whose role is to evaluate and advise on the impacts of financial risk and uncertainty. Using knowledge of both business and economics, actuaries provide reports and devise strategies on how to lessen these risks.
Most entry-level job roles in this field are within pensions and insurance, but later on, you may have the opportunity to move towards areas including banking, investment, and healthcare. Actuaries should be skilled in mathematics and compiling statistics, but also able to communicate complex data effectively to non-experts.
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Alternative Economics Degree Jobs and Careers
With a background in economics, it seems anything is possible. Other common economics careers and roles include auditor, stockbroker, insurer, business manager, retail merchandizer, pricing analyst, statistician, financial consultant, and salesperson.
But what can you do with an economics degree if none of the above appeals to you? Well, you may want to also consider these broader options: business intelligence, international development, human resource management, IT, journalism, law, management, market research, politics, public relations, social research, and taxation. Or, you could even become an entrepreneur and start your own business!
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Frequently Asked Questions on Economics Major
Ques.: How will my degree make me employable?
Ans.: Why not take a look at our employability profile page? Here you will find information on the types of skills and abilities you will gain as an economics undergraduate, which make you very appealing to employers!
Indeed, Andy Ross, the former deputy director of the UK Government Economic Service and deputy director at HM Treasury says that “Economics degrees provide powerful insights into a huge range of real-life issues while opening the door to a very wide range of career choices.
It’s a fascinating subject and a life-long interest that will enhance both your understanding of the world and your career opportunities whether you become a professional economist or not”.
Ques.: How does my degree relate to the real world?
Ans.: I understand that you will learn a lot of theory as an economics student and you may find yourself asking how it applies to the real world.
Ques.: What else can I do with an economics degree, if I don’t become an economist?
Ans.: Many things! Our careers cloud identifies a number of careers you can pursue with an economics degree, but the possibilities are endless! What is important is to see how all of the skills you learn as an economics graduate can be applied to numerous career paths.
Employers in all industries are very keen to find individuals with the ability to analyse and interpret quantitative data and the ability to work effectively with others- just some of the skills you gain from studying economics.
Ques.: Does extra reading matter?
Ans.: Yes! You can never do too much reading. In fact, to achieve the very top marks in exams, you need to refer to outside reading.
For example, marking criteria specifically states that to achieve a 2:1 and above students must show, “Evidence of study, comprehension, and synthesis beyond the bounds of what has been explicitly taught.”
Ques.: How can I develop my skills?
Ans.: University offers the perfect environment to develop a number of skills. If you are looking at a career in journalism, for example, try to get involved with your university paper or student newspapers.
A huge range of skills can be developed through involvement in societies and universities do not fall short of choice when it comes to joining these. From sports to charitable organizations to chocolate appreciation, there will be at least one that takes your fancy; if not, you can start your own. How entrepreneurial!
What are you waiting for now! Go grab your degree with courage from any recommended school with Economics Major. If you are already a graduate from the field of economics then you have great chances. You can also share this article with your friends so they can grab the same opportunity.
StudentsandScholarship Team.
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