Economics is a versatile and sought-after field of study that opens doors to a wide array of career opportunities. As of 2023, the job market for economics graduates is robust and promising, offering roles that span various sectors. Some of these jobs require additional certification or education but it does not exclude that there are many jobs one can get with a bachelor’s degree in economics and at any level which this job is gotten, a good pay is guaranteed. In other to solidify their stance and improve their employability chance, many people study at graduate economic level like; Masters in Economics. This would not prevent you from finding a job, but you have to be careful not to settle at a place, always make room for improvement by going for that graduate level course, or even going further to becoming a professional economist.
There is great demand for economists, most especially graduates; this demand is a global demand. There widely transferable analytical and problem-solving skills developed by economists, means that careers in economics are very wide and diverse. In this article, the popular careers in economics would be discussed, you would get to see what you expect and the skills that you need.
Top 12 Job Opportunities For Economics Graduate
1. Banking careers: One could say that an economics career in banking is one of the most popular areas an economist can work or where most of them work. Banking opportunities for economics graduates offer an opportunity for high earning career and as an advantage, the banking sector is always in need for economists. These graduates are greatly valued and most times more valued than the banking staffs.
They are particularly valued for their roles in risk analysis, financial planning, financial control, data analysis and consultancy. With the aim and goal of keeping the financial requirements of clients and their businesses on track, banking sectors and careers are mostly concerned with providing topnotch services and advising their clients and consumers.
2. Accounting careers: Becoming an accountant requires you to have another degree to your qualifications and that is an accounting degree, but this is an exception for economists. As an economist, there are many accounting roles which are very much available for you. Some of these roles are the opportunity to workacross multiple industries, focusing on monitoring the financial situation of an organization, business or individual. Accounting careers mostly focus on the interpreting communicating, classifying, and recording financial data.
The career parts also requires them to have great mathematical proficiency, an understanding of all elements of company finances, analytical skills, and the ability to contextualize the data collected. This ability is on skill that comes so easy for economics graduates, they are always able to identify and analyze complex data set, identifying the main financial problems and providing solutions. These skills of theirs makes them give accountants a run for their money.
3. Financial consultancy as an economists career: When it comes to financial consultations and advice, economists and economics experts, are the heart of this business allover the world. They can find job opportunities from small to medium to large sized organizations where an economic researcher is required. An economic researcher is required to have an in-depth knowledge of economic theories and models, through analytical and problem solving skills and mathematical ability, there are also the role required of an economic researcher.
An economist financial consultant has an opportunity to work for multiple clients and not just for one organization, they can also become freelancing consultants, producing reports and advising on business strategy. One of the steps to becoming an expert in this field is an up to date knowledge of the industry and awareness of the corporate finance.
4. Economics careers in the public sector: A career in economics creates value in both the private sector and the public sector which includes spending and roles that also involves pricing and risk analysis, economic planning and financial consultancy. Some of the economist’s career available in the public sector are transportation, public taxation, energy, commercial and waste services, and all other forms of government spending.
The result of global recession and the restrictions and reconsiderations of economic regulations by most governments all over the world has led to the increase in demand for economics students, and in a way creating massive opportunities for them.
5. Actuarial and data analysis careers in economics: Who is an actuary? An actuary is a person having the skills of a business professional, has the duty or the role of evaluating and advising on the impacts of financial risks and uncertainties. An economist who has the knowledge of business and economics can become an actuarial. Using this knowledge, an actuaries provides reports and diverse strategies on how to potentially lessen a client’s risks.
Most of the entry jobs available in this field are pension and insurance, as you climb your career ladder, you would start getting opportunities in areas like investment, healthcare, banking, etc. this career field requires you to be skilled in areas like mathematics, statistics and compiling statistics, you would also need to be able to communicate complex data very effectively to non-experts.
6. Quantitative analyst: An economist as a quantitative analyst, uses many varieties of statistical and mathematical methods to perform studies on risk management and all other financially related studies.
They can work in both private and public sectors either the task of researching sakes and purchasing habits in other to determine profitable opportunities.
7. Business reporter: An economist can become a business reporter, the duty of a business reporter is that they are journalists who focus on business stories and trends; Eg: business news.
They make researches and write about financial trends, government actions, and company’s actions that may affect the labor market and the company’s finances, and also economic policies.
8. Personal finance advisor: The duty of a personal financial advisor includes working with people in other to help achieve a particular long term or short term financial goals.
They are given access to individual’s financial standing which allows them to help those individual make careful personal decisions on items such as savings, stocks, loans, insurance, and other financial investments. Economist Financial advisors may work directly with their own clients or they may be employed by organizations like banks or investment firms, they can also involve in freelancing or entrepreneurship.
9. Compensation manager: The duty of a compensation manager is to administer, develop, and manage a company’s or organizations compensations and benefits plans for their employees, this also includes wellness programs, retirement plans, and many more.
They engage in research, which enable them come up with the best possible plans for employees, they may also be responsible for answering and presenting employees questions.
10. Policy analyst: A policy analyst is responsible for analyzing national economic trends as it relates to government bodies and corporations.
They collect data from many sourcesin other to forecast the economic outcomes and trends.
11. Statistician: As a graduate of Economics, you can use the techniques of statistics to analyze data and solve problems in different fields such as: healthcare, education, social sciences, and finance among others. So, you can be a statistician. Again, you can design experiments, collect and interpret data, and develop models so as to help organizations make decisions that are based on data. You can do these even as a graduate of Economics.
Also, you can do the job of gathering and organizing data from experiments, surveys, or other sources, cleaning and checking the data for accuracy, and determining the appropriate methods of statistics to use. You can work on developing predictive models or analyzing complex sets of data with the use of advanced software for statistics. You can communicate your findings to others (including non-technical stakeholders) as a statistician. This communication may involve creating reports, presentations, or visualizations that clearly and accurately convey your recommendations and analysis.
Also, you have to keep up-to-date with new methods of statistics and technologies so as to provide the most accurate and effective solutions for your clients or organization. So, as a graduate of Economics, you can be a statistician and will play an important role in helping organizations solve complex problems, make data-driven decisions, and achieve their goals more efficiently and effectively. However, today, the average salary for a statistician in Nigeria is over ₦400,000 on monthly basis.
12. Market Research Analyst: This job involves helping companies to understand their customers, competitors, and market trends. Also, it involves designing and conducting surveys, analyze data, and presentation of findings to the clients. So, as a graduate of Economics, you can do these.
Again, the job of a market research analyst involve gathering and interpreting information about consumer behavior, attitudes, and preferences. So, you have to use the softwares for statistics and the tools for analysis to process and analyze large amounts of data, patterns and spotting trends that could be valuable to your clients. Also, you can develop and implement strategies for research, design questionnaires, and gather data from primary and secondary sources. This can be done by conducting interviews, online surveys, and focus groups.
The research will help your clients develop new products, strengthen their market position or brands, and make informed decisions about advertising, pricing, and promotions. Also, you may gauge the potential demand for new products or services and identify new market opportunities.
However, the major skills required for this role include: abilities for strong analysis, skills for presentation and excellent communication, and a knowledge of techniques for research and methods of statistics. Also, you will need to be comfortable working with data and interpret complex information in a meaningful way for clients. All these can be done (as a market research analyst) by a graduate of Economics. As at 2023, the average salary for a market research analyst in Nigeria is over ₦350,000 on monthly basis.
In Conclusion, it seems like everything is possible with an economics degree, we have only listed 10 things you can do with an economics degree, yet, the list continues. With an economics degree, you can work as a sales person, auditor, retail merchandizer, etc. you can also consider going into international development, human resource management, journalism, IT, management, law, public relations, or you can even become and entrepreneur and start your own business, that is if the economics career does not appeal to you. The degree also gives you a specific skill which allows you to apply economic models and principles.