It is a norm that people frequently ask what they will do with a college degree after graduation. For a person who wants to garner knowledge in the field of economics, this article is for you as it would expose to some, if not all, the career settings you can find yourself after graduation. First, what is economics?
There is no doubt that the field of economics is attractive to people who are problem solvers, #analytical and logical thinkers. This is because economics as a course is a science that deals with the production and distribution of wealth.
Just like other social sciences, economics studies the relationship between the humans and market demands in the society. During your training, you’d be taught various skills that would enable you analyze issue and make decisions.
The choice of economics as a course of study is worth considering as you will get a better understanding of the economic implications of certain actions on individuals, the government and the society at large in order to make some informed decisions or proffer advice. So if you choose a career path in economics, you need to take advantage of the job opportunities we are going to discuss in this article;
1. Private Consultancy Firm
An economic consultant (or a financial consultant) is a professional who analyzes economic trends in the financial industry in order to help organizations boost their performance. This is done by using research and analytical skills to examine the economic atmosphere of the business or surrounding circumstances. An economic consultant may open his own consultancy firm or may choose to work for another. He may also work in a government agency or for private firms. Also, an economic consultant may be used as an expert witness in the law court to assess economic regulatory violations or unliquidated damages.
2. Government Agencies
Persons who study economics are prized in the public sector. This is because there is no aspect of government that does not need the expertise of an economist. For instance, a policy analyst is a professional economist who examines policies that affect the public and recommends laws or government policies that may address the issues. In the same vein, the government employs economics as financial risk analysts, financial planners, internal revenue officers, and many other juicy positions that requires the expertise of an economist. From the grassroots to the Federal level, economics are employed to manage financial risks which help the government make informed decisions.
3. Private Corporations
Across the globe, business organizations employ economists into key financial positions to help boost their efficiency. Some of these positions include market research analyst, credit analyst, economic consultant, data analyst and others. These economics working for private corporations analyze business issues and make research in order to proffer solutions. As a professional in this work setting, your role is to help determine the most effective and efficient structure that would help the organization grow.
4. Actuary and Data Analyst
An actuary is a professional who major responsibility is to evaluate financial risks and offer advice on the impacts of such business uncertainties. As an actuary, you must have skills in business, economics and also in statistics. With these skills, he provides reports and create strategies that will help evaluate financial risks. This can come handy for actuaries who work in insurance companies, pension corporations or as private practitioners.
5. Banking Sector
An economist will work efficiently and effectively in the #banking sector because of his insights in the financial world. This is because a graduate of economics would be valued in a workplace where there is need for expertise in financial control, risk management or financial planning, Ordinarily, the administrator of a bank or a financial institution should have a viable understanding of economics and so does the credit analyst and loan officers in the bank. Apart from this sets of people, a financial institution may also outsource financial advisers with regards a future investment.
6. Capital Market Operators
With the knowledge in the field of economics, there are unlimited opportunities in the #capital #market. Economists play vital roles in the capital market such as insurers, auditors, consultants, brokers, data analysts amongst others. These operators make the capital market what it is with their #investment advice and financial planning #strategies. They require certain skills such as communication skills, research skills, and analytical skills.
7. Educational Sector
There is no doubt that an economist can choose a career path in teaching. If you have the passion for teaching, be rest assured that colleges, universities and other educational institutions are looking for experts who can help train the upcoming generation on the importance of economics. In the educational sector, there might be economic researchers who evaluate economic problems, publish their findings in journals in order to enrich the field of #economics.