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- by Charlotte King
- In General, Courses, Jobs and Careers
Posted May 11, 2023
What Can You Do With An Economics Degree?
Economics is a fascinating field of study that provides insights into how individuals, businesses and governments make decisions about the allocation of resources.
Although it is business focussed, it is also considered to be one of the social sciences as it is primarily concerned with people and how finances and money affect them within society, as well as financial organisations.
An economics degree can equip you with a range of valuable skills that are highly sought-after by employers, including critical thinking, analytical abilities, problem-solving and data analysis. But what can you do with an economics degree? Read this blog to discover more.
Skills you’ll develop
An economics degree will provide you with a wide range of valuable skills for various careers, including:
- Critical-thinking skills
- Problem-solving skills
- Data analysis skills
- Research skills
While studying an economics degree you will learn how to analyse and interpret data. You will also develop an understanding of economic theory and concepts.
During your studies, you will also discover how markets work, and areas of study likely to include supply and demand, perfect and imperfect competition, and price controls. Plus, you will learn about the role of the government in regulating markets and promoting competition.
Economics career paths
An economics degree can lead to various exciting and rewarding career paths. Economics allows you to work in different capacities, with popular roles including finance, policy, research and academia.
Let's look at some of the career paths you can take in more detail.
Finance advisor, analyst and manager – these roles are concerned with the financial state of an organisation or a client. In one of these careers, you will be helping clients make informed decisions regarding their investments, savings and financial planning.
Management analyst – working as a management analyst means working with organisations to enhance their efficiency and effectiveness. A major aspect of your role will be streamlining operations and processes.
Market research analyst – this position requires you to collect and analyse data on market trends, competition and consumer behaviour, then use this information to help companies make informed decisions regarding marketing, product development and business strategy.
Alternative career paths
Besides the traditional career paths for economics graduates, several alternative career paths are also available.
Economics degree jobs
Entrepreneurship – as an economics graduate, you will have developed a range of skills that are highly valuable if you want to enter the exciting world of entrepreneurship. You can use your knowledge of markets, finance and economics to start your own business or work for a startup.
Teacher/professor – if you have a passion for economics coupled with an interest in imparting knowledge, you could pursue a career as an economics teacher at secondary school or college level. Helping students understand the principles of economics, including supply and demand, market structures and international trade, is a very fulfilling career.
Business reporter – use your knowledge of economics to report on business and finance news for print, online or broadcast media. Use your learnt research and communication skills to analyse and interpret economic data, interview experts and stakeholders, and write articles or produce news segments that inform the public about economic trends and developments.
Typical employers of economics graduates
Here are some of the typical employers you could apply to as an economics graduate.
Learning institutions – schools, colleges and universities are significant employers of economics graduates. You can pursue a career as an economics professor, researcher or administrator at university level. Alternatively, work as a teacher or instructor at secondary school or sixth form college.
Financial institutions – banks, investment firms and insurance companies often employ economics graduates. You can work in various capacities, including as a financial advisor, investment analyst, risk analyst or financial manager.
International organisations – international organisations such as the World Bank, the International Monetary Fund and the United Nations often employ economics graduates to work in various capacities, including as an economist, policy analyst or program manager. At one of these major organisations, you could be involved in helping develop and implement global economic development, poverty reduction or international trade policies.
What do economics graduates go on to do?
Economics graduates can go on to enjoy a wide variety of fulfilling careers.
According to a recent graduate outcomes survey 2023, these are the most common career paths of economics graduates:
|
Type of Work |
Percentage of Graduates |
|
Business / HR / finance professionals |
58.9% |
|
Clerical / secretarial / numerical clerks |
9.5% |
|
Marketing / PR / sales professionals |
7.0% |
|
Retail / catering / waiting / bar staff |
5.3% |
|
IT professionals |
4.8% |
|
Managers |
4.2% |
|
Legal / social / welfare professionals |
1.9% |
|
Education professionals |
1.8% |
|
Engineering / building professionals |
1.4% |
|
Art / design / media professionals |
1.0% |
|
Childcare / health / welfare occupation |
0.7% |
|
Skilled trades / crafts / vocational occupations |
0.6% |
|
Science professionals |
0.2% |
|
Health professionals |
0% |
|
Other occupations |
1.6% |
|
Other professionals |
1.0% |
Working in business and finance
As the above table illustrates, the majority of graduates go on to work in business and finance.
If you enter a career in this field your daily tasks will vary depending on their specific job. You may be tasked with analysing market trends to help your company make informed decisions. The analysis could involve tracking economic indicators, such as GDP, inflation and employment rates, and using data analysis tools to identify trends and patterns.
Other tasks could include forecasting and building the right economic models, advising on economic decisions, and developing statistical and econometric models for economic forecasting.
Professional jobs for economics graduates
Many economics graduates end up with a professional job after their studies – these are the top 10 professional jobs for economics graduates according the graduate outcomes survey.
- Finance and investment analysts
- Chartered and certified accountants
- Management consultants and business analysts
- Actuaries, economists and statisticians
- Data analysts
- Business sales executives
- Taxation experts
- Marketing associate professionals
- Financial accounts managers
- Business and related research professionals
Further study in economics
Economics degree holders have several opportunities for further study that can expand their career opportunities and increase their earning potential.
They can further their education in related fields such as:
● Business intelligence
● International development
● Human resource management
● Politics
● Taxation
● Public relations
The value of postgraduate study in economics
An economics degree greatly benefits those seeking to advance their career or pursue new opportunities taking this further and studying a masters in economics is even more beneficial. A graduate in economics can work in various industries, including finance, government, international development, education and consulting.
Some of the economics degree jobs you will get include positions as an economist, analyst, consultant, policy advisor and researcher in both the public and private sectors.
Types of postgraduate study
There are several academic options for postgraduate study in economics, each with different requirements and outcomes. Each level of study provides a different level of depth and specialisation in economic theory, analysis and research methods and can lead to various career paths. The levels are:
● Postgraduate certificate
● Postgraduate diploma
● Masters degree (MA or MSc)
● PhD / Doctorate
Part-time and online options
Part-time and online study options are alternatives to traditional full-time, on-campus study. While they share some similarities, there are some notable differences between them.
Part-time study refers to a mode of study where students attend classes part time, typically in the evenings or at weekends. This allows students to continue working or attending to other daily responsibilities whilst gaining their masters in economics.
Online study provides students with the convenience of being able to study from anywhere, at any time. It’s a very flexible way of studying a postgraduate program, as online students can access course materials, lectures and assessments through a virtual learning platform.
Both part-time and online study options allow individuals to balance their education with other commitments, such as work or family responsibilities.
Funding and scholarships
Funding and scholarships are essential considerations for students pursuing postgraduate studies in economics. These programs can be quite expensive, and students often require financial assistance to help cover their tuition fees, living expenses, and other costs associated with their studies.
Fortunately, there are many options available to students looking for funding and scholarships for their postgraduate studies in economics. These include scholarships and bursaries offered by universities, government sponsorship programs, non-profit organisations and private foundations.
Once you have been accepted onto an economics postgraduate program you will be automatically eligible to apply for one of our Postgrad Solutions Study Bursaries worth £500 each.
Find out more about funding your economics masters.
Success stories
Warren Buffett is possibly one of the world's most successful and well-known economics graduates. He graduated from Columbia Business School with an MSc in Economics in 1951.
Buffett is the chairman and CEO of Berkshire Hathaway. This conglomerate holding company owns numerous subsidiary companies, including Apple Inc, Chevron, the Coca-Cola Company, and American Express Company.
As of March 2023, his net worth was $104 billion. Buffett's success in business and investing is often attributed to his strong foundation in economics. He has often spoken about the importance of understanding economics in business and investing, and he has been known to apply economic principles to his investment strategies.
Search postgraduate courses
There are numerous options when it comes to studying economics at postgraduate level. Use our course search to narrow down your choices and find your ideal course. You’ll find a range of courses including part-time and online options.
Conclusion
Pursuing an economics degree can open up many opportunities for graduates. The skills and knowledge gained through this field of study can be applied to numerous industries and professions, from finance and business to government and education. The success stories of individuals like Warren Buffett serve as a reminder of the endless possibilities that come with an economics degree.
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