8 Economics Jobs and How to Get One

The field of economics can offer you various career options because, at its core, it is a study of how to utilize resources best. When you think about the economy, money might be the first thing that comes to mind. In truth, economics is a robust area of social science interconnected with many other fields, such as mathematics, statistics, business, political science, geography, and more. Economics can refer to financial matters like investment and savings, the banking system, trade, and production and employment. But it can also refer to other issues, such as health, government policies, the environment, and more. 

Economics is a growing field with many different job avenues to choose between. More and more industries are looking to employ economists to perform financial analysis and help maximize the potential of their business. 

Explore economics jobs, including what you can expect to earn in each position, your daily responsibilities, the projected job outlook for the field, and education requirements. 

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What is economics?

Economics is a multidisciplinary social science focusing on how societies distribute what they produce. It breaks down into two types: microeconomics and macroeconomics. 

Microeconomics focuses on the choices made by producers and consumers, such as individuals, households, and businesses. It focuses on how these entities respond to changes, organize resources, and make economic decisions. 

Macroeconomics focuses on significant macroeconomic trends that affect societies, such as unemployment or gross domestic product (GDP). With a focus on trade, governmental fiscal policy, unemployment, inflation, and business cycles, macroeconomics studies how these overarching factors affect the performance of the economy and, thus, society more generally.

When working as an economist, you would research, create reports, and examine issues connected to monetary and fiscal policy, and then, depending on your industry, you would share the findings with businesses, governments, or individuals.

What is an economics job?

Jobs in economics are usually complex positions that require knowledge of a wide range of subjects, including mathematics, business strategy, social science, and research and analysis. People who work in economics often use data or statistical models to inform their decision-making and policy analysis. 

In this position, you might work with local, state, or federal governments to collect data, analyze policy, and determine the effect of laws and regulations on the economy. Businesses frequently require the skills of an economist to inform decision-making and analyze things like sales, profits, and demand to maximize business earnings. 

Education requirements

People with a job in economics often have a master’s degree and may even need a PhD for some positions within business or research. With enough coursework in economics and mathematics, someone with a bachelor’s degree could get an entry-level position. However, employers typically prefer you to have a master’s. 

Read more: What Is a Postgraduate Degree? Your 2024 Guide

Skills needed

Economists need a variety of skills since the discipline is so multifaceted. In addition to critical thinking, analysis, and communication skills, economists often need skills in mathematics and computers since they develop models using software and data science. 

Economics jobs

Fortunately, jobs in economics are wide-ranging since nearly all industries are affected by microeconomic decision-making and macroeconomic trends. This broad scope provides you with many choices regarding your career. Economists may find themselves in many different industries. Take a look at some industries that rely on economics:

• Banking 

• Business

• Federal and state government

• Financial planning

• Consulting services

• Law

• Nonprofits

• Research

Below, you can examine the kinds of economic jobs, what they do, and the associated salaries.

Economist

Average annual salary: $123,200 [1]

Job outlook (projected growth from 2023 to 2033): 5 percent [2]

Education requirements: Economists typically require a master’s degree, while some positions may require a doctorate, although some entry-level jobs in government only require a bachelor’s. 

Economists can work in a wide variety of industries. Some common areas of study include the cost of goods and services, health care, energy, business cycles, inflation, and interest rates. They collect data and analyze it using data science techniques to make predictions about the future of their field. This data helps to inform policy at the local, state, or federal level or informs business and consumer decisions. 

Personal financial advisor

Average annual salary: $93,821 [3]

Job outlook (projected growth from 2023 to 2033): 17 percent [4]

Education requirements: Bachelor’s degree is typical 

A personal financial advisor works with individuals to manage their finances and plan for education or retirement. Financial advisors have broad knowledge of various factors influencing personal finance, such as stocks, mortgages, insurance, taxes, risk assessment, and estate planning. They help clients build a plan that works for their short-term finances and long-term goals. After investing a client’s money, a personal financial advisor monitors the investments. 

Personal financial advisors typically require a bachelor’s degree in a relevant field, such as economics, social science, business, or mathematics. While some jobs may have training from a senior-level associate, some financial advisors earn a Certified Financial Planner (CFP) credential from the Certified Financial Planner Board of Standards.

Actuary

Average annual salary: $135,161 [5]

Job outlook (projected growth from 2023 to 2033): 22 percent [6]

Education requirements: Bachelor’s degree and certification

As an actuary, you typically use mathematics, statistics, and financial theory to analyze investment risk in business and insurance. Your job is to find risk factors and create plans to reduce the risk of loss on investment, such as helping insurance companies determine the best price for an insurance premium. They often work with financial analysts, accountants, and data scientists to create models to view financial data and generate risk assessments. They often work in insurance to assess risk factors on insurance policy premiums. 

Actuaries need at least a bachelor’s degree in mathematics, statistics, or actuarial science. They can also have a degree in a relevant field. They must take courses in economics, applied statistics, and corporate finance. Actuaries must become certified by either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA) to work in their field. These certifications have two program levels. An associate program level can take up to seven years and several additional years before reaching the fellowship level. Actuaries can specialize in a field and have continuing education requirements.

Economics professor

Average annual salary: $86,446 [7]

Job outlook (projected growth from 2023 to 2033): 8 percent [8]

Education requirements: Doctorate degree

Like other postsecondary teachers, in the role of an economics professor, you would teach various courses in your field to undergraduate and graduate learners. In addition to teaching, professors produce research in their field for critical review and publication. 

You will typically need a doctorate to teach at four-year universities. Learners who want to study for a doctorate will go straight to a doctorate program after receiving their bachelor’s. Many learners complete a doctorate in six years. 

Lawyer

Average annual salary: $129,167 [9]

Job outlook (projected growth from 2023 to 2033): 5 percent [10]

Education requirements: Bachelor’s degree; law degree; pass bar exam

If you plan to become a lawyer, a degree in economics is a common path. Numerous careers in the legal field deal with aspects of the economy, including interpreting contracts, aiding in mergers and acquisitions, working with the tax system, and handling disputes for workers. All of these examples can have an impact on the economy.

To become a lawyer, you first need a bachelor’s degree in a relevant field, such as economics, history, or legal studies. Then, you need to complete three years of law school, and you can decide if you want to choose a specialization. Upon graduation, you must pass the bar exam, which admits you to the state or jurisdiction bar where you can practice law. That said, different states and jurisdictions may have varying requirements. 

Data scientist

Average annual salary: $116,010 [11]

Job outlook (projected growth from 2023 to 2033): 36 percent [12]

Education requirements: Bachelor’s degree at a minimum

As a data scientist, you will collect, analyze, and model data to find trends and make future predictions on behavior. Once they organize unstructured data, they use software, algorithms, and machine learning to help them structure and visualize a data set from which to conclude. Economists use data science skills to analyze large swathes of data relating to educational choices on the labor market, medical decisions, and economic policy outcomes. 

To become a data scientist, you often need a bachelor’s degree in mathematics, statistics, or computer science. You will also need to know data-oriented programming languages to extract data, clean and analyze it, and then produce a visual representation of its meaning.

Financial analyst

Average annual salary: $79,331 [13]

Job outlook (projected growth from 2023 to 2033): 8 percent [14]

Education requirements: Bachelor’s degree typical at a minimum

Financial analysts work in banks, businesses, and research houses to help clients generate profits. They analyze stocks, bonds, and business investments to assess risk, growth, and performance. They can work as “buy-side” or “sell-side” analysts. Buy-side analysts often work with businesses to analyze large investments. Sell-side analysts work in the sale of stocks, bonds, and other securities. They must understand economics, politics, financial regulation, and more to make decisions. 

To become a financial analyst, you often need a bachelor’s degree, although some employers may require a master’s degree. A degree can be in the field of business or economics. They may need a license from the Financial Industry Regulatory Authority (FINRA) or another agency, which employers often sponsor. 

Statistician

Average annual salary: $99,981 [15]

Job outlook (projected growth from 2023 to 2033): 11 percent [16]

Education requirements: Bachelor’s degree at a minimum; master’s common

Statisticians collect data and analyze it using statistical methods. They determine what data can answer a question and then find methods to collect it, such as surveys or polls. Once they have data, they use software and mathematics to analyze it and communicate their findings to non-technical audiences. They often work alongside data scientists and can solve problems in business and economics through statistics. 

To become a statistician, you typically need a master’s degree in mathematics or statistics, although some employers only require a bachelor’s degree. To become a statistician in economics, you can find degrees that combine the two disciplines.

Job outlook 

According to the US Bureau of Labor Statistics, the job outlook for economists may grow 5 percent by 2033 [2]. More businesses and industries increasingly employ economists to analyze, organize, and predict future earnings, pricing, and advertising effectiveness. 

Next steps on Coursera

Economics is a versatile field with many different job avenues. It increasingly uses data analysis to help make sense of the massive amounts of data generated. Continue learning and exploring the field with online courses like Microeconomics Principles from the University of Illinois at Urbana-Champaign or A Story of Economics: A Principles Tale, a three-course Specialization offered by Rice University. 

Many employers searching for economists prefer job candidates with a master’s degree. If you want to upskill at your current position or expand opportunities, try the Master of Applied Data Science degree from the University of Michigan found on Coursera.