These days, a college degree is no longer optional to secure jobs in the business world. One of the greatest reasons an individual gets a masters degree in economics is to improve their career prospects. Students pursuing a masters degree in economics should know that there are numerous jobs available to them after graduation. Nonetheless, you may ask yourself what you can do with that degree. For you, the difficult part may be knowing what career paths are out there. Keep reading as we answer what can you do with a masters degree in economics.
One career option you have with a masters degree in economics is to be a financial analyst. Though many financial analyst positions only require a bachelors degree, a masters offers you advanced positions and higher pay. Analysts use statistical programs to calculate the risk and potential for return of portfolios. These analysts advise clients regarding investment plans. They make recommendations to business owners and private clients by taking into account current economic trends. As a financial analyst, choose to specialize as a risk or rate analyst or a portfolio manager. The average salary for a financial analyst as of 2016 is $81,000. Students pursuing a masters degree in economics can become financial analysts to earn higher pay and assist businesses with their investments.
Furthermore, recipients of a masters degree in economics can go on to be actuaries. An actuary analyzes the risks and uncertainty of investments for their clients. Using statistics and financial theory, they assess worse case scenarios for investors. In turn, actuaries then assist businesses with plans to minimize the effects of that risk. Actuaries constantly research market statistics and figures to best assess risk. There has also been a huge increase in opportunities in the area. The Bureau of Labor Statistics claims that there will be an 18% rise in actuary employment by 2024. This is significantly quicker than the average rise. Use your masters degree in economics to become an actuary and capitalize on a fast growing industry.
Another career for individuals with a masters degree in economics is a job as a data scientist. With the skills learned in graduate programs, data scientists analyze large data sets and teach companies how to use the information. As a data scientist, you can work for large businesses or government agencies. These organizations have access to more data now that ever before. As a result, they need data scientists to make sense of the information and show them how to profit on it. This field is new but growing fast. Holders of a masters degree in economics can use their math skills and big-picture understanding to succeed as data scientists.
M.Econ graduates may also follow the path of economic consulting. As an economic consultant, you use analytic skills to conduct studies into financial trends and possible scenarios. You can work for various organizations such as financial businesses, healthcare institutions, or government agencies. Also, economic consultants often serve as expert witnesses in cases involving intellectual property as well as regulatory violations. On average, economic consultants make $73,000 per year. As a student working towards a masters degree in economics, consider becoming a consultant to take advantage of these various opportunities.
Professor of Economics
Finally, an M.Econ graduate student has the option to become an economics professor. If you want to teach economics at a college or university, most institutions require you to have a graduate level degree. Teaching does not have to be your only career aspiration as a professor. Many economics professors also have jobs as consultants or analysts. In addition to their passion for practicing economics, they also have a desire to teach. If this sounds like you, then you will need a masters degree in economics. Being a Professor has additional workplace benefits, such as always having summers off. In order to teach at a two or four-year program while working in the field, most institutions require you to have a masters in economics.
Individuals pursuing a masters degree in economics have to know what positions are available to them. Those who are passionate about analyzing trends and working with big businesses to manage risks should consider a career in financial analysis. Individuals who specialize in theory and statistics may want to become actuaries. Data scientists assess the value of information and provide strategies to capitalize on it. Students interested in conducting studies and providing expert testimonials should pursue a career in economic consulting. Furthermore, individuals who want to teach as much as they practice can become economics professors. Refer back to this guide if you are wondering what you can do with a masters degree in economics.