10 Economics Careers that can Power Your Future (2023)

A career in economics can be more diverse than you might first imagine. Economics is more than stocks, finance, banking, and government. Most jobs in economics don’t even have the word economics in the title. So, what is economics, and what type of work do economics professionals do?

Economics is a discipline focused on understanding the science of human behavior and using it to shape the world around us.

Because economics is vital to our everyday lives, it should be no surprise that its job outlook is more bull than bear. The demand is expected to be strongest in the private industry, particularly with scientific, management, and consulting services. The Bureau of Labor Statistics (BLS) reports job opportunities will be best for individuals with strong quantitative and analytical skills, related work experience, and advanced degrees.

Your educational qualifications and experience, as well as local market factors, can influence your job opportunities and salary potential. Keep reading to explore a sample of the many paths you can take in your economics career.

Advance Your Career with a Master’s in Economics

Combine theory with practice to prepare for a career contributing to social, economic, and environmental change.


What Can You Do with an Economics Degree?

A master’s degree is the gateway to hundreds of job opportunities spanning the public, private, and nonprofit sectors, as well as academic research. In the world of economics, a master’s degree is typically the entry-level education required for an economics career. With an advanced degree in economics, you also have the opportunity to edge your foot in the door of leading companies and be uniquely positioned to move up the ranks quickly.

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Economics graduates work in a variety of industries, including:

  • Anthropology
  • Banking
  • Business
  • Consulting
  • Financial services
  • Government
  • Law
  • Nonprofit
  • Public policy
  • Research
  • Urban planning

Fortunately for aspiring professionals, there’s no shortage of paths you can take in your economics career. You can shape public policy at one of the preeminent think tanks in the country, help economically underdeveloped areas worldwide learn how to thrive, or work as an advisor on Wall Street. Your path to success is wide-open.

Top 10 In-Demand Economics Careers

These 10 lucrative and growing economics jobs will put you on a clear path toward success.

1. Securities Trader

Median Pay: $130,299

Securities traders invest and sell securities for clients ranging from individuals to Fortune 500 companies. They’re responsible for the success of these transactions and use their economic knowledge and foresight to make sound decisions. This fast-paced job requires strong communication and writing skills and lots of energy. Because securities traders spend their days contacting market makers to execute client orders, prepare financial reports to monitor corporate finances, and review securities transactions.

2. Financial Manager

Median Pay: $129,890

This is a classic job for business economics majors since it involves analyzing market trends to reduce a business’s costs and increase its profits. Financial managers also devise strategies to help companies expand. An undergraduate degree is the bare minimum requirement, but most employers look for candidates with a master’s degree and five-plus years of experience in the financial field. The best part? The number of available financial manager jobs is projected to grow 15 percent by 2029.

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3. Economist

Median Pay: $129,826

Economists study how society uses limited resources, such as land, water, raw materials, and human labor, to satisfy their needs and wants. They then take the insights they learn to forecast market trends, build economic models, and present their findings to senior managers. Like many other master’s in economics jobs, this career requires excellent inductive and deductive reasoning skills.

4. Lawyer

Median Pay: $122,960

Lawyers can impact a wide range of issues such as law, business, and finance. General job duties can range from representing clients in court to performing research on legal issues. Because legal work often requires finding patterns and inconsistencies in large amounts of information, lawyers with an advanced degree in economics can excel in the field.

5. Actuary

Median Pay: $121,077

Actuaries, like other master’s of economics jobs, handle data and deal with matters of probability. They examine data for specific situations, especially disasters like floods. Then, they figure out the probability of these events happening in specific regions. They typically work for entities like insurance companies, helping to determine their prices and coverage options. With projected job growth of 18 percent by 2029, the future for actuaries looks bright.

6. Data Scientist

Median Pay: $116,185

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Data scientists collect, interpret, and publish data to help support economic decision-making. The data they find often applies to finances or productivity in the business world. For example, a data scientist may look at sales figures against business decisions made over a specific time frame to determine how successful those decisions were. These professionals provide the forecasting knowledge a business needs to know whether changes will be significant before deciding. Data scientists working in this discipline may have a master’s degree in economics and work in various industries, such as IT, healthcare, finance, retail, or marketing.

7. Management Consultant

Median Pay: $103,022

Management consultants propose ways to improve an organization’s efficiency. Among the master’s of economics jobs, management consultants have one of the most important for private businesses. They analyze economic trends and business practices, and they advise business owners on maximizing their earnings while minimizing their risks.

8. Mathematicians and Statisticians

Median Pay: $93,808

Mathematicians and statisticians analyze data and apply mathematical and statistical techniques to solve real-world problems in business, engineering, healthcare, or other fields. They typically work in conjunction with other professionals to interpret numerical data to determine or project outcomes and needs, whether statistical or mathematical. Jobs in this field are projected to grow a whopping 33 percent by 2029.

9. Budget Analyst

Median Pay: $81,344

Budget analysts evaluate budget proposals to determine the optimal allocation of project funds. They’re responsible for reviewing budget proposals and requests for funding, evaluating spending needs, conducting cost-benefit analyses, and other duties. Budget analysts are well-versed in statistical modeling and are expert mathematicians. Beyond their quantitative skill set, they also need to petition and persuade management to approve their requests, requiring good communication and interpersonal skills.

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10. Pricing Analyst

Median Pay: $72,220

Pricing analysts have to juggle many tasks. They combine economic data with marketing research and use it to determine the ideal prices for certain products and services. The business owners who employ pricing analysts want to know how they strike the right balance in their pricing and maximize their profits without alienating potential clients. Pricing analysts help them find that balance.

The Benefits of Advancing Your Economics Career

Here are three ways that furthering your economics education and career can positively impact your life.

1. You’ll learn how you fit into the financial picture of life.

Economics influences your daily life in more ways than one. Want to know why the price of gasoline changes? How about why watching a summer blockbuster at the movie theater is more expensive at night? What about why Uncle Sam takes so much money out of your paycheck? Earning a master’s degree in economics can help you figure out the answers to these questions and a whole lot more. It will also help you understand financial trends and can help lead you to higher-paying jobs.

2. You’ll gain powerful insights.

Economic analysis can generate insights into people’s behaviors, allowing society to use scarce resources in innovative ways. By increasing our country’s gross domestic product, we can improve the allocation of resources, so people have access to healthier food, education opportunities, clean water, and the ability to protect themselves and their communities against deadly diseases.

3. You’ll see the world in a whole new light.

With an advanced degree in economics, you’ll see trends others won’t. For example, let’s say the government creates a tax to pay for a program. If the tax isn’t well-crafted, the tax may change people’s buying behavior, leading to a downturn in the economy. As an economist, you’ll have the unique ability to see these trends and provide solutions.

Take the Next Step in Your Economics Career

As industries continue to evolve rapidly, there’s a growing need now more than ever for skilled professionals with an advanced degree in economics to lead the way.If you’re interested in advancing your economics career, explore Northeastern’s program page to learn more about how earning a Master of Science in Economics can help.

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10 Economics Careers that can Power Your Future? ›

Ensuring your successful future

No matter what the future holds, an economics major helps people succeed. Understanding how decisions are made, how markets work, how rules affect outcomes, and how economic forces drive social systems will equip people to make better decisions and solve more problems.

How will economics help me in the future? ›

Ensuring your successful future

No matter what the future holds, an economics major helps people succeed. Understanding how decisions are made, how markets work, how rules affect outcomes, and how economic forces drive social systems will equip people to make better decisions and solve more problems.

What jobs are good with economics? ›

Here are the top 10 jobs for people with degrees in economics
  • Certified Financial Planner (CFP) ...
  • Data Scientist. ...
  • Financial Analyst. ...
  • Investment Fund Manager. ...
  • Politician. ...
  • Controller. ...
  • Urban Planner. ...
  • Lawyer.

What are 5 things you learn in economics? ›

In Economics you learn about supply and demand, perfect and imperfect competition, taxation, international trade, price controls, monetary policy, exchange rates, interest rates, unemployment and inflation amongst many other topics to understand individual markets, the aggregate economy and government policies.

How can economics help me in life? ›

Economics provides the insights and analytical framework required to understand the way our world operates, from the choices we make in our everyday lives to how businesses or governments achieve their desired objectives. Everyday, people make choices that affect their lives, in big or small ways.

What are the 10 reasons of studying economics? ›

  • Economics Helps You Understand the World. ...
  • Economics Teaches Critical Thinking. ...
  • Economics Develops Quantitative Skills. ...
  • Economics Offers Versatile Career Opportunities. ...
  • Economics Helps You Make Informed Decisions. ...
  • Economics Helps You Understand Global Issues. ...
  • Economics Offers Opportunities for Research and Innovation.
Mar 1, 2023

What are examples of economics? ›

What are some examples of economics? Two of the most crucial economic applications are the stock market and trade deals. Stock market: One of the most significant examples of economics at work is the stock market, where investors can buy and sell shares of publicly traded companies.

What is the highest paying job in economics? ›

High Paying Economist Jobs
  • Senior Economist. Salary range: $102,000-$158,000 per year. ...
  • Labor Economist. Salary range: $46,000-$125,000 per year. ...
  • Project Economist. Salary range: $54,000-$110,500 per year. ...
  • Tax Economist. ...
  • Financial Economist. ...
  • Economic Analyst. ...
  • Economic Research Analyst. ...
  • Econometrician.

What are the roles of economics? ›

More specifically, economics studies the production, distribution, and consumption of goods and services, which are both a key driver of development (increasing standards of living through providing food, housing, and other basic human requirements) and a main cause of current changes in earth systems.

What do economic majors do? ›

Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They may conduct research, collect and analyze data, monitor economic trends, or develop forecasts.

What are the 10 most important concepts of economics? ›

Some of the concepts are scarcity, supply & demand, incentives, trade-off and opportunity cost, economic systems, factors of production, production possibilities, marginal analysis, circular flow, and international trade.

What are the 7 key concepts of economics? ›

In Economics and Business the key concepts are scarcity, making choices, specialisation and trade, interdependence, allocation and markets, economic performance and living standards.

What are the 4 essential of economics? ›

Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.

What is a real life example of economics? ›

Example: When Corn crop production increases, the farmers decrease the price of the crop so that they can sell off their produce. If the supply is too high, then the demand i.e. the amount of corn needed to feed the people of the Country, the produce has to be wasted, and farmers lose their cost of production.

Why should I choose economics? ›

Obtaining an economics degree will give you great job prospects and a variety of potential career paths. As economics are present in all sectors of business, job opportunities are not in short supply. This is one of the biggest reasons why we study economics.

How can economics affect your life as a student? ›

How does economics affect life as a student? Economics affects our daily lives. For example, when we make choices about what we are going to consume or save. If we go to the local grocery store and see how prices are rising because of an energy crisis or other current problems, we may adjust our spending habits.

What are the 9 key concepts of economics? ›

✓ The teaching of economics is conceptually focused and grounded in real-world issues. ✓ The nine key concepts that underpin the new economics course are: Scarcity, Choice, Efficiency, Equity, Economic well-being, Sustainability, Change, Interdependence and Intervention.

What is most important in economics? ›

The relationship between supply and demand sits at the heart of most economic theory, for a simple reason: They are inextricably linked. The law of supply and demand can be explained as follows: When supply of a good or service exceeds its demand, prices will fall until an equilibrium is reached.

Why economics is the most important? ›

Economics is the study of resources and how to efficiently and effectively manage them so that people have what they need to live. Those who choose to major in economics open the door to many job opportunities and careers in government, non-profits, and both public and private sectors.

What are the 6 types of economics? ›

The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.

What are the 3 major of economics? ›

The 3 major theories of economics are Keynesian economics, Neoclassical economics, and Marxian economics.

What are the 3 types of economics? ›

There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two.

Who gets paid more economics or finance? ›

The earning potential and salaries are comparable between the finance and economics fields. While the professions are related to one another, they're also very diverse, and salary can range based on the type and level of the job. As candidates gain more experience, they can typically negotiate for higher salaries.

Do economists make 6 figures? ›

Economic major salaries vary a lot. Many of these jobs pay median or mean salaries well above the average. Some of these career paths even allow you to earn a six-figure salary. To earn more than $100,000 per year, you need the proper education.

How hard is economics major? ›

The economics major is not an easy degree choice. It requires a great deal of critical thinking and analysis on the part of economics students. As you advance in your coursework, the subject matter covered in economics degrees become even more thought-provoking and challenging.

What are 3 things economists do? ›

Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.

What are economics two roles? ›

An economist plays two roles: scientist and policy advisor. As scientists, economists explain the world, and as policy advisors they help improve the world.

What are the 6 economic functions of the government? ›

The government (1) provides the legal and social framework within which the economy operates, (2) maintains competition in the marketplace, (3) provides public goods and services, (4) redistributes income, (5) cor- rects for externalities, and (6) takes certain actions to stabilize the economy.

How do I know if economics is right for me? ›

How Do I Know if Economics Is a Good Fit for Me? You'd make a great economics major if you're interested in using analytical thinking to understand behavioral patterns, solve policy problems, or make business decisions. Some helpful skills for economics majors include: Mathematics.

Do economics majors get good jobs? ›

A degree in economics can provide a variety of job opportunities in nearly every industry, from local government and the sciences to finance and insurance. While some of these jobs might require additional certifications or education, others are available to those with a bachelor's degree.

Should I study finance or economics? ›

Students who prefer empirical research and statistical analysis are likely better suited for economics. Students who prefer applying theories hands-on, working with people, and leading teams might enjoy finance more. Of course, both require strong math, analytical, and decision-making skills.

Who wrote the 10 principles of economics? ›

Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that we will replicate here, they are: People face trade-offs. The cost of something is what you give up to get it.

What is one way that economics can influence your daily life? ›

The correct option is a): By helping you understand that every choice has a tradeoff. Reason: It is because as the resources are limited, the economic agents need to pick up the best choice by giving up the other options, and in everyday life, people make the best decisions like this.

What are the five 5 tools of economics in order? ›

Basic Tools in Economic Analysis
Apr 25, 2012

What are the 4 types of economics? ›

Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

What is positive economics with daily life examples? ›

A positive economics example is a statement, “Government-funded healthcare surges public expenditures.” This statement is based on facts and has a considerable value judgment involved in it. Therefore, its credibility can be proven or dis-proven via a study of the government's involvement in healthcare.

Why should students be taught economics? ›

An understanding of economics can provide an analytical framework for all decisions regarding purchases, work, savings, and investments. It is the analytical framework that is important; everything after that is simply application.

How does economics affect human behavior? ›

Key Takeaways. Economic theory tries to understand human action as it relates to prices, markets, production, and consumption. Mainstream economic theory rests on "laws" like supply and demand, and assumptions that include rational actors and efficient markets.

How does economics impact your mental health? ›

The importance of socioeconomic factors for mental health

Experience of socioeconomic disadvantage, including unemployment, low income, poverty, debt and poor housing, is consistently associated with poorer mental health (Silva et al., 2016; Elliott, 2016; Platt et al., 2017; Friedli, 2009, Rogers and Pilgrim, 2010).

What is economics and its importance? ›

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

Is economics important in future? ›

Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals.

How does economic growth affect you? ›

Economic growth means an increase in real GDP – an increase in the value of national output, income and expenditure. Essentially the benefit of economic growth is higher living standards – higher real incomes and the ability to devote more resources to areas like health care and education.

Why are you passionate about economics? ›

Because economics provides a rigorous way of thinking about trade-offs, incentives, and costs and benefits, it has many real-world applications. It can help a company be more profitable but it can also help policymakers formulate better public policies that affect people's lives.

Why did I choose economics as a major? ›

A great benefit of majoring in economics is that it opens doors to a wealth of diverse career options. Many economics majors pursue careers in finance and consulting, however, the tools you learn are applicable in any industry.

How do economists help society? ›

The expert opinions and research findings of an economist are used to help shape a wide variety of policies, including interest rates, tax laws, employment programs, international trade agreements, and corporate strategies.

What are 4 benefits of economic growth? ›

Benefits of economic expansion include higher income, reduced poverty, better facilities, and improved quality of life.

What are the 5 major factors of economic growth and development? ›

Top Five Factors That Spur Economic Growth
  • Natural Resources. Natural resources are the number one factor that spurs economic growth. ...
  • Deregulation. People were meant to trade with each other. ...
  • Technology. Technology has always played a pivotal role in economic growth. ...
  • Human Resources. ...
  • Infrastructure.

What are the benefits of a strong economy? ›

Lower unemployment.

Higher economic growth will also lead to an increase in demand for labour as firms will be producing more. Therefore unemployment will fall, this has various advantages such as lower government spending on benefits and less social problems.

What are some reasons for studying economics to three answers? ›

Answer and Explanation: The correct option is: A) Economics has an impact on everyday life., B) Economics helps people learn to manage resources. & D) Economics explains the roles of producers and consumers.


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