Careers in Economics
In a nutshell, economics is the study of the production and distribution of monetary goods and resources in society. That said, students who pursue an online degree in economics will take classes designed to teach about finance, trade, data collection, forecasting, and research. An online economics degree can lead you to an array of career opportunities in different industries. While the obvious career option is becoming an “economist,” other plausible job titles include government economic analyst, bank officer, corporate planner, or urban planner.
Job competition in this field is fierce however. In fact, the U.S.Bureau of Labor Statistics (BLS) projects only a 6% increase in available jobs for this field throughout 2020. Salary will vary depending on what specific field you pursue and location, but the median annual wage of economists was $89,450 in May 2010, according to the BLS. However, keep in mind that your salary will vary, depending on your employer, your level of education, and the state of the economy.
Required Education for Economics Careers
A master’s degree in economics can definitely give you a competitive edge and increase chances of hire since you’ll have a stronger foundation in economic theory, econometrics, mathematics, and statistics just to name a few. That’s not to say that a bachelor’s degree in economics isn’t valuable. It will still prepare you for entry-level government jobs and various management and business-related industries such as a career is sales, administration, law and even medicine.
Classes may include but are not limited to microeconomics, macroeconomics, law and economics, and monetary economics. Undergraduate students will also most likely be required to participate in a number of research projects, like investigating how the demand for a particular product can affect its price or how fiscal policies can increase interest rates. On top of mini projects, undergraduates will also most likely be required to conduct a final “cap” project to sum up everything they have learned.