When considering an economics degree, it is essential in understanding and harnessing the power of economics. Economists study economic issues, conduct surveys to collect data, study economic trends through statistical and mathematical analysis, and present their research results to businesses, governments, and individuals.
This analysis also allows them to come up with a course of action that takes into account the goals of a company, government, organization or individual. One economist studied the production, consumption and transfer of wealth, and by putting this study into practice, they moved the levers of modern society.
At the political level, economics drives the material development of the country, the social reform of the government, and the rise and fall of authoritarians. At the individual level, economics can feed hungry people,create a green energy revolution, and empower consumers through new microfinance products.
Economics is at the heart of almost everything in the modern world. Economists may primarily use numbers and data sets, but their findings and recommendations have the ability to create change in large-scale and meaningful ways. If you are interested in studying how the gears of modern society tick, read on for a step-by-step guide on how to become an economist.
Step-by-Step Guide to obtaining an Economics degree
Step One: Earn a Bachelor’s Degree
After graduating from high school, future economists need to earn a bachelor’s degree. While there is some flexibility as to what type of undergraduate degree an economist can have (e.g., accounting, finance, mathematics), majoring in economics is clearly the strongest option for those working on the subject.
Degrees in economics fall into two categories: Bachelor of Arts in Economics (BA) and Bachelor of Science in Economics (BS). Bachelor’s degrees in economics tend to focus on theoretical and social sciences. Examples include economic theory, macroeconomics, international economics and economic growth and development.
On the other hand, the Bachelor’s degree in Economics focuses on applying business methods and economic theory to real-world problems, giving priority to mathematical and statistical knowledge
Step Two: Research Internship Opportunities
Relevant work experience is the best education. Full-time paid positions for people with a bachelor’s degree in economics do exist, but they are few and may not contain many opportunities for promotion. Internships may be unpaid positions, but they are a solid way to apply the skills you have recently learned to gain relevant experience. Many economist internships today require applicants to have a working understanding of Python, R, and other data visualization software. These internships also include working with full-time employees and working at full speed, which provides invaluable hands-on experience for future applications for graduate programs or other full-time jobs.
Step Three: Pursue a Master’s Degree
In a highly competitive market, differentiation is essential. And for economists, a master’s degree is now almost as standard as a bachelor’s degree. There are two general options for economists here: an MBA with a major in economics or a Master’s degree in Economics (MA or MS).
An MBA provides a broad and generalist foundation for business knowledge, and the economics major is a smaller and secondary learning priority. A Master’s degree in Economics, be it a Master of Science (MS) or a Master of Arts (MA), is a deep and pure approach to graduate-level research by economists.
The degree programs and programs of any school need to be evaluated against their personal goals for their future career as an economist. In any case, a master’s or Master’s degree in Economics is the ideal time for future economists to choose the sub-discipline of economics they wish to work on.
Step Four: Gain Work Experience
After obtaining a master’s degree, the training wheel has been closed and it is time to enter the labor market. So far, your professional and academic arc should suggest what type of employer you will seek.
Those interested in working for the private sector will look for opportunities with employers such as oil and gas companies, utility companies, large financial institutions and real estate companies in major metropolitan areas. Those who are more ideologically aligned will seek to work with green energy companies, think tanks, governments, universities and nonprofits.
Step Five: Consider a PhD
For extremely dedicated economists who are not afraid of academia, a doctorate is an option worth considering. The courses, seminars and seminars of the doctoral program will depend entirely on the focus area chosen by a person. But in each case, it is important to have a strong mathematical ability, usually scoring better in the quantitative part of the GRE than in the 90th percentile.
In the doctoral program in Economics, you can choose from a wide range of options to study, and over the next few years you will gain relative autonomy to complete your research and thesis. The most popular areas of focus for doctoral students in economics are macroeconomics, labor economics, microeconomic theory, industrial organization and development.
Step Six: Join Professional Societies and Achieve Certification
Once you’ve collected your degree, it’s time to mix it up with your economist colleagues through a professional community. These organizations hold conferences, lectures, and think tanks to keep academic rigor alive in the later stages of the economist’s career.
They also act as brokers with a standard of professional excellence. For example, the National Association of Business Economics (NABE) offers professional certification as a Certified Business Economist (CBE). Applicants with a minimum of four years of degree, two years of work experience and NABE membership are eligible to take the multiple-choice CBE exam, which covers applied econometrics, statistics and data analysis, economic measurement, management decision-making, macroeconomics and microeconomics.
A three-and-a-half-hour exam is offered once a month, and applicants can self-study or sign up for some of NABE’s preparatory courses. While not a requirement, holding such a certificate can consolidate the authority of economists as experts and serve as a sign of distinction.
What to Expect from a Degree in Economics
A degree in economics is usually taught as a mix of lectures and seminars, and a written assignment is submitted to the seminar tutor. Depending on the institution, your grades may pass the exam, be determined by coursework or project reports.
As mentioned above, a degree in economics can be in the form of BA and BSc. The latter may focus more on mathematics, statistical theory, and the applied techniques of mathematics in economic theory. Of course, a bachelor’s degree in economics will still involve some mathematics, but usually combined with more qualitative modules, sometimes in relevant social science fields, such as sociology and psychology.
Both BA and BSc, economics degrees require students to combine economic theory with empirical investigation, using statistical techniques to investigate issues in public policy and business/financial fields. Therefore, applicants should have the ability to be digital and IT, as well as the ability to analyze problems and a passion for understanding current events and the world around them.
Economics is also often offered as part of a joint or joint honours degree, paired with subjects such as computer science, engineering, history, law, sociology, management, mathematics, modern languages, and politics.
What can you do with an economics degree?
Common career paths for economics graduates include:
* Financial Risk Analyst
* Data Analyst
* Financial Planner
* Economic Researcher
* Financial Advisors
* Investment Analyst
Common economics occupations
Career as a professional economist, you will be involved in research and analysis of economic data, issues and trends. For most economist occupations, you need to study economics at the graduate level to gain the required professional skills. To become a professional economist, you also need to have the confidence to produce economic forecasts and reports to present to clients (individuals, companies, financial institutions and public institutions) and make recommendations on policy and/or business strategies accordingly.
Economics Career in Banking
The banking profession is very popular with economics graduates, provides space for high incomes and has a high demand for economists. Graduates with a background in economics have a particularly important role in financial control, financial planning, risk analysis, data analysis and consulting. With a focus on keeping the financial needs of customers and businesses on track, the main focus of a banking career is to advise and provide services to a range of banking customers and consumers.
Accounting Economics Career
To become a qualified accountant, you need further professional qualifications, but many accounting roles are available to those who study economics. In an accounting role, you can work across multiple industries, focusing on monitoring the finances of an organization, business, or individual. The accounting profession usually focuses on recording, categorizing, interpreting, and communicating financial data. These occupations require strong analytical skills, mathematical skills, computer literacy, an understanding of all elements of a company’s finances, and the ability to contextualize the data collected. Economics graduates are often able to understand complex data sets and identify the root causes of financial problems, enabling them to well match accounting roles.
Economic career in Business and financial consulting
Economists and economic experts are at the heart of the business world and financial advice. Economics graduates may find positions in large and medium-sized organizations that require economic research. The role of an economic researcher requires an in-depth understanding of economic theory and models, thorough analysis and problem-solving skills and mathematical skills. A financial advisor in the economy will take on a similar role, but may work for multiple clients rather than just one organization, producing reports and advising on business strategies. In these positions, up-to-date industry knowledge and corporate finance awareness are essential.
Career in Economics in the public sector
Those who study economics will be valued in all areas of public and private spending, including the role of pricing and risk analysis, financial advice and economic planning. The profession of economist in the public sector usually involves public taxation, transportation, commercial and waste services, energy and other forms of government spending. Thanks in large part to the recent global recession and the tightening of economic regulation by governments around the world, economics students are now seeing increased demand in this area.
Career in Actuarial and Data Analysis
An actuary is a business professional whose role is to assess and advise on the impact of financial risks and uncertainties. Actuaries use business and economic knowledge to provide reports and develop strategies on how to reduce these risks. Most entry-level positions in the field are in pensions and insurance, but later you may have the opportunity to move to areas such as banking, investment and healthcare. Actuaries should be proficient in mathematics and statistics, but also be able to effectively communicate complex data to non-experts.
Best countries and Universities for an Economics Degree
Your evaluation of your degree in economics will also be influenced by the university and country you decide to study. So let’s start by exploring your study options and then jump to the most popular professions chosen by Bachelor’s degree students in economics. By studying economics, you will gain a better understanding of the world around you and it will inevitably teach you how to make important choices in life, from what career you should choose to where you should invest in your business.
Some of the best economics schools in the world, according to Top Universities ‘ discipline ranking:
Harvard University USA
London School of Economics and Political Science (LSE）
University of Bocconi, Italy Singapore
National University of Singapore(NUS)
University of British Columbia, Canada
University of West Melbourne, Australia Peking University, China
Jobs that an Economics Degree will earn you
*Financial Risk Analyst
Suitable for insurance or trading companies, hedge funds, public sector The financial risk analyst is responsible for the risk management process within the organization. They assess and predict events that may have a negative impact on the financial stability of the organization. Financial risk analysts can manage business decisions in four main risk categories: credit risk, regulatory risk, operational risk, and market risk.
The responsibilities of a financial risk analyst include: Issue recommendations to reduce or control potential risks Said predicts, monitors and keeps abreast of market trends Work with traders and assess the risks associated with a particular transaction Analyze the impact of natural disasters, weather and other factors on the economy.
*Auditor Job target
Financial advisory company, government Auditors are responsible for reviewing the financial position and accounts of companies and organizations. The auditor’s work focuses on collecting information and checking whether all financial statements and records are valid, legal or submitted in a fair manner.
Some of the main tasks of auditors are: Collect financial data by querying management and other employees Understand the organization’s processes and policies Analyze all types of financial documents, including account balances or transaction categories
Suitable for financial companies, research institutions, public and private institutions Economic consultants study finance and statistics in specific areas of expertise, such as finance, labor, agriculture, etc.
They have also completed various studies on economic phenomena and possible situations. In addition to conducting thorough research using mathematical and statistical methods, economic advisers make recommendations, policies or strategies to solve economic problems or explain markets.
The economic adviser is in charge.: Analysis of industry trends that will affect corporate customer expansion and investment Assessment of economic losses, analysis of intellectual property and antitrust violations Study on Economic Issues Report Study the socio-economic impact of new public policies (legislation, taxes, services and regulations)
They are needed in any type of company, in the public sector A finance manager is the person who assists the leadership manager of all departments within the company and ensures that the organization meets its financial goals.
Using excellent communication skills and analytical skills, finance managers must prepare financial reports, investment activities, and develop strategies to increase the company’s revenue. Finance managers can find jobs in many places, including banks and insurance companies.
The common responsibilities of the finance manager are: Preparation and review of company financial reports Ensure that legal requirements for all financial details are met