A question we often get asked by our students is: What can you do with an economics degree?
Economics is the study of exchange, distribution, production, and consumption in society. It’s beneficial to become knowledgeable in this field because it has many applications across all major areas, including business, finance, and politics.
Do you want to gain insight into university-level economics? Our summer courses in economics allow students aged 13-18 to do just that.
So let’s explore what you can do with an economics degree!
1. Economist
An economist uses economic theory to analyse the production and distribution of resources, goods and services. They may help with policymaking or provide consulting services to businesses or governments. Economists often work in academic institutions, governmental bodies, private sectors, and non-profit organisations.
Here are the typical responsibilities of economists:
- Analyse the production and distribution of resources, goods and services
- Examine how people use and exchange money, goods, and services while providing an expert opinion on economic policymaking.
- Evaluate consumer behaviour to predict their demand for certain products and services
- Create economic models to determine the value of resources, goods and services
- Conduct research on economic theories related to how people use and exchange money, goods, and services
- Economists often conduct research, surveys and analysis to forecast how people react to certain situations.
If you love mathematics and statistics and think you can contribute positively to the world of economics, consider becoming an economist.
2. Actuarial Analyst
An actuarial analyst is a professional who uses mathematical and statistical methods to assess financial risks. They work in the insurance industry, helping companies calculate premiums and make sure they can pay out claims. Actuarial analysts also work with pension schemes and other long-term financial investments.
Here are the usual responsibilities of actuarial analysts:
- Use mathematical and statistical methods to assess financial risks
- Calculate premiums for insurance companies and contributions for pension schemes
- Make sure companies can pay out claims and investments are stable
- Give expert advice on designing insurance policies
- Write and present analysis findings non-specialists can understand
Actuarial analysts must have strong math skills and an understanding of financial theory to do their jobs effectively. What can you do with an economics degree? If you’re interested in working in the insurance industry or helping people save for retirement, this may be the perfect career.
Although it must be said that it’s definitely worth aiming for a top UK university in Economics to give you the best chance of a higher starting salary.
3. Data Analyst
A data analyst extracts and interprets meaning from data to help a business decide what actions to take next. They may use economic concepts to help find data patterns or business solutions by applying statistical analysis models.
Here are the responsibilities of data analysts:
- Extract and interpret meaning from data for businesses
- Identify sales trends to increase profits
- Create reports to inform company leaders about essential decisions
- Predict future events based on current trends
- Make data-based recommendations to business leaders
- Design, organise and collect data systems
You’ll need critical thinking, data visualisation skills, and communication skills to be a data analyst. It’s vital to simplify complex principles to inform business leaders who may not know the subject matter. If you’re interested in helping a business make important decisions, this career may be perfect for you!
4. Statistician
A statistician uses statistical methods to collect and analyse data. They may work in the government, private sector or academia. Statisticians help researchers and business people understand information and make informed decisions.
Here are some of the responsibilities of statisticians:
- Collect and analyse data using statistical methods
- Use data to look for patterns and trends.
- Draw conclusions from data and provide expert recommendations
- Write reports on findings for a non-specialist audience
- Develop mathematical models to understand relationships in data
- Advice decision-makers to make educated decisions
Statisticians require analytical, technical, and communication skills. If you have these, and you’re wondering what can you do with an economics degree, consider becoming a statistician!
5. Investment Analyst
An investment analyst is a professional who analyses potential investments and provides recommendations to their clients. They may work in the banking or securities industry. Investment analysts must have a strong understanding of financial theory and interpret data to make sound investment decisions.
Responsibilities of an investment analyst may include:
- Analysing potential investments and providing recommendations to clients
- Making sure investments are stable and have the potential to earn profits
- Identifying new investment opportunities
- Writing research reports to communicate findings on their investment strategies to non-specialists
- Determine the economic effects of natural disasters and weather on companies’ performance
- Evaluate the creditworthiness of clients looking for loans.
Investment analysts need to have excellent quantitative skills and thrive under pressure. Do you have vast, in-depth knowledge of investments and how they work? Then, you may want to explore investment analysis!
6. Stockbroker
Stockbrokers are professionals who buy and sell stocks and other securities on behalf of their clients. They work in the banking or securities industry. Due to the ever-changing economic environment, stockbrokers work in a fast-paced environment.
A stockbroker typically does the following:
- Consults with clients to identify and assess their financial goals
- Recommends stocks or other securities to buy or sell
- Negotiates transactions between buyers and sellers
- Maintains records of client portfolios and transactions
- Provides advice on financial planning and investment strategies
Stockbrokers must quickly understand complex financial information and have strong math skills. They also need excellent communication skills to effectively negotiate transactions with clients. If you are strong in these characteristics, consider becoming a stockbroker!
7. Chartered Accountant
A chartered accountant is a professional who helps businesses and individuals manage their finances. They work in the accounting industry. Chartered accountants have a strong understanding of financial theory and can use this knowledge to provide valuable advice to their clients.
Some of the responsibilities of a chartered accountant may include:
- Preparing financial statements
- Providing tax advice
- Advising on mergers and acquisitions
- Auditing financial records
- Reviewing company procedures
- Managing payroll
What can you do with an economics degree? Chartered accountants must be able to think critically and have excellent problem-solving skills. They must also be able to communicate effectively with clients and other professionals. Do you think you fit the job description? Why not become a chartered accountant?
8. External Auditor
An external auditor is a professional who provides an independent review of a company’s financial statements. They work in the accounting industry. Companies typically hire external auditors to review their finances and ensure that all financial statements are accurate.
External auditors are responsible for the following:
- Reviewing a company’s financial statements and ensuring they are accurate
- Report any irregularities to management
- Providing recommendations to improve a company’s financial situation
- Planning and performing audits
- Take part in inspections of non-financial areas,
- Explain audit findings in a way non-specialists understand
External auditors must have strong critical thinking skills and communicate effectively with management and other professionals. They must also be able to identify irregularities in financial statements. If you’re passionate about enhancing these skills, consider becoming an external auditor!
9. Compliance Officer
A compliance officer is a professional who ensures that a company follows all regulations and laws. You’ll find most of them in business industries. Compliance officers play an essential role in ensuring that a company operates ethically and within the law.
Some of the responsibilities of a compliance officer may include:
- Creating and implementing corporate policies
- Ensuring that all employees are aware of regulations and laws
- Investigating any complaints or allegations of misconduct
- Make sure there are proper channels for compliance issues
- Auditing financial records
- Reviewing company procedures
Compliance officers must be able to solve problems and think critically. They must also work independently and communicate effectively with employees and management. If these skills sound like you, consider becoming a compliance officer!
10. Management Consultant
A management consultant provides advice to businesses on how to improve their operations. Management consultants typically have a strong understanding of business theory and can use it to provide valuable advice to their clients.
Here are the responsibilities of a management consultant:
- Collect and assess data to provide strategic advice
- Interview stakeholders, management, and employees to help them overcome business challenges
- Develop and implement policies and procedures
- Evaluate business performance by investigating how well teams collaborate and accomplish their responsibilities
- Provide training and workshops to improve performance
- Identify problems that hinder performance and recommend solutions
Teamwork, interpersonal, and communication skills are the core skills of management consultants. So what can you do with an economics degree? If you want to use your economic expertise to help companies improve their performance, consider becoming a management consultant!
11. Business Development Manager
A business development manager is responsible for developing and implementing strategies to grow a company’s business. They typically have a strong understanding of business operations and can use this knowledge to help their company expand.
Some of the responsibilities of a business development manager may include:
- Developing and implementing strategies to grow a company’s business
- Creating and executing marketing plans
- Managing relationships with clients and partners
- Monitoring market trends
- Researching new opportunities
Business development managers need critical thinking skills to develop effective business strategies. They must also communicate effectively with clients, partners, and employees.
If you’re looking for a challenging career that will allow you to use your economic knowledge in the business industry, consider becoming a business development manager!
Wrapping Up You Career Options After Graduating In Economics
So, what can you do with an economics degree? As we have seen, there are many exciting and lucrative career options for individuals who have completed a course in economics.
Whether you want to become a stockbroker, chartered accountant, or external auditor, understanding economic theory will give you the edge to succeed in these fields. And if you’re ready to dive into it, then check out what you learn in economics a-level, written by economics teachers!
You can achieve great things with an economics degree with the right skills and passion!
