Many freshmen students start out college undeclared; they aren’t sure what they want to major in and hope to use their first year to find something they want to study. Unfortunately, many students take up to 2 years to decide on a major, and they may even switch majors several times up into their junior year. This wastes a lot of time and money, and can significantly delay graduation.
If you have no idea what you want to major in, one option you might consider is taking time off from college. If taking a break isn’t an option for you, doing your research and finding a major you can be passionate about should be your number one priority. The sooner you declare a major that you want to stick with, the more you can focus on taking the classes you need to graduate, allowing you to stay on track to graduate on time.
If you’re interested in exploring some of the varied careers in economics, you’ve come to the right place. This feature on careers in economics is just one in our series, “Undeclared,” which explores potential career options in different fields, from large corporations to independent consultancy.
Data Analyst
Data analytics is an increasingly important field. There are few elements of contemporary society that aren’t in some way driven by data. Every action consumers take leaves traces of data behind, which organizations in turn use to make decisions. As such, data analytics is impactful as an influencer of the economy. This means many people with a core interest in economics are finding career paths as data analysts to be enriching.
From an economic perspective, you’ll find there’s a diverse range of industries you can contribute to. Individual businesses are increasingly in need of analysts to help them make financial and economic decisions for their companies. You can also find roles in the public sector in treasury and development departments of the local and national governments.
The skills you’ll need in data analytics roles illustrate why an economics major can be so valuable. There are several trending methodologies in data collection and analysis, many of which are rooted in developing technologies and shifting consumer behavior. Understanding how such trends can fit into company processes and why they impact outcomes is essential to inform the organization’s operations. An economics degree will give you tools to not just analyze data itself but also the efficacy of different practices.
Financial Planner
Economics isn’t just about assessing the markets from a business perspective. A fundamental element of the subject is how economic aspects impact people in their day-to-day experiences. This can be valuable if you want to work directly with the public. Financial planning is an important component of making certain people are prepared for the economic challenges ahead. By guiding them through taking a systematic approach to their budgeting and savings goals, your economic skillsets can genuinely improve people’s lives.
The role of a financial planner can vary. Many professionals in this area operate from private practice. However, there are also freelance opportunities available. You can pursue a career as a financial planning consultant, focusing on small businesses or even nonprofit enterprises. If you are more comfortable working with an established organization, many banks, and savings providers also hire financial planners.
From an educational perspective, financial planners are usually expected to hold at least a bachelor’s degree. There’s usually no prescribed requirement for the subject field, but as financial skills will be a significant part of the job, you can find economics is the right major to provide the most appropriate knowledge. This is because giving sound financial advice, particularly in respect of investments and savings, is reliant upon effective forecasting. You need to be able to assess the fluctuations and flows of the markets to give the most timely and reliable advice. Most economics programs will cover you in this regard.
However, it’s worth noting a degree in economics can just be your first educational step. While this is usually sufficient to gain you an entry-level position at a firm, there are usually expectations for other qualifications. Particularly if you’re working with businesses, your clients may look for you to hold a Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Certified Public Accountant (CPA) accreditation.
Business Development
Businesses and the economy are closely aligned. There are mutually influencing factors and one tends not to be able to thrive without the healthy state of the other. As such, economics graduates can be important contributors to business development. This is a field in which professionals establish methods to make businesses more effective in their activities and positively influence their growth.
With this role, you’ll usually find yourself positioned within the development team of larger C-suite companies. The responsibilities usually revolve around tracking and assessing economic and market trends and uncovering areas to generate new leads for the business. Though, this path can also see you acting independently as a consultant for other businesses. These clients will require you to visit them periodically to utilize your skills and knowledge to assess their current practices. You’ll then assist them in developing strategies for growth.
An economics degree helps to inform your efficacy in this role on several levels. The knowledge you gain is particularly important in reviewing and understanding the internal economics of the businesses you’re working for. Your education will also imbue you with key insights into the economic importance of market competition. While some businesses may see competitors as hurdles to overcome, a healthy competitive ecosystem is mutually beneficial for all parties. With a degree in economics, you will have tools to guide companies to coexist with their industry peers in ways that spur innovation and keep the sector dynamic.
If you decide a business career is for you, the path toward a development role can vary. But most companies tend to consider experience on an equal footing with your formal qualifications. Nevertheless, by engaging in an economics major, you are likely to have advantages in this regard. Your professors and the university department are usually good sources for contacts in the industry. You can therefore connect with internships in business planning and even with the local city economic development board and chamber of commerce. This can help you secure an entry-level role as a business development representative. As you gain more experience, you can progress to business development management and even start your own consultancy.
Conclusion
Economics is an incredibly diverse field. This means you can specialize in anything from business development to financial planning. For those unsure of what career trajectory to follow, it’s a wise idea to first attend college, to gain a better understanding of your passions and explore areas you might not otherwise. Choosing the right college major is a big step in building a career you enjoy. Who knows, you might just find that economics is right up your alley!
