BlogUniversity20 Careers You Can Have with a Bachelor of Economics

20 Careers You Can Have with a Bachelor of Economics

Are you looking to study a Bachelor of Economics, but aren’t too sure about the job prospects? Even if you’re halfway through the degree, we’ve got you covered with 20 careers that you can pursue with a degree in Economics!

You can study Economics at a number of different universities across Australia, including:

The great thing about Economic graduates is that they are highly sought after and valued by employers, because you develop a critical way of thinking and become acquainted with the application of numbers in real world settings.

So let’s jump into some economics careers ranging from academic roles to the financial industry and analytics!

Economists
Financial
Analytics
Consultation
Other Roles

Economists

Economics Careers - Economists

#1: Business Economist 

A business economist works in a variety of different industries, both private and public.

Your main role as a business economist would be performing tasks such as business forecasts, looking at internal and external factors and how these impact the business environment. This includes both long and short term economic forecasting to inform the business’ decision making and management. 

You can find yourself in a number of workplaces as a business economist. This includes transport, advertising, banking, security, retail, trade, mining and communications. 

Essentially, companies rely on business economists to make projections for the business and varied outcomes depending on the actions taken. This role requires you to make rational decisions on behalf of the business whilst taking into account informed research and monetary calculations or prospects.

#2: Government Economist

As the title suggests, a government economist works within government agencies and organisations. Government positions are a significant career choice for economics graduates, as there are a variety of positions available, including policy making, international trade, transport, business and finance. 

In this role you will conduct economic driven research to apply relevant theories and frameworks to government practices. This includes predicting ways in which certain government sectors should allocate finances. 

A great advantage about having a job as a government economist is that there are a number of opportunities for growth and higher roles. While many economic graduates are qualified for entry level roles, after a couple years in bottom tier positions, you are able to climb the ranks, making a sustainable long-term employment choice. 

#3: Theoretical Economist

If you’re someone that loves their theory — and you know it like the back of your own hand — a job as a theoretical economist is just the role for you!

A theoretical economist is someone that develops and employs economic theories to analyse and investigate economic events. This involves looking at the current economy on both national and international levels to understand the catalysts for business cycles, unemployment rates, tax and cash flow.

Like most economists, a theoretical economist can find themselves in various industries, particularly areas of business, government and academia. 

#4: Land Economist

A land economist is a pretty specific role, and though it may sound somewhat arbitrary, it is essentially providing guidance on land ownership. This career is often entered by commerce or business graduates, but is also applicable for economic graduates.

Someone who is a land economist provides advice and guidance on valuing land, and using land. This could include building a house, leasing, investing, constructing apartments and selling, or even considering farming usage.

It requires you to consider the location, size and value of the land, alongside current and potential zoning. 

While this ties in closely with real estate, a land economist does not carry out these actions, but rather suggests or advises the best possible decisions to make based on predictions and likely outcomes. 

JobOutlook: Weekly pay of $1,780 and a declining future growth. 

Financial

Economics Careers - Financial

#5: Actuary

Now you’re probably thinking, ‘I completed an Economics degree, not an Actuarial degree!’ But truth be told that a Bachelor of Actuarial Studies doesn’t actually mean you graduate as a qualified actuary.

Therefore, if you have enough interest in the career and a strong understanding of economics then you can apply it to a financial framework and independently acquire the qualifications necessary to be an actuary.

So what is an actuary? In layman’s terms, an actuary is someone that applies mathematical equations and economics theories to statistics to determine the probability of human or natural related events.

For instance, death, illness, natural disasters like fires and floods, and business downfalls including closure and bankruptcy. As such, actuaries are especially prominent in insurance firms. 

JobOutlook: Weekly pay of $2,060 and a strong future growth.

Learn more about a career as an Actuary here!

#6: Auditor

An auditor is commonly found in consultation, finance and government organisations or companies. The role of an auditor is overall financially driven, as you look at the accounts of different firms.

You check financial statements for cash inflow and outflow, alongside financial records to ensure that all information and declarations weigh up in a legal sense. 

Analysing financial statements and data, calculating account balance and investigating firms are all part of the job as an auditor.

The main aim of an auditor is to ensure that companies are committing fair financial practice and are accurate in their financial declarations. This is also important to ensure that companies are paying employees fairly. 

JobOutlook: Weekly pay of $1,916 and a strong future growth. 

#7: Valuer

Someone similar to a land economist as mentioned earlier, a valuer is someone that places value on a wide range of assets. This includes land, but also machinery, personal items, houses, businesses, artworks and equipment.

Depending on the area in which you would focus on, a valuer is considered more credible with the relevant qualifications. For example, a valuation qualification for property or artwork. 

As a valuer, you not only place a price on assets for sale or insurance means, but you also provide advice on what an individual can do with a valued item — whether it be worth selling, investing, or expanding. You also need to consider external economic factors when valuing, such as current demand, the depreciation or appreciation rates, the projected trends and availability of various assets. 

JobOutlook: Same as Land Economist

#8: Financial Agent

While this is a pretty broad job description, it aligns with the roles of a financial specialist.

A financial agent works as the middle person, between the buyer and a seller in a large financial deal. This is often between companies, stakeholders and investors.

So your job would be more than a salesperson, as you facilitate a deal while considering various influential factors that could change the prospects of the deal. 

There are a number of financial agents that specialise or focus on areas such as securities, brokerage, commodities and investment banking. Depending on what type of service you choose to focus on as a financial agent, your day-to-day tasks will vary.

But generally speaking, you would work with stocks, contracts, investments and company shares. Your main role would be providing advice to clients who are looking to invest in a certain company or stock but are looking for a professionals’ opinion. Therefore, you’d need a substantial interest in, and understanding of, financial services and banking to undertake this career.   

#9: Finance Broker

This career in economics involves working with clients to arrange loans on their behalf and deal with lenders, so clients don’t have to! They’re pretty much the intermediary between a client and a lender, so there’s a lot of back and forth communication to keep your client updated with the progress of obtaining their loan.

You’ll be helping your clients find the best deals and competitive interest rates and helping them make the most informed choice when it comes to securing a loan. If you enjoy helping others, like working with customers, are organised and very good with communication and research, this is certainly a career to consider!

Analytics

Economics Careers - Analytics

#10: Business Analyst

Now diving into the world of analysts from a financial, economic and logistical perspective!

Starting off with a business analyst — this is someone that sits at the heart of a business to ensure it runs smoothly and is operating at its maximum potential. A business analyst aims to develop problem solving techniques that are tailored specifically to a company or organisation. 

You might be wondering, what has this career got to do with economics, apart from general problem solving skills? Essentially, having a strong and developed understanding of economic theories and frameworks is vital to be able to grasp certain problems and evaluate the most effective pathway out of it.

You want to ensure that you’re providing the firm with the most effective and feasible solution that will solve any given issue. 

JobOutlook: Weekly pay of $2,067 and a very strong future growth.

Discover more about what a Business Analyst does here!

#11: Financial Analyst

A financial analyst is someone that works in prospective research and the forecasting of economic movement in terms of stocks, trading, and finance. This is a substantially popular career path for many economic graduates because the role of a financial analyst requires a comprehensive understanding of mathematics and economic models. 

As a financial analyst you would find yourself using different computer programs and financial softwares to analyse different firms’ financial position. This involves looking at company and industry reports, financial transactions and documentation.

You will often help inform a company’s actions on investments, loans, major purchases and any other large financial decisions.

Check out more about a role as a Financial Analyst here!

#12: Operations Analyst

The specific career of an operations research analyst involves a great deal of problem solving and finding solutions to problems in different companies and organisations. If you’re someone that likes to look at problems and come up with a handful of different ways to solve it, thinking about alternative pathways and what the potential outcomes are, then this is the job for you!

This role is more focussed around the logistical side of corporate operations as opposed to the financial aspect.

The title of ‘operations’ is in relation to the week-to-week and month-to-month activities of a firm. And a research analyst in this area is focussed on solving problems or obstacles that come up in these operations.  

#13: Policy Analyst

If you’re interested in the nitty gritty of corporate policies, rules and regulations, and you have a knack for detail and specifications, well then any employer would be glad to have you on board as a policy analyst! 

Policy analysts have a particularly prominent role in the backbone of large organisations, ensuring that companies are meeting government regulations and requirements when it comes to their practice. Further, a policy analyst also advises managers in planning and strategically running the company. 

This role requires a lot of research and an in-depth understanding of existing government policies in order to make decisions and provide guidance for major company decisions. 

JobOutlook: Weekly pay of $1,821 and a strong future growth.

#14: Economic Analyst

As the title implies, an economic analyst is someone that does a lot of research involving the economic landscape and the current situation relevant to a specific industry.

A career within economic analytics is all about looking at trading, sales, economic spending and employment to then applying economic theories to establish a foundational overview of a specific focus. This allows an economic analyst to provide government organisations and corporate businesses with a valid and reliable suggestion to spending money or making investments.

As an economic analyst you could also look into international markets, rural regions, specific projects or firms — essentially a whole range of areas from micro local communities to macro transnational corporations! 

#15: Management and Organisation Analysts

When it comes to a role like management and organisation, analysts are crucial to a business’ daily operations and smooth running of events.

They revise existing reports, proposals and business statements to understand the business’ positioning and financial capacities. This then allows an analyst in management and organisation to formulate plans for the business to move forwards. 

If you have a knack for logistical processes and understanding various procedures and processes, you’d likely have an interest in management and organisation analysis! 

JobOutlook: Weekly pay of $2,067 and a very strong future growth.

Consultation

Economics Careers - Consultation

#16: Management Consultant

Similar to analysts, consultants analyse businesses through internal reports and external research to develop solutions to certain areas of weaknesses in the firm.

Generally speaking, a management consultant is higher up in the ranks, often starting out as an analyst and then progressing into the role of a consultant, with higher credibility to consult with businesses and clients on major decisions. As such, you can see how consultants and analysts would work together and overlap in workplaces. 

The great part about studying economics is that employers value your understanding of economic theories and also the current economy, to then utilise in different industries! Note that as a management consultant you also want to be fairly confident in your speaking and writing skills when formulating reports and proposing solutions to clients. 

JobOutlook: Weekly pay of $2,067 and a moderate future growth.

#17: Economics Consultant 

On the other hand, an economic consultant is someone who focuses purely on the analytical and economic aspect of research and solutions. You’ll find economic consultants in a number of different industries such as education, government, finance, trade and healthcare. 

Economic consultants will often focus on current trends in relevant industries to evaluate in what manner a business can stand out and improve success! 

Other Roles

Economics Careers - Other

#18: Business Reporter

If you’re someone that has always enjoyed writing, you can combine your economics degree with this passion in a career as a business reporter!

So rather than proposing solutions or working on specific areas of research, as a business reporter, you would create and write stories about successful businesses, CEOs, leaders in different industries, fluctuations within the economy and changes in finance. 

As a business reporter, what you write about will change everyday, and it is a matter of creating stories and reports that will be valuable to different companies and organisations! It’s also about sifting through vast amounts of research to consider what is most relevant to businesses today, and also making correlations between different trends. 

JobOutlook: Weekly pay of $1,576 and a stable future growth.

#19: Insurance Risk Surveyor

An insurance risk surveyor has the role of inspection and valuations of various assets including, land, property, machinery and facilities. You would assess these assets in a financial sense and based on their condition. 

This then informs an evaluative report of the potential risks involved and insurance covers. Ultimately, you would formulate reports that suggest ways to decrease risks and calculate an appropriate insurance cover and rate for that specific client. 

JobOutlook: Weekly pay of $1,538 and a stable future growth.

#20: Economic Professor/Academic

As we reach the end of many potential careers you could have in Economics, we’ll finish off with an economic professor. 

The academic field is something available for consideration at the end of essentially any degree, and a Bachelor of Economics is no different! If you find yourself really enjoying the content of this degree – wanting to delve deeper into different topics and doing further readings just because it’s interesting, you should definitely consider postgraduate studies! 

To become an academic or professor at a university, you need to complete a PhD in Economics. Not only would you become an educator at the university, but often large companies or government organisations will reach out to academics for consultations.

JobOutlook: Weekly pay of $2,511 and a strong future growth.

And that’s a wrap of 20 careers you could have with a Bachelor of Economics!

Remember that this is just 20, and there are many more relevant job opportunities out there.

It’s often a good idea to consider what career you want, to then choose your degree. Or if you’re in the degree simply because you have a love for economics, there’s a space for you in the industry! 


Nandini Dhir is a Content Writer at Art of Smart and is currently studying a Bachelor of Arts (majoring in Marketing) and a Bachelor of Advanced Studies (Media and Communications), as a Dalyell Scholar, at Sydney University. She enjoys covering local issues in her area and writing about current events in the media. Nandini has had one of her pieces published in an article with the Sydney Morning Herald. In her free time, Nandini loves doing calligraphy, ballet, and sewing, or is otherwise found coddling her cats.   

 

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