10 Highest Paying Jobs for Economics Majors

10 Highest Paying Jobs for Economics Majors

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This article is our latest study on the highest-paying jobs for economics majors.

Do you love crunching data, analyzing industry trends, and talking about supply and demand? If the words “trade deficit” or “comparative advantage” makes you interested, then you definitely want to know the highest paying jobs for economics majors.

Economics degree holders have diverse job opportunities after graduation. These individuals can make an impact in various sectors of the economy, including education, business, and government. Economists work in a broad spectrum of environments.

We used the information from the US Bureau of Statistics, Payscale, and other reputable sites to assemble a list of the best jobs for economics majors.

Here are the top 10 highest paying jobs for people with an economics degree.

#10. Market Research Analyst

  • Source: Payscale
  • Low Range: $41k per year
  • High Range: $76k per year
  • Median pay: $56k per year
Highest Paying Jobs for Economics Majors : Credits: Unsplash
Credits: Unsplash

A market research analyst is a person who collects and analyzes data about consumers, competitors, and the effectiveness of marketing programs.

They use this information to help companies understand what products people want, who will buy them, and what price.

Market research analysts typically need an undergraduate economics degree in market research or a related field. Many have degrees in fields such as statistics, math, or computer science. 

Companies that sell complex technical products may prefer candidates with a master’s degree in business administration (MBA).

The job outlook for a Market Research Analyst is good. The Bureau of Labor Statistics projects that the demand for Market Research Analysts will grow by 22% by 2030, which is much faster than the average rate of growth for all occupations. 

The primary reason for the growth in Market Research Analysts is the increase in data collection and analytics, as well as an increase in the use of consumer data for marketing purposes.

The median annual wage for market research analysts is $55,742 in 2022.

#9. Financial Analyst

  • Source: Payscale
  • Low Range: $49k per year
  • High Range: $83k per year
  • Median Pay: $63k per year

Financial analysts provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments.

Most financial analysts have at least an undergraduate economics degree or a bachelor’s degree in either finance, accounting, economics, or business administration. 

They typically have previous work experience in accounting, securities sales, or financial services.

The Bureau of Labor Statistics projects that this profession will record a 6% growth by 2030. As of 16th Mar 2022, the median annual wage for financial analysts was $62,774, according to Payscale.

#8. Personal Financial Advisor

  • Source: Payscale
  • Low Range: $43k per year
  • High Range: $143k per year
  • Median Pay: $73k per year
Highest Paying Jobs for Economics Majors : Credits: Unsplash
Credits: Unsplash

An experienced Personal Financial Advisor can expect to make anywhere from $43k-143k a year. The pay is dependent on the level of experience, and the type of company personal financial advisors work for. The median annual wage for a Personal Financial Advisor is $73,423.

A Personal Financial Advisor is responsible for advising clients on their financial matters. These duties vary based on the company’s industry, but they usually involve overseeing investments and giving advice on how to manage money.

The job outlook for Personal Financial Advisors is very positive!

According to the Bureau of Labor Statistics, this field is expected to grow at a rate of 5% by 2030.

#7. Operations Research Analyst

  • Source: Payscale
  • Low Range: $47k per year
  • High Range: $115k per year
  • Median Pay: $75k per year
Highest Paying Jobs for Economics Majors : Credits: Unsplash@Joshua Mayo
Credits: [email protected] Mayo

An Operations Research Analyst is a person who studies and uses math to solve problems. They do this by using statistical analysis, mathematical modeling, and numerical simulation. As it turns out, Operations Research Analysts make between $47k and $115k per year in the United States. 

The average annual wage for an Operations Research Analyst is around $74,816.

In the US, you will need at least a bachelor’s degree to get started as an Operations Research Analyst. If you want to go further in your career, you can get a graduate degree in mathematics or operations research.

It takes about 5 years of work experience to become successful in this field.

Operations Research Analysts work for companies as diverse as banks, military organizations, universities, and national governments.

Operations research analysts also have a positive job outlook. According to the Bureau of Labor Statistics, this job market is expected to grow 26% by 2030.

#6. Economic Consultant

  • Source: Payscale
  • Low Range: $60k per year
  • High Range: $125k per year
  • Median Pay: $78k per year
Highest Paying Jobs for Economics Majors : Credits: Pexels@Sora Shimazaki
Credits: [email protected] Shimazaki

Economic consultants help businesses, nonprofits, and government agencies make informed decisions about the costs and benefits of different financial options. They might analyze data to forecast national economic trends and propose solutions, or they could work with clients to develop a plan of action based on the client’s specific needs.

Since every client has different needs, an economic consultant’s responsibilities can vary significantly depending on their employer and industry. However, all economic consultants should have strong analytical skills to examine the data at hand and use it to make recommendations.

Many employers require a master’s degree in economics or a related field for entry-level positions. But, some jobs may only require an undergraduate economics degree.

In addition to educational requirements, economic consultants should also have experience in economics or research. Some employers may require candidates who have completed internships and those with professional licenses or certifications.

The average salary for economic consultants was $ 77,730 per year as of February 2022. The lowest 10% earned less than $60k annually, while the highest 10% earned more than $125 per year.

The job outlook for Economic Consultants is good.

The employment growth of economic consultants will be driven by increasing demands for analysis and advice in business decision-making.

Additionally, as globalization increases and businesses expand into new markets, more economic consultants will be needed to help companies understand international markets and make sound investment decisions.

#5. Compensation & Benefits Managers

  • Source: Payscale
  • Low Range: $53k per year
  • High Range: $112k per year
  • Median Pay: $79k per year

Compensation and Benefits Managers are responsible for ensuring that their company’s compensation and benefits policies and practices meet the needs of their employees. They design and manage compensation structures, including benefits and insurance plans, commission plans, salary structures, bonus plans, and more.

Compensation & Benefits Managers have a promising job outlook. The BLS projects that the number of people employed in this role is going to increase by 10% over the next 10 years  (2020-2030), which means almost 15,000 new jobs.

The majority of Compensation & Benefits Managers work for large companies, but they are also found in mid-sized and small businesses. Many are found in big cities like New York City, Los Angeles, and Chicago.

Compensation & Benefits Managers typically need at least a bachelor’s degree in human resources or a related field. They require strong interpersonal skills and the ability to understand complex legal documents.

The mean pay for a Compensation and Benefits Manager is $78,761 per year.

#4. Corporate Economist

  • Source: Payscale
  • Low Range: $50k per year
  • High Range: $138k per year
  • Median Pay: $79k per year
Highest Paying Jobs for Economics Majors : Credits: Pexels
Credits: Pexels

A corporate economist is a business professional who works for a company in order to provide economic advice, develop strategies, and make predictions about major financial decisions. They often help advise companies on financial strategies, policies, and goals.

The level of experience required to work as a corporate economist will vary depending on the company you work for. 

Some companies may require you to have a minimum of 3 years of experience in the field before they hire an economist, while other companies may require you to have at least 5 years of experience. 

The more experience you have working as an economist, the greater your chances are of being hired by the company you want to work for.

According to Payscale, the median pay for corporate economists is around $78,887 per year.

The job outlook for Corporate Economists is good, especially for people with an advanced economics degree. 

#3. Management Analysts or Consultants

  • Source: Payscale
  • Low Range: $63k per year
  • High Range: $146k per year
  • Median Pay: $90k per year

If you’re a person who loves solving problems and thinking strategically about business, a career in management consulting might be for you.

Management analysts or consultants help companies identify problems or areas for improvement and create solutions to help them achieve their goals. They often work with CEOs, CFOs, and other high-level executives to understand a company’s needs and find the best solutions.

Today,there are more options to start your career as a management consultant. There 3-4 categories of options range from:

  • 1) Tier-1 Strategy Firms: “MBB” McKinsey, BCG, and Bain 
  • 2) “Big 4”: KPMG, PwC, EY, Deloitte
  • 3) Tech Firms: Accenture, CapCo, Capgemini, HP, IBM
  • 4) Boutique Firms: FTI, Oliver Wyman, Keystone

You’ll need to be a strategic thinker and problem solver, have exceptional communication skills and be able to think creatively about business challenges.

The job outlook for management consultants is excellent.

Employment of management consultants is projected to record a 14% growth by 2030, much faster than the average for all occupations. Demand for the services of these workers should grow as organizations seek ways to improve efficiency and control costs.

Management consultants with an MBA or a master’s degree in economics may have better prospects. But, ultimately it’s all about how you reflect your analytical skills and project experience on the resume. 

The mean annual pay for management consultants is $90,241, according to Payscale. 

#2. Sales Manager

  • Source: Payscale
  • Low Range: $61k per year
  • High Range: $103k per year
  • Median Pay: $92k per year
Highest Paying Jobs for Economics Majors : Credits: Unsplash
Credits: Unsplash

A Sales Manager’s responsibilities include leading the sales team, setting individual sales targets, creating sales plans to increase revenue, and analyzing data to help shape future sales strategies.

To become a Sales Manager, you should have a bachelor’s degree in Business Management or a related field and relevant work experience in Sales. Other skills required of a Sales Manager include leadership, decision-making, and excellent interpersonal skills.

According to Payscale, as of February 2022, the median pay for a Sales Manager was $91,563 per year. However, some companies offer bonuses based on performance and profit margins.

As you can see, the digital revolution is one of the reasons why the sales manager job outlook is so promising right now, and it’s only going to continue growing over time.

#1. Actuary

  • Source: Payscale
  • Low Range: $59k per year
  • High Range: $149k per year
  • Median Pay: $99k per year
Highest Paying Jobs for Economics Majors : Credits: Pexels
Credits: Pexels

An Actuary uses mathematics and statistical methods to evaluate the risks involved in insurance, finance, and other businesses. They use their findings to develop policies that minimize the cost of that risk. 

To become an Actuary, you need a bachelor’s degree in a field such as mathematics, statistics, or actuarial science, as well as professional certification. The median annual pay for an Actuary is $98,927.

According to the Bureau of Labor Statistics, actuaries have a very high job outlook. There were only 23,040 actuaries working in the United States in May 2021, but there will be 24% more jobs in this field by 2030. How is that possible? 

Well, actuaries work in a number of highly specialized fields, including life insurance, healthcare insurance, property and casualty insurance, employee benefits (things like retirement plans), and finance.

Actuaries can work for any company that operates in these fields. Many actuaries work for insurance companies or financial firms like banks or investment companies. However, some actuaries also work for large corporations that need to self-insure (or offer their own benefits packages).

Conclusion

Business and finance are one of the highest paying fields for economics majors. 

The good news is that the highest paying jobs for economics majors are lucrative and rewarding. The bad news is that even if you have the highest economics degree, it will be tough to land a job in one of these high-paying careers without prior experience in the field.

Financial managers, credit analysts, supply chain analysts, and financial services sales agents are other professionals who require only a bachelor’s degree in economics or an advanced degree, depending on the company. 

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References

[1] https://www.payscale.com/

[2] https://www.bls.gov/mobile/


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Joannah W.
Joannah has been a science publisher with close to 20 years of experience. She wants to help students and researchers stay ahead of the trends and developments in the science community by making science more accessible to everyone.

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