What Can I Do With a Master's Degree in Economics?
Tuesday, July 31, 2018
There are many factors that go into deciding if a graduate business degree is the right step for your career. Understanding the cost, return on investment, and ranking of a program are all important, but so are the potential career opportunities the degree can provide. If you're considering an MS in Economics, there are many career options awaiting you upon graduation. This blog will answer the question "what can I do with a Master's Degree in Economics?"
In their day-to-day, actuaries use their knowledge in mathematics, statistics, and financial theory to analyze financial costs of risk and uncertainty. Through their research, they help businesses and clients develop procedures to decrease their costs of the risk. Actuaries often work for insurance companies and as consultants.
Actuaries need a minimum of a bachelor's degree and must become certified through a series of exams. The growth of employment for actuaries is much higher than the average. The Bureau of Labor Statistics projects there to be a 22 percent growth from 2016 to 2026. In May of 2017, the median annual wage for actuaries was $101,560.
Economists collect and analyze data, monitor trends, and develop forecasts to study the distribution of resources, goods, and services. For most economist positions a master's degree or Ph.D. is required. In May of 2017, the median annual wage for an economist was $102,490. The field is expected to grow 6 percent by 2026.
The data scientist field is a relatively new and growing industry. Hired by organizations and businesses, data scientists analyze and organize accumulated data and information to help increase profits. Data scientists are skilled in mathematical modeling, understanding the big picture, and manipulating data.
Positions in this field are rarely entry level and require experience. The average salary of a data scientist is more than $120,000.
A financial analyst assesses investments like stocks and bonds and reports on the performance to their employer. They are often hired by organizations like banks, pensions funds, and insurance companies.
Statisticians analyze statistics to solve real-world problems in industries like business, healthcare, and engineering. They are hired by both the public and private sector. Most statistician positions require a master's degree.
Market Research Analyst
Market researchers study the market to determine the potential sales of a product or service. Companies hire market research analysts to gain a better understanding of who will buy a product and at what price.
Most market research analysts need a bachelor's degree and some positions require a master's. The median annual wage for market research analysts was $63,000 in May of 2017. The field is expected to grow by 23 percent before 2026, largely influencedby the increased use of data and market research.
Additional careers MS Economics degree holders can go into include policy analyst, budget analyst, consultant, and higher education. If you're still wondering what you can do with a Master's Degree in Economics, contact us. We can give you details about our Master’s in Economics program and tell you more about the fields and positions our alumni’s hold.