Do you have a passion for profit generation and are manic about making money? Do you have a bent toward refining research and raw data into final figures that impact business’ bottom lines? If you enjoy following financial trends and predicting market directions and seek a platform upon which to practice these propensities, academic training in Economics may be what you need.
Take a momentary break from your furious figuring and abstract analyses. We are about to embark upon some very concrete study that can help cement your career firmly in place. Class is now in session to explore the vast array of occupational options open to those who earn an online economics degree.
Professional lives of economists
Economists evaluate market activity, consumer behavior, and economic patterns. In so doing, they must develop proper research methodologies such as mathematical models and accurate survey sampling. This insures research validity and compilation efficiency.
Ultimately, this information is used to prepare projections on economic issues such as inflation, interest rates, consumer behavior, employment, and taxes. Economists must know how to present the information they collect and analyze so that the average person can comprehend it.
When making your choice of an online economics degree program, be aware that Economics study features many subspecialties. A few of these are:
Microeconomics – the study of specific market segments and consumer consumption patterns. Data analyses pertaining to maximizing profits and projecting likely consumption levels of specific goods or services are commonly performed.
Industrial and organizational economics – studies particular industries’ market structures such as competitor density and examines competitor decisions.
Macroeconomics – the study of entire economic systems to project future trends such as investment, employment, inflation, and overall economic growth.
Public finance economics – primarily concerned with governmental roles in economies and the impact of taxes, budget deficits, and public benefits policies.
Who employs economists?
Firms that specialize in consulting, research firms, and large corporations commonly employ economists. Consulting firm economists perform a large portion of the macroeconomic projections throughout the entire nation. Major news media and financial journals often report their findings.
The Federal Government is another large employer of economists. Government financial experts frequently advise agencies and lawmakers about the probable economic effects of proposed policies and legislation. Specific examples of this include analyzing likely impacts of tax cuts on the Federal budgetary deficit, or changes to the Social Security program.
Economic rewards of an Economics career
According to Uncle Sam’s number crunchers at the Bureau of Labor Statistics, the median salary for economists nationwide was $83,590.00 as of May 2008. As of March 2009, economists employed by the Federal government earned an average annual salary of $108,010.00.
By obtaining an online economics degree, you become qualified for a broad range of related careers that involve many of the same practical skills and theoretical knowledge of economists. Some of the most popular paths pursued by Economics majors are:
- Accountants and auditors
- Budget analysts
- Cost estimators
- Financial analysts
- Financial managers
- Insurance underwriters
- Loan officers
- Management analysts
- Market and survey researchers
- Personal financial advisors
- Purchasing agents, buyers, and managers
Typically, Economics degrees at the bachelor’s level are sufficient for entry-level positions. Uncle Sam generally requires those seeking entry-level economist positions in his employ to have at least 21 academic credit hours of Economics and three credit hours in Accounting, Calculus, or Statistics. He might waive the latter requirement for those with sufficient prior work experience.
For academic positions in community colleges, a master’s degree in Economics is the minimum educational achievement necessary. In most major universities and colleges, a Ph.D. in Economics or a related field is the sine qua non. For full professorship with tenure and promotion potential into administrative Academia, extensive publication in professional or academic journals is also requisite.
Despite common perceptions, an Economics career need not be dry, dull, or boring. Discovering hidden financial patterns is fascinating, interesting, and intriguing. The chance to take part in affecting major governmental, organizational, and institutional policies that positively impact millions is exciting and its own reward. If you possess the needed qualities and analytical aptitude, begin your evaluations and data compiling about quality online economics degree programs today. Class is now over.