Careers That Can Be Yours With an Online Economics Degree

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.

Economic sub-specialties

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.

Related occupations

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
  • Actuaries
  • Budget analysts
  • Cost estimators
  • Financial analysts
  • Financial managers
  • Insurance underwriters
  • Loan officers
  • Management analysts
  • Market and survey researchers
  • Mathematicians
  • Personal financial advisors
  • Purchasing agents, buyers, and managers
  • Statisticians

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.

Your HSC and the Career Ahead

Looking at the present scenario, factors like job security and economic security are no longer what they were used to be. In fact it has become important to be capable enough to distinguish yourself from others and turn yourself as a well versed professional to beat the competition in every possible manner. However, it is not possible for you to be an expert at everything. The best thing that you can do is to select the proper course to develop a right and successful career. Selecting a proper course can add value to you in terms of career prospects.

There are many people who choose the career without giving a serious second thought. After spending five to ten years, later they realise this is not what he or she expected to be. Moreover there are many who spend months or even years not happy with their careers. It is important to understand that a careful career selection is prime element that helps in fulfilling one’s job search and career satisfaction. Education and career earnings go hand in hand and a right education can let you know your skills and area of improvement. A proper course can successfully train you and improve your morale.

Today there are number of colleges and universities that offer a wide, dizzying number of course programs. It can be quite a testing task to pick or choose course program and further pursue your career. So, the best thing that you can do is to know your interest and passion and follow it by opting right course. As an example-

Engineering
If you are a technical person and love to get involve in technical aspects of different sector then engineering is meant for you. There are many fields of engineering (mining, materials, petroleum etc) and in Australia, mining tends to produce the highest paying and most abundant jobs. You can select this course if you are interested in Physics, Chemistry and / or Mathematics. The UAI required for this course has a very large range. Some of the higher UAI courses are: Aeronautical Engineering at USYD, which is about 92, and Aerospace at USYD, at 99+.

Mathematics
If you have a deep keen interest in mathematics, choose this course program at university. For mathematics graduates there are jobs in finance that pay them very well. They can even become actuaries or financial engineers. Many mathematics graduates also pursue their career in computer science, banking, insurance and other quantitative-analyst type positions. Only a small portion of maths graduates end up being in academia (the field of scholarly pursuits) as lecturers and researchers, as most people tend to think.

Medicine
If you have a keen interest in biology, chemistry, and helping others, medicine is a course you can consider. However, it is more advisable to not choose this course program just for the sake of money. So for those who are looking for this course program need to go through the UMAT exam and interviews as additional selection criteria. Officially, the minimum UAI for medicine at reputable universities is 95, however the median entry for medicine at reputable universities has traditionally been in the low 99s. This is in additional to the UMAT and interview criteria, so medicine can be said to be the most competitive course to get into.

Other health courses
For those who are looking for alternative of medicine can go for other health course program. At reputable universities, Optometry and Vet Science needs about a UAI of 98, Pharmacy needs about 95, Medical science needs about 93, and physiotherapy is much lower and very accessible. If you want to get into medicine but didn’t get the required UAI or UMAT scores, you can get into one of these health courses and transfer via undergraduate or graduate streams, depending on individual universities’ rules.

Certainly selecting a right course and having a college degree is definitely a plus point in career planning. A well-educated and trained professional is surely a priceless asset to any organization. Proper education and industry-recognized credentials allow you to command top salaries, choose from a larger selection of plum positions, and meet the criteria for much-desired promotions. Thus, you must take your course selection plan seriously. You should never opt for a course just because you need it at that moment.

Career Prospects and Opportunities in Insurance-Actuarial Science

Insurance is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are experts in assessing the financial impact of tomorrow’s uncertain events. They enable financial decisions to be made with more confidence by analyzing the past, modeling the future assessing risks involved and communicating what the results mean in financial terms.

A person interested in working in the field of insurance can either work in the office in one of the areas of insurance (life, general and postal), an agent, and an insurance surveyor and can take up job in administration, development, accounts and investment. This industry has got high growth trajectory ahead. According to ASSOCHAM an unprecedented growth of over 200 % is likely to be seen in the Indian insurance business by 2009-10, in which private insurance business is expected to grow at 140% in view of aggressive marketing techniques adopted by companies as against 35-40% of state owned insurance companies growth rate. The Chamber expects the total insurance business to reach a level of Rs.2000 billion in the next two years from the current level of Rs.500 billion.

Any person with minimum 18 years of age and having a high degree of aptitude for mathematics and statistics can take up the course and become an Actuary. To pursue a Certificate course in the insurance industry, one has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai. Students who have passed 10 + 2 or equivalent exams are eligible.License is needed to work in this field which can be achieved through a training Programme.

Insurance Institute of India conducts Licentiate, Associateship and Fellowship plus other training programmes for insurance services. The eligibility criterion for recruitment to both the LIC and GIC is the same. An AAO (Assistant Administrative Officer (class I officer)) must be a graduate/postgraduate in any subject with minimum of 50 percent marks, from a recognized university. The candidate”s age should be between twenty-one and twenty-eight years. AAO”s recruitment exam is an all India level exam. To be recruited as a class II officer, the candidate has to be a graduate in any discipline. Class III and class IV levels are open to graduates and school-leavers.

The job prospects and opportunities are immense since the market has not been tapped adequately. Most companies are only managing to scratch the surface. With new entrants foraying into this sector each year this is probably the only industry that will be able to offer this break-neck pace of growth in the years to come. Today the general insurance penetration in India is 0.6%of GDP as compared to approx. 4.8% in the U.S., 3.4 % in UK, 3.2 5 in south Korea and 1% in china. This clearly indicates the growth potential in the industry. Even if we were to compare the growth of other financial sectors within India, the share of life insurance as a percentage of GDP from 1.3% to 4%, mutual funds from 5.1 to 13.4% and consumer loans from 1.9 to 13% over the last decade. However, general insurance penetration as a percentage of GDP has remained almost static over the same period.

It demands high level of commitment and hard work from those who wish to climb the corporate ladder at a rapid pace. However, since the industry is prone to uncertainties and upheavals resulting from fluctuations in the financial and global market, only the best can sustain meaningful careers in this environment. Remuneration in this industry is very high but there is no fix slab. An Agent gets about 25 to 32 percent of the premium amount in the first year of the policy. In the second and third year they get about 7.5 percent and in fourth and fifth year they get about 5 percent of the premium. Moreover, remuneration of an Certified Actuary is very high, as this is one of the most rewarding jobs in sector. Here, entry level salary is expected to be somewhere around Rs. 8 lakh per annum.For the underwriters it is around Rs. 6 lakh per annum.