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A Look at What an Economic Job Entails

 

A PhD in economics can lead to a variety of careers. In addition to a private career, many PhD economists go on to teach at postsecondary institutions. Here is a look at what an economic job entails, including the typical salary and working conditions for economists. Read on to learn about a few career options for economists. Listed below are the top economic jobs for PhDs. These professionals work in government, finance, and many other fields.

Jobs for economics majors

There are several jobs for economics majors, and if you’re interested in a specific career path, you can start by identifying your interest areas. Then, align your skills and experience to fit those interests. You can also leverage your professional network to land a job. Listed below are some of the best jobs for economics majors. These positions require advanced degrees, but are well-paying. The pay can be as high as $89,000 a year.

Many jobs for economics majors involve working in the financial sector, with a focus on economics and finance. Students pursuing this major will study inflation, statistics, and banking systems, and will likely take courses in computing, data analysis, and finance. Students will also complete coursework in history and supply and demand. A degree in economics will make a candidate a valuable asset in the field of finance. The skills learned will prove invaluable as a financial consultant or analyst.

Jobs-for-economics-majors
Jobs-for-economics-majors

Economic majors have a broad range of skills that transfer well to other fields. The ability to analyze multiple perspectives, evaluate different scenarios, and be skeptical are all vital in the business world. These skills are transferable across industries, and can be helpful in any job that requires problem-solving or evaluation. They can even become an entrepreneur! The possibilities are nearly endless! Just make sure to explore all of your options! So, what are the best jobs for economics majors?

Salary range for economists

Salaries for economists vary widely, depending on the country and industry. Economists with a Ph.D. typically earn a minimum of $100,000 per year. While the top ten percent earn almost $180,000 per year, those with less than a Ph.D. make less than $40,000 annually. If you’re interested in becoming an economist, check out these salary ranges. You might be surprised at how much you can make.

Salary-range-for-economists
Salary-range-for-economists

According to the National Association of Colleges and Employers, the average starting salary for economics majors is expected to be around $65,100 by 2021. That is an increase of 7.8% from the previous year, though it is worth noting that the data for this statistic is very limited. The Wall Street Journal reported that in the past, a person with a bachelor’s degree in economics made a median salary of $50,100. At the other end of the spectrum, a person in the top ten percent of earners at mid-career was paid more than $210,000.

Government jobs for economists are classified under the General Schedule (GS) pay scale. The lowest paygrade is GS-6, and the highest is GS-15. The starting pay is referred to as base pay. In reality, the salary will be determined by other factors, such as education and experience. Besides pay, you will also receive Locality Pay Adjustment, which is the difference between the base salary and the salary you’ll actually earn.

Work environment for economists

The work environment for economists is an important factor in ensuring that everyone in the economics community feels valued. Economists must value diversity, respect different career paths, and respect the well-being of colleagues. To create a supportive environment for all, economists should learn about the wide range of economics careers. For example, they should broaden their understanding of economics, including the role of the economist as a manager.

Economists typically work in offices, and many work alone, but others may also be part of a research team. Some economists may work long hours, or even overtime, depending on the project. However, the basic workweek is 40 hours, but many work much longer. Economists may be required to read specialized literature, meet with students and managers, and attend conferences and meetings. Because economists must write and speak clearly to communicate their findings, the work environment for economists can vary widely.

The work environment for economists requires high levels of detail-oriented skills. Economists spend many hours analyzing data and working independently. They also must be able to collaborate with colleagues and work in teams. Economists must be objective, systematic, and able to present their findings clearly and effectively. Economists must have a high degree of intellectual curiosity. They must be interested in how the economy works and how it affects society.

Did you miss our previous article…
https://financialcareernews.com/accounting/internships-and-training-in-financial-consulting/

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