Salary Review: Economics Professionals With A Master’s Earn $30k+ More
Most entry-level jobs in the economics field requires a Master’s, while others are paid abundantly more because of the degree. According to a Georgetown study in 2015, Economics majors median annual wages for a Bachelor’s was $76,000 whereas the median annual wages for a Master’s was approximately $109,000.
Economics is a great foundation for understanding the cycle of wealth and decision-making within society. The purpose of economics is analyzing the amount of financial stability that is distributed within companies and being part of the reason for growth within a society.
Those with a strong passion for problem-solving, and an eye for shifts within the global market should pursue a Master’s in Economics, if not already. According to Balance Careers, some of the high-paying jobs for a Master’s are Economic Consultants, Financial managers, and Credit Analysts.
Each career path varies from the necessary skill sets for the role and responsibilities, from applying economic analysis from everyday problems, to assessing financial risks. However, all career paths share similar skill developments such as problem-solving skills, and strong communication skills.
Top Economics Jobs
Economic Consultant – $102,490
Economic Consultants are responsible for providing expert insight to into complex financial and economic situations. They analyze industry trends to help organizations improve their performance and better satisfy their clients. Economic Consultants work for various different industries, ranging from government to corporate.
They also have a key role in assessing economic trends or foreseeing potential troubles within an organization. According to the American Economic Association, economic graduates with good analytic and communication skills find employment with consulting firms. According to the U.S. Bureau of Labor Statistics, the median salary for an Economic consultant was $102,490 in 2017, with a typical entry-level education requiring a Master’s degree. The job outlook on this career is expected to grow 6% from 2016-2026.6
Important Skills include:
- Analytical skills
- Critical-thinking skills
- Communication and presentation skills
- Writing skills
Financial Manager – $125,080
According to U.S. news, financial managers help develop strategies to help organizations meet their long-term financial goals and earned an average salary of $125,080 in 2017. The employment rates of this profession is doing extremely well, as growth rate is expected to rise 19% from 2016 to 2026, according to the U.S. Bureau of Labor Statistics.
Important skills include:
- Analyzing market trends
- Communication skills
- Financial reporting
- Proficiency in IT software
Credit Analyst – $71, 290
Credit Analysts are responsible for evaluating clients such as other businesses and institutions to examine the financial “risks” or statements by their clients to determine their eligibility for loaning funds. They take into account economic trends and factors impacting the region, industries, and competitors of prospective clients. According to the U.S. Bureau of Labor Statistics, the median salary for a Credit Analyst in 2017 was $71,290. Credit analysts also prepare reports summarizing their conclusions and suggest interest rates resulted from assessing the risk profile of clients.
Important skills include:
- Strong communication skills
- Written report skills
- Problem-solving skills
- Accounting skills
Economics majors learn to collect and interpret data, as well as predict future industry trends and assess the impact of financial decisions. Their job is significant in society, and help further understand the process and growth of our society. If you choose to pursue one of the above described high-paying jobs, or advance your position, it sure pays to consider a Master’s in Economics degree. All career paths within the economic field are rewarding and the variety of paths are essentially endless.
Citations and References:
- https://www.aeaweb.org/resources/students/careers/econ-consulting https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm#tab-1