Economics for career success - I know what you’re thinking; a lifetime spent in a stuffy beige office putting numbers into spreadsheets. In the past, economics hasn’t enjoyed the sexiest of images but, the truth is, “the Queen of the social sciences” can open up doors to a wide range of industries and roles. Far from limiting you to the finance and policy sectors, a degree in economics gives you a whole suite of transferable skills that will allow you to achieve your career goals whether that’s tapping into the television industry or mastering medical research.
In this article, we’re going to be sharing ten ways in which you can supercharge your career by studying economics - whether you’re a full-time student or a professional looking to broaden your options.
What In The World Is Economics?
Economics is all about analyzing the ways in which people, businesses, governments and nations allocate resources to make, distribute and consume goods and services. When studying economics, you’ll learn about the vital building blocks including supply and demand, market structures, monetary policies and fiscal policies - all of which come together to determine a government’s economic structure. Economics teaches us about
how the world works and how policies are created and put in place - and what can happen when things go wrong.
The anatomy of economics
Whether studying full-time or online, your economics course will be made up of a number of different sections and modules - and they’ll look something like this:
1. Cracking the code of critical thinking
Critical thinking is an extremely valuable skill and is the foundation for numerous roles within a vast range of sectors - from government departments to tech consulting firms.
When studying economics, you’ll learn the fundamentals of critical thinking including how to question assumptions, evaluate trade-offs, identify patterns and make logical data-driven decisions. Gaining a qualification from one of the
top colleges for economics will start you on a path on which you’ll develop and hone your critical thinking skills and get the attention of potential employers.
2. Market forces to be reckoned with
Market forces are the nuts and bolts of economics and this term speaks to the way in which supply and demand impacts market prices, consumer behavior and salaries. The stuff that, quite literally, makes the world go round, market forces help us to understand how and why prices fluctuate, how providers and consumers react to these changes and how competition and monopolies move the dial in markets. Learning these economic principles will give you an edge in every part of any business from designing marketing budgets to super-charging logistics through more intelligent decisions.
If you don’t have the time or the budget to commit to a full-time degree, don’t worry - there are lots of online courses including Khan Academy, edXand Coursera that can get you started on your economics journey while fulfilling your existing commitments.
3. Harnessing the power of data
In case you didn’t get the memo, these days, data is the sun that businesses and governments revolve around - and learning to understand how data works is key to your success.
During your economics training, you’ll learn to interpret and analyze data by using tools such as Excel, Python and data visualization platforms - skills that will last you a lifetime. Having these technical skills on your resume will open up opportunities for roles such as business analyst, data consultant and market researcher to name just a few.
4. Getting your personal economics on track
Having economics on your CV is a badge of honor - and one that can earn you the big bucks. Studies show that economics majors consistently earn higher than average salaries due to the fact that employers value - and are willing to pay for - employees who possess these important analytical and strategic skills.
5. Career strength through diversity
A recent report by
Careershifters revealed that a staggering 62% of the UK workforce would like to make a career change. An economics qualification can help you to do just that as these vital skills give you the flexibility to pivot into many diverse areas including:
- Financial and accounting services
- Public policy and government departments
- Journalism and media
- Academia and research
- Global development
- Corporate strategy and development
- Tech and product management
Unlike other more limiting qualifications, an economics degree includes critical skills that can lead to a versatile and lucrative career.
6. Supersizing your communication and reasoning skills
Communication might be considered a soft skill but it's a vital one nonetheless and is part and parcel of economics. As well as learning how to crunch data, an economics degree also teaches you to present and communicate your findings to others in a clear and compelling way, write persuasive reports and craft solid arguments.
All of these important communication skills lend themselves perfectly to leadership roles in which impressing stakeholders is just as essential as analyzing those numbers.
7. Going global
Advanced technology means that more businesses are going global than ever before - and these companies are crying out for professionals who possess an understanding of macroeconomic dynamics including the interpretation of global issues such as inflation, climate change, poverty and income and trade wars. Economics training hands you the tools to gain the type of strategic foresight that will land you a top tier career in a high profile multinational corporation or NGO.
8. Make friends and influence people
As well as a fantastic education and great career, studying economics at a university or college will connect you with a wide range of people including professors, peers and industry professionals.
Building this type of social and professional network can lead to great things such as internships, collaborations and even job offers as well as giving you ongoing access to some of the great minds in your field.
9. From advanced education to niche professions
If you’re currently laser-focused on your education rather than future career, an economics qualification is a great springboard into other graduate studies such as law, business, political science and global relations. Because of the disciplines involved in economics training, a lot of competitive graduate programs will prioritize candidates who are already equipped with the analytical clout and global perspective that economics delivers.
10. Making your mark on a global scale
Economics is the stuff that makes the world go round and offers an opportunity to make a real difference. Every day, economists shape societies by creating insights into poverty and inequality, rethinking tax policies and much more. Economist roles within organizations such as the UN can be hugely rewarding and can earn you a fantastic salary while helping to tackle pressing problems on a global basis.
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Conclusion
So much more than just crunching numbers, economics is about understanding - and changing - the world through strategic and critical thinking paired with effective communication and dynamic diversity. Today’s economists very much have a hand in changing our world for the better by strategic problem solving.
Whether you’re a student or a professional looking to make a change, an education in economics is a lifelong investment in your career and one that can take you into different industries as well as different parts of the globe.
