Why You Should Consider Career Prospects In Economics – With so many career choices out there, it’s can be overwhelming deciding the best career. Especially if you are seeking for a career that can bring endless benefits in the future. However, there are numerous diverse career choices, and once you choose them, you have created a success path for yourself. One of these careers is economics.
You have likely seen / heard of many successful economists that have caused a huge uproar in the world with their success. You might also be inspired by your family members, environment, or peer group. The overall truth is you will never regret choosing a career in economics. In this article, we bring you a comprehensive guide on why you should consider career prospects in economics. But first, what is economics?
What Is Economics?
Economics is a branch of knowledge that deals with consumption, production, and wealth transfer. The broadness of economics didn’t stop there; it’s generally a social science course that analyzes individual choices, government, business, and nations and helps them allocate resources. Economics is divided into two broad groups, microeconomics and macroeconomics.
Microeconomics
Microeconomics is associated with consumers’ and firms’ decisions on how they allocate their resources. This can be one person, company, business, or household. An economist will analyze the way these people respond to price changes and the reason they demand a certain product at that particular time, price, and level.
Microeconomics also evaluates the reasons goods and services are valued differently, the way people make their financial decisions, buy and sell things, etc. It is also concerned with the study of how people respond to risky situations and uncertainties in their business, how they organize the business, and many more.
Macroeconomics
On the other hand, macroeconomics studies the whole economy of a place, its behavior, and how they perform. It focuses on not only the national economy but also foreign economies, which include deflation, inflation, interest, production output growth, the entire business cycle and its expansion, depression, recession, and many more. Macroeconomists can also help create strategies and economic policies in a state. Having said that, let’s look at Why you should consider career prospects in economics
Reasons Why You Should Consider Career Prospects In Economics
Below we will look at some of the reasons why you should consider career prospects in economics
1. You will inspire other people
Studying economics will allow you to inspire businesses and industries. Generally, economics is wide, so studying it will give you the knowledge to predict some critical aspects of business such as market changes, survival, thrive, and more. If you are already a business leader in economics, you will know how to focus your attention on profit and know opportunities that will help you maximize your income.
2. It is a sought-after field
Every company wants to have top-notch talent working for them, and the need for economists in society is constantly increasing. By studying economics, you will receive both a domestic and an international perspective which allow you to work both nationally and internationally. You will also know ways to interact with people from different cultures, societies, and religions. So if you want a career that can drive you to success internationally, do well to choose economics.
3. You will have transferable skills
Studying economics will not only prepare you to become an economist but also help you develop invaluable hard and soft skills such as critical thinking, problem-solving skills, data analysis, environmental awareness, and many more. This means with these skills, even if you don’t work in economics, you will be sought-after by many other industries.
4. Economics is part of daily life activities
People make transactions every second; economics is one of the courses that will let you have purpose and meaning in the world. This indicates that, while studying the theory aspect in school, you will deal with the practical element in your daily activities. Moreover, by studying economics, you are indirectly working towards changing the world to a better place. The main aim of every economic activity is to improve people’s lives, make their transactions seamless and easy, and increase their income and access to goods and services like food, shelter, medical care, and many more.
5. You will learn about your spending habits
Aside from learning how business and the world economy work, you will also learn how to track and manage your spending habits. Understanding this knowledge can assist you in tracking your spending habits and increase your wisdom regarding financial aspects.
6. You can work anywhere
Another benefit of studying economics is that you can work anywhere. Every company or business requires an economist to help them navigate the market. This means you will have endless working choices to choose from.
7. You will earn high
The fact that you will have numerous working places to choose from means the job is sought-after, and companies are willing to put up a high amount to hire such talent. Once you incorporate your certificate with other skills, you will earn high from this career.
8. You will know how to use different economic tools
You will learn different ways to use many economics tools. You can also generate ideas for many business owners, which will also help you strengthen your cognitive thinking and skills.
9. Economics can impact industries
Many companies have to rely on economics to survive. This alone can create various working options for you since you already understand how consumers behave in the market.
10. You will increase your vocabulary
Economics is one of the significant courses that can help you enhance your vocabulary, especially if you want to venture into the business industry. Even if you don’t get to use the terms at a local level, the future is wide; you may likely find yourself in places where your familiarity with the words can make you stand out among others.
Areas You Can Work With An Economics Certificate
With your undergraduate degree in economics, you can start looking for employment in the following sectors.
1. Banking
During your studies, you will be introduced to many research methods on how to analyze data, trends, and issues. Although you might be required to study the course on a deeper level, sometimes you can start with your undergraduate certificate and then proceed while working. You can apply for banking roles such as financial planner, data analyst or consultant, financial controller, and many other positions related to banking and finance.
2. Accounting
Although you might need a postgraduate degree to apply for a role in the accounting field, there are still plenty of roles available for people that have economics, even if it’s undergraduate. Some positions you can apply for in the accounting industry include a data recorder, interpreter, communicator, and many more. However, accounting jobs require you to have a deep understanding of mathematics, be able to deal with complex data, identify the roots of problems, etc.
3. Business and financial consulting
Economists are always in high demand worldwide. You can look for jobs in small and large business companies and economics research centers. But to apply for a role in research centers, you must possess an in-depth understanding of economic theories and models, problem-solving and analytical skills. If you pursue financial consultation, you can work with different companies and clients simultaneously.
4. Public sector
Studying economics will allow you to work in both private and public sectors that deal with finance. You can apply for roles like pricing analyst, risk analyst, financial consultant, economic planner, and many more.
5. Law
If you incorporate economics with small legal knowledge, you can work in law firms. Your job will be providing support and representing your clients in legal situations, you will help them oversee contracts, negotiate, and advise them.
6. Loan companies
You can apply for a loan officer role in loan companies. You will be working with loan applicants to help them deal with the processes. You will determine the credit stand of the applicants and solve customers’ problems.
Conclusion
Economics involves dealing with consumption, production, and transfer of wealth. It’s a branch of social science and is one of the promising careers you can apply for. It offers benefits including increased vocabulary, tracking your spending habits, inspiring others, earning high, working everywhere, and many more. Once you obtain an economics certificate, you can work in multiple places, including the public sector, banking and finance, accounting, law, loan and portfolio companies, accounting, and many more.
Frequently Asked Questions
Why is economics important?
Economics is important because it helps people understand the world around them. It helps us understand people, businesses, markets, etc.
Why is economics important to students?
Economics help students adopt strategic thinking and incorporate proven steps towards ensuring positive outcomes.
Is Economics lucrative?
Yes, a career in economics can be quite lucrative. It gives you the opportunity to you a lot of money working in both public and private sector.
References
- Www.prospects.com – What can I do with a degree in economics
- Infoguidenigeria.com – 15 places to work with an economics degree in Nigeria
- Investopedia.com — Economics
- Www.topuniversities.com – what can you do with an economics degree
- Www.indeed.com – Finding a Job with an economics degree
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