Career Opportunities and Outcomes for Economists
Career Opportunities and Outcomes for Economists
Today, economists work in many varied fields. It is a wonderful major for those looking to keep their career options open after graduation. Harvard Business Review recently discussed High Demand for Economists in Technology and the many ways the skills earned in an economics degree can aid companies. Forbes magazine provides helpful and practical advice on Searching for a Job in Economics.
Fields and Positions Economists Hold
| Government | Management | Marketing |
|---|---|---|
| Policy Analyst | Human Resource Manager | Marketing Analyst |
| Budgetary Officer | Pricing Analyst | Newsletter Editor |
| Urban Planner | Business Forecaster | Market Forecaster |
| Commerce Director | Business Consultant | Strategist |
| Accounting | Financial Services | Health Care |
|---|---|---|
| Analyst | Insurance Broker | Insurance Assessment |
| Auditor | Investment Banker | Compliance Officer |
| Researcher | Risk Assessment Officer | Risk Manager |
| Consultant | Currency Advisor | Data Analyst |
| Banking | Education | Other |
|---|---|---|
| Credit Analyst | High School Teacher | Lawyer |
| Loan Officer | Researcher | Actuary |
| Investment Analyst | College Professor | Real Estate Agent |
| Financial Manager | School Administrator | Entrepreneur |
Economists' Career Earnings
The following table shows what economists can expect to earn in different fields.
Median Income for Economists in the Top Five Industries Employing Economists:
| Finance and insurance | $120,770 |
| Federal government, excluding postal service | $119,580 |
| Scientific research and development services | $114,140 |
| Management, scientific, and technical consulting services | $108,190 |
| State government, excluding education and hospitals | $73,400 |
Source: Bureau of Labor Statistics, May 2019.
For people with Baccalaureate degrees (and no more) who are employed full time, the average starting salaries (typically with two years of experience) and mid-career annual earnings in select majors are:
Salaries by Major and Career Experience
| College Major | Starting Salary | Mid-career Salary |
|---|---|---|
| Petroleum Engineering | $94,500 | $176,900 |
| Electrical Engineering & Computer Science | $88,000 | $142,200 |
| Applied Economics and Management | $58,900 | $140,000 |
| Operations Research | $77,900 | $137,100 |
| Political Economy | $57,600 | $136,200 |
| Actuarial Mathematics | $63,300 | $135,100 |
| Electrical Power Engineering | $72,400 | $134,700 |
| Business Analysis | $57,200 | $133,200 |
| Pharmacy | $79,600 | $132,500 |
| Aeronautics & Astronautics | $73,100 | $131,600 |
| Econometrics | $60,100 | $131,000 |
Source: Majors That Pay You Back, 2019, Payscale.com
Career and Graduate School Information
As you complete (or have completed) your undergraduate degree, you may wonder "What's next?" No matter if you've chosen to major or minor in Economics, there are options and resources for our graduates here in the Gary W. Rollins College of Business.
Contact Information
Department of Finance
and Economics
434-G Fletcher Hall
423-425-1700
Academic Advising
Schedule an appointment now
All business majors receive academic advising through the Joseph F. Decosimo Success Center.
Career Development
The Career Development staff in the Decosimo Success Center can help with resumes, interviewing skills, and answer questions about internships and employment.