Economics jobs: Economists work in these professions

Economics has an impact on our daily lives, shapes the world around us and offers you many different career opportunities. In no other course do you learn as much about economic relationships as in an economics degree. In this article you can find out more about the little sister of business administration and the numerous jobs that you can take after studying economics.

What is an economist?

Let's start off with a brief conceptual explanation of economics: Everyone who produces, distributes and consumes goods belongs to the economy. These include private households, companies and institutions in a country. Economics considers the interaction between all actors involved in the economic process. These include, for example, the government's economic policy, the level of education within the population, the state of the art or even the geographical location of the country. In addition, economics deals with macroeconomic issues:

• Does wage increase employee motivation?
• How can economics and sustainability be reconciled?
• Are jobs lost as a result of globalization?

Is economics the little sister of business administration?

While business administration degrees examine internal company processes and procedures, economics is dedicated to the interrelationships of the entire economy.

The most important contents of the economics course

Studying economics will help you understand global social and economic challenges. If you decide to study economics, you should be good at mathematics and English and have an interest in politics and finance. In the bachelor's degree, you will deal with all facets of economic life. If you decide to do a master's degree, you will specialise further.

Typical focal points in economics studies

Economics jobs: where do economists work?

An economics degree is a special branch of economics that can pave the way for you into the professional world. With a degree in economics, you have basic training that is suitable for many job profiles and so you can create a career in many areas.

After studying economics, you can find jobs in the following:

• in companies in almost all economic sectors
• at banks and insurance companies
• in business consulting
• at research institutions
• in political organizations
• at chambers and associations
• in public service (universities, authorities)

If you work in the free economy, you generally prepare extensive analyses of the respective markets and the market environment. You can find many economics vacancies in banks and insurance companies. Here you will often work in accounting and finance or assist the investment departments. But economists can also often be found in areas such as human resources, sales planning or market research. You can also work as a consultant in management consultancy or in the analysis departments of corporations. More and more jobs for economists are also being awarded by tech companies looking for experts with economics expertise. 

You can find a large number of economics jobs in research. There are good career opportunities for economists, for example, at the numerous economic research institutions. After a doctorate, you can also work as a lecturer at universities. In addition, political parties, lobby groups and chambers rely on the expertise of economists. There are also jobs available in public service after your economics degree. A large amount of statistical data on demographics and the economy is collected at state level. Offices such as the UK Statistics Authority mainly employ economists with a focus on statistics and stochastics. With an economist job, you can also pursue a career in economics ministries or similar organizations and institutions.

What are the job prospects after studying economics?

Due to factors such as globalization or increasing environmental awareness, the economic situation is becoming more and more complex. This results in new economics vacancies on the labour market. Many large companies are expanding their economics departments in order to be able to make investment decisions on a scientific basis. In addition, most economics jobs are crisis-proof. After all, your expertise is usually in even greater demand during bad economic periods.

If you want a particularly secure job, you should look around for public sector economics jobs. However, you can count on better salary and career prospects in the private sector. Anyone who aspires to a management position usually needs a master’s degree. A doctorate is also worthwhile for anyone who would like to work in a research institute or as a university professor.

With an economics graduate job, you can expect an average gross annual salary of £44,000 to £53,000. With a master's degree it's about £9,000 more per year.[1] While the starting salary for jobs in economics may not initially count among the top salaries, you can expect the highest salary increases throughout your career. You can expect a 44 percent increase.[2]

Jobs for economists: These job descriptions and fields of activity await you

As an economist, you analyse individual and macroeconomic developments using mathematical-statistical methods. You derive forecasts and recommendations for action from the results. So that you can get an impression of the diverse activities as an economist, we present a few typical jobs in economics as an example.

Economics jobs in the financial sector

Detailed economic and financial analysis is needed in banking as well as in the finance departments of large and small companies alike. From the European Central Bank to private financial service providers, financial decisions are made on the basis of your analyses and forecasts as an economist. For those who choose the financial sector, the financial prospects look very promising. After several years of professional experience and in a management position, you can count on a gross annual salary of more than £88,000.[3]

Economics jobs in consulting

As a consultant, you can expect good job opportunities in almost all sectors. You can find economics jobs in corporations that employ their own consultants or at external management consultancies. Your expert knowledge is in demand, for example, when a company wants to open up new markets or take over a foreign company. Economics job offers in this area can be very general or aimed at a specific field of activity. For example, transfer pricing managers or business development managers might be in demand. As a management consultant with several years of professional experience, you can expect an average gross annual salary of around £69,000.

Economics jobs in research

There are not only positions as a professor at university. Public and private research institutes also hire economists. As a researcher, you will conduct studies or make economic forecasts that can influence political decisions and discussions.

These five economic research institutes produce the UK's economic forecasts:

• National Institute of Economic and Social Research
• Institute of Economic Affairs
• Economic and Social Research Council (ESRC)
• Institute for Fiscal Studies (IFS)
• Institute for Social and Economic Research (ISER)

Economics jobs in journalism

With a degree in economics, you are also qualified for economics jobs in business journalism. Your well-founded economic knowledge is in demand in all media areas. One of your tasks is to present the subject-specific information in a way that everyone can understand.

By the way: As an economist, you can score points for business-oriented economics jobs with special knowledge in the fields of tax or accounting. If you are aiming for an econometric job, you should have programming skills and be able to work with databases in addition to the obligatory methodological knowledge.

[1] Source: StepStone Salary Report 2021

[2] Source: StepStone Salary Report 2021

[3] Source: Handelsblatt / StepStone