It's time to make your next big investment.
The future is bright for students who have graduated with an Economics degree, as the Complete University Guide's 2020 League Table revealed that almost all of the top 20 universities for Economics scored over 80% on graduate prospects.
Whilst the majority of Economics graduates end up in careers in the Business, HR and Finance sectors, it's not to say that your skills aren't useful in other industries; the analytical, problem solving and clear communicative skills gained from the degree can be transferred to almost any job. Plus, economics affects all aspects of our lives, whether it be the consumption and transfer of wealth or inflation and economic growth, so the knowledge you leave university with is hugely relevant.
Key skills you've gained
- Data analysis skills
A fundamental part of studying Economics is learning how to analyse large volumes of complex data, both qualitative and quantitative. You'll need this skill for Economics and non-Economics related careers, from Financial Analysis to Market Research.
- Problem solving
You will have been required to apply your Economics knowledge to real-world situations and issues during your degree. This ability to problem solve will help you in any workplace and if you can provide evidence of this skill on your CV, employers will notice.
- Numerical skills
Aside from Maths, an Economics degree will best prepare you for a career that involves dealing with numbers. Even if you choose not to pursue a career that specifically relates to numbers, most jobs require numeracy skills to some extent so your degree will give you an edge over others.
- Ability to communicate complex information
Taking complex information, extracting what's relevant then communicating it in a way that is concise and easy to understand is a skill you will have honed during your degree. This will be essential in any role that involves reporting information or data to colleagues who aren't necessarily economic experts.
- Knowledge specific to Economics
Your knowledge of macroeconomic and microeconomic theories, statistical techniques, current affairs and economic policy are essential for any career in Business, Accounting, Finance or Banking.
Typical jobs you could do with an Economics degree
As an Accountant you'll be responsible for assessing the financial records of a company to ensure they're fully accurate, creating financial reports, keeping on track of the company's taxes and ensuring all financial operations are running smoothly. You might choose to work for a small business, international corporation, charity or the government - there's a bunch of opportunities out there. If numbers are your strong suit, why not start your training this September?
- Financial Analyst
Your ability to analyse and interpret complex data will prove useful in a career as a Financial Analyst. As the name suggests, you'll carry out financial analyses for a company and use this data, market trends and predicted outcomes to advise them on the best decisions to make. It's a competitive career to break into but if you manage to secure a job, salaries are lucrative.
Depending on your interests, you could work as an actuary in the Banking, Insurance, Business or Finance sectors. Using financial and statistical theories learnt during your degree, you'll be responsible for assessing the likelihood of a financial event occurring, the risks involved and the potential consequences of the event, to help an organisation plan for the future. The opinion of an actuary is often a vital part of the financial decision making process for organisations, so your work will be very important.
- Investment Banker
If the corporate lifestyle appeals to you, a career in Investment Banking is guaranteed to earn you a high-income. Your knowledge of numbers is essential for this role as you'll be responsible for raising money in capital markets, assisting with mergers and acquisitions, underwriting deals and more, for your clients. It's a competitive industry so you'll need grit and determination, but with an Economics degree you've got all the tools you need to succeed.
Not-so-typical jobs you could do with an Economics degree
- Management Consultant
As a Management Consultant you'll work with organisations to assess how they're working, provide recommendations to solve problems, develop action plans and ultimately improve their performance and growth. Often, Management Consultants are brought on board for specific projects but large corporations offer in-house roles where you can work more generally. This job isn't limited to economics either, you could work in Marketing, HR, Finance or Business Strategy.
- Market Researcher
Economics graduates make excellent Market Researchers, thanks to your ability to extract relevant data and communicate your findings to others in a comprehensible way. In this role you'll be tasked with conducting research and analysing trends - usually in relation to a new product or idea, to gauge customer opinions and preferences - then presenting your results to clients. The skill-set of Economic graduates make them ideal for conducting quantitative research but your statistical expertise mean any role in Market Research is an option.
- Business Reporter
If you're confident, charismatic and always up to date with the latest economic, political and business news, have you considered a career as a Reporter? Business Reporters require a strong understanding of economic policy, so having a relevant degree is essential. The communication skills gained in an Economics degree are also useful in this role, as it's vital that you're able to discuss complex issues in an accessible way for a non-specialist audience.
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