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Economics, in simple terms, can be defined as a social science stream concerned with the process or system by which goods and services are produced, sold, and bought. Although it is so wide that a single line of definition wouldn’t be enough to tell you the depth that economics courses take you through.
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A good diploma in economics or a business economics course from a reputed university paves your entrance into the world of economy with much ease with good job placements. Although, it’s up to you how you mold your professional life and in which way. Some of the job roles that deem fit to a person with a degree in economics are:
The role of a credit analyst is to evaluate client credit scores by emanating specific information like earnings history, credit payment history, assets and liabilities to determine their suitability for credit terms. If a company hires a credit analyst, his job will be to check the credit risk of a potential customer of the company. Based on the calculations done by the credit analyst the company will decide on whether or not to provide credit terms to a customer.
Other jobs of a credit analyst is to help the client have better credit planning and reviewing the credit limits of existing clients to verify qualification for an increase in their credit limit. The average salary of a credit analyst is $55K per year.
As complex as the job profile sounds, the job profile is to act as a middleman between buyers and sellers in the financial marketplace. They are often categorised as financial brokers and financial bankers. From buying and selling stocks for their client to provide financial advice and track investments, all tasks are on the table.
As more people start to invest and be aware of financial planning, careers as securities, commodities, and financial services sales agents can be very lucrative and in demand. The average salary of a Securities, Commodities, and Financial Services Sales Agent is $65K per year.
Personal finance advisor or a personal financial consultant is an ever growing job and many economics degree holders choose this as a profession at least once in their work life. They are experts of finances who provide customised services to individuals in order to help them make a financial decision. From taxes and mortgages to stock funds and retirement planning, a financial advisor has core knowledge about all aspects of his client’s finance.
Although a bachelor of economics or a BA economics can help you land the role, it is often advised to have a master economics degree to get better job prospects. Personal finance advisor can work freelancing to multiple individual clients or can work as a professional in an investment firm and handle clients of the firm. The average salary of a personal finance advisor is $87K per year.
This job profile is trending in this decade as industries start to realise financial issues and corporate faults. The task depends on which industry you work for or what the situation is, but the crux of the role is to understand the operations of the firm, find missing loopholes and faults and provide the firm a plan to fix it.
The role is like a fire fighter job and industries often need an operations research analyst to give their shattered finance structure a meaning, hence the pay is higher than peer profiles. So is the competition. The average salary of an operations research analyst is $87K per year.
Policy analysts are responsible for studying national economic trends as it pertains to corporations and government bodies. They gather data from a variety of sources to forecast economic trends and outcomes. The average salary is $66K per year.
A large number of actuaries are hired by insurance companies as they perform statistical and mathematical analysis to define the financial outcomes of a certain risk. It can be a natural disaster or an over-turn in the election of the country or a change in CEO of an enterprise. There are different types of actuaries, based on the departments they work in from health insurance to corporate risks.
Actuaries work with public or private organizations to do risk analyses and financial forecasting. The job is very demanding as the finance sector continues to be influenced by its environment and the sudden changes that take place. The average salary of an actuary is $111K per year.
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