What Are Your Career Options With A Qualification In Applied Economics?
There are many careers that can be pursued with an applied economics qualification. The practice of using economic principles in the decision-making process in a wide variety of fields – such as finance, marketing, health, and the environment – is now widespread and very much in demand.
As a result, opportunities for qualified individuals will be widely available, either in-house or as a consultant, in various industries and at several levels in government. However, the principle that the most qualified candidates are the most sought after by employers, and most likely to land the top jobs is still correct even when demand outstrips supply for specific roles.
Roles across various industries
In general, the roles within these institutions will involve collecting data, looking at trends and other influencing factors, before making predictions based on the results. This information then provides guidance in key financial decisions at both the corporate and governmental levels.
More specifically, you will be using theoretical models and translate key statistics into information that individuals within an organization with little or no knowledge of economics can understand, such as explaining how a price rise may affect sales in comparison to how it also affects profit margins.
Analyst roles in business
For many of the roles, the word analyst has become synonymous with the word economist, so your opportunities are more targeted to roles with ‘economist’ in the title. As well as being in demand across multiple industries, those with a qualification in applied economics are also in demand globally.
Vacancies for roles worldwide are available for aspiring globetrotters or those who wish to spend some time immersing themselves in another culture.
Career progression
Entry-level jobs can be secured with a degree in economics, but if you want to advance your career beyond this stage, you will need a master’s degree. This opens up a far more comprehensive range of professions and the salary increases that go with it (more details on those in a minute).
The progression from a degree to a master’s, however, could be seen as a challenge. For an experienced professional with other commitments to fulfill, a flexible program would seem to be essential. The majority of these programs are online, so progress can be made when time allows. An excellent example of this is the MS in Applied Economics from https://appliedeconomics.bc.edu/.
Salary Range
In addition to increasing your skill base and widening your choice of career options, successful certification from one of these programs will have a positive impact on your earnings. The exact salaries will vary on whether the role is in government or industry, and vary further according to the industry and level of seniority of the position.
However, here are some average figures that illustrate the earnings of three different roles for those with an MS in Applied Economics. As a Senior Financial Analyst, you can expect to earn more than $80K per annum, $95k as a Quantitative Analyst, and just under $105K as an Economist.
