A Master’s in Economics degree opens up the doors for many types of economics jobs. An MA or MS in Economics provides students with the applied, analytical and quantitative skills needed to understand economic data, create informative statistics and assist decision makers. Here are five excellent jobs for students who graduate with a Master’s in Economics.
Economists employed by their state will respond to requests and inquiries from executive management and other government agencies. They will independently identify economic projects that will enhance state-level decision-making. They may be responsible for planning and reviewing policy proposals, economic data and technical analysis. They may also produce revenue forecasts, cost allocation studies, benefit-cost analysis and fiscal impact statements. State economists will conduct regular economic analysis to support specific policies and programs. They may serve as the statewide economic advisor for executive staff and administrators. Their original economic analysis may involve policy issues, planning documents, investment decisions, strategic direction and legislative discussions.
Reporting analysts are responsible for the creation, modification and dissemination of economic reports. They maintain and deliver daily, weekly and monthly economic reports to internal stakeholders and management. Their economic reports involve fund analytics, account performance, produce time, business intelligence and performance dashboards. For example, they may collaborate with sales, marketing and client service teams to identify top assets, minimize financial risks and provide direction for account performance. Reporting analysts often work for banks, finance corporations, stock brokers and investment firms. Reporting analysts will handle data management, client reporting requests and cross functional areas.
Bank statisticians analyze data extracts in order to identify trends, data points, key indicators and ideal solutions. They often independently work with management and business staff. They are responsible for coaching managers in the proper and efficient use of analytical tools and reporting dashboards. They create reports to improve cost, quality, operations and customer satisfaction levels. Bank statisticians may liaison with finance and accounting teams to resolve problems, strengthen internal controls and make process recommendations. They use various databases and information systems to research vulnerability and improvement opportunities. They facilitate projects that ensure accurate data identification and categorization.
Strategic Financial Planner
Strategic financial planners work for corporations in different sectors. They create strategic visions and tactical analytics through dashboard data, market summaries and key indicators. They maintain a detailed knowledge of departmental functions, financial operations, workflow areas and data management systems. Strategic financial planners may partner with financial analysts and external vendors to develop new solutions and advanced reporting capabilities. They rely on timely and accurate reports, databases and applications to collect and process data. Strategic financial planners focus on administering procedures, analyses, reports and deliverables.
Finance consultants help their clients manage relationships, exceed financial goals and maintain credit worthiness. They provide expert financial counsel to clients regarding private banking, personal trust and personal investments. They may call on potential clients to develop new business, retain relationships and problem solve. Finance consultants give proper risk ratings, maintain client satisfaction and understand economic and industry market trends. They may identify potential high-risk situations, re-underwrite proposals and analyze current activities to ensure conformity with contractual terms. They must always detect and control the development of unfavorable financial trends.
Other economics jobs include business analyst, life cycle specialist, predictive modeler and pricing analyst. Anyone who wants to become an economist should visit the BLS’ career page here.