What can I do with a Degree in Economics?
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Introduction
Choosing a career involves more than just finding out what is open to you. Knowledge about yourself is central to the process. It is valuable to start by looking at your individual values, interests, and skills in order to relate career options to you. The suggestions here are only an aid to this decision-making process.
Most employers look for generic skills such as communication, interpersonal, customer-focus and the ability to work in and contribute to a team. Some of these are developed during your degree, whilst others have been developed through extra-curricular activity such as sports, community, or cultural groups.
As more and more employers are developing job titles that are particular to their own environment, it is more difficult to provide a definitive list of possible career options. The ones that follow should be considered to be illustrative rather than exhaustive.
What skills are developed?
Studying Economics facilitates the development of strong analytical and research capabilities, numerical and computing skills, problem solving, evaluation, interpretation and judgement skills. Studies demand the ability to combine abstract reasoning with accurate observation, and to apply mathematical and logic techniques to complex issues and problems.
In addition to gaining a great deal of knowledge and technical skills during your degree you will have developed your capacity to think creatively, logically, and quantitatively. You will have learnt the importance of being able to communicate your ideas, both verbally through giving presentations and in the form of written assignments. Involvement in project work will have helped you appreciate the importance of good planning and careful execution of your work. In addition, when working as part of a group, you will have had the opportunity to appreciate the value of co-operation, teamwork and leadership.
Career options
Economics Graduates work in a very broad range of areas and occupations. Job titles are not as clearly defined as many may expect so it is important to gain an appreciation of the roles.
An illustrative list of career options for Economics Graduates includes
Economist, Economic Advisor, Economic Statistician, Banker, Analyst (Policy, Economic, Data, Business, Management, Financial), Business Planner, Business Risk Consultant, Management Consultant, Actuarial Assistant or Associate, Researcher, Teacher, Underwriter, Administrator. There are many other roles, which demand the skills that an economics graduate will possess.
It is important to appreciate that career opportunities in some areas, and in some roles are dependent not only on applicants having certain skills and/or knowledge, but also on personal qualities and attributes such as interpersonal and leadership potential. Such qualities and attributes can have a significant influence on the entry level into a company or organisation, or career progression within it.
Types of employers
Government Departments and Agencies, State Owned Enterprises, Corporate Organisations and Large Business, Trading and Merchant Banks, Insurance Companies, Economic Research Institutes, Local authorities, and Financial Service organisations are just some of the types of employers of Economics Graduates. With ‘Economics’ being such a critical component of all aspects of lives, it offers opportunities in many areas and the potential for Graduates to work in industry or issue related areas of real interest to them.
Where have graduates been employed?
2006 & 2007 graduate destination information for different subject areas and qualification levels is available via the New Zealand Vice Chancellors Committee website.
NZUniGradStats (published in June 2008) contains information on destinations and other outcomes from the annual survey of all graduates from the New Zealand university system.
UC Careers & Employment has free copies of NZUniGradStats and the graduate destinations information by subject.
Further study
It is possible to study at post-graduate level in subjects both directly related and un-related to your degree. Related course of study include the Honours degree, and studies at Masters and PhD level. This additional study can impact on the entry level of employment in industry.
Many Graduates do additional training in for example Teaching, Library, Journalism or Management.
Carefully consider your motivation for study, how it fits in with your long-term career plans and whether it is likely to enhance your employment prospects.
How can I find out more?
This should have started your thinking about your future. To follow this up and find out more information on jobs of interest, visit Career Services.
Other useful links
- Prospects
- My Future
- Graduate Careers Australia
- Florida State University Careers Center
- Rice University Career Services Centre
If you are an intending or current student at the University of Canterbury, or a recent graduate, UC Careers & Employment offers a wide range of services, including individual career guidance, seminars and resource information.