What can I do with an economics degree?
Wondering which jobs you can do with an economics degree? Discover the top 10 careers for economics graduates, including average salaries.
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The study of economics is integral to a functioning society — or at least, integral in the society we currently live in. As a result of this, recent graduates of an economics degree are well placed to succeed in a large number of interesting, impactful and well paid careers.
Just in the past year, there have been 67,169 relevant job vacancies in the UK, and according to Prospects, 68% of economics graduates were employed 15 months after completing their degree, so your chances look pretty good.
But what are some of your career options? Since economics is so broadly useful, your options are almost limitless. Below, we’ll explore what you’ll study for an economics degree, and give a brief overview of 10 of the best careers you can pursue, including the average salaries you’ll make in a year.
What is an economics degree?
If you don’t already know, economics is actually a social science, concerned with the production, distribution and consumption of goods and services.
The study of economics intersects with other disciplines such as business, law, psychology, and politics, given that economic factors influence numerous aspects of life. This interconnectedness makes economics a fascinating field to explore, offering knowledge and skills that can have tangible impacts on society at large.
What you’ll study on an economics degree can be broadly categorised into two areas: macroeconomics and microeconomics.
Macroeconomics looks at the big picture and focuses on the entire economy, which might include studying sustainable development or global poverty. Microeconomics is the study of how individual businesses and consumers make decisions on resource allocation, looking at things like supply and demand.
Careers you can do with an economics degree
Before we get into our 10 careers, it’s worth mentioning that this is by no means an exhaustive list. Employers across many industries and specialisms seek to employ economics graduates for their excellent analytical skills, mathematical abilities, strategic minds and creative problem-solving.
For example, a degree in economics could lead to well paid careers in politics, finance, journalism, the nonprofit sector and beyond. Here are just 10 of your potential options.
1. Economist
Average salary in the UK: £50,155 per year
There are all kinds of economists out there — you could be a health, behavioural or financial economist, just to name a few. Economists study how people, businesses and governments make decisions, analysing data and developing models to predict future economic behaviours. Their work helps to shape policies and guide decisions that affect everything from local communities to global markets.
2. Actuary
Average salary in the UK: £77,550 per year
Actuaries use their prowess in maths and statistics to assess risk, often working in areas like insurance or finance. They help companies predict the likelihood of events like accidents, illnesses, or natural disasters and calculate how much money should be set aside to cover these risks. If you’re naturally analytical, forward-thinking, and enjoy calculating risk, this could be a great career for you.
3. Statistician
Average salary in the UK: £40,591 per year
As a statistician, you’ll gather and analyse data to help solve real-world problems through surveys, experiments and studies. Statisticians work in various fields, including healthcare, government, and business, so you’ll be able to apply your skills to a cause that most appeals to you. Your insights will likely help organisations make informed decisions and understand trends or patterns.
4. Financial consultant
Average salary in the UK: £45,683 per year
Financial consultants advise individuals or businesses on managing their finances, helping with investments, retirement planning, budgeting, and more. They tend to work with several different clients, tailoring their advice to meet each client’s specific needs and goals. It’s a career that blends financial expertise with a strong focus on helping people achieve their financial aspirations.
5. Data analyst
Average salary in the UK: £36,329 per year
Prefer working with numbers over people? Data analysts are in high demand, using data to help businesses make smarter decisions across various industries. Whether you’re drawn to finance, criminal justice, or government, data analysts are needed pretty much everywhere. Their main responsibilities include gathering, cleaning, analysing, and interpreting data.
6. Accountant
Average salary in the UK: £41,229 per year
As you’re probably aware, an accountant helps manage and track finances for people or businesses. They handle tasks like balancing budgets, preparing financial reports, and filing taxes, making sure everything runs smoothly and clients make smart money decisions. It’s a great career if you enjoy working with numbers, like taking on responsibility, and have great organisation skills.
7. Investment banker
Average salary in the UK: £53,873 per year
Investment bankers help clients raise money through various means, including IPOs, stocks and bonds, and mergers and acquisitions. If you’re analytical, mathematically skilled, and thrive under pressure, this could be a good position for you. Also, investment bankers famously get great bonuses, so you’ll almost certainly earn quite a lot more than your base salary in this role.
8. Political risk analyst
Average salary in the UK: £42,229 per year
Interested in how economics shapes politics, and want to make an impact through policy change and analysis? A political risk analyst helps businesses and organisations understand how political events might impact their operations, keeping an eye on things like elections, government changes, and international relations, and how these events could affect markets and investments. It’s the perfect career if you want to combine your passion for current events with strategic thinking.
9. Management consultant
Average salary in the UK: £60,118 per year
If you’re a strong leader but like the idea of working with a variety of organisations, management consulting might be a perfect fit. Management consultants tackle business challenges and create solutions, bringing a fresh perspective thanks to their external position and wide-ranging expertise. To thrive in this role, you’ll need top-notch problem-solving abilities and strong communication skills.
10. Civil servant
Average salary in the UK: £33,980 per year
Working in government, you’ll apply your economics knowledge to shape policies, manage budgets, and tackle important issues like public spending, social programs, and economic development. No matter which area of the civil service you decide to work in, you’ll be able to see the impact of your work on communities and the country as a whole. Plus, it offers plenty of opportunities to grow, learn, and contribute to meaningful change.
What can you do with an economics bachelor’s degree?
A bachelor’s degree is an undergraduate program that offers a solid foundation in economics, allowing you to explore a variety of career paths. You could go straight into entry-level roles in financial or data analysis, market research, banking, public policy and more, with the chance to develop your skills on the job, and work your way up to more specialised roles.
What can you do with an economics master’s degree?
An economics master’s degree opens doors to more advanced and specialised roles. You could go into senior analytical roles, offering deeper insights and strategic recommendations for investment and financial planning.
Alternatively, many with a master’s go straight into management consulting, where you can earn a lot of money advising businesses on complex economic challenges and strategies. A master’s could also lead to economic research roles, either in academia or private research firms, or you could work in high-level government positions or international organisations, influencing economic policies.
Essentially, your options are bigger and better if you have a master’s in economics, offering you the chance to take on more challenging, high-stakes and impactful roles.
Explore online economics degrees on FutureLearn
Perhaps you haven’t actually got your degree yet, and just read this article because you wanted to explore your options before applying to university.
If that’s the case for you, did you know that you can actually study an economics degree online? We’ve got some excellent online economics degrees by top UK institutions, designed to help you get to the next step in your career.
You can study from home, or wherever suits you, so that you don’t have to sacrifice your work, family or other life commitments for your studies. Take a look at your online degree options below.
- Health Economics & Health Policy MSc online by Brunel University
- MSc International Management by the University of Birmingham
- MSc Global Logistics & Supply Chain by the University of Roehampton
- BSc (Hons) Accounting and Finance by Arden University
- Global Public Health & Social Justice MSc online by Brunel University.