Having a career in economics can be a great option if you’re looking at what to do when you graduate from college, or even if you’re considering a change in career. Knowing about the basics of economics can be a great advantage no matter what role you do, so why not make a living out of working in this area?
There are many different specialties in which you could focus on – with one of them being applied economics. Looking at this theoretical field for your future career can be the choice for you if you have the right skills and qualifications to succeed. Here’s what you need to know if you want to pursue a role by using your applied economics knowledge.
What qualifications will I need to have?
You should plan your education path before you begin on your journey to working in applied economics. You will at least need to have a bachelor’s degree in a subject such as finance, economics or business administration – although, for certain positions, you may need to have a master’s or Ph.D. in one of those areas. Having a bachelor’s degree will mean you should be able to get an entry-level position within applied economics, though.
For those who are looking at degree courses to kick-start their applied economics careers, you can choose to go for a four-year degree program at a college or university or take the first two years at a community college. If you decide to choose the latter, then speak to the community college’s guidance counselor to check you can take all the required courses you need to complete so you can transfer to your university of choice.
When you take the final two years of your course, make sure you select the economics courses that will help to prepare you for the area in which you want to work. So if you’re looking to become a market consultant, for example, you should focus on accounting and business administration.
Take an internship
While studying for your degree, you should take several courses outside of economics or finance – such as mathematics, sociology or even psychology. However, you could also consider getting an internship during your studies as well, so you can get some great hands-on experience that will boost your employment prospects once you graduate.
What are my options after graduation?
You can find career opportunities in applied economics within corporate, academic and government settings, and you can work either in-house or as a consultant. Applied economics focuses on applying economic principles in a range of different fields, and economists work in many industries – and government – by collecting data, analyzing any trends and predicting economic events.
An economist would usually need to have a master’s or Ph.D. in applied economics or economics and would require skills such as analyzing data and applying economic theories to real situations. The US Bureau of Labor Statistics stated that the job growth in this field would be 8% from 2018 to 2028, with a median salary in 2018 of $104,340.
