Pursuing a business economics degree can lead to work as an economist in the United States or abroad. According to the US Bureau of Labor Statistics, the median pay for economists was $91,860 per year in 2012 with most positions requiring candidates to have at least a master’s degree.
Before you choose your graduate school, you must gain a much needed foundation at the undergraduate level. For a well-rounded education with international exposure, a Business Economics degree in the UK can provide a wonderful place to start. Here are the top advantages of pursuing such a degree at the university of your choosing.
Studying economics exposes students to both microeconomics and macroeconomics, the dual principles of economics. Microeconomics examines data that applies to households and businesses. Macroeconomics takes a look at data that applies to the entire economy.
Economists collect and analyze data, research trends and evaluate economic issues. They’re tasked with conducting surveys, collecting and analyzing data, preparing reports, interpreting their findings, and forecasting market trends.
These professionals provide advice for individuals, businesses, and governments, making recommendations or designing policies accordingly. They supplement their reports by writing articles for publication through media sources and academic journals.
Economists possess at least a master’s degree with many holding a Ph.D. They’ll start their higher education pursuit at the bachelor level, typically majoring in business with a concentration or minor in economics, or by pursing an economics degree. A strong math background is required along with excellent accounting aptitude.
Prospective economists also use various tools and technologies to advance their education including computers and data scanners. They must be comfortable working with spreadsheet software, development software and scientific programs.
Students that excel at economics on the bachelor level qualify themselves to pursue a master’s degree. Top universities offering advanced degrees include the Harvard Business School, MIT Sloan School of Management, Stanford, the University of Chicago, and Yale to name a few.
Your pursuit of an economics degree can provide work opportunities around in the world including in chief financial capitals such as London, New York, Zurich, Hong Kong, Singapore, Geneva and elsewhere. In the US, the BLS has forecast growth of 14 percent though 2022, about the same rate as for all jobs. Figure that opportunities in emerging economies should prove beneficial as you pursue your goals.
Pay as mentioned is quite good with even newly-minted graduates earning at least $50,000 per year as of 2012. BLS data reveals that the average pay for economists in the 10th percentile is $51,400 per year. Wages rise to $67,100 in the 25th percentile and the median wage reaches $91,900. Those in the 75th percentile earn $123,900 per year on average to $155,500 for economists in the 90th percentile.
Another advantage to pursuing a degree in economists is that there are several other positions in nearby fields that also can yield job opportunities. These include actuaries, mathematicians, financial analysts, survey researchers, and political scientists. And then there are those that prefer to contribute on the academic level, working as postsecondary teachers or professors.