The Economics Profession: How Do You Know Which Job Is Right for You?

Job Is Right for You
How Do You Know Which Job Is Right for You – An MBA, or Master of Business Administration, degree can serve as the stepping stone to a variety of lucrative positions in the business and finance sectors. An undergraduate degree is typically necessary for professionals seeking entry-level positions in economics, such as actuaries and revenue agents. However, a graduate degree in business, particularly one with a concentration in finance, can help graduates distinguish themselves when applying for management positions and increase their chances of being hired.

In addition, according to PayScale, the median annual pay for MBA grads was $91,000 per year as of September 2021, whereas the median annual compensation for those with merely a bachelor’s degree in business administration was $69,000. This information is based on data collected as of September 2021. Obtaining a master’s degree in business administration (MBA) takes an additional investment of both time and money; however, the potential return on investment might make the initial expenditure worthwhile.

Graduates who have completed the Master of Business Administration program should be well-equipped to compete for high-level positions in today’s global economy. As a consequence of this, MBA graduates have several options available to them when it comes to pursuing careers in economics.

5 careers in the field of business and economics

MBA graduates who are enthusiastic about the financial industry and are interested in finding work in either the private or public sector have a number of job options to consider in the field of business economics. Students and new grads may find it helpful to narrow down their options by taking a look at five of the most common roles, along with the most recent income information and job prospects for those roles.

1. Budget Analyst

Analysts of budgets are employed in both the public and private sectors, where they provide assistance to businesses in the development of budget management systems. These specialists develop budget reports and then convey their results to management. By doing so, they assist management in comprehending how money has been spent and in learning how to select where to allocate expenses and where costs can be lowered in the future.

According to the data provided by the Bureau of Labor Statistics (BLS) of the United States of America, the median annual salary for a budget analyst in the year 2020 was $78,970. The BLS anticipates a 5% increase in employment opportunities for budget analysts from 2020 to 2030, which is a growth rate that is marginally slower than the average.

The majority of a budget analyst’s job is done in the public sector, followed by educational institutions and scientific and technological services. The vast majority of budget analysts are full-time employees who are based in offices. The Bureau of Labor Statistics reports that they may on occasion be required to travel in order to verify funding allocations.

A budget analyst needs to be able to analyze data, pay attention to minute details, and have solid arithmetic abilities, including familiarity with spreadsheet and financial analysis tools, in addition to having understanding of various financial theories. When presenting a convincing analysis of the budget to management, it is crucial to have excellent writing and interpersonal communication abilities. This is because both hard skills and soft skills are required in this situation.

2. Financial Examiner

Examiners of financial statements are a vital component of any successful company or government organization. A career as a financial examiner is an option that should be taken into consideration by graduates who have an interest in economic theory as well as economic law and policy. Examiners of finances are tasked with the primary responsibility of analyzing financial documents such as balance sheets, income statements, cash flow statements, and asset management to determine whether or not the documents comply with applicable local, state, and federal regulations. When businesses fail to comply with regulations, they risk incurring hefty fines and sometimes even being prosecuted criminally.

As of the year 2020, the Bureau of Labor Statistics (BLS) reported that the median annual salary for a financial examiner was $81,430. One of the business economics occupations that is expected to expand at one of the highest rates is that of a financial examiner, which the Bureau of Labor Statistics (BLS) estimates would increase by 18% between the years 2020 and 2030.

In most cases, financial examiners are employed in the field of credit intermediation or in activities closely related to it. They could also work in the securities industry, in financial institutions, or with commodities contracts, and they could also work for the federal, state, or local government. The most of the time, they will carry out their duties, which include analyzing balance sheets, evaluating loan risks, and assessing bank fund management, from an office or a financial institution.

In order to be successful as a financial examiner, graduates need to have an extensive knowledge of both economic theory and practice, in addition to an expert comprehension of the rules that govern economics. They also need to have good analytical, mathematical, and writing skills, in addition to an attention to detail.

3. Personal Financial Advisor

Individuals and families can get assistance with managing their finances and making long-term plans from a personal financial counselor, which is another popular economics-related professional path. Clients who are negotiating a wide range of financial difficulties, such as paying for college, managing their money, and planning for retirement, are expected to seek out the guidance and support of these advisers for aid and financial counsel. As a result, they need to have a strong understanding of both the theory and practice of economics and finance. A financial planner will typically give their clients with a variety of options, some of which may include investments with significant potential for high levels of risk and profit, while others may include low-risk, long-term investments that pay off gradually over time.

The average yearly salary of a personal financial counselor is higher than that of a financial analyst, a financial examiner, or a budget analyst. According to the Bureau of Labor Statistics (BLS), personal financial advisors made a median annual compensation of $89,330 in the year 2020. In addition, the BLS anticipates a 5% increase in employment opportunities for personal financial advisors between the years 2020 and 2030.

The vast majority of financial advisors are self-employed businesspeople who specialize in securities, financial investments, and other areas of finance. People who are self-employed often have the option of working from home and maintaining more adaptable schedules in order to better serve their customers. It also indicates that they have the ability to determine their own prices and charge customers accordingly.

Skills in interpersonal and verbal communication, mathematics, sales, and analysis are other highly sought characteristics seen in successful personal financial advisors. Because of their abilities, they are able to provide accurate and competent counsel to their customers.

4. Economist

Economists provide leaders in industry and government with expert consulting services that assist in guiding leaders through the decision-making process. An economist is responsible for analyzing the supply and demand of a variety of goods, resources, and services, in addition to collecting and analyzing intricate financial data. For the purpose of developing reports and insights for management, economists are required to make use of economic theory and critical thinking.

The average annual salary of an economist is higher than that of a financial analyst, budget analyst, or personal financial counselor. As of the year 2020, the Bureau of Labor Statistics (BLS) reported that the median annual wage for an economist was $108,350. The BLS anticipates a 13% increase in demand for economists between the years 2020 and 2030.

Many economists find employment in the public sector or in the private sector as consultants, and the majority of these jobs need them to work in an office environment among other economists and statisticians. Math, writing, and speaking in public are all important talents for economists to have. They also need to be good analysts. They need to have a deep understanding of economic theory and be able to apply that understanding to both domestic and international contexts.

5. Analyst of Financial Statements

When it comes to making investments, companies of all sizes—regardless of the size of the investment—frequently require some sort of direction. In addition to offering general financial counsel, financial analysts can assist businesses and government agencies with the study and evaluation of investments as well as risks associated with those investments. People who pursue a profession in this area of economics are able to comprehend and evaluate stocks, bonds, and several other sorts of investments. A financial analyst is someone who analyzes the performance of investments and offers advice regarding whether or not a certain investment is worthwhile or poses an unacceptable level of risk.

As of the year 2020, the Bureau of Labor Statistics (BLS) reported that the median annual salary for a financial analyst was $83,660. Between the years 2020 and 2030, the BLS anticipates a job growth of 6% for financial analysts.

The majority of a financial analyst’s work is often done in the areas of investments, commodities, and securities. Additionally, they might operate in the field of credit mediation or as upper-level managers of businesses or corporations. According to the Bureau of Labor Statistics (BLS), financial analysts may also be required to travel in order to meet with clients.

A high attention to detail and aptitude for mathematics are both essential for a career in financial analysis. In order to evaluate previous investment data and effectively explain it, they also require skills in critical thinking. As a result of the frequency with which they communicate their findings to senior management, financial analysts are expected to possess strong communication abilities and the ability to comfortably present in front of groups.

Economics Jobs that require an MBA, preferably in Finance

The fact that graduates of an MBA program with an emphasis in finance are not exclusively prepared for a single professional role but rather for a variety of occupations rather than just one is a significant benefit of earning such a degree. After graduating, a student will have the knowledge and skills necessary to pursue a variety of possible jobs in economics if they have a solid grasp of both the big picture of economics and the various schools of economic theory.

The courses in the finance emphasis cover a variety of topics, including investments, advanced corporate finance, and financial markets and institutions. They teach graduates how to make sound financial decisions, how to evaluate risk, the difference between long-term and short-term finance, and a variety of other important ideas, which lays the framework for a professional path in economics. Despite the fact that the subject of economics is extremely competitive, there are many chances and rewards to be had in the profession, which can exceed the risks involved when one considers the positive career outlook, employment security, and range of salaries.

Put Yourself on the Path to a Profession in Economics by Taking the First Step

If you are interested in pursuing a career in finance and would like to improve your chances of being successful in this field, the online Master of Business Administration program at Ohio University offers a concentration in finance as one of its areas of study. In the Master of Business Administration degree, you will take classes such as Financial Markets and Institutions, Investments, and Advanced Corporate Finance. These classes will equip you to manage investments, comprehend corporate finance, and minimize financial risks.

There is no need to take the GMAT in order to enroll because all of the classes are offered online. As a direct consequence of this, gaining knowledge in the areas of economics and finance has never been simpler or more accessible. Today, with the help of Ohio University, you can make the initial move toward a successful career in economics.

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