One of the most prevalent questions a person may ask themselves when they’re deciding to earn a master’s in economics is “What can I with a masters in economics?” Pay and the career options are both concerns associated with what can you do with a master’s in economics.
What Careers Can You Get With a Master’s in Economics?
To address what can you do with a master’s in economics, a person needs to consider the master’s in economics careers. One of the examples of masters in economics careers is an economist. As a master of economics career path, an economist is a person who studies resources, goods, and services in terms of production and distribution. As a master of economics career path, an economist analyzes data and researches marketing trends.
With a master’s degree, a person can teach economic courses, even a college.
A person may want to become a policy analyst if he or she is looking for a master of economics career path. A policy analyst is a person who researches and problem solves social and political policies. This individual helps create solutions and possibly policies or even law.
Another option has a person has is a market researcher. Other possibilities for masters in economics careers include the following:
- Data scientist
- Budget analyst
Besides a career in the field, another option to what can I do with a master’s in economics is to earn a doctorate. The career options and pay increases even further with this option.
Many jobs for those with a master’s degree in economists are with the federal government, besides the U.S. postal service, as noted by the BLS. Other jobs are in scientific research or developmental services, management and technical services, state government, finance, or insurance.
A person may also choose to earn a teaching certificate and work in a college that teaches economics courses. If a person really wanted to work with a younger crowd, he or she could also look into teaching positions in private or public high schools.
How Much Can You Make With a Master’s in Economics?
A person who is asking what can I do with a master’s in economics or is a masters in economics worth it may be wondering about the pay. This is especially the case since a person must spend years and money furthering his or her education to earn a master’s in economics.
The pay varies based on the choice a person makes regarding what to with master’s in economics. Pay also varies based on a person’s location as well as his or her company.
An economist was one career option available with what to do with master’s in economics. In this particular field, a person earns an average of $105,020 per year, which is the same as $50.49 per hour.
Another of the options for careers with a master’s in economics is a statistician. To answer is a masters in economics worth it, a person should consider a statistician usually makes around $92,030 per year, which is equivalent to $44.25.
Additionally, when a person is thinking about careers with a master’s in economics, a person should consider that a person can become a budget analyst. As an answer to what jobs can I get with a master’s in economics, a person can earn an average of $76,540 per year or $36.80 hourly. Generally, this career only requires a bachelor’s degree to take on this role. With a master’s degree, a person can expect to make a higher wage.
What Does the Job Market Look Like for Those With a Master’s Degree in Economics?
Besides having an understanding of what jobs can I get with a masters in economics and the pay rate, a person should also consider how likely he or she will be to obtain a position in the field. Fortunately, jobs for economists are projected to grow faster than average. According to the Bureau of Labor Statistics (BLS), jobs for economists are expected to grow by eight percent from 2018 until 2028. In 2018, there were 21,000 jobs for economists.
A statistician is one option for a career path with a master’s degree in economics. Fortunately, this particular job is also projected to grow. The BLS states it will more than likely grow much faster than average by a rate of 30 percent from 2018 until 2028. As of 2018, there were 47,300 jobs for statisticians in 2028.
A budget analyst is a potential career option for those who have a master’s degree in economics. This job is only expected to grow at a normal rate from 2018 until 2028 at a rate of four percent. As of 2018, there were 56,900 positions for this field.