5 Benefits of Studying a Degree in Economics

Economics affects every part of our lives. It’s the social science of how people interact and engage with value. Studying a degree in economics opens up the inner workings of how we produce, distribute and consume goods and services worldwide. This varied work also explores how economies work and how people and governments make decisions when presented with the data.

As a whole, economics is a great career option for anyone that loves analysis and has an interest in world markets. So what benefits do having a degree in this field bring?

Skills for a Wide Range of Sectors

A degree such as this Boston College Masters in Economics equips you for careers in a wide variety of industries. For example, many economists work for financial intuitions. While this is a large slice of the jobs, other areas such as law, actuary, and foreign affairs have requirements for these skills. Plus, it’s no surprise that the federal government employs most economists.

Satisfying Salary Prospects

With a good education and work experience background behind you, budding economists can move into careers with great salary prospects. The average national annual wage is $116,020, with New York jobs presenting the best salary opportunities at around $127,520 p/a. Graduates entering this job also enjoy attractive starting salaries, and firms typically offer a good benefits package to accompany it.

Enhanced Job Prospects

This subject is highly versatile and presents graduates with a variety of job opportunities. In addition, the projected growth in the sector is encouraging. With recent fluctuations in market activity, more organizations are using data and statistics than ever before. This growth means employers are looking for skilled and educated individuals who can meet their business’s needs, creating more job prospects in the broader field.

Economics Complements Other Subjects

If you’re not sure about the path you want to take, the bonus of a degree in economics is that it complements other subjects. For example, as it is a social science, it pairs well with political science and psychology as these topics look at people’s behavior within the market. Other more traditional routes also bring finance and economics together.

Transferable Skills

Studying for a degree in economics brings a wealth of knowledge and experience to your career choices. In addition, it provides a host of transferable skills for work and life. The application of elements learned can be attributed in many scenarios and, most notably within the work setting.

Common transferable skills gained during your degree include:

  • Numeracy – all economists need an excellent grasp of numbers and statistics, and this degree boost this understanding
  • Communication – you’ll learn how to explain complex information and present findings
  • Time management – a degree will improve management of deadlines and enhance prioritization skills
  • Computing – the use of analytical software to present data is vital for the work environment

If you have a way with numbers and enjoy analyzing actionable data, studying for a degree in economics could be the perfect option to boost your career.