Individuals who wish to advance their career may want to pursue an economics Ph.D. degree. Doing so opens up numerous career opportunities, as this field influences most industries today as well as nearly every walk of life. People want to know if the money they will invest in getting this degree is worth it in the long run. They also wish to know what they can do with the degree, what some similar opportunities are, and how much they will make if they secure the degree. The following guide answers these questions and more.
The Value of an Economics Degree
An economics degree allows a person to analyze financial trends and data at a level most people cannot meet. They become invaluable to companies as a result of their skills because they can devise economic solutions while providing the business with crucial advice. As a result, individuals with this degree remain in high demand.
Job Growth
The Bureau of Labor Statistics predicts job growth for economic majors will increase 14 percent through 2029. Men and women find they can obtain a job in almost any industry and earn a nice income when doing so. In fact, experts consider this to be one of the highest-paying postgraduate degrees offered today.
Is This the Right Field for You?
Before pursuing an Economics degree, individuals need to ask themselves certain questions. Do you love to gather and analyze data while learning about historic and future trends? Can you use this information to create financial forecasts? If a person answers yes to both of these questions, this might be the degree for them.
People who love to help businesses resolve fiscal issues should consider this degree, and the same holds for men and women who love finding solutions to financial problems. What are some skills a person should have if they wish to pursue a career in economics?
Necessary Skills
Analytical and critical-thinking skills remain essential for individuals working in this field. These skills allow you to review data critically to find patterns and make predictions about the future. You must pay close attention to detail when doing so.
Excellent communication skills ensure you can share findings with others. This must be done in a way the average person can understand. Furthermore, it makes you more competitive in the job market, as not all people have the ability to communicate clearly.
What Jobs May a Person Get with an Economics Degree?
People find economics plays a role in many industries. As a result, a person with a UC Merced economics degree may find they get a job as an economist. This allows them to study data and predict financial trends. With this information, an economist suggests solutions to current fiscal challenges.
Mathematicians and statisticians gather data to use when solving a problem. They may create surveys or experiments to collect the data they need for a particular issue. Once the data has been collected and analyzed, the statistician or mathematician presents their findings and recommends solutions based on what they have learned.
Budget analysts monitor a company's spending and create reports to plan for future budgets. They turn to past financial documents to learn where a company's money has been going and find ways to make changes where needed.
Senior financial analysts oversee a company's business investments. They look at trends and how they affect the company's bottom line. Individuals working as senior financial analysts often find employment in mortgage companies, government agencies, and banks, where they work to improve the client's financial growth.
Alternatives to a Ph.D. in Economics Degree
Men and women might find an economics degree isn't right for them, but they love the field. They wish to work with financial data and provide businesses with positive solutions. To do so, they may choose to pursue a Master's in Finance, a Master's in Business Administration, or a Master's degree in Science of Economics. A Master's in Finance program can typically be completed in only one year, while a Master's in Business Administration provides the individual with the skills needed to run a business successfully. A Master's in Science of Economics allows the person to take a broader approach to the field of economics.
Salary
Students want to ensure they will earn a good salary if they spend the money needed to obtain a graduate degree in Economics. Financial managers earn a median salary of $134,180 while survey researchers bring in a median salary of $59,870. Actuaries, financial analysts, and budget analysts earn somewhere between these two figures, according to the Bureau of Labor Statistics. Some career options require additional training, licensure, and more.
Coursework
Students pursuing a Ph.D. in Economics will take courses covering a range of topics. However, the goal of the program is to help each individual develop advanced problem-solving and analytical skills. These skills allow them to make decisions that positively impact their client's financial situation. During their coursework, students learn to design, collect, and analyze data research. They do so to better understand the past, present, and future financial position of the client.
Classes a student may take when enrolled in this program include applied econometrics, financial stability and growth, and advanced mathematical economics. Other course options include microeconomic theory, public economics, and labor economics. The coursework varies by the educational institution selected.
What Economists Do
An economist will be asked to collect data and research before analyzing it. They may design and conduct surveys as part of the information-gathering process, as these tools help them evaluate financial issues their client is experiencing. They review forecast data of the company's financial trends to get a better understanding of where the company has been, where it is now, and where it will likely go in the future.
Mathematical models and statistical techniques become of great help when an economist is advising a client and recommending solutions to fiscal issues. The economist may also be asked to create and share reports with customers, shareholders, and more. At times, these reports make their way to the media, where they are shared further.
Most people consider a graduate degree in Economics to be a desirable degree. With this degree, they find they receive access to high-paying careers in a number of industries. Completing this degree requires diligence on the part of the student, as the work is research-heavy and intensive. Nevertheless, online programs today allow for flexibility in completing the work. Learn more about this degree option today to determine if it is right for you.
About University of California Merced:
The University of California Merced Economics program prepares students for a career in government, public policy, academia, and various industries. Students engage in research and collaborate during their schooling and interact with scholars from across the globe to further their education. Staff members bring experience in innovation, development, political economy, international trade, and more to each student interaction.
