Let’s crunch the numbers and check out the 11 best paying entry level jobs for economics majors.
I used to have a weird fixation on Alan Greenspan. I wouldn’t call it a crush but there was something about him–maybe because his name was Alan, or maybe because he controlled the interest rates of my youth. He was chairman of the U.S. Federal Reserve from 1987 to 2006. These were formative economic years for me. Many people blame him in part for the mortgage crisis, per Time: “the super-low interest rates Greenspan brought in the early 2000s and his long-standing disdain for regulation are now held up as leading causes of the mortgage crisis.”
Still I had other economic obsessions including none other than Alexander Hamilton. No, no I haven’t seen it. Thanks for asking. Aside from historical scholars I may have been the only person who had a thing for Alexander Hamilton before his Broadway success. I remember the day I realized they were making a show about him. Oh! I thought, well that will mostly be for weirdo history nerds like me, so I’ll be sure to get a chance to see it. My assumptions have not quite panned out. Kind of like how Hamilton thought we needed to be economically independent…
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I guess I’ll always have Anna Schwartz who co-wrote A Monetary History of the United States, 1867–1960 with Milton Friedman. Friedman’s okay too I guess, even though he’s not a woman he managed to say: “the business of business is business.” Not a bad move. Look forward to my economist action figures coming soon. For now we have the best paying entry level jobs for economics majors.
We first had to research on the entry level jobs available for people with a degree in Economics. We sourced the information from Learn, which is a reputable web site with data about jobs and occupations, how much they pay, etc. The results we gathered from Learn were later on ranked according to each job’s average salaries. The salary rates used in ranking were derived from the US Bureau of Labor Statistics.
How did we figure this out? Each entry level job is ranked according to the average pay you can get if you work as one. The higher the paycheck a certain occupation gives, the higher it will rank on the results. Do you think this list would have the same results like the 12 Best Job Opportunities For Economics Majors has?
Read on to know more about the best paying entry level jobs for economics majors!
11. Market Research Analyst
Average salary: $62,150
Market research analysts require a bachelor’s degree. It is perfect for economics majors since the scope of the job most likely has been part of the course you just took. The projected job growth for this occupation is at 19%, which is faster than the average. Market research analysts’ job description includes studying market conditions and determining sales potentials for a certain product or service.
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10. Loan Officers
Average salary: $63,430
Loan officer jobs rank 10th in our list of the best paying entry level jobs for economics majors. Loan officers are people responsible for approving, authorizing, and recommending loan applications for both people and businesses. They usually work in banks, mortgage companies, and other financial institutions. With an expected job growth of 8%, which is just as fast as most occupations in America, being a loan officer looks like a great job for economics majors.
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9. Insurance Underwriter
Average salary: $65,040
Insurance underwriter jobs rank 9th in our list of the best paying entry level jobs for economics majors. Insurance underwriters are tasked with deciding whether or not to approve insurance applications. They also analyze terms and coverage, which gives the notion that this job might require you to have excellent analytical skills. The need to crunch numbers and predict inflation in this line of work makes it perfect for economics majors. Despite the declining demand, the pay looks good it is still worth a try.
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8. Budget Analyst
Average salary: $71,590
Budget analyst jobs rank 8th in our list of the best paying entry level jobs for economics majors. From the title itself, you might already have an idea of what this job entails. Being a budget analyst simply means you analyze a company or business’ budget to help them organize their finances. Smaller companies take in entry level candidates with a bachelor’s degree, while bigger ones sometimes prefer those with a higher level of education. The job growth is slower than other occupations, but could still be a good one to have because of how much it pays.
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7. Operations Research Analyst
Average salary: $78,630
Operations research analyst jobs rank 7th in our list of the best paying entry level jobs for economics majors. Higher positions for this job would most likely require a Master’s degree, but don’t fret for there are also available entry level positions. In a nutshell, the duty of an operations research analyst is to help companies identify and solve business problems using advanced mathematical and analytical formulas. It could be an intensely demanding job, most especially when problems arise, but the paycheck you get with it still makes it a deserving runner-up on the best paying entry level jobs for economics majors.
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6. Financial Analyst
Average Salary: $80,310
Financial analyst jobs rank 6th in our list of the best paying entry level jobs for economics majors. Financial analysts usually work long hours in the office, studying stocks and helping companies decide whether or not an investment is worth it. The job responsibilities are very much related to Economics, so economics majors would most likely have fun with them. Besides, the pay is really good and compensates well for the demands of the occupation. It is also worth noting that this job has an expected growth of 12%, quite faster than the average.
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5. Management Analyst
Average Salary: $81,320
Management analysts enjoy high wages because of the huge responsibility they have with the job. They are responsible for helping companies maximize potential earnings through cost reduction and sales improvements. Apart from earning well, the job also has impressive job growth projection, which is at 14%–much faster than the average.
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4. Personal Financial Advisor
Average Salary: $89,160
Personal financial advisor jobs rank 4th in our list of the best paying entry level jobs for economics majors. This job would require you to advise people about investments, mortgages, insurance, college savings, and retirement. A degree in Economics will land you a job, although an advancement in the position would most probably require you to have a Master’s degree. However, the pay they offer to entry level positions is already good. With a job growth expectation of 30%, way higher than the average, you know this one is great for the long haul.
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3. Actuary
Average salary: $97,070
Entry level positions for actuary jobs mostly require long term internship. Truth be told, most jobs require that as well. Actuaries’ job includes analyzing financial costs of uncertainty. Strong analytical, economic, mathematical, and statistical skills are required to get the job done well. It is not a job for the faint of heart, as the demands could be too much to handle. No wonder, they get paid so much.
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2. Economic Consultant
Average salary: $99,180
Economic consultant jobs rank second in our list of the best paying entry level jobs for economics majors. It doesn’t get any closer to your major than this. Being an economic consultant means evaluating economic issues, collecting and analyzing data, studying the supply and demands, and researching trends. The job is complex, to say the least. They have varying tasks for the job, which is probably why the pay is really good. This occupation is expected to grow at a 6% rate, quite as fast as most jobs in the US.
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1. Financial Manager
Average salary: $117,990
Financial managers are expected to have extensive experience before they get hired. For smaller companies, an Economics major might be enough, too. The job description includes producing financial reports, analyzing sales and revenues, and developing long-term financial goals for the company. They usually work longer hours and hold a huge responsibility for the health of the business. The pressures of the job are compensated well on their paycheck. The job has a projected demand growth of 7%, which is just as fast as most jobs.
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These days when looking for a job is very challenging, lists like these could be great guides as to where people should be looking at. If you’re an Economics major, try to bag one of the best paying entry level jobs for economics majors.
