Economics degrees are often touted as a pathway to a lucrative career in finance, consulting or government. While these are certainly viable career paths, economics degrees can offer so much more than just a high-paying job (though the paycheck is nice, too).
One often overlooked benefit of studying economics is that it can help us better understand the world around us. Economics studies how individuals, businesses, and governments decide and allocate resources. By understanding these concepts, we can better understand inequality, climate change, and international trade.
In this blog, we’ll explore the different and unique value of a master’s in economics beyond the typical career paths.
Economics offers several traditional career paths that continue to play a significant role in shaping industries and policies. Economic analysts interpret data and forecasts to guide decision-making, typically working for government agencies or businesses. Financial economists focus on markets, investment trends, and risk management, providing insights into financial systems. Corporate economists help businesses navigate market conditions, pricing strategies, and growth opportunities. Labor economists study employment trends, wage disparities, and the impact of immigration, advising on labor laws and policies.
Each of these roles requires a strong understanding of economic theory and data analysis, forming the foundation for informed decision-making across various sectors. But for those looking for something more from a master’s degree in economics, you should consider an atypical path.
A master’s degree in economics is a versatile degree that can open doors to many careers beyond the traditional roles of an economist. In fact, economics graduates possess a unique set of skills that make them valuable assets in fields like data science, marketing, and entrepreneurship.
Economics degrees can prepare students for a variety of careers that don’t necessarily fit the traditional mold. For example, if you want to start your own business, an economics degree can help you understand the principles of supply and demand, market competition, and pricing — all essential skills that help entrepreneurs make more informed decisions about how they launch and grow their business.
So, whether you’re interested in working for a tech company or even launching your own startup, a master’s in economics could be the degree that equips you with the right knowledge and skills to succeed.
Here are a few examples:
By pursuing an unconventional career path, you can apply your skills and knowledge in new and exciting ways while still enjoying the intellectual rigor and professional opportunities of economics.
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Economic Analyst Financial Economist Corporate Economist Labor Economist Policy Analyst Government Economist |
International Economist Industrial Organization Economist Data Scientist Quantitative Analyst (Quant) Econometrician Market Research Analyst |
Risk Analyst Management Consultant (with Economics Focus) Pricing Analyst Economic Consultant Health Economist Environmental Economist |
One of the best advantages of a master’s in economics is the opportunity to explore interdisciplinary topics and develop versatile skills that are in high demand across a wide range of industries.
For example, economics graduates can combine their skills with law and public policy to work in environmental regulation, antitrust, or international trade. Working for government agencies, law firms or public policy organizations, economics graduates can help shape regulations and policies that affect businesses, consumers and society as a whole.
Combining economics with another field can make you more versatile and marketable in today's rapidly evolving job market. Employers increasingly seek candidates who can think critically, solve complex problems, and communicate effectively across disciplines. Pursuing interdisciplinary opportunities during a master's in economics program can provide graduates with the skills and experience necessary to diversify their careers.
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A master’s degree in economics equips graduates with a deep understanding of global economic systems and policy-making. Many economics graduates work in international development organizations, where they can use their skills to address issues of poverty, inequality, and climate change.
In these organizations, economists may work on a range of tasks, from conducting research and analysis to advising policymakers and implementing programs on the ground. Their work may involve designing and evaluating development projects, analyzing economic policies and trends, and providing technical assistance to governments and other stakeholders. By contributing their expertise to these organizations, economists can help make a difference in addressing some of the world's most pressing challenges.
At its core, economics is about understanding how people and societies make decisions about the allocation of resources. A master's in economics can equip graduates with the skills to tackle some of the world's most pressing problems — from poverty and inequality to climate change and healthcare, economics can be applied in a wide range of areas to create meaningful change.
One example is the work of Esther Duflo, a renowned economist who received the Nobel Prize in Economics for her research into poverty alleviation. Duflo’s work focuses on finding effective interventions to help people living in poverty, like providing access to clean water or education. Her research has been instrumental in shaping development policies around the world.
In addition to high-profile examples like Duflo, many economics graduates go on to work in their communities to create positive change. Some work for non-profit organizations that aim to alleviate poverty or address social justice issues. Others work in local government or for community development corporations, using their economics skills to analyze data and make informed decisions about allocating resources.
A master's degree in economics can open up a world of possibilities if you want to make a positive impact in your communities and beyond. With interdisciplinary skills, specialized knowledge, and a global perspective, graduates with an econ master’s degree are well-positioned for success in a variety of fields, from data science and marketing to public policy and international development.
At SMU, we offer a rigorous and engaging economics program that prepares students for a wide range of careers and opportunities to create meaningful change.