Economics is a social science dealing with products and services being generated, sold, and consumed. It explores how people, corporations, states, and nations create decisions regarding allocating capital to fulfill their needs and desires and aims to decide whether such entities can align and manage efforts to achieve optimal production. Economic theory also progresses by deductive methods, like statistical reasoning, in which the consequences of actual human behaviors are viewed in the context of “means-end”.
What do I learn in the Economics Online Master’s Programs?
Economists analyze the development and distribution, of capital, products, and services through data collection and interpretation, pattern observation, and assessment of economic issues.
Economics graduates typically do the following:
- Research economic issues
- Conduct surveys and collect data
- Analyze data using mathematical models, statistical techniques, and software
- Present research results in reports, tables, and charts
- Interpret and forecast market trends
- Advise businesses, governments, and individuals on economic topics
- Recommend solutions to economic problems
- Write articles for academic journals and other media
Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates. Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs. They sometimes present their research to various audiences.
Economists working for corporations help managers and decision-makers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.
There are different fields in an Economics online graduate program, which differ from university to university.
Saint Louis University-Main Campus – The Economics online master’s program at this university prepares students for careers in government and private enterprises, colleges, universities, and research institutions through training in the techniques and applications of economic analysis, interpretation of data, and the formulation and appraisal of public policy.
The University of California-Irvine – The major fields of economics online master’s program are covered with notable strengths in Applied Microeconomics, Labor Economics, Econometrics, Economic History, Experimental Economics, Game Theory, and Decision Theory, Industrial Organization, Macroeconomics, Monetary Economics, Political Economy, Public Economics, and Urban and Transportation Economics.
University of Massachusetts-Amherst – The programs that are offered by this university for Economics Graduate Students are, Introduction to Microeconomics, Introduction to Macroeconomics, Introduction to Political Economy, Intermediate Microeconomic Theory, Intermediate Macroeconomic Theory, Intermediate Political Economy, Marxian Economics, Political Economy of the Environment, Money and Banking, American Economic History, Writing in Economics, Economic Development.
The University of Utah – The Economics online master’s program at this university offers Principles of Microeconomics and Principles of Macroeconomics, Mathematics for Economists, Probability and Statistical Inference for Economists, Intermediate Microeconomics and Intermediate Macroeconomics.
List of career paths for the online Master’s Program in Economics?
Common career paths for economics graduates include:
- Financial risk analyst
- Data analyst
- Financial planner
- Economic researcher
- Financial consultant
- Investment analyst
- Public sector roles
How is the Master’s Program in Economics going to help in your Career?
As a professional economist, you’ll be involved in researching and analyzing economic data, issues, and trends. For the majority of economist careers, you’ll need to study economics at the postgraduate level to gain the specialist skills required. To be a professional economist you’ll also need to be confident in producing economic forecasts and reports to present to clients (individuals, companies, financial organizations, and public bodies) and to advise on policy and/or business strategy accordingly.
Possible employers include local and national government, public and private banks, insurance companies, think-tanks, large multinational companies, financial consultancies, accountancy firms, and local authorities. A sound awareness of current affairs and economic contexts is essential in these roles.
- Economics careers in banking: Banking careers are very popular with economics graduates, offering scope for high earnings and have a high demand for economists. Graduates with a background in economics are particularly valued for roles in financial control, financial planning, risk analysis, data analysis, and consultancy.
- Economics careers in accountancy: These careers require strong analytical skills, mathematical proficiency, computer literacy, an understanding of all elements of company finances, and the ability to contextualize the data collected. Economics graduates are often able to make sense of complex data sets and identify the root of financial problems, making them good matches for accountancy roles.
- Economics careers in business and financial consultancy: Economists and economics experts are at the heart of the business world and financial consulting. Economics graduates may find positions in large and medium-sized organizations where economic research is required. The role of an economic researcher requires in-depth knowledge of economic theories and models, thorough analytical and problem-solving skills, and mathematical ability.
- Economics careers in the public sector: Economics will be valued in all areas of public and private spending, including roles within pricing and risk analysis, financial consultancy, and economic planning. Economist careers in the public sector are often involved in public taxation, transport, commercial and waste services, energy, and other forms of government spending.
- Actuarial and data analysis careers in economics: An actuary is a business professional whose role is to evaluate and advise on the impacts of financial risk and uncertainty. Using knowledge of both business and economics, actuaries provide reports and devise strategies on how to lessen these risks.
- Alternative economics degree jobs and careers: With a background in economics it seems anything is possible. Other common economics careers and roles include auditor, stockbroker, insurer, business manager, retail merchandizer, pricing analyst, statistician, financial consultant, and salesperson.
How much does an Economist earn per year in the United States?
The median annual wage for economists was $104,340 in May 2018.
However, many economists collaborate with other economists and statisticians, sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences. Economists spend much of their time using computers to analyze data, review research, or write findings. Work Schedules Most economists work full time. In addition to working full time in a business or university, some economists consult part-time. Some perform work that may require overtime hours.
As per the latest data from indeed.com, an Economist annually earns an amount of $108,158.
And as per payscale.com, the market range of an Economist ranges from $37,000 to $110,000.
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