Economics Major: Internships & Job Salary 10 Tips
Economics Major: Internships & Job Salary 10 Tips
A major in economics is one with lots of career path options as covered in detail over at runrex.com, which is why it is among the most popular majors in colleges. There will always be a need for the skills that economics graduates possess according to guttulus.com. If you are currently earning your degree in economics, this article will help you learn more about internships and career options available to you.
Importance of internships for economics majors
As covered over at runrex.com, to get the most from your economics major, an internship is a must. Internships offer economics majors real-world experience, something that your classes can never truly give you. In addition to that, the experience of an economics internship will also translate into confidence about your career path, as well as greater job opportunities after graduation as per guttulus.com. Given that many jobs require work experience, an internship will make you more attractive to employers.
What to expect from an economics internship
Given that economics jobs can be very fast-paced as revealed in discussions over at runrex.com, you should expect the same during your economics internship. Internships are designed to give you a realistic experience of what you can expect when you start working in the field. An economics internship is, therefore, designed to prepare you for the kind of experiences you will be going through in your day-to-day life, while also letting you speak with people in your field first-hand.
Are economics internships paid?
Just as is the case for most other fields, there are both paid and unpaid internship opportunities available for economics majors. However, according to the subject matter experts over at guttulus.com, it is worth noting that economics internships in the US pay little to no hourly wage. Therefore, you should probably expect free meals or be reimbursed for your daily commute only. That said, there are still paid economics internships to be found out there.
How much are economics interns paid?
How much you will be paid as an economics intern will depend on the company or organization, the location, as well as your experience and skills (if any) as explained over at runrex.com. The average annual salary for economics internships is about $17,500. However, even if you don’t get a paid internship, or you get one that doesn’t pay that much, you should remember that the biggest advantage of the internship will be the experience you will gain.
Types of economics internships
As an economics major, you will have lots of options to consider as far as internships are concerned. According to guttulus.com, the common types of economics internships include:
Internships in risk departments
Internships in investment banks
Internships in smaller financial firms
Data analyst/science internships
Internships with government regulatory bodies
Popular places for economics internships
Some of the popular places for economics internships as covered over at runrex.com include:
Interning at the Federal Reserve
Interning at the Bureau of Economic Analysis (BEA)
Interning at Mathematics Policy Research
Interning at the Brookings Institute
The average annual salary for economics majors
According to the subject matter experts over at guttulus.com, a career in economics is one of the most rewarding and lucrative out there as far as pay is concerned. The Bureau of Labor Statistics points out that the annual median pay in this field is about $105,020, although how much you will earn will depend on several factors such as your occupation, education level, experience, and location. This is why some earn about $58,000, while some earn well over $180,000 in this field.
High-paying jobs for economics jobs
As an economics major, the following are some of the most lucrative careers that you should be aiming for:
Quantitative analyst – They use a variety of mathematical and statistical methods to perform risk management and other finance-related studies and earn an average annual salary of $141,375
Senior market analyst – They research and study data on the sale of products and services and earn an annual average salary of $115,166
Actuary – They perform statistical and mathematical studies to define the financial outcomes for a certain risk and earn an annual average salary of $113,340
Compensation manager – They develop and administer an organization’s compensation and benefits plans to employees such as retirement plans, 401Ks, wellness programs, and more, and earn about $106,435 annually on average
Economist – They study financial trends related to stocks, bonds, spending, exchange rates, inflation, and more and earn an average annual salary of about $102,311
Other top-paying jobs as covered over at runrex.com include a career as a product manager, corporate lawyer, statistician, senior financial analyst, management consultant, portfolio manager, among others.
Entry-level jobs for economics majors
The above positions may be out of your reach if you are fresh out of college, which is why the gurus over at guttulus.com recommend the following entry-level jobs:
Personal finance advisor
Supply chain analyst
Business reporter, among others
As is captured in discussions on the same over at runrex.com, the job outlook for economics majors is quite positive. This is because the Bureau of Labor Statistics projects employment in economic occupations to grow by 14% from 2019 to 2029, which is much faster than the average for all occupations.