Career Options & Salary Ranges for Economics Majors
What jobs can you get with an economics degree in the insurance industry?
Offhand, it can be hard to imagine many careers for economics majors. Yet, economics degrees are actually surprisingly versatile, allowing you to work within a huge range of industries. All it takes is knowing where to look for jobs that will fit you and your skillset. For people who enjoy working with numbers and statistics, the insurance industry is an excellent example of a place where there’s no shortage of high paying jobs you can get with an economics degree.
Insurance Careers for Economics Majors to Consider
The insurance industry is a big tent, requiring a wide array of talents in order to function, including several careers that fall under the banner of economics. Whatever your career goals, experience, or personality, there’s a good chance the industry has a position suitable for you. From positions that require you to work independently to positions that call for you to work as part of a team, there’s no shortage of options.
Actuaries are analysts who determine the cost of risk. Using financial theory and statistics, actuaries can help businesses determine their best course of action. Economic students can excel in these positions because of their background in mathematics and economic theory. And actuaries are among the best entry level economics jobs due to the fact that their competitive pay is paired with excellent job security.
An entry-level actuary earns $57,000 and an average salary of $97,000.
Business operations careers can be quite diverse, ranging from positions in human resources to working as a business analyst. What ties them together is that business operations careers help businesses find ways to run smoother.
For example, the insurance industry makes considerable use of business operations professionals because this sector is composed of businesses of all sizes. Economics degrees are a natural fit because economists are familiar with analyzing problems both the macroscopic and individual level.
An entry-level business analyst earns around $57,000, with a median salary of $70,000.
Like a machine that hasn’t yet been assembled, before analysis, data can do very little for you. A data scientist is an expert at assembling data into something useful. As with many careers for economics majors, data science careers often require extra education.
Becoming a data scientist requires the development of several interdependent skills, especially mathematics, coding, and analysis. Since economics majors have a background in at least two of the three, for those motivated to undertake the challenge, that makes data science careers among the most lucrative analytical economics jobs.
An entry-level data scientist earns around $86,366, with a median salary of $112,000.
But, Why Insurance?
Regardless of your educational background or skillset, the insurance industry can typically offer entry-level positions with highly competitive pay. You can find jobs that offer a traditional 9-5 workweek and positions with more flexible hours. Or you can find careers for economics majors where you’re constantly working with others, or positions where you work more independently.
People just beginning to grow their careers have the opportunity to take advantage of a once in a lifetime opportunity, as the average age in the industry is rapidly approaching the age of retirement. Over the next decade, that will create countless opportunities for people to move up through the industry, as well as learn from people with decades of experience before they’re gone.
Given the huge range of talent required by this industry, it’s almost undeniable that you can find a career that suits your interests and personality… if you know how to look. You can start by taking the MyPath Career Wizard Quiz. And if you’ve already narrowed down your selection, MyPath has plenty of other career advice and resources to help you develop careers in any stage of development.