Actuarial analysts who work in the insurance industry use statistical models to analyze data and calculate the probability of and costs associated with certain events, such as product failure, accidents, property damage, injury, and death. They use the results to design and price insurance policies.
Business reporters research, write, and broadcast stories about business leaders, companies, industry trends, economic developments, and financial markets. In essence, they are ongoing students of the modern economic world while also acting as journalists. The curiosity that economics majors often possess about how the economic world functions is essential for success in this field. The ability to write about economic issues in plain language that the average viewer or reader can comprehend is also vital.
Credit analysts conduct microeconomic analyses of prospective clients to assess the risks involved with loaning funds to those people or businesses. They take into account economic trends and factors impacting the region, industries, and competitors of prospective clients. Credit analysts prepare reports summarizing their findings and suggest interest rates that are appropriate given the risk profile of clients.
Data Analysts translate numbers into plain English Every business collects data, whether it’s sales figures, market research, logistics, or transportation costs. A data analyst’s job is to take that data and use it to help companies make better business decisions. This could mean figuring out how to price new materials for the market, how to reduce transportation costs, solve issues that cost the company money, or determine how many people should be working on Saturdays.
Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, or exchange rates. Still, others analyze the effect of 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, including spreadsheets, statistical analysis, and database management programs.
Economic consulting is the practice of providing organizations in the public and private sector with information to improve their performance and policies, primarily through the use of applied economics, mathematical economics, economic impact analysis, and forecasting across a broad spectrum of issues.
An Investment Analyst is a person who performs financial analysis for external or internal financial clients as a core part of the job.
Local government officers are responsible for the practical development of council policies and procedures, and need to ensure that local services are delivered. As an officer, you would need to figure out how to implement public policy in a cost effective way.
Management consultants analyze business problems and research possible solutions to present to clients. New college graduates often start out in positions like research analyst, research assistant, or junior consultant where they support the work of more senior staff. They can then move up to positions like management consultant. The economics major provides an excellent background in the financial and quantitative modeling that consultants use to conduct their analyses. Writing and public speaking skills are also necessary when writing reports and presenting recommendations to clients.
Market research analysts tap the knowledge of industry trends to assess how products or services might fare under various economic conditions. Like economics majors, they are trained to design studies, and gather and analyze data. They must be able to quantify results and represent this information to clients. Market research analysts apply many of the skills that economics majors develop such as the use of presentation software and graphical representation, as well as writing and statistical skills. They must think critically about products and services and solve problems involved with their marketing.
Policy analysts research and analyze issues that impact the public and recommend legislation and governmental intervention to address the problems. Economic knowledge is critical to understanding many of the issues and for creating affordable solutions. Economics majors often have the skills needed to analyze issues like healthcare, taxes, energy, the environment, and international trade policy. Policy analysts rely on strong writing skills to represent the findings of their research and convince legislators and the public of the viability of their recommendations.
A Quantity Surveyor (QS) is a construction industry professional with expert knowledge on construction costs and contracts.
Statisticians must develop techniques to overcome problems in data collection and analysis. Statisticians use statistical methods to collect and analyze data and to help solve real-world problems in business, engineering, healthcare, or other fields.
A stockbroker is a regulated professional individual, usually associated with a brokerage firm or broker-dealer, who buys and sells stocks and other securities for both retail and institutional clients through a stock exchange or over the counter in return for a fee or commission.