Online Economics Degrees
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Economists are professionals who analyze market trends and make predictions based on their knowledge of economic theories and practical modeling techniques. They are employed by businesses, to help them secure their financial future, and by the Federal government, for analysis of the national economy.
The work of economists is all around you; it can be found on the nightly news, and even in the job outlook and salary predictions in this article. Economists analyze the national markets and economy, to provide businesses, the government, and private citizens with useful information. They help businesses forecast their sales for that quarter, and determine if a market exists for their product; they help the government find ways to combat unemployment and revive a sagging economy. They also use mathematical models to look at domestic and foreign investment markets, to make useful financial predictions.
Most economics positions require at least a bachelor's degree in economics. These degrees introduce students to a variety of economic theories and the practical tools for applying these theories. Many private industry positions require a master's degree, and advanced positions may even require a PhD. The Federal government will be decreasing its hiring of economists in the coming years, leading to a relatively low rate of job creation for this profession. However, due to their widely applicable skills, economists will have good employment opportunities in consulting firms and in related fields such as finance and business. Economics is a well-paid profession, with the middle 50% of workers earning $59,000-114,000 a year.
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Accredited Schools Offering Online Economics Degrees
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Career Specializations
- Microeconomists: The purchasing and sales decisions of individuals and businesses are studied by these specialists.
- Industrial Economists: Industrial economists study the market at the level of the industry; they analyze the decisions of different firms within the same industry, and lend their expertise to monopoly and trust debates.
- Macroeconomists: These are the professionals who look at the economy as a whole, and make predictions about its future. They work with the government, media, and individual firms, to predict future unemployment rates, market growth, and the like.
- Labor/Demographic Economists: Labor and demographic economists are the specialists who make predictions about the future of particular industries, their employment rates, and job opportunities.
- Econometricians: Math, statistics, game theory, and probability are used by econometricians to determine relationships between different parts of the economy, such as government policy and unemployment rates.
Degree Levels Available for Economics
- Associate Degree: 2 years to complete
- Bachelor's Degree: 4 years to complete
- Master's Degree: 2-3 years to complete
- Doctorate: 5-6 years to complete
Education & Certification Requirements
A bachelor's degree in economics is sufficient educational background for some Federal government and private sector positions. This four year program gives students an introduction to a variety of economics issues, including micro and macroeconomics, accounting, statistics, and public policy. Successful economics students are comfortable doing computations, building computer models, and working for long amounts of time on analysis problems.
While a bachelor's degree is good preparation for some entry-level positions, a master's or doctoral degree is required for many jobs in the private sector and for career advancement. These degrees generally take 2-3 years to complete and are centered around a particular economics area, such as public policy, econometrics, or business economics. The most advanced economics positions require the doctorate degree, which provides intensive experience doing research and analyzing results. (BLS)
There are no required certifications that economists need in order to find employment. Voluntary certifications are not widespread in the economics industry, although they do exist. Economists interested in the field of international economic development can seek out voluntary credentials offered by the International Economic Development Council. To earn this credential, applicants must have four years of economic development professional experience and a passing score on the IEDC's exam.
Salary Information
Economics is a well-paid profession. Those with a bachelor's degree seeking entry-level employment can expect offers at around $59,000 a year. Those with professional experience or a master's degree can earn $84,000-114,000 a year and higher. Federal government economists make an average yearly salary of $108,000. Economists in scientific research and development earn the most, with an average salary of $129,000 a year, followed by those in management, technical, and scientific consulting firms, at $123,000 a year. (BLS)
Job Outlook
The Bureau of Labor Statistics predicts that overall growth for economists will be slower than average, during the 2008-2018 period. The main reason for this slow growth is reduced hiring by the Federal government, which employs 53% of all economists. However, the demand for economic analysis skills will still be high, and economists will find good job prospects in related fields like finance and business. Scientific, technical, and management consulting firms will be the sector of private industry hiring the most economists during this period. Those with a master's degree or PhD in economics should have the best opportunities, although bachelor's holders should still be able to find to find employment in areas outside of economics that utilize economic analysis. (BLS)
Related Careers
Careers in finance often rely on economics skills, and economists may be able to pursue jobs as financial analysts. These professionals help individuals and businesses decide where to invest their money, in order to meet their financial goals. The finance field is predicted to grow at a faster-than-average rate in the 2008-2018 period. (BLS)
Microeconomics is somewhat similar to marketing, in that it explores personal buying habits and their affects on industries and the economy. Businesses may employ economists to help in their market analysis efforts. Marketing experts must also be versed in current consumer trends, as well as the statistics regarding consumption.
Accounting is a bit more distantly related to economics, but it's a profession that's still centered around the economy and finance industry. Accountants are used by businesses and individuals to keep track of their finances and to keep them in line with the tax code; the government uses accountants to perform audits and run the U.S. tax system.
