Applied economics is all about data analysis and interpretation. More than just the collection of economic data, this field is exceptionally varied and teaches students how to make that data useful to policymakers, industry specialists, and financial institutions. Applied economics is unique because it combines economics with practicable action, opening up a range of career options.
The most obvious choice for someone holding a Boston College Master of Science in Applied Economics is also one of the most well-paid. Economistsstudy financial data from around the round, searching for trends and monitoring activity. They use this data to make forecasts about what will happen next for businesses, governments, and entire countries. Most economists work in a specialist area, for example focusing on interest rates, employment, or house prices.
#2 Government advisor
Another of the more popular career paths for degree holders, government advisors do just that. They operate in a similar way to economists, gathering and analyzing financial data and making forecasts. Those forecasts will then be delivered directly to government officials, who will use them to inform policy in a wide range of areas. Advisors can work at local, federal, or national levels, and many people cherish the opportunity to be involved in real change. Advisors have ample room for promotion, too, and many progress into policymaking.
#3 Management analyst
Management analysts work with businesses of all shapes and sizes, helping them to grow and stay profitable in the ever-changing market. Businesses (especially larger, multinational organizations) need to stay ahead of the economic curve, which is where analysts come in. You’ll be tasked with gathering financial data on trade, market patterns, and even taxation. This information informs your forecasts which are used by the business to dictate future strategy. The beauty of this job lies in its sheer variety. There are countless different businesses to work for, including healthcare, cutting-edge science, and IT, so analysts can pursue their own areas of interest. Think about your passions and any additional skills you possess that could help you in such a career direction.
Applied Economics gives students an innate understanding of how world financial systems operate. This translates well into a career as a stockbroker, where forecasting potential market swings is an invaluable skill. Stockbrokers work in high-pressure environments, but the rewards can be just as big. Investing other people’s money (and often the money of hedge funds and investment companies) takes skill, but a grounding in Applied Economics gives brokers a head start on understanding market patterns.
#5 Insurance underwriter
Insurance companies are always on the hunt for individuals holding Applied Economics qualifications. The task of an underwriter sounds simple. They analyze the risks associated with offering a policy and help the company to set an appropriate premium. In reality, the process is extremely complex. It involves the analysis of statistical, financial, and market data, all of which are used to inform prices and premiums. Underwriters crunch through enormous amounts of data, but they must also be able to deliver astute conclusions to their employers.