October 23, 2018

Economics: The Transferable Skill

While many people begin their degree with a clear career path in mind, sometimes it’s difficult to make that decision before you begin studying. That’s where having a degree with plenty of transferable skills comes in handy, and economics is just one of them. If you’re thinking of undertaking an economics qualification, it’s just as well to consider the possible fields you may find yourself working in.

A clear path

The areas and careers most commonly and directly linked to the degree include: accountancy, economics and other financial sectors such as banking and consultancy. Particularly in the financial sector, such as in an accountancy role, you may find further study is necessary. For example, a qualification with the appropriate chartered institute or a certificate of education in the field you’re interested in will certainly go some way in helping you find a place in your industry of choice.

Have you considered…?

Actuary

Although requiring a considerable amount of further learning, the study of actuarial science links greatly with the subjects covered in the study of economics. A fully qualified actuary will have learnt and developed skills during their study that allow them to use data and statistics to analyse business risk. This can apply to a number of areas, including life insurance, general insurance and pensions.

To become an actuary, you should expect to study for a further three years at the very least. Actuaries often work in areas such as the public sector and insurance, and part of the qualification requires you to have a certain level of work experience before you can qualify.

Quantity Surveyor

For those wishing to work with numbers but not in the banking and financial sectors, the role of a quantity surveyor includes providing the financial planning and calculations without the notoriously high-pressure environment of a typical financial institute. Quantity surveyors typically work in the building and engineering fields with a focus on getting the best possible result for a project’s budget.

More often than not, a quantity surveyor will be responsible for ensuring a project meets with the associated regulations, as well as working with contracts, risk assessments and the planning and strategy of a project. You can find a detailed description on the Prospects site, here.

Forensic Economist

For those interested in working in the public sector, an economics degree may well be of great use. A forensic economist takes the principles they have learnt during their studies and uses these to analyse different aspects of the law.

Forensic economists are also employed to help those working on legal investigations. This could involve anything from matters concerning property, right through to investigations of fraud. You can find out more on the National Association of Forensic Economics website.

Further study

Of course, there’s always the option of continuing your education further. Many economics undergraduates go on to study further qualifications at university, such as a Masters or PhD, while many of the options for careers in the financial sector require a certain amount of further study too. Obtaining further qualifications associated with economics can help you to specify your field, exploring the distinct areas of this broad, transferable subject.

For more information on GSM London’s Economics course, click here.

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