Navigating Your Economics Degree: From Risk Management to CEO

I was talking to my best friend about this. He also studied economics. First off, I am back in school by choice to do a career change, but that is not to say economics didn't provide me with ample career opportunities. We both agreed that economics is the perfect ‘background degree'. It is versatile and can be coupled with other fields to enhance its value.

The Versatility of an Economics Degree

I think it is good to couple an economics degree with a minor, and one of the better minors to combine with economics would be computer science. This combination opens up a new realm of possibilities. However, economics can be applied to many different fields. You can almost redefine it as a way to study and model the incentives that drive any specific industry or sector. It truly is the science of the social sciences.

Applying Economics in Various Fields

With an economics degree, you can do things like work for a bank on the financial side, the technology side, or even the marketing side. I had the opportunity to work for a well-known social media company where I helped with case studies on how they could further monetize their product by breaking down specific aspects of user behavior. As long as you are innovative and somewhat creative, you can apply economics to anything.

Other Industries:

Pharmaceuticals Health care related fields Actuarial science Economic policy Non-profits Agriculture Sustainability Mining Petroleum Trading/Finance/Banking Statistics Data science No Regrets:

I do not regret my first degree, and while I am continuing my education, I will definitely use my economics in whatever I do in the future. My journey with an economics degree began almost by accident. I earned my degree in 1958 to avoid being drafted into the army, as I needed a student draft deferment. The degree was the only major that fit my earned credits and allowed me to graduate with my high school class.

The Unexpected Path:

After obtaining my economics degree, I got my law degree for the same reason. I was still eligible for the draft if not in school, and somehow, I got into a top law school. I graduated and moved into the world of corporate law. Years later, I landed a job as the CEO of a big utility company with some serious financial challenges. Believe it or not, my 30-year-old economics degree still enhanced my credibility in negotiations with our creditors and regulators more than my law degree.

Thanks goodness for the draft! While my primary choice was economics, it has proven to be a valuable asset in both my career and negotiations. If you are thinking about pursuing an economics degree, consider the numerous career opportunities and the versatility of the degree. Whether you aspire to be an insurance risk manager, a CEO of a utility company, or anything in between, the skills you gain from an economics degree will serve you well.