Beyond the Numbers: How You Can Pursue a Career in Economics

Beyond the Numbers: How You Can Pursue a Career in Economics

If you’re interested in how economies work — whether at the global, national, state, or community level — you can pursue your passion and secure your own financial future at the same time with a degree in economics. Opportunities within this discipline are extremely diverse, leading professionals with a wide variety of interests to exciting, stable, and lucrative careers.

The Importance of Diversity in Economics

Diversity in economics is vital because it brings a range of perspectives that are essential for addressing the complex challenges of a global economy. A diverse group of economists can draw on varied backgrounds, experiences, and ideas to better understand and analyze economic issues, leading to more effective and inclusive policy solutions. This inclusivity helps to ensure that economic theories and models take into account the needs and circumstances of different groups within society, thus avoiding biases that could lead to suboptimal outcomes.

Furthermore, by promoting diversity, the field of economics can encourage innovation and creativity, as diverse teams are often more successful in problem-solving and generating new ideas. Ultimately, embracing diversity in economics leads to richer insights and a more equitable distribution of economic benefits.

The benefits of diversity in economics can be seen by the contributions of Black economists like Sir William Arthur Lewis, a Nobel laureate from Saint Lucia who pioneered development economics with his dual-sector model, which has influenced how countries approach economic development and policy. Another notable figure, William A. Darity Jr., has extensively researched inequality, social stratification, and reparations, offering crucial insights into the dynamics of racial and ethnic economic disparities in the United States. Another — of many — inspiring example, Cecilia Conrad has made impactful contributions through her work on the intersection of race, gender, and economics, particularly focusing on the economic status of Black women. These economists have not only advanced the field with their research but have also paved the way for more inclusive economic discourse and policy-making.

While Black economists have made significant contributions to the field, Black professionals are still underrepresented in the field. As of 2015, just 4.7% of Black men and 1.5% of Black women prepared for economics careers by earning a bachelor’s degree in this subject. PhDs are necessary for many high-paying jobs in this field, but as of 2020, only 1.2% and 0.4% of these were awarded to Black men and women respectively.

Although there are some programs underway to address this national problem in the long term, one short-term solution is for Black students to pursue an economics major at HBCUs. Studies show that HBCUs across the nation consistently produce the lion’s share of Black economics graduates each year. Compared with other institutions, HBCUs perform better when it comes to helping low-income and academically disadvantaged students stay in college and complete their degrees.

All of this helps to drive the financial health of the US as a whole, but importantly, the health of current and future Black American communities. Students of color who enter the field of economics have the power to improve racial equity in college preparation, higher education, hiring and promotion practices, wealth-building, community development, and much more.

Tougaloo College

Why Should You Go Into Economics?

You may be excellently suited to study economics and not even know it. Yes, it’s important to be good with numbers, but interests in politics, culture, and racial equality come into play here as well. These kinds of knowledge are all key to understanding the structures and policies that shape our economy. If you make a habit of keeping up with the news with regard to current economic politics and policies, you’re already on the right track.

It’s important to note that many entry-level positions in economics require a master’s degree, so keep in mind that going to graduate school might be a wise move. For most who follow this track, their great efforts pay off. According to the Bureau of Labor Statistics, available positions for economists are steadily increasing, and they typically offer a good salary. The Bureau expects the employment of market research analysts to grow 20 percent by 2028, which is much faster than the average rate of job growth.

You could become an economist and provide advisory services as part of an organization, consulting agency, or as a government employee. If you’re interested in becoming a financial analyst or manager, pursuing a graduate degree may be especially beneficial since these positions are as competitive as they are lucrative, with a median pay of $105,630 in 2021. If you would prefer to have more interpersonal elements to your work, however, you may find your niche in an area like economic journalism.

Whatever your interest, students who plan to pursue careers in this field will need to enroll in a bachelor’s degree program in economics. These programs include a wide range of related course subjects, such as:

Economic development
Economic institutions
Economic theory
Micro- and macroeconomics
Government and industry
International economics
Labor economics
Money and banking
Public finance
Regional economics
Statistics

Careers in Economics

Graduates in this field may pursue careers in a wide variety of capacities. Some of these include:

Financial analyst
Accountant
Actuary
Market research analyst
Statistician
Management consultant
Policy analyst
Data scientist

Want to learn more about this possible career path and college major? Have questions about which UNCF colleges and universities offer degrees in economics? Looking for help with financing this degree?

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Preparing for Success

If you’re thinking of pursuing this path, there are steps you can take to set yourself up for success. In high school, focus your efforts toward studying advanced math and history by taking classes such as calculus, world history, and U.S. history. If you can, take AP Microeconomics or AP Macroeconomics. Like many other professions, knowing a foreign language is increasingly valued in this industry.

As you explore the economics programs at different colleges, keep some questions in mind: Does the school offer a bachelor of arts (BA), a bachelor of science (BS), or both? Does the degree offered focus on the parts of the discipline that interest you? Where have students interned in the past? Will the department support you in getting an internship? Does the department offer opportunities outside of class?

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Spelman College

Benedict College

UNCF Schools to Consider

To enter this field, students must at minimum earn a bachelor’s degree. Plenty of great UNCF-affiliated HBCUs offer degree programs in economics.

Professional Organizations

There are also many economics organizations that can provide more insight into some of the specializations in this discipline. A sample list includes:

Scholarships Available

UNCF Koch Scholars

There’s no better way to start on your path to a successful career in economics than with a solid financial foundation. Fortunately, many scholarships are available through UNCF, including some specifically for economics majors. Keep an eye on the UNCF website for current scholarship opportunities and announcements.

Search for specific scholarships and view those that are currently accepting applications here! Students should also check with each college or university to see if there are additional scholarships available to study economics.

As you explore your options, be sure to use our guide to applying for scholarships and grants. You can also receive guidance by submitting a major interest form if you are interested in a career in economics. Submit the form on our website to get started. And follow us on UNCF social media channels to receive notifications about our scholarships and member HBCUs. Reach out today!

You can also show your support for students pursuing careers and furthering equity in the field of economics by making a contribution to UNCF member schools. Education is the greatest tool we have in creating a just and equitable society in which economic mobility is available to all. Help us achieve this future by donating today!