Discover the best institutions to study Economics and Business to build your career. You might be thinking, are economists in high demand? From 2020 to 2030, there will be a 13% increase in employment for economists, which is way faster than the average for all other occupations.
This is so because numerous occupations call on the expertise of economists. The demand for economists will increase as more businesses seek to develop their business models in economically strategic ways. Graduates with economics knowledge are in high demand in the job market.
Moreover, Economics is a subject with a broad range of transferrable analytical and problem-solving skills so that graduates can find work in various fields. So get yourself started now! This article will teach you about top global universities for economics and career opportunities.
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Source: Harvard University
The Harvard Economics Department has traditionally attempted to use the scholarship to address the world's most important economic issues. The Faculty and students research various fields, including climate change, game theory, racial disparities, econometrics, health insurance, gender norms, stock market crashes, political dysfunction, and world poverty. The Ph.D. program for Economics at Harvard is intended for students who want to train for teaching and research careers in academia or leadership roles in the public sector, academic institutions, or private businesses. It is expected of students to give their academic pursuits their complete attention. All students in the Economics Department must attend introductory and intermediate economic theory courses to gain a solid understanding of basic economic concepts. Since these fundamental ideas are based on mathematical models, all concentrators must have a foundational understanding of calculus. The Department mandates that concentrators acquire the statistical expertise needed to validate economic theories using data from the real world.
MIT Department of Economics has led economics teaching, research, and public service for more than a century. The program attracts new generations of students to the field with courses quite advanced in economic knowledge to develop groundbreaking research. They provide undergraduate students with the fundamental skills for various jobs. Each year, 20 to 24 full-time students are admitted to their Ph.D. program and graduate in five to six years. Students must finish two major and two minor economics fields beside the core curriculum in macroeconomics, econometrics, and microeconomic theory. Doctoral students collaborate with Faculty outside the classroom to strengthen their research skills while obtaining practical experience in theoretical and empirical studies. To know further details, you can visit their website.
Source: Stanford University
The Department of Economics is dedicated to expanding the number of underrepresented teachers, staff, and students. The interests of economic majors are diverse, so they have organized the courses into the following Focus Areas: Finance, International & Development, Government Policy Analysis, Quantitative Methods, Business Strategy, and Regulation to provide advanced guidance in building careers in Economics. To fulfill the prerequisites for a Bachelor of Arts in Economics, the student must concentrate on a particular field or study 80 units of various courses. The honors program is designed to foster a more extensive economics study than the typical major.
The University of California Berkeley's Department of Economics has a solid reputation for producing creative Ph.D. graduates. Many other prestigious organizations, including Harvard, MIT, Yale, the US Federal Reserve, and the World Bank, have recently hired Berkeley Economics Ph.D.s. The research division of the University is regarded as the best in the world. Berkeley has been placed third among all US Economics departments by US News and World Report. The Faculty members and students at Berkeley Economics have made groundbreaking contributions to economic theory, econometrics, macroeconomics, and all other significant areas of applied study. They have also held high-level policymaking positions both domestically and overseas. The Ph.D. program has been designed for students who want to pursue advanced study and perform unique research in Economics. The Ph.D. degree is given in acknowledgment of the recipient's general economics training and capacity for scholarly accomplishment in their chosen domains of expertise. The Economics Undergraduate Student Services Office is situated at 539 Evans Hall. The advisors can help with scheduling, major declaration, resource recommendations, academic challenges, research, the honors program, and more.
Source: University of Chicago
The University of Chicago's Department of Economics has consistently been rated as one of the top few programs worldwide. The Department of Economics receives 600–700 applications for 20–25 students entering class each year. There are more qualified applicants than openings in our pool of offerings. The Department of Economics evaluates each applicant based on many factors, including the applicant's prior educational history, letters of recommendation, a writing sample, prior research experience, GRE and TOEFL or IELTS scores, the compatibility of the applicant's research interests with the Department's program strengths, and any unique circumstances that the applicant may wish to draw the Department's attention. There are no arbitrary cut-offs regarding a student's grade point average or test results; the Department examines each applicant based on all available information. The Ph.D. program's main objective is to prepare students for jobs in economics research and teaching in general.
Source: University of Pennsylvania
The Economics Department of the University of Pennsylvania's School of Arts and Sciences is considered in the top ten in the country. Its active and research-focused Faculty is devoted to advancing economic science. The goal of Penn's economics Ph.D. program is to develop the next wave of brilliant research economists. Successful graduates work in academia at prestigious institutions or in research in the public and private sectors. One of the largest undergraduate programs in the School of Arts and Sciences is offered by the Department of Economics. The curriculum aims to increase undergraduates' economics literacy and analytical skills. The International Economic Review, one of the top periodicals for general readers in economics, is also housed in the Department's editorial offices. The Economics Department offers two majors—Mathematical Economics and Economics. To know more, you can check the website.
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The LSE Department of Economics has specialists in every area of conventional economics. The Department's research has addressed significant global concerns like climate change, economic instability, economic growth, and national and global productivity and inequality, frequently catalyzing significant policy debate and formulation changes. They offer three single honors degrees in Economics, Econometrics and Mathematical Economics, and Economics with Economic History. And also degrees that combine economics with economic history, environmental policy, geography, government, philosophy, and mathematics.
Source: Columbia University
The Department of Economics is recognized as one of the world's best places to study, research, and teach economics. Economic History, Industrial Organization, International Macroeconomics, International Trade, Labor Economics, Macroeconomics, Monetary Economics, Microeconomics, Political Economy, Public Economics, and Urban Economics are just a few subjects taught by the Department's many eminent faculty members. The Department offers five multidisciplinary majors tailored to diverse student interests and career aspirations in addition to a general economics degree. The prerequisites for each undergraduate degree vary, but they follow the same basic framework of core theoretical courses that serve as the groundwork for more advanced elective courses that end in a senior seminar. The graduate students are trained in an extraordinary research environment by faculty members.
Source: New York University
NYU Economics is one of the world's leading economic research departments. It is frequently recognized as one of the best departments for academic study in economics for advanced research in markets, data, psychology, and their crucial interaction. The C.V. Starr Center for Applied Economics, which has as its main goal the advancement and development of rigorous applied work in the economic sciences, is housed within the Department of Economics. This goal is attained through a dedication to offering research support and establishing forums for intellectual discussion. The website of the Center contains a selection of the research areas in which our academic members are engaged. All students engage in research, speak with experts in many economics subfields, and interact with them. The strong morale and research culture that the Ph.D. students have built here at NYU Arts & Science consistently generates the best applicants for prestigious academic employment.
Source: Erasmus University Rotterdam
The Erasmus School of Economics offers a top-notch education in economic sciences and econometrics to more than 7000 Dutch and international students each academic year. The Erasmus School of Economics is the obvious choice for ambitious students who want to major in economics or econometrics. The school features three departments of business economics and one each of applied economics and the Econometric Institute. The skilled academic team is housed in the departments, and they have expertise in a wide range of fields, including data science, finance, marketing, behavioral economics, and health economics. In the Ph.D. program, the candidates are encouraged to do groundbreaking research while being personally supervised by eminent, top experts from across the world. The Ph.D. applicants are paid excellent salaries and can access all the perks of working at a world-class institution.
Source: University of Oxford
Oxford University is a world leader in economics. The researchers are committed to develop the next generation of economic leaders and help them to inform and improve public and economic policy throughout the world. A thriving and interconnected community focused on advancing early career researchers has contributed to the scope and depth of the Department's research. The Department continues to have top-notch knowledge in the fundamental disciplines of microeconomics, macroeconomics, and econometrics while developing strong research clusters in more specialized subfields, including applied microeconomics, behavioral economics and game theory, and economics of climate change and sustainability, machine learning, and others. The MPhil in Economics is intended to give thorough instruction in economic theory, applied economics, and econometric theory and methodology. The MSc/MPhil in Economic and Social History program provides a distinctive framework for economic and social history research training. The nine-month MSc in Economics for Development heavily emphasizes applying contemporary economic analysis techniques to economic development theory and policy. The course will prepare you for continued academic study or employment as a professional development economist in governmental or corporate organizations, international organizations, or both. For more updates, you can check their website.
For assurance of a greater level, a degree in economics will increase your employability in numerous sectors. The global job market has a high need for highly educated graduates, and because economics majors build highly transferable analytical and problem-solving skills, there are many career opportunities for them. Researching and analyzing economic information, problems, and trends will be part of your job as a professional economist. To acquire the specialized knowledge needed for most economist positions, you must study economics at the postgraduate level. A professional economist must also have the self-assurance to provide economic projections and reports for clients and to provide pertinent policy and business strategy advice.
The municipal and federal governments, public and private banks, insurance providers, major multinational corporations, financial consultancies, accounting firms, and local authorities are all potential employers. In these positions, having a solid understanding of current events and economic conditions is crucial. Check out these career options-
Although you may need professional training to become a licensed accountant, many accountancy positions are open to those with an economics degree. Accountancy careers frequently center on gathering, organizing, analyzing, and communicating financial data. Strong analytical abilities, mathematical competency, computer literacy, familiarity with all aspects of business finances, and the capacity to contextualize the gathered data are requirements for these positions. Economics graduates are strong candidates for accountancy professions because they can frequently interpret large data sets and pinpoint the source of financial issues.
The business world and financial counseling are at the core of economists and economics professionals. Graduates in economics may find employment in large and medium-sized companies that require economic research. An in-depth understanding of economic theories and models and strong analytical and problem-solving abilities are prerequisites for the position of an economic researcher. Financial consultants in economics would fill similar responsibilities; however, they may produce reports and offer business strategy advice while working for several clients rather than just one. In these positions, having current industry expertise and an understanding of corporate finance is crucial.
All facets of public and private spending, such as responsibilities in pricing and risk analysis, financial consulting, and economic planning, will favor those who have studied economics. Careers as economists in the public sector sometimes involve work with taxes levied on the general populace, transportation, commercial and waste services, energy, and other types of government spending. Economics students are currently experiencing a surge in demand in this field, largely due to the most recent global recession and the tightening of economic regulation by governments around the world.
A business professional responsible for assessing the effects of financial risk and uncertainty is known as an actuary. Actuaries create reports and plan methods to reduce these risks using their understanding of business and economics. Most entry-level positions in this industry are in insurance and pensions, but later on, you may have the chance to move into banking, investments, and healthcare. Actuaries need to be adept at arithmetic and statistics compilation, but they also need to explain complex information to non-experts effectively.
It seems like many opportunities are at the door when one has an economics background. Auditor, stockbroker, insurance, business manager, retail merchandiser, pricing analyst, statistician, financial consultant, and salesperson are popular economics professions and positions.
But if none of the above-mentioned options appeal to you, what can you do with a degree in economics? You can think of broader options like market research, politics, public relations, social research, IT, media, law, international development, management, human resource management, and taxation. Alternatively, you could even get into business for yourself! So set your goals and choose the best University to earn a degree in Economics.