What does an econ major get you?

Ask an Economist
Question: 

How do I decide a particular field to focus on under economic careers ? Also what does an economist do in an insurance firm?

Answer: 

With a major in Economics, one does NOT need to decide on a specific career field until they graduate when they likely will have multiple options to choose from.  The Econ degree will prepare graduates for various career paths, even if the decision is made late in one's undergraduate program.  An Econ major will have more training in Economics, Math, and Stat than other majors (including Business) that gives them desired analytical skills in the job market.  There are various types of entry-level careers with general business firms, banks, insurance companies, etc.  where these skills are sought.  Being an 'actuary' is a common job for an Econ graduate in the insurance field.  Actuaries work specifically within the insurance industry analyzing data related to risk, providing companies with statistical probabilities of future occurrences. They focus on the financial losses that are associated with accidents, illnesses and natural disasters, and help insurance companies assign coverage and determine premiums the client should be charged. In addition, the training an Econ major receives is great preparation for advanced studies in Economics, Business, or Law should one choose to go that route.  While in college, an Econ major can acquire internships or work experiences in different fields which is a great way to determine if a certain type of career field or company matches up with their skills and interests.  Attending Career Fairs and talking with company reps can also shed light on what these companies have to offer and what they are looking for in new employees.

Answered by:
Dr. Ronald Deiter
Emeritus Professor
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Last updated on May 28, 2021