The Starting Salary for Economics Majors
Economic majors may not land a big paycheck right out of college, but there's plenty of room for job advancement. Some jobs for economic majors can even lead to jobs with six-figure annual earnings. There are many different types of jobs available to graduates who major in economics and each pays differently.
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Economist
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The median annual salary for economists as of May of 2008 was $83,590, according to the Bureau of Labor Statistics. However, economists who worked for a private company instead of for the federal government earned an average of $108,010 annually. The middle 50 percent of economists earned between $59,390 and $113,590. The highest 10 percent of economists earned over $108,010 a year and the bottom 10 percent of economists earned less than $44,050 a year. The starting salary for economics majors is usually toward the lower 10 percent. Economists are responsible for studying how countries use resources like raw materials, labor and machines to produce goods and services. Economists are responsible for preparing reports on these statistics with tables and charts for government officials and companies. If an economist works for a company, they're usually responsible for predicting consumer trends. This helps companies develop new products based on what future trends will be.
Financial Analyst
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The median annual salary for financial analysts was $73,150 as of May of 2008, according to the BLS. The middle 50 percent of analysts in the United States earned between $54,930 and $99,100. The top 10 percent of analysts earned over $141,070 annually and the bottom 10 percent earned below $43,440. Starting salaries for financial analysts tend to be toward the bottom 10 percent. However, yearly performance bonuses are extremely common for financial analysts, which can lead to higher earnings. Financial analysts are responsible for helping companies and individuals make decisions about where to invest their money. They commonly look at the performance of bonds, stocks and commodities. It's extremely common for financial analysts to use statistics software to analyze future trends.
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Loan Officer
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The median annual salary for loan officers in the United States was $54,700 as of May of 2008, according to the BLD. The middle 50 percent of loan officers earned between $39,710 and $76,860. The top 10 percent of loan officers earned over $106,360 and the bottom 10 percent of loan officers earned below $30,850 annually. The starting salary for loan officers tends to be toward the bottom 10 percent. Loan officers usually work at banks and help individuals and businesses apply for loans. They are also responsible for determining the creditworthiness of potential borrowers. The loan officer collects basic information about applicants to determine whether or not they will have the ability to repay the loan.
Investment Banker
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Investment bankers make between $45,000 and $85,000 a year, according to Stateuniversity.com. Investment bankers help companies negotiate large financial transactions and are usually employed by large banking firms. They are also responsible for helping companies issue new stock when they go public.
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