Top Career Paths: Public Economics and Economic Policy
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If you're doing a degree in economics with a specialisation in public economics or economic policy, you might be thinking about what career you would eventually like to pursue. Here below are some of the top careers paths for graduates in this area. For a comprehensive list of available jobs check our jobs section.
Economist for a governmental advisory organisation
As part of a governmental advisory body, you can use your knowledge of economic policy to help the state in its economic planning and execution. Government projects typically involve working in large, interdisciplinary teams, and are often long-term, lasting years or more. For this reason, this kind of work is suited to people who are patient and able to grapple with complexity. If you derive satisfaction from getting things done, then this might be frustrating for you because of the long timescales involved. You'll also need solid communication skills to work alongside the other members of your team, whose expertise may be in a different area of economics or in another discipline altogether.
Policy advisor to a state representative
Similar to working for an advisory body, representatives such as members of parliament also need advising on economic policies. In Britain, for example, MPs are advised by the Civil Service. These jobs are hard to get and require you to work your way up through the ranks, but they have excellent stability and good benefits, so they are suited to someone who is looking for a long-term career and doesn't want to change jobs every few years.
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Volkswirt*in/Wirtschaftswissenschaftler*in für Konjunkturanalyse und -prognoseAt Deutsche Bundesbank in Frankfurt am Main, Germany
Outside of the civil service, plenty of state representatives will need advice on economic policy too. You could work as a consultant, consulting for decision makers such as city counsellors. This kind of work can be very rewarding as, unlike national policy, local policies can be put into place more quickly, and you can see the direct outcome of your work on a community. This kind of work requires the ability to explain complex economic systems and possible policy outcomes in a way which makes sense to non-economists.
Work for a think tank e.g. Economic Policy Institute
Think tanks promote approaches or advocate for policies, including in the area of economics. The Economic Policy Institute, for example, raises awareness about the needs of low-income workers in the US and how they are affected by economic policies. This work requires a thorough knowledge of economics, but also a commitment to the mission. For people who have strongly held moral principles about economic policy and care about actively working to promote those principles, working in a think tank is ideal. However, this type of work is often not well paid and the hours can be long, so you should be prepared for that. But if you are an activist by nature, then combining your passion with your economics knowledge can make you an excellent candidate for working in a think tank.
International organisations e.g. UN or The World Bank
Another option is working for a large international organisation which will have some interest in economic policy, such as the UN or the World Bank. This work will, like government work, often be long-term and slow in pace, and require you to work in an interdisciplinary team. It is suited to someone who is culturally sensitive and aware of cultural differences around the world. It can be good for those who like to travel to new places, as the work may include field trips or relocations to places around the world. This can be difficult for people who like to be settled or those who have a family but can be good for those who enjoy travelling to new places. It can also help to speak several languages for this kind of work.
For more careers advice for economists, as well as postings about jobs opportunities, study advice, and lots more, see our website at INOMICS.COM.
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