Why applied economics is a compelling career path
If you are looking for a career that offers a consistently high demand for your expertise, the option to work in a number of different roles in a number of different industries, and the potential to rise as high as management level within an organization, then you should find out more about applied economics.
The main reason why applied economics experts are sought after by many businesses is that they are so useful to them. After all, the fastest way to career success is to offer something which is valuable to others – whether it is a product, service, or in this case, expertise.
To describe it simply, applied economics helps organizations to strategize by using economic theory to predict real-world results. While there is no cut-and-dry application for this, it could be used when a business is making cutbacks, launching a new product at a particular price point, or trying to adapt to a changing economy.
Given the usefulness of applied economics, you might be wondering how you can learn more about it.
This is what you need to know:
You can complete your studies while balancing your existing lifestyle
If you want to become a specialist in applied economics, then you will need to study it at an academic level. Normally, this could pose an issue because if you already have a job or a lifestyle that would be difficult or expensive to change, giving it all up to study at a university would be disruptive (or even risky), to say the least.
Thankfully, you can now study applied economics online, making the balance between an existing job and your studies straightforward. By studying online, you can springboard straight into your new career without taking a hit on your personal or professional lives.
You can find out more about studying applied economics online https://appliedeconomics.bc.edu/.
There are a wide variety of lucrative industries you can work in
One of the most crucial benefits of specializing in applied economics is the wide range of industries you could potentially work in.
This is important for two reasons.
Firstly, it gives you a lot of options. The vast majority of vocations force you to work within one industry, which only has a certain amount of jobs available at any one time. As a result, you never feel as secure as you would like to because you would likely struggle to find a replacement job if necessary.
In contrast, applied economics is sought after by organizations in a huge variety of different industries, from the banking sector to the government. You can always switch sectors if you need to.
Secondly, having options prevents you from becoming bored. Everyone feels stale at some point in their career, but applied economics allows you to keep challenging yourself with new horizons.
You can be flexible with your career path
Another benefit of pursuing a career in applied economics is that it allows you to keep your options open.
If you feel as if you have reached the end of the road with a certain job, then you can always use your expertise in different areas. For example, if you were working as a strategist at an executive level, you could change tack and become a freelance consultant.
Not only does this make your career more enriching, but it makes your lifestyle more flexible too.
Your expertise will always be in demand
Many people struggle to find long-term job security because their occupation is not particularly in-demand. This makes it easy for businesses to choose to target their department when making job cuts, because the organization can function without them.
In contrast, applied economics will always be important for organizations, no matter what industry they operate in.
This makes it easier to command higher salaries, feel more comfortable in the security of your position, and build the foundations of a long and prosperous career.
Closing thoughts
To conclude, applied economics represents a compelling career path because it offers a number of key benefits.
It allows you to pursue a variety of colorful career options – whether you want to work full-time, part-time, or flexibly as a freelance consultant – in a range of different industries.
Furthermore, it gives you the opportunity to experiment with different job roles, whether you want to pursue a leadership role or a more hands-on analytics position.
