What can you do with an economics degree?

So, you’re curious about a career in economics, but you’re not sure what jobs you can do with an economics degree. Let’s explore all the potential pathways and opportunities you can enjoy in this field.

At first glance, the Bachelor of Economics is often misunderstood as a degree consisting entirely of numbers, money and analysing the nation's interest and inflation rates.

However, economic theory is about trying to understand the relationship between different things to make informed decisions, or reverse bad ones.

This means that by studying economics you can not only improve your understanding of the world around you, but what you learn can also be applied to anywhere your passions might take you – from climate change to pandemic planning, healthcare to household finances.

“Economics is more than just graphs and mathematical equations – it’s a social science. It involves studying what motivates people, the decisions people make in certain circumstances, and the costs of these decisions.”

- Michaela Gyasi-Agyei, Bachelor of Economics / Bachelor of Laws (Hons) graduate

Economics: the science of people

Economics is often described as a ‘science of people and behaviours' and involves seeking to understand how human behaviour can impact the world around us – especially in terms of resource allocation, wealth distribution, access to justice and more.

By applying a social understanding or pattern to populations of human beings, economists can uncover:

• why markets react the way they do
• what results might occur and why (e.g. basic supply and demand)
• how a nation’s future might be economically impacted
• how we can influence change now to build a different future.

Needless to say, economists are integral to creating change and shaping the circumstances of people, planet and profits.

Upon graduation, you could be looking at a variety of jobs in economics including but not limited to:

Potential economics degree job opportunities

Read on to learn about the many career paths available to economists in areas including health care, sustainability, tourism, finance and philanthropy (to name a few). Or skip ahead to the area that interests you:

• Social enterprise
• Environmental economics
• Health economics
• Tourism and economics
• Economics and the community
• Financial economics
• Emerging trends and the unknown

Building a social enterprise

Economics can provide an insight into real-world scenarios and trigger a fundamental shift in thinking – allowing people to discover solutions that reduce imbalances and support minority communities.

Mikhara Ramsing (Bachelor of Laws (Honours) / Bachelor of Economics) is a UQ Distinguished Young Alumni Award winner and one of the Australian Financial Review’s Top 100 Women of Influence (2019). She graduated in 2015 and started her own Australian-made social enterprise, where 50% of the profits fund suicide prevention.

Founded in 2019, Miks Chai – ‘tea for mental health’ – is a simple idea put to good use, which, when backed by a strong understanding of supply chains, economic theories and human behaviour, was destined to thrive.

“I loved my economics degree at UQ, particularly the courses that pushed us to think about the social and political impacts of different economic models,” says Mikhara.

“It made me feel empowered to be the change I wanted to see in the world.”

Mikhara didn’t stop there though, taking on the position of project manager for community incubation and innovation at UnitingCare Queensland in 2021. At the same time, she continued to run her second successful company, Ethnic LGBT+ – an online platform that has helped over 5000 culturally and linguistically diverse LGBTQIA+ individuals navigate national resources.

“An understanding in economics enables me to dream big every day,” she says.

“I understand the micro, meso and macro interactions that make the way we work and design so interesting. I feel like I’m solving the problems that matter to people and planet.”

“These are complex challenges that require all minds coming together to create a better future.”

- Mikhara Ramsing

With an economics education, you’ll gain insight into real-world scenarios and experience a fundamental shift in your thinking that allows you to discover and understand potential solutions to problems.

Can you be an environmental economist?

Current graduates have more opportunities to work in the environmental space than any previous generation. The same goes for students graduating with a Bachelor of Economics who are eager to play their part in a greener future.

Today, there are government departments dedicated to the allocation of natural resources and increasingly, private businesses are also looking at developing their corporate social responsibility (CSR) alongside their financial sustainability. Both the private and public sectors hire environmental economists to quantify costs – such as in the above Great Barrier Reef study – and subsequently inform policies, business logistics and sustainable viability for the future.

Often these roles conduct cost-benefit analyses on a number of areas, from renewable energy use in households to funding new installations such as hydroelectric or turbine power plants. Environmental economists also look at issues like the human cost of pollution and how governments might reduce these impacts.

Typically, these findings are then used to influence government policies, private investment and business operations in a way that will remain financially viable while also benefiting generations to come.

How can economic theory be the key to a greener future?

Another pathway for economics graduates interested in a greener future is academia. 

Academics working in economic theory can research any area of their choosing. Their job consists of teaching, research and service relative to this area.

By spending a large portion of their time researching a topic, academics become experts in their fields and are often on the board of various councils, foundations and policy reform taskforces.

At the UQ School of Economics, our academics research a range of areas including:

• tax decentralisation
• life expectancy
• limited cognitive memory and how it might impact economic outcomes
• animal conservation
• and, of course, the environment and sustainability.

UQ’s own Professor John Quiggin found himself pursuing a career as an academic in economic theory to influence change and help the public understand issues that would impact them.

“I wanted to communicate my ideas to the general public in simple terms,” says John.

“While the work requires a lot of patience because progress can be very slow, it fascinates me.”

In particular, John is a vocal advocate for progressive policy changes in both the green energy sector and the general wellbeing of populations.

“I’ve been doing lots of work advocating for the decarbonisation of the energy sector, and advocating for a reorientation of the economy towards increasing leisure time – for example, through a 4-day working week,” he says.

According to John, if implemented correctly, ideas such as a 4-day week can be offset by an increase in output per hour – not to mention a happier and healthier population. This approach would subsequently reduce costs in health care and boost tourism.

By applying an economic lens to societal problems, John can convince those in charge to discuss topics that might otherwise be dismissed as idealistic and impractical when they’re actually more beneficial to the economy.

This mindset led to his appointment to the Board of the Australian Government’s Climate Change Authority from 2015–17.

 

Of course, academic economists don’t only go to bat for green energy or workforce wellbeing. There is a myriad of options to sink your teeth into, including the complex world of health care.

What is health economics?

Whether it’s increasing life expectancy, working to reduce the impact of diseases, or simply identifying the health needs of future populations – a career in health economics can see improvements to our healthcare system to the benefit of all.

Australia’s healthcare system, while among the best in the world, has arguably a long way to go to provide adequate and accessible services to minorities, rural communities and patients with uncommon medical needs.

Economics in a health setting, involves applying theories to the current healthcare system to identify a dollar value and subsequent cost to the taxpayer. This information is then used to reform healthcare policy and services to ensure they’re more equitable and economical.

Health economists – like those at the Centre for the Business and Economics of Health – identify shortfalls in the current system either at a policy or operational level within a hospital or clinic. They then identify more effective methods of resource allocation to better service the needs of the population.

This work could involve:

• working towards closing the gap and providing better care for Aboriginal and Torres Strait Islander peoples
• identifying the health needs of future populations based on trends and growth and ensuring there are enough specialists to cater for the demand
• decreasing the prevalence of diseases that impact various populations disproportionately (such as cardiovascular disease prevention in rural Australia)
• unpacking the cost of post-natal depression and how to mitigate the impacts for both new mothers and taxpayers
• enhancing operational efficiencies at an organisational level – such as in hospitals and clinics – to ensure higher productivity, improved wait times and service delivery.

How to become a health economist

Like many young people, economics graduates want to feel a sense of purpose and contribute to a more inclusive future. If you choose to pursue a career in health economics, you’ll join the economists who are working to ensure our healthcare system meets the needs of all Australians.

Bachelor of Economics (Honours) and PhD in Economics alumnus Michelle Tran has always been interested in economics that can impact policymaking.

 

“Studying economics has provided me with a good foundation to evaluate a wide range of policies.”

- Michelle Tran

In 2021, she saw this process in action while completing a 6-week research placement at the Deeble Institute for Health Policy Research in Canberra.

As one of only 3 students nationally to secure the placement established by the Australian Healthcare and Hospitals Association (AHHA), Michelle was able to dive head-on into her project, ‘Towards a sustainable funding model for telehealth in Australia’.

During her placement, Michelle reviewed international telehealth evidence and identified what the future might look like in various scenarios. She then used these findings to propose recommendations to policymakers.

“My research proposal was chosen based on its relevance to the current policy context,” says Michelle.

“A nationwide telehealth program is not a small investment, so my policy brief assessed telehealth from a costs and benefits perspective, and considered the equitable distribution of these services.

"The placement gave me an opportunity to immerse myself in the policymaking process and gain experience on how to communicate with policymakers. I was even able to chat with representatives from the Department of Health directly.”

“What makes this work so rewarding is the feeling that I’m making a difference in people’s lives, by applying economics to answer policy-relevant questions.”

Boosting the tourism industry using economics

Honorary Associate Professor Richard Brown found that these protected parks attract tourists from all over the world, who contribute billions of dollars to the region and help support 17,240 jobs.

Young economists in this field play an integral role in quantifying the tourism industry. They do this by identifying which areas need protection for future economic gain and other areas which, with the right funding, could also thrive.

Relevant jobs in the tourism industry include research officers, investment attraction officers, statistical analysts and economic development directors – just to name a few.

How does economics give back to the community?

Improving our quality of life is a central purpose of the study of economics. One way to achieve this purpose is by giving back to the community through information-sharing and education.

Jackson Daylight, a Nughi man from Quandamooka and current economics student is inspired by the way economics can influence positive change at a government level.

Jackson believes it’s a huge misconception that economics is all about profit and power.

“Economics is actually able to drive change by challenging social statuses and enhancing wellbeing – I see it as a pathway to help people.

“As an Aboriginal man, I’d like to use my education to improve this representation and empower my people. I want to go into an area of Indigenous economics, and work with Aboriginal communities to support the development of those areas," he says.

Read more about Jackson’s vision

Where can an economics degree take you in the finance world?

Perhaps the most well-known careers in economics are those in the finance world.

Whether you end up as a financial planner, investment analyst or even an auditor, young economists in financial institutions assist in risk assessments for loans and investments, allocation of budgets and resources, and even business development.

As such, many graduates in this space use their knowledge for anything from facilitating foreign trade to helping younger generations afford their first home.

Charles Hornery, a Bachelor of Commerce / Bachelor of Economics alum and Gunggari man, found his feet as an analyst with National Australia Bank (NAB) after graduation.

Today, he helps institutional property clients secure funding for upcoming projects, with notable transactions including Westfield shopping centres and multibillion-dollar industrial sites located throughout Australia during the COVID-19 pandemic.

“A common misconception is that economics is just about boring statistics and outdated knowledge – and isn’t fun,” says Charles.

“This couldn’t be any further from the truth in my opinion. Every day I’m able to work with millions (if not billions) of dollars from the balance sheet of NAB, track market trends, talk and connect with big ASX200 clients and understand a whole suite of trading products the bank issues – how cool is that?”

“Ultimately, I want to one day sit on the board of a listed company, remain in banking and support other Indigenous professionals to make a path in their chosen career.”

- Charles Hornery

Bringing economics to the TV

Effie Zahos, a no-nonsense finance commentator and Bachelor of Economics graduate, also tackled a career in finance following the completion of her economics program – though she represents a slightly different avenue: an expert in the public eye.

Gracing Channel 9’s Money Show in 1997, Effie successfully launched her public career in finance journalism, providing easy-to-follow expert tips for everyday Australians. 

“I fell in love with economics from the get-go; understanding the fundamentals was like a lightbulb moment,” says Effie.

“It just makes sense and it teaches you to understand the choices we make about everything, from work to leisure – everything. When I started out, I didn’t necessarily have a grand plan, I just knew I loved economics – I didn’t quite know where I would land.”

“I am so grateful to be doing what I do today and to be able to help people and bring what I know into their households. Knowledge is power, and sharing that knowledge is very fulfilling.”

- Effie Zahos

Effie continues to turn her experience as the former editor of Money Magazine and current editor-at-large at Canstar (impressive feats on their own) into a thriving and meaningful career, and has successfully authored a flourishing suite of books.

Effie has authored 3 books: A Real Girl's Guide to Money: From Converse to Louboutins, Ditch the Debt and Get Rich, and (not pictured) The Great $20 Adventure for kids.

Despite the exciting life being in the public eye demands, it’s not the glory that sustains her. For Effie, it’s about the real impact her work provides.

“I love being able to help people understand their worlds and find solutions to the decisions that affect them; it’s very rewarding to see the impact I’m able to have on their lives – it’s the reason I get up every day,” she says.

“I have the ability to demystify complexities for others, and truly help people understand their own choices on a finance level. I really enjoy seeing them grow and support their goals.”

“It truly is so satisfying to be able to help people.”

Read one of Effie's latest articles in Contact magazine: Top three tips for buying your first home >

Emerging trends and the unknown

It’s clear that the study of economic theory can be effectively applied to nearly any sector.

From health care to community, the environment to banking – even education, law reform and engineering – an economic perspective can help us determine values, efficiencies, equitable distribution and sustainable viability of businesses and policies.

Much like any discipline, the breadth of economics careers is always expanding. New areas are constantly coming to light, including banking reform, economic technology and behavioural economics.

Similarly, new departments such as the Behavioural Economics Team for the Australian Government (BETA) are starting to predict the implications of future policy reform specifically from a psychological perspective – an area that’s always changing with emerging data.

Jobs and opportunities for graduates within these newfound spaces weren’t fully realised until only a decade ago – a pattern that’s bound to repeat in the next 10 years. One thing is for sure, however; with unlimited ways to apply economic theory, an education in this discipline will prepare you to tackle any new frontier.

Discover where a UQ Bachelor of Economics could take you