Exploring Exit Opportunities Beyond Academia for Economics PhD Graduates

Economics, a versatile discipline with applications across banking, insurance, financial services, trade, commerce, and business management, presents a broad and promising career path. A Master's degree in economics can significantly enhance employability, leading to diverse job prospects across various sectors. However, what happens to economics PhD graduates after they complete their academic journey? Beyond pursuing a career in academia, there are numerous non-academic opportunities available.

Non-Academic Careers for Economics PhD Graduates

Regulatory Roles and Government Agencies

One of my former doctoral students took on a role with the DC Public Service Commission, a regulatory body overseeing public utilities in Washington DC. Another student worked for the Federal Department of Health, while others joined agencies such as the Federal Reserve or international development organizations like the World Bank. Consulting firms, often serving government agencies, also hire economics PhD graduates.

Interdisciplinary Fields

Since economics is a mathematical field, professionals with PhDs often have a leg up in roles that require expertise in coding, data analysis, and mathematical modeling. Titles such as Data Scientist, Decision Scientist, Machine Learning Researcher, Operations Research Analyst, and more, are increasingly in demand. This interdisciplinary skill set opens doors to exciting opportunities in various sectors, from tech companies to government agencies.

Government and International Organizations

Many economists find employment in government positions at both state and federal levels. Various federal reserve banks, among other government entities, are traditional employers of economists. In addition, international organizations such as the World Bank, IMF, and UN agencies are also major employers. More recently, high-tech companies like Microsoft, Quora, and Google are also hiring economists to tackle complex problems, particularly related to auctions for online advertising.

The Path to Data Science and Research

Data Science and Research Opportunities

For those with a strong background in coding and mathematical analysis, the field of data science presents an attractive career path. You might consider applying to research labs within government or private sectors. Alternatively, if traditional roles and research positions are not to your liking, you could explore starting your own business leveraging your unique skill set.

Traditional and Emerging Employers

The traditional employers of economists include the World Bank, International Monetary Fund (IMF), think tanks, hedge funds, large banks, and economic consulting firms. However, the landscape is evolving with more economists being hired by large tech companies to solve problems related to online advertising. What remains true is that economists with a quantitative background excel in any role that requires strong math, statistics, and programming skills.

Economics PhD graduates, with their deep understanding of mathematical modeling and data analysis, are well-positioned to explore a wide range of non-academic career opportunities. Whether it's serving as a regulatory official, a data scientist, or even as an entrepreneur, the path is diverse and rich with potential.