Opportunities Outside Academia for a PhD in Natural Resource/Agricultural Economics

Introduction

Individuals with a PhD in Natural Resource or Agricultural Economics may find themselves at a crossroads, considering whether to stay within academia or explore other career paths. This piece explores various opportunities outside of academia, highlighting industries such as banking, aerospace, and the civil service, while also touching on the Peace Corps and machine learning.

Transitioning to Banking

Your Ph.D. in Agricultural Economics can be a valuable asset in the banking sector, especially if your dissertation involved banking in rural communities. The banking industry values your econometric skills and macroeconomic knowledge, which are highly desirable. Consider roles such as a statistical modeler or risk management specialist. In my experience, this path was rewarding and suitable for those looking to apply their research skills in a practical, business-oriented environment.

Exploring Aerospace and Engineering Support

Alternatively, those with a background in agricultural economics may find opportunities in aerospace engineering, particularly in support roles. I worked with an engineer from the agricultural department who bridged the gap between these fields. These roles often provide a broader perspective and can involve working with professionals from diverse backgrounds, including Ph.D. mathematicians. The skills you develop in agricultural economics can offer unique contributions to high-stakes decision-making processes in finance and risk management.

Government and Non-Profit Work

For those seeking a more stable or potentially life-changing experience, government and non-profit work present excellent opportunities. The U.S. Civil Service offers various positions related to mathematics and statistics, making it a valuable option for those who enjoy analytical work. Additionally, the Peace Corps provides a unique opportunity for personal growth and a positive impact on communities abroad. Many who have served in the Peace Corps report it as a transformative experience.

Technology and Machine Learning

In today's rapidly evolving technological landscape, machine learning is an area ripe for talent. Your analytical skills and understanding of complex data sets can be a significant asset in this field. There are numerous ways you can contribute, from developing predictive models to enhancing data analysis processes. The need for skilled professionals in this area is only growing, making it an exciting career path to explore.

Challenges and Insights

It's important to note that the outside world presents a mix of challenges and opportunities. Many academics struggle with remuneration, but the current landscape is far from ideal, with financial gaming capturing a disproportionate share of benefits. The agricultural sector remains crucial, and the discipline of agricultural economics deserves more respect and recognition. Australia, in particular, could benefit from more land economists due to its vast land area and unique economic challenges.

Conclusion

While academia remains a valid career choice, there are numerous opportunities outside of it for those with a PhD in Natural Resource or Agricultural Economics. Whether in banking, aerospace, public service, or technology, your skills can be put to use in meaningful and impactful ways. Exploring these paths can broaden your professional horizons and lead to fulfilling career adventures.