Economics is one of the lucrative career fields. It is for this reason that students seeking higher education scramble for the few slots available to economics students in colleges and universities across the globe. With proper training in economics, students are able to gain skills in market research and analysis, skills that are needed to ensure proper production and consumption policies in different sectors of the economy. Economics, however, is very broad and those who want to work in this field can choose different areas of specialization. Some sectors, however, are very popular among students while others are not, and this can be attributed to a decline in the demand for those skills in the industry. In this piece, we will highlight 5 jobs that are no longer popular among economics students.
- Claim Representatives and Insurance Underwriters
- Financial Analysts
- Environment Economists
This job basically entails analyzing data so as to come up with relationships and trends. Statisticians, therefore, crunch numbers on a daily basis, and it is this lack of spice and adventure that has seen economics students shy away from taking up jobs in this field. Statisticians are also required to be good at probability, calculus, statistical theory, and survey methodologies; these tough requirements also contribute to making a career as a statistician less interesting for college students.
The insurance industry is slowly, but surely embracing technology and at present automation is a key part of the industry. This spells doom for workers in the industry, and it is estimated that there will not be any need for claim representative and insurance underwriters in the next ten years as the software will be used to analyze and interpret clients’ data to determine insurance payouts. This realization has made it less desirable to work as a claim rep or as an insurance underwriter with economic students preferring other areas where human input is in high demand.
This is another area where technology has “snatched” the job from humans. Financial analysts were tasked with spotting economic trends and advising institutions accordingly but artificially intelligent software can do that job faster and at a fraction of the cost. Institutions are, therefore, investing in such software at the expense of human labor, and this has made training in this discipline less desirable.
This was the dream job in the financial sector some time back, but that is not the case anymore. This is because everyone decided to study accounting in college, and this led to the saturation of the job market. Saturation has the effect of lowering the salary in a particular field, and this has scared away economics students from specializing in this field.
Professionals in this field analyze environmental factors and their impact on the economic development. They then use the data to develop economic policies and to help agencies plan their activities so as to ensure minimal environmental destruction. Technology, however, has made it easy to monitor environmental factors, and this has reduced the demand for environmental economists. This has, in turn, made a career in this field less interesting to students.
The adoption of technology, saturation of the job market and reduced income are some of the factors that have made careers in these fields of economics less interesting to college students. Scholars are, therefore, going for jobs where their skills are in demand and the salary is high.