Economics is a varied, dynamic field which helps us understand how the modern world works – from tackling climate change and healthcare funding to guiding interest rate decisions and shaping international trade.
With such a broad and impactful field, it’s no surprise that economics graduates are in high demand across both the public and private sectors in the UK. But what exactly can you do with a background in economics? And how do you know which area might suit you best?
If you’re still mapping out your path into economics, our comprehensive guide on Deciding on a Career in Economics outlines everything you need to know – from essential skills to academic routes and guidance to decide on whether a career in economics would be a good choice for you – to help you plan with confidence.
In this guide, we’ll explore different career paths within economics – from behavioural insights and financial markets to public policy and development. Whether you’re still choosing your university modules or weighing up graduate job options, this breakdown will help you find a specialism that aligns with your strengths, interests, and long-term career goals.
Main Areas of Economics
Economics spans a wide range of specialised fields, each with its own real-world applications and career routes. Whether you’re intrigued by how governments manage inflation or how companies set prices, understanding these areas can help you find your ideal career pathway. For each area, we’ll break down the key topics, who it is for, and typical career examples, to help you get a better feel of each field and whether it’d be a good fit. Let’s start with the two core branches of economics – microeconomics and macroeconomics.
Macroeconomics
Macroeconomics focuses on the economy as a whole. It examines big-picture trends such as inflation, unemployment, GDP growth, and how government policies – like interest rate changes or taxation – affect the wider economy.
Key Topics:
- Fiscal and monetary policy – involves government spending and taxation decisions (e.g. increasing public investment to stimulate growth), as well as how central banks like the Bank of England control interest rates and the money supply to keep inflation stable and support economic activity
- Economic growth and cycles
- Inflation and deflation
- Unemployment trends
- National debt and deficits
Who it’s for:
If you’re interested in national policy, global markets, or want to study and influence how governments tackle economic challenges, macroeconomics may be a strong fit.
Career examples:
- Economist at the Bank of England or HM Treasury
- Government Economic Service (GES) roles
- Policy analyst for think tanks (e.g. Resolution Foundation, IFS)
- Economic forecaster at a financial or research institution
Microeconomics
Microeconomics looks at the smaller scale – how individuals, households, and local businesses make decisions and how those may affect them. It studies market behaviour, competition, pricing strategies, and the allocation of resources.
Key Topics:
- Supply and demand
- Market structures (e.g. monopoly, oligopoly)
- Consumer behaviour
- Game theory and decision-making
- Externalities and market failure
Who it’s for:
If you enjoy analysing how companies operate, how consumers respond to prices, or how markets can be made fairer and more efficient, microeconomics could be the ideal route.
Career examples:
- Competition analyst at the Competition & Markets Authority (CMA)
- Economic consultant for firms like Oxera or Frontier Economics
- Strategy analyst in big tech or retail companies
- Regulatory roles in sectors like telecoms, energy, or transport
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Specialised Areas of Economics
Let’s explore some of the more specialised career pathways available to economics professionals. Many of these roles offer the chance to combine economics with interdisciplinary subjects, while others open doors to unique industries and workplaces.
Behavioural Economics
Behavioural economics combines insights from psychology with economic theory to better understand how people actually make decisions – which often differ from what traditional models predict. For example, it explores why people might overspend, procrastinate, or make irrational financial choices, and how small changes in how choices are presented (called “nudges”) can lead to better outcomes.
Behavioural economics brings a new dimension to traditional economics by recognising that human decisions are not always rational. Instead of assuming people always act in their best financial interest, this field explores how emotions, habits, social pressures, and cognitive biases shape economic behaviour. By understanding these patterns, businesses and governments can design more effective strategies to guide people toward certain directions/choices.
Key Topics:
- Cognitive biases and heuristics
- Decision-making under uncertainty
- Loss aversion and risk perception
- Nudge theory and behavioural interventions
- Choice architecture
Who it’s for:
If you’re fascinated by psychology, marketing, or why people sometimes make certain choices, behavioural economics could be the perfect fit. This field is ideal for curious minds who want to explore the ‘why’ behind everyday decisions – and use those insights to design better policies, improve customer experiences, or influence behaviour for social good.
Career examples:
- Behavioural insight advisor in government (e.g. Behavioural Insights Team)
- UX researcher or behavioural strategist in tech or fintech
- Behavioural economist at NGOs or international development agencies
- Consultant designing nudges for public health, pensions, or sustainability
Financial Economics
Financial economics is a branch of economics that focuses on how individuals, firms, and governments allocate resources over time under conditions of risk. It lies at the intersection of economics and finance, covering everything from stock markets to investment decisions and financial regulation.
This area of economics draws heavily on microeconomic theory and foundational accounting principles. It’s a data-driven and highly quantitative field, relying on econometrics and advanced mathematical models to analyse financial systems and predict market behaviour.
Key Topics:
- Asset pricing and risk management
- Financial markets and instruments (e.g. bonds, equities, derivatives)
- Corporate finance and investment strategies
- Behaviour of investors and market efficiency
- Monetary systems and banking
Who it’s for:
If you’re interested in finance, enjoy working with data, or want to understand how markets operate and respond to global events, financial economics could be a strong match.
Career examples:
- Financial analyst in investment banks or hedge funds
- Risk or portfolio manager
- Economist at the Financial Conduct Authority (FCA)
- Quantitative researcher in fintech or insurance firms
Economics & Data Analysis
Economics & data analysis focuses on extracting meaningful insights from economic data to inform decision-making in both the public and private sectors. Economists in this area apply statistical techniques and software tools to model complex systems and forecast trends.
Key Topics:
- Econometrics and regression modelling
- Big data and machine learning applications
- Time-series and panel data analysis
- Data visualisation and storytelling
- Economic forecasting and simulations
Who it’s for:
If you enjoy working with numbers, coding, and finding patterns in large datasets, this path suits analytically minded students with an interest in both economics and technology.
Career examples:
- Data analyst in financial services or consulting
- Government statistician or economic modeller
- Researcher at think tanks or international organisations
- Data scientist in retail, tech, or transportation industries
Environmental Economics
Environmental economics examines the economic impact of environmental issues and policies. It provides tools to measure costs and benefits of environmental actions and helps design sustainable solutions to problems like climate change, pollution, and resource depletion.
At the heart of environmental economics is the recognition that natural resources and ecosystems carry significant economic value. However, the environmental costs of economic growth – such as pollution, deforestation, and loss of biodiversity – are often excluded from traditional economic models. While placing a precise monetary value on environmental goods can be challenging, the cost of their degradation or loss is frequently substantial and long-lasting.
Key Topics:
- Climate policy and carbon pricing
- Environmental valuation and cost-benefit analysis
- Natural resource management
- Sustainability metrics and green innovation
- Emissions trading schemes
Who it’s for:
If you’re passionate about sustainability, climate change, and the intersection of economics and the environment, this field lets you apply economics to real-world ecological challenges.
Career examples:
- Environmental economist at DEFRA or the Environment Agency
- Climate policy advisor for NGOs or think tanks
- Sustainability analyst in energy or infrastructure firms
- Consultant for ESG or environmental impact assessments
Health Economics
Health Economics is an applied field that studies how healthcare resources are allocated and how individuals and systems make health-related decisions. It explores the efficiency, equity, and effectiveness of healthcare provision.
Health economists use principles like efficiency, equity, and market dynamics to help both public and private sectors make informed decisions about healthcare. Their work often involves evaluating the cost-effectiveness of new medical technologies, analysing pricing strategies, assessing healthcare competition and regulation, and advising on optimal investment in health services. The goal is to support policies and systems that deliver better health outcomes in a sustainable and fair way.
Key Topics:
- Healthcare funding and NHS policy
- Health insurance and pricing
- Cost-effectiveness analysis (CEA)
- Behavioural health interventions
- Public health economics
Who it’s for:
Health economics is well-suited to individuals who are passionate about healthcare, public service, and the intersection between policy and wellbeing. If you’re interested in improving health outcomes by analysing how resources are allocated and how policies affect access to care, this field offers a meaningful way to make a real impact.
Labour Economics
Labour Economics focuses on how workforces function – from employment rates to wages and labour market policy. It investigates issues like wage inequality, job automation, and workers’ rights.
Key Topics:
- Employment trends and unemployment
- Minimum wage and labour regulation
- Human capital and education
- Workplace productivity and migration
- Gender pay gap and labour market discrimination
Who it’s for:
If you’re interested in social policy, human behaviour, or understanding workforce dynamics, labour economics offers meaningful opportunities to influence change.
Career examples:
- Labour market analyst at the Office for National Statistics
- Researcher at trade unions or policy institutes
- HR analytics or compensation specialist
- Employment policy advisor in government
Development Economics
Development economics explores the challenges and solutions for economic growth and poverty reduction in low- and middle-income countries. It’s often linked to humanitarian goals and international policy. The field also explores both macro and micro-level factors that influence the structure of developing economies, as well as their domestic progress and integration into the global economy.
Key Topics:
- Poverty measurement and inequality
- Foreign aid and international trade
- Education, health, and infrastructure development
- Microfinance and social entrepreneurship
- Institutions and governance
Who it’s for:
Perfect for those passionate about global justice, international development, or working to improve living standards worldwide.
Career examples:
- Economist at the World Bank or UNDP
- Policy advisor for NGOs and aid agencies
- Development researcher at universities or think tanks
- Programme analyst in international consultancy
Public Economics
Public economics deals with the role of government in the economy – how taxes are collected, public goods are provided, and income is redistributed. It helps shape policies that promote fairness and economic stability.
Key Topics:
- Taxation and public spending
- Welfare economics and income redistribution
- Public goods and externalities
- Government budgeting and policy evaluation
- Fiscal federalism
Who it’s for:
Ideal for students drawn to policy-making, government roles, or social justice. It’s also highly relevant for careers in budgeting and public finance.
Career examples:
- Public finance economist at HM Treasury
- Tax policy analyst
- Welfare advisor or economic justice researcher
- Budget analyst in local or national government
Urban & Regional Economics
Urban and regional economics is a branch of microeconomics that looks at how cities and regions grow, develop, and manage their resources. It explores housing, transport, urban planning, and how local policies affect people’s lives.
Urban economics examines how resources are distributed and utilised within urban spaces, focusing on how geography influences economic activity. Unlike other branches of economics that often overlook spatial factors, urban economics places strong emphasis on the role of location – not only in how businesses and households make decisions, but also in how cities grow, compete, and function as hubs of economic activity. This field builds on foundational theories of spatial economics to better understand issues like land use, housing, transport, and urban planning.
Key Topics:
- Urbanisation and housing markets
- Regional inequality and economic development
- Transport networks and infrastructure
- Local labour markets
- Place-based policy and regeneration
Who it’s for:
If you’re interested in cities, real estate, or local economic policy, this specialism is ideal for influencing how communities are shaped and supported.
Career examples:
- Urban economist in local government or planning bodies
- Housing or transport policy analyst
- Economic development consultant
- Researcher for city think tanks or public policy units
International Economics
International economics examines how sovereign nations interact through trade, investment, and financial flows. It explains how global markets function and how international policies affect local economies.
Key Topics:
- Trade theory and policy
- Exchange rates and currency markets
- Globalisation and trade agreements (e.g. WTO, Brexit)
- International financial institutions
- Capital flows and balance of payments
Who it’s for:
Best suited for students interested in global affairs, cross-border policy, or economic diplomacy.
Career examples:
- Trade policy advisor at the Department for Business and Trade
- Economist at the IMF or World Bank
- Analyst for multinational corporations or export bodies
- Researcher at global think tanks or academic institutions
Industrial Organisation
Industrial organisation explores how firms interact within various market environments, from highly competitive industries to monopolistic structures. It investigates key areas such as pricing strategies, mergers and acquisitions, barriers to entry, and the overall organisation of markets. The field provides insight into how companies position themselves and respond to market forces.
Rather than assuming ideal conditions like perfect competition, industrial organisation focuses on real-world complexities – including transaction costs, asymmetric information, and market power. It also examines how government regulation, antitrust policies, and economic interventions can influence business behaviour and market efficiency, helping to shape fairer and more effective market systems.
Key Topics:
- Market competition and antitrust
- Pricing strategies and innovation
- Barriers to entry and monopolistic behaviour
- Mergers and acquisitions
- Regulation and consumer protection
Who it’s for:
Ideal for those who enjoy strategic thinking, law and economics, or understanding how industries work behind the scenes.
Career examples:
- Competition economist at the Competition & Markets Authority (CMA)
- Strategy consultant or M&A analyst
- Regulatory roles in sectors like telecoms, transport, or energy
- Researcher in industrial policy or market dynamics
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Emerging Fields in Economics
As global challenges evolve, so too does the discipline of economics. In recent years, new subfields have gained traction, driven by rapid technological advancement, climate concerns, and the growing importance of data. Digital economics, for example, explores the economic implications of platform-based business models, cryptocurrencies, and data monetisation – all areas reshaping traditional markets. Similarly, neuroeconomics blends psychology, neuroscience, and economics to better understand how people make financial decisions, offering new insights into consumer behaviour and risk assessment.
Another fast-growing area is climate and sustainability economics, which builds on environmental economics but takes a more urgent and interdisciplinary approach to modelling climate risks, carbon markets, and the economic impacts of extreme weather events. According to the IMF, climate change could cost the global economy up to 7% of GDP by 2100 if left unmitigated – a figure that highlights the need for more economists trained in climate-responsive policy.
As economies become increasingly data-rich and interconnected, fields like computational economics and AI in economics are also emerging, using machine learning to refine forecasting, model consumer trends, and support more dynamic policy design.
Top Skills to Build for a Career in Economics
Pursuing a career in economics requires more than just an interest in theory – it calls for a well-rounded skill set that blends data fluency, critical thinking, and strong communication. Economists routinely navigate complex problems, interpret trends, and provide insights that shape policies and business strategies. Whether you’re aiming for a role in government, finance, academia, or consultancy, the following skills will be essential to your success.
Analytical Thinking
Economists deal with vast amounts of data and information. Being able to dissect datasets, spot trends, and extract meaningful insights is a core requirement. This skill is particularly important when assessing the impact of policy changes, economic shocks, or shifts in market dynamics.
Quantitative & Statistical Skills
A strong foundation in mathematics – especially in statistics, calculus, and algebra – is essential, and most economics degrees expect high achievement in these subjects. Economists use mathematical models to test theories, evaluate economic performance, and make forecasts. Tools such as econometrics, regression analysis, and probability modelling are often part of the day-to-day toolkit.
Communication
From writing reports to delivering briefings, economists must communicate complex findings in clear and accessible language. Whether speaking to policymakers, business leaders, or the general public, the ability to translate technical analysis into practical recommendations is key.
Problem-Solving
Economists often work on tackling real-world challenges – from unemployment and inflation to climate policy and public health funding. The role demands a curious mindset and a creative approach to evaluating options and proposing effective, evidence-based solutions.
Project Management & Organisation
In many roles, especially outside of academia, economists work across projects with multiple deadlines and collaborators. Time management, prioritisation, and stakeholder coordination are vital, particularly in consultancy, civil service, or corporate environments.
Digital & Technical Literacy
Proficiency in spreadsheet tools (like Excel), data analysis platforms (such as Stata, R, or Python), and visualisation software (like Tableau or Power BI) is increasingly important. Being comfortable with digital tools enables economists to conduct deeper analysis, automate workflows, and communicate insights more effectively.
Key Industries for Economics Graduates
Economics graduates find opportunities across diverse sectors, each offering unique ways to apply economic thinking:
Government & Public Policy
Shaping policies that impact society’s welfare, taxation, and regulation through data-driven decision-making and economic analysis.
Financial Services
Supporting financial stability and growth by analyzing markets, managing risk, and forecasting economic trends.
Consulting & Advisory
Providing evidence-based insights to help organizations navigate competition, strategy, and regulatory challenges.
International & Development Organisations
Addressing global issues like trade, inequality, and economic resilience through interdisciplinary collaboration.
Technology & Data
Leveraging economic principles to inform product strategy, consumer behavior, and data-driven innovation in digital environments.
Academia & Research
Pursuing rigorous economic research and contributing to knowledge through teaching and policy evaluation.
Healthcare & Pharmaceuticals
Applying economic evaluation to improve healthcare delivery, cost management, and resource allocation.
Highest Paying Areas of Economics in the UK
Economics graduates in the UK can expect varying salaries depending on their sector, experience, and location. Entry-level roles typically start around £25,000–£35,000, while mid-level economists earn between £40,000 and £70,000. At the top end, senior roles in finance, consulting, and specialised areas like quantitative analysis can command salaries of £80,000 or more, particularly in London.
Some of the highest paying fields may include:
- Investment Banking & Hedge Funds
- Quantitative Analysis & Actuarial Science
- Environmental Economics
Conclusion
As you can see, a degree in economics can open doors to a wide range of career opportunities, many of which offer competitive salaries. Whether you’re interested in finance, government, or specialised fields like environmental economics, the UK job market provides diverse pathways for economics professionals.
For those considering where to study economics, our guide on Economics University Rankings UK: 2025 Results offers insights into the top institutions for pursuing an economics degree.
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