How studying a top economics degree can lead to a career in data science

Labelled the “sexiest job of the 21st century” by Harvard Business Review back in 2012, data science has become one of the most lucrative and highly sought professions for obvious reasons. The abundance of big data (with a market size projected to grow to US$103 billion by 2027) means that an increasing number of organisations are looking to leverage the power of data to boost their businesses and develop better practises.  

There are plenty of perks to entice anyone considering a career in data science - according to Glassdoor’s list of best jobs in 2022, data scientist has ranked third among the 50 best occupations in the United States. This year, the job had a satisfaction score of 4.1 out of five and a median base salary of $120,000.  

While a degree in economics might not seem like an obvious choice for an aspiring data scientist, graduates are well prepared for careers that require numerical, analytical and problem-solving skills, all of which are essential in a data scientist role.  

In addition, many degrees include courses on statistical theory and mathematics, meaning that students will have some understanding of machine learning models. Graduates can bolster their job applications by taking advantage of the plethora of coding courses online, such as Codecademy, selecting from a wide range of programming languages to suit their needs and interests.  

Aside from building algorithms, data scientists also require strong presentation skills when communicating their findings. During their degree, economics students learn how to present a topic and argue for or against a given argument with clear evidence, developing a confident manner to express their insights.  

Although economics graduates may not have gained the breadth of technical skills taught in other subjects such as computer science, their understanding of commercial awareness and international perspective enables them to think beyond the numbers. 

Also, many universities have now adapted their degree programmes to reflect the demand for graduates who can use data science in today’s digital’s economy.  

Read on to find out about the top universities for economics offering combined degrees with data science, or the option to specialise in data science.  

The BA (Econ) in Economics and Data Analytics degree teaches students data analytics and data science techniques to evaluate the effectiveness of economic policy. Students can boost their employability through taking part in a paid Professional Experience Year and have this added to their degree title, showcasing their work experience when applying for jobs.  

Graduates have gone on to work in industries such as accountancy, finance and banking, and government. Examples of employers include Morgan Stanley, BBC, Thomas Reuters and the Royal Bank of Canada.  

The University of Manchester is ranked 62nd for economics and eighth highest in the UK.