With these questions in mind, why should the student choose economics? The great English economist, Alfred Marshall, wrote that, "Economics is a study of mankind in the ordinary business of life.
As a result, job recruiters and graduate school admission counselors alike are attracted to economics majors. The most basic and enduring strength of economics is that is provides a logical and ordered way of looking at various problems and issues. It draws upon history, philosophy, and mathematics to confront topics ranging from how an individual household or business can make sound decisions, to societal issues such as how to fight unemployment, inflation, and environmental decay.
As a result, economics is widely recognized as a solid background for many jobs and professions. Graduates in economics learn tools of analysis and a method of thinking that are applicable to a number of different careers. Economic majors have a variety of employment opportunities in industry, commerce, or public administration. Overall, economists should encounter favorable job prospects in manufacturing, financial services, advertising agencies, research organizations, and consulting firms.
The continued need for economic analysts, health service administrators, urban and regional planners and environmental scientists, also increases the number of job opportunities for economists. With increased reliance on quantitative methods of analyzing business trends, forecasting sales, and planning purchasing and production, employers will seek economists trained in econometrics and statistics.
Economists in Business — Economists provide corporate management and boards of directors information needed to make decisions on project feasibility, marketing and pricing of company products, the profitability of new product lines and the impact of advertising on sales. Business firms also employ economic graduates to do nonspecialized work in sales and management because business managers believe economic training to be very desirable for these positions.
The economics major is well trained to complete with other business or liberal arts majors. In fact, its economics program is one of the oldest over a century old! There is an Undergraduate Economics Association so you can make friends with other people in your major and stay up-to-date on all the news from around the department. On top of that, the Undergraduate Research Opportunities Program UROP plugs you directly into a research project being conducted by faculty and lets you experience it first-hand.
UC Berkeley loves having speakers and events, and economics is no different. This opens a dialogue that exposes students to ideas beyond that of their professors and peers. At Berkeley, economics is considered a STEM major, meaning there is a scientific slant to classroom learning. The department as twelve centers, most of which center on policy change and income equality.
According to their economics graduate survey, most students go on to work as analysts for places like Amazon, Deloitte, and Nielsen. And as a last, added perk: UC Berkeley sits just outside of San Francisco, making for a fun but academically rewarding college experience. Where other departments get students involved in theory, UPenn gets students involved in the practice of economics. Since , Penn economics has published the IER International Economic Review , a collection of research and essays from both outside and inside the department, supplemented by an online archive of working papers.
UPenn also offers the unique opportunity for students to participate in a student exchange. With this program, you can travel to Milan, Italy and take economics classes in English, of course at Bocconi University, one of the best economics schools in all of Europe. Such a hands-on major is supplemented by classes focused on spending, decisions, and strategy. At the University of Pennsylvania, economics is more than a major, it is a way of life.
What can you do with an economics degree? Beyond understanding the economy and how trade works, economics teaches you how to think critically and analyze. Despite being one of the most popular jobs for economics majors, few know what an actuary actually is or does.
Most actuaries work in insurance to make changes that are best for the company. Depending on where you work, you might have to take additional tests or certifications in order to become an actuary. With an average pay double of the usual economics major salary, the extra effort can be worth it!
If you decide to be an actuary, be ready for analysis and, on occasion, telling the hard truth. Majoring in accounting is not the only way to become an accountant. Many economics majors use their mathematics skills and money smarts to become successful accountants. Accounts prepare and examine financial records, and they also aid organizations to run efficiently and legally! Many accountants specialize in particular issues or goals of a company, like assurance management or financial analysis.
Of course, public accountancy is also something to consider. Those wanting to be accountants should prepare to take the CPA exam, the legal certification required by the government. F inancial advisors help their clients manage their finances. Beyond just advising, this career helps people manage their investments and savings throughout their lifetimes.
That means financial advisors need to know quite a bit about personal wealth building and investment! As a financial advisor, you also provide periodical investment reports to update your clients on how their finances are doing and what they can expect in the future. Money can be a sensitive subject for many and there is a lot of trust to build and maintain with each one of your clients. If working in a fast-paced, ever-changing environment appeals to you, then you would probably be a great financial analyst.
The job requires a vigilant watch on the stock market, which never rests. Beyond current change, financial analysts also look at past financial data in order to try to predict future financial trends.
Most financial analysts work for banks, insurance, and other businesses as opposed to individuals. Economics is one of the most preferred degrees for this job, so many go straight from graduation to being a financial analyst. The difference between sales agents and financial analysts is that sales agents work primarily with people outside of their own business or corporation.
Those in sales must be as comfortable talking to people as they are selling stocks, talking about company mergers, and trading commodities. Analysis is still a big part of the job, just in a different way. Sales agent deal with a wide range of products and must make recommendations and evaluations as part of their sales pitch to new clients. Many sales agents work at the NYSE as floor brokers, meaning they buy and sell stocks exclusively.
Like analysts, be prepared to travel and get the additional certifications necessary for the job. Sales agents exude charisma and energy, but also must be able to keep a level head and make smart decisions in the middle of it all. This job might seem obvious for majors in economics, but what economists actually do is a little bit of a mystery to the outsider. Mainly, economists research issues and solutions based off of qualitative and quantitative data and research.
As you can probably guess, it requires the use of a lot of math, statistics, and economic software programs. An Economics major is good preparation for many private and public sector jobs and careers in managerial, administrative, or sales positions. Employers look with favor on college graduates with economics majors. The ability of economics majors to apply economics can enhance the kinds of decisions people make and is therefore of value to a wide variety of different employers.
Studies of Dickinson graduates reveal higher average incomes for economics majors. Although higher income is only one consideration when choosing a job, economics provides students with a broad range of analytical, quantitative, and communication skills that are useful in many different occupations in management, finance, banking, public administration, non-profit organizations, and community service. Dickinson College.
Prospective Majors. Benefits of Majoring in Economics 1. Every day we hear about economically related problems on a global scale: Computer engineers in the United States lose their jobs as a Silicon Valley research lab closes its doors and relocates its facilities in India where engineers are willing to work for half of what engineers get paid in the U. Do decisions such as these have on balance positive or negative economic outcomes and for whom? The President places a tariff on imported steel from other countries to protect the domestic steel industry which is claiming unfair selling practices by other countries.
What constitutes unfair selling practices in international markets and are protective tariff policies good ones? Famine is reported in the Sudan while a recent study shows that obesity is a growing problem in the United States.
Students, labor activists, environmentalists, and other social activists demonstrate and protest around the world in Seattle, Washington, D. Is economic globalization good or bad? Domestic economic concerns are also prevalent in daily news reports: The financial and economic crisis which began in came dangerously close to a complete breakdown of the U. What are the causes of this crisis and who is to blame? Are government bailout policies to shore up the financial sector and stimulate the economy good policies and are they working?
Critics claim that they are just giveaways to the corporate wealthy and will ultimately saddle government with huge deficits. Who is right and what kinds of government policies might promote healthy economic growth, put people back to work, and restore faith in financial markets? Corporate management practices at some of our premier corporations such as Enron, WorldCom, General Electric, and Tyco have had dramatic and sometimes devastating consequences for employees and stockholders.
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