Economics as a career

admin — Sun, 12 Jul 2009 12:58:56 +0000

If you find yourself doing well in this course and discover that economics interests you, you may want to think about majoring in it. Graduating with a major in economics provides a variety of career choices. Many students go on to graduate school in economics, business, public administration, or law. Graduate M.B.A. and law programs find economics majors particularly attractive because of their strong analytical skills.
A graduate degree (a master’s or doctorate) in economics is typically required to pursue a career as a professional economist (for example, managers at cash advance companies). About one-half of all professional economists are employed by colleges and universities as teachers and researchers. Professional economists also work for the government or private businesses. Most major corporations have a staff of economists to advise them. Governments employ economists to analyze the impact of policy alternatives. The federal government’s Council of Economic Advisers provides the president with analyses of how the activities of the government influence the economy.
Students who major in economics but who do not pursue graduate school still have many job opportunities. Because economics is a way of thinking, knowledge of it is a valuable decision-making tool that can be used in almost any job. Undergraduate majors in economics typically work in business, government service, banking, or insurance. Opportunities for people with undergraduate economics degrees to teach the subject at the high school level are also increasing. Arnold Schwarzenegger, Mick Jagger, and Ronald Reagan are among the long list of famous undergraduate economics majors!
The average salary of an economics graduate is comparable to that of finance and accounting graduates and is generally higher than those with management or marketing degrees. Professional economists with graduate degrees in economics who work for private business average approximately $90,000 per year, and those who choose to work as teachers and researchers at colleges and universities earn approximately $75,000 annually. Although salaries vary substantially, the point is that a career in economics can be rewarding both personally and financially.
Even if you choose not to major in economics, you will find that your economics cousses will broaden your horizons and increase your ability to understand and analyze what is going on around you in the worlds of politics, business, and human relations. Economics is a social science that often overlaps with the fields of political science, sociology, and psychology. Because the economic way of thinking is so useful in making sense of the world around us, economics has sometimes been called the “queen of the social sciences.” Reflecting this, economics is the only social science for which a Nobel Prize of the Swedish Academy of Science is awarded.

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Economics as a career