Economics

What is Economics? (from http://uncw.edu/career/economics.html)

“Economics is the art of trying to satisfy infinite needs with limited resources.” Albert Camus

“Economics is the study of how effectively society meets its human and material needs. It provides a logical, ordered way of looking at various problems. It draws upon history, philosophy, and mathematics to deal with subjects ranging from how an individual household or business can make sound decisions, to societal issues such as unemployment, inflation and environmental decay.”

What is this career like? (from http://www.bls.gov/ )

“Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, or exchange rates. Still, others analyze the effect of taxes, inflation, or interest rates.

Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs.

Nearly half of all economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.

Many economists work for corporations and help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.

Economists also work for research firms and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journal articles.

Some economists work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and United Nations.”

Related Career Titles (from http://uncw.edu/career/economics.html)

ActuaryDemographerInstitutional Research Director
AuditorEconomistInsurance Salesperson
Bank OfficerEfficiency ExpertIntelligence Agent
Bond TraderEntrepreneurInternational Trade Specialist
Business ForecasterEstate PlannerJournalist
Business ManagerFinancial EconomistLabor Economist
Chamber of Commerce AnalystFinancial OfficerLabor Relations Specialist
Commodities TraderFinancial Planner/AnalystLawyer
Commodity-Industry AnalystFinancial ReporterLitigation Analyst
Compensation/Benefits AdminGovernment AdministratorManagement Consultant/Analyst
ConsultantHealthcare AdministratorMarket Research Analyst
Consumer Affairs DirectorHospitality ManagerPolitician
Consumer Goods RepIndustrial EconomistPopulations Studies Analyst
Cost AnalystIndustrial TransportationProperty Manager
Credit Analyst/Loan OfficerIndustrial/Institutional BuyerPublic Administrator/Manager
PurserSecurities TraderUnderwriter
Real Estate Agent/BrokerStatisticianUrban/Regional Planner
Retail Sales ManagerTeacherWage and Salary Administrator
Securities Salesperson/BrokerTechnical WriterTreasury Management Specialist
Public Utilities ManagerTransportation SpecialistInformation Scientist

How do you get ready? (from http://career.utk.edu/students/majors.asp )

  • Choose a career focus, and structure curricular and extra-curricular activities to achieve goals.
  • Obtain volunteer, part-time, summer or internship experience to enhance your career path. For example, complete a finance-related internship if you’re interested in a career in banking.
  • Develop an excellent background in research, statistics and computers.
  • Earn a graduate degree in economics, business or other related fields for increased marketability.
  • Do informational interviewing with professionals to learn more about fields of interest.

Related Major Skills (from http://uncw.edu/career/economics.html )

Reading comprehensionActive listening
Mathematics & scienceCritical thinking
Different learning strategiesAbility to give advice on business
Research skillsInvestigative skills
Oral & written communicationComputer literacy
Active learningAbility to prepare & write reports

What about the future?

“Employment of economists is projected to grow 6 percent from 2014 to 2024, about as fast as the average for all occupations.”

For specific job information, go to http://www.bls.gov/

Available at Albright College Career Development’s Resource Library

  • Great Jobs for Economics Majors, by Blythe Camenson
  • Career Opportunities in Banking, Finance, and Insurance, by Thomas Fitch
  • Careers for Born Leaders and Other Decisive Types, by Blythe Camenson
  • Careers for Financial Mavens and Other Money Movers, by Marjorie Eberts and Margaret Gisler
  • Careers for Number Crunchers and Other Quantitative Types, by Rebecca Burnett
  • Opportunities in Bank Careers, by Adrian A. Paradis
  • Opportunities in Government Careers, by Neale Baxter
  • Opportunities in Social Science Careers, by Rosanne J. Mare

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