what can i do with a degree in economics? - uakron.edu can i do with a degree...what can i do with a...
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What Can I Do With a Degree in Economics?
November 28, 2016
Contact Information: Dr. Michael A. Nelson, ChairDepartment of Economics CBA [email protected]
As an economics major you learn…
• To better understand how the market economy works
• To understand the role of the government in the economy
• To improve your critical thinking skills• To develop data analytic skills• To demonstrate the ability to create new
knowledge (your senior capstone project)
What the media says …“Knowledge of Economics is an invaluable component of any liberal arts education, not to mention an indispensable tool for making sense of the intricacies of the modern world. It is also excellent preparation for a future in business, as well as for graduate studies in law, public policy, and international studies.”
Princeton Review Website, 2016
What the media says …
A lot of people talk about majoring in business ... actually, economics is even better, because you learn a lot more quantitative analysis, a lot more statistics, and things that are applicable in kind of this big data world," she says. "Similar to physics, it's really good for salary growth overall.”
Source: http://www.usnews.com/education
What the media says …
“Prospective employers are happy to hire economics majors, who can think creatively and innovatively, communicate effectively, and handle quantitative analysis with ease.”
“The Rise of the Economics Major”,Chronicle of Higher Education, March 11, 2009
Career Paths in Economics• The corporate world and the MBA
– A popular path for economics majors• Economic consulting
– A stepping stone to an economics career• The legal profession
– Economics students are increasingly enrolling in law school
• Government and not-for-profits– Many roles for economists in these sectors
• The economics profession– Becoming a professor, researcher, or educator
Source: American Economic Association https://www.aeaweb.org/resources/students/careers
You are likely to be employed as an analyst
Source: “2015 State of College Hiring” by Looksharp as reported in Forbes, July 2, 2015http://www.forbes.com/sites/susanadams/2015/07/02/the-college-majors-with-the -highest-starting-salaries/#2715e4857a0b54877d217130
Average Starting 2015 Salary OffersSelected Bachelor Degree Candidates
Major Average $ Offer
Computer Science $66,800Engineering $65,000
Economics $ 58,600Finance $ 58,000Accounting $52,900Business Administration/Management
$ 49,900
Marketing $44,500
Political Science $43,200Psychology $41,600History $40,300
Nine degrees that put you on the fast track to $100K: These four-year majors can get you to a $100,000 salary in a decade or less.
Field75th
Percentile Starting Pay:
Years for 75th Percentile to Reach $100K
Petroleum Engineering $108,000 0-3Computer Engineering $68,100 7-9Economics $56,100 7-9Chemical Engineering $70,600 10-12Applied Mathematics $64,700 10-12Physics $59,800 10-12Statistics $58,500 10-12Finance $54,400 10-12International Relations $49,100 10-12
What can you do with a degree in Economics? Some of our Placements (Economics Majors)
Company/Organization PositionGoodyear Corporation Supplier Collaboration Specialist
Bureau of Labor Statistics, Kansas City Economist
Matco Tools Purchasing Specialist
ValMark Securities Analyst Investment Marketing
Cascade Auto Group HR Director
Downtown Cleveland Alliance Business Development
Northwestern University PhD program in Mathematics
Family Dollar Business Analyst
Progressive Insurance Pricing Analyst
Northwestern Mutual Financial Administrator
Ohio State University Law School
Chesepeake Energy Route Development
Scotts Miracle-Gro Company Senior Financial Analyst
Bayer Healthcare Consultant
How About Law School?Economics Majors Consistently Score Higher Than Any
Other Major in LSAT
Average LSAT Scores by Major, 2012-13Rank Major Field Average
Score No. of Students
1 Economics 159.1 2,4682 Philosophy 158.8 1,8793 Engineering 157.3 1,1274 History 156.7 3,3235 English 155.8 3,7286 Finance 154.6 1,8177 Political Science 154.3 12,2158 Psychology 153.3 3,3359 Accounting 153.1 1,106
10 Marketing 152.2 1,10611 Liberal Arts 151.9 1,17712 Communications 151.6 1,729
Source: Michael Nieswiadomy, "LSAT Scores of Economics Majors: The 2012-13 Class Update," Journal of Economic Education 45 #1, Jan 2014. Pp. 71-74 and “Law School Admission Test,”
What are your options in Economics?
• Economics Major– 32-33 economics total credit hour requirement
for degree leaves plenty of room for minor or second major.
• Second Major in Economics– Finance most closely allied to economics.
• Economics Minor– 18 credit hours which includes 6 hours of
principles classes• Accelerated BA/MA degree in Economics
• 32-33 economics total credit hour requirement for degree leaves plenty of room for minor or second major.
• Second major: Finance most closely allied to economics.
• Minors for economics majors: Business Administration for Non-business
Majors Financial Services for Non-business MajorsMany other programs on campus
Opportunities for Minors & Second Majors
Consider an Accelerated BA/MA in Economics degree
Why do an accelerated BA/MA program?
• Complete both an undergraduate and graduate degree in 5 years– If you are an undergraduate economics
major you can earn a master’s degree in economics with only one additional year of training.
– Graduate assistantships available on a competitive basis for the fifth year
• Higher starting pay • More job opportunities
Why an MA in Economics?
• Distinguish yourself with a master's degree that Forbes considers amongst the top 10 for jobs in 2015.
• Broaden existing training with skills transferable across industries and government.
• Develop analytical skills to independently model and research public and private sector issues.
• Build technical skills to create predictive models and metrics with actionable results.
• Refine technological skills to construct, display, and analyze large data sets
What can you do with a MA degree in Economics?Some of our Placements
Company/Organization PositionKeyBank Performance AnalystTimken Corporation Principal Financial Analyst;
Demand PlannerKasina LLC, New York Business Intelligence ArchitectJP Morgan Chase Senior Analyst, Default Specialty
OperationsFirst Energy State Regulatory AnalystHuntington Bank, Columbus AnalystJo-Ann Stores Financial AnalystThings Remembered Headquarters Financial and Planning AnalystGeorgia State University PhD ProgramCleveland Metropolitan School District Data AnalystFirstMerit Bank Capital Planning AnalystHDR Incorporated, Washington DC Economist IMercer Consulting, Dallas Client Services Analyst ITakumi Stamping, Inc., Cincinnati Analyst
Career Outlook
• The U.S. Bureau of Labor Statistics (BLS) concludes that employment of economists will increase by 14 percent between 2012 and 2022.
• The BLS states that “[j]ob prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and related work experience.”
http://www.bls.gov/ooh/life-physical-and-social-science/economists.htm
Salaries• The 2014 National Association of Business
Economists (NABE) biennial survey of its members about their base salary and their level of educational attainment. The results from their 2014 survey are summarized in the table below.
• http://www.nabe.com/Careers/index
Some Notable Alumni
Dan Zuzic (Croatia)
Fulbright Scholars
Sejla Karalic (China)
Sandy PianaltoRetired President, Cleveland Federal
Reserve Bank(FOMC Member during
financial crisis)
Mike MorrellFormer Deputy Director, CIA
(acting director twice)
What will you get in the Economics Department?
• Individualized advising from faculty• Opportunity to do applied research• Experiential learning in the form of internships
and conducting research on current economic policy issues
• Attend department seminars and learn from invited speakers
• Networking opportunities
