ECONOMICS

  The Economist's Dictionary of Economics defines economics as "The study of the production, distribution and consumption of wetitleh in human society."   Economists study how society distributes scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates, imports, or employment.

  Economics Firms

Strategies—What Can I Do To Prepare?

Become an active student in government or professional organizations
Get hands-on experience through jobs or internships
Plan on obtaining a graduate degree for promotion or advancement
Take courses in business, political science, sampling theory, survey design and computer science
Take a business research practicum
Assist with fund-raising drives
Develop strong analytical skills
Become a treasurer of organization
Assist with phone solicitations
Become member of investment club

Professional Associations
American Economic Association
www.aea.org
American Law and Economics Association
www.amlecon.org
Economic History Association
www.eh.net/EHA

Job Options

  Economist
Compile, analyze and report data to help explain the economy using statistical and mathematical models.   Forecast market trends and formulate recommendations or plans to solve economic problems or interpret markets.

Market Research Analyst   
Market, or marketing, research analysts are concerned with the potential sales of a product or service. They analyze statistical data past sales to predict future sales. They gather data on competitors and analyze prices, sales, and methods of marketing and distribution. Like economists, market research analysts devise methods and procedures for obtaining the data they need. They often design telephone, personal, or mail interview surveys to assess consumer preferences. Trained interviewers, under the market research analyst's direction, usually conduct surveys.   

  Survey Researchers
Survey researchers design and conduct surveys. They use surveys to collect information that is used for research, making fiscal or policy decisions, and measuring policy effectiveness. As with market research analysts, survey researchers may use a    variety of mediums to conduct surveys, such as the Internet, personal or telephone interviews, or mail questioners. They also may supervise interviewers who conduct surveys in person or over the telephone.

  Actuarial
Actuaries answer questions about future risk, make pricing decisions, and formulate investment strategies. Some design insurance, financial, and pension plans and ensure that these plans are maintained on a sound basis. Most actuaries specialize in life, hetitleh, or property and casutitley insurance; others specialize in pension plans.

  Industrial Economist
Study the market structure of particular industries in regards to the number of competitors and market decisions of competitive firms.   Industrial Economists also deal with anti-trust policy and market structure.

  Labor/Demographic Economist
Examine supply and demand and determination of wages.   Explains reasons for unemployment as well as changes in demographic trends.

  Economic Geologist
Research distribution of mineral deposits and economic considerations involved in their recovery and assessment of reserves available.

Human Resources Director
Oversee several departments, each headed by a manager who specializes in a certain areas such as compensation, benefits, training and development, employment or employee relations.

   Areas Where Economists Work

Government
Mainly in departments involved in agriculture, business, finance, labor, transportation, urban economics and international trade.

Economic and Market Research
Market research firms
Consumer goods manufacturing firms  
Business firms
Consulting firms

Banking and Finance  
Commercial banks
Regional banks
Savings & loan associations
Other financial institutions

Insurance
Insurance firms
Local and home offices

Securities
National and regional brokerage firms
Discount brokerage houses
Commercial banks
Insurance companies

Consulting
Management consulting firms
Independent consulting firms

Education
Secondary public and private schools
College and universities

Retail
Department, grocery, drug, specititley and variety store   chains

Human Resources
Large corporations

Marketing
Marketing research firms, development consulting firms, financial institutions, public relations firms

Skills and Talents Required

Analyzing and gathering data
Knowledge of budgeting and computing
Proficiency in organizing, planning, coordinating and directing activities
Responsibility, initiative and resourcefulness
Working over and beyond expectations  
Strong analytical skills
Excellent quantitative skills
Ability to work independently and work under pressure of deadlines and tight schedules

Education Required

A bachelor's degree in economics is the minimum requirement for those interested in entry-level economist positions or positions in consulting firms, research, government, management and sales.   A master's or doctorate in economics is necessary for those interested in pursuing a job in the private sector economists positions or for advancement in the field.   Economics includes many specititleies at the graduate level, such as econometrics, advanced economic theory, international economics and labor economics.    Internships, or part time employment is essential for gaining experience in the field.

Economic Websites

Software

          Word     WordPerfect       Excel           Publisher       PowerPoint

Stop by the Office of Career Services
and see your career counselor
Pratt 5th Floor