Page 108 - Encyclopedia of Business and Finance

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Careers in Economics

Administration degree, and many graduate business
Career opportunities for which an economics schools encourage students to take at least some econom-
background is well suited ics courses. Studying economics is also excellent prepara-
tion for becoming a lawyer; many believe that economics
• Economist is one of the best backgrounds for success in law school
• Business Manager
• Property Manager because of its emphasis on a logical approach to problems,
• Labor Relations Specialist logical reasoning, and analytical skills. Publishing compa-
• Market Research Analyst
• Securities Broker nies and trade associations also employ economists. News-
• Urban/Regional Planner papers provide economics majors with opportunities to
• Public Administrator
• Government Economist write about economic and business events. The demand
• Industrial Traffic Manager for economics teachers in secondary schools is growing as
• Technical Writer economics becomes an increasingly important and popu-
• International Trade Specialist
• Farm and Land Appraiser lar course (Careers, 2001).
• Food Store Manager
• Marketing Advisor
• Professional Farm Manager WORK CONDITIONS
• Sales Representative
• Statistician Economists generally work in offices or classrooms. The
• Journalist (especially business reporting) average work week for government economists is forty
• Actuary
• Researcher hours, but the schedules of academic and business econo-
• Agricultural Economist mists are less predictable. Regular travel may be necessary
• Tax Economist to collect data or attend conferences or meetings. Interna-
• Tax Examiner/Collector/Revenue Agent
• Political Scientist tional economists may spend as much as 30 percent of
• Stockbroker their time traveling and 40 percent of their time on the
• Commodities Trader/Broker
• Financial Analyst telephone or the Internet researching current trends in
• Financial Investment Analyst foreign economic systems (for this subgroup, language
• Population Studies Analyst
• Bank Administrator skills are important).
• Business Administrator Economists in nonteaching positions often work
• Investor Relations Manager
• Chamber of Commerce Analyst alone writing reports, preparing statistical charts, and
• Transportation Planner using computers, but they may also be part of a research
• Commodity Analyst team. Faculty economists have flexible work schedules,
• Data Analyst
• Cost Analyst dividing their time among teaching, research, consulting,
• Credit Analyst and administrative duties. High levels of satisfaction are
• Rate Analyst
• Bank Research Analyst found throughout this field, which encourages discussion,
• Compensation/Benefits Coordinator detailed examination, and lively disagreement.
• Financial Researcher
• Investment Banking Analyst
• Compensation Analyst
• Cost Estimator DESIRABLE PERSONAL QUALITIES
• Demographer The field of economics rewards creative, curious, analyti-
• Regional Planner
• Underwriter cal, and logical thinkers. Helpful qualities for an econo-
• Management Consultant mist include the following:
• The ability to work accurately with details
Table 1 • The ability to work well independently as well as
with others
• The ability to be objective and systematic in one’s
RELATED USES FOR AN work
ECONOMICS DEGREE
• Patience and persistence (since economists and mar-
Economics is widely recognized as a solid background for keting research analysts must spend long hours on
many jobs and professions in business, government, and independent study and problem solving)
the law. Economics majors have a wide range of choices
• Effective communication skills
and a great deal of flexibility when deciding on a profes-
sion (see Table 1). • Intellectual curiosity
An undergraduate major in economics can be an • The ability to collect, organize, interpret, and ana-
ideal preparation for work on a Master of Business lyze data

ENCYCLOPEDIA OF BUSINESS AND FINANCE, SECOND EDITION 85