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Careers in Finance

valuable feedback from purchasers that enables companies “Economists and Marketing Research Analysts.” (2000). Occupa-
to evaluate consumer satisfaction and plan more effec- tional Outlook Handbook. Washington, DC: U.S. Depart-
ment of Labor, Bureau of Labor Statistics.
tively for the future. As companies seek to expand their
Harkavy, Michael. (1999). “Economists.” 101 Careers: A Guide
market and consumers become better informed, the need
to the Fastest-Growing Opportunities. New York: J. Wiley.
for marketing professionals will increase (Economists and
“Why Major in Economics?” Questions and Answers. (2000).
Marketing, 2000).
Retrieved September 7, 2005, from
Economists with a bachelor’s degree will face strong http://www.wiu.edu/users
competition in securing jobs in business or industry; some /miecon/wiu/whymajor/questions_answers.html.
may find positions as management or sales trainees or as
research or administrative assistants. Those with master’s
Wendy Rinholen
degrees and a strong background in marketing and
finance will have the best prospects in business, banking,
advertising, and management consulting (Harkavy,
1999). Those holding doctoral degrees in economics and CAREERS IN FINANCE
marketing are likely to face strong competition for teach-
In exploring careers in finance, one quickly begins to real-
ing positions in colleges and universities. However, oppor-
ize that there are a variety of jobs, with several types of
tunities should be good in other areas, such as industry
organizations, requiring varying levels of education and
and consulting firms. training. Unfortunately, the word finance reveals few
details about what one actually does as work in a finance
CONCLUSION career. The Career Guide to Industries 2004–05, produced
by the Bureau of Labor Statistics, organizes finance careers
Economics is the only social science for which a Nobel
Prize is awarded—an indication of its importance. Eco- according to three broad categories: banking, insurance,
nomic concepts have been applied in the natural sciences; and securities and commodities. Careers in the banking
both the theory of natural selection and the study of ecol- industry focus on providing loans, credit, and payment
ogy, for example, have drawn extensively on economic services to individual and large institutional customers.
Insurance industry jobs focus on providing clients with
concepts. Economics is both a theoretical and an applied protection against financial losses and hardships due to
discipline. It analyzes the way an economy can be changed
such things as fire. Finally, securities and commodities
and improved through learning how the various parts of
careers are typically what most people think of when con-
society affect each other and studying the relationships
sidering a career in finance. These jobs focus on advising
between government, business, and the individual (Basta,
and assisting individual and institutional investors with
1991). Economic concepts are so powerful and versatile purchasing and selling stocks, bonds, and commodities.
that they have been applied to attempts to understand
nearly every aspect of human activity. Economics provides
BANKING CAREERS
important insights in areas from government fiscal and
The majority of jobs in the banking industry are clerical
monetary policy, to business, to law and property rights,
and administrative support positions. Bank tellers make
to poverty and health issues, to environmental and natu-
up the bulk of the clerical positions in banking institu-
ral resource issues, to the choice of marriage partners.
tions. Tellers work directly with customers, assisting them
SEE ALSO Economics with basic banking services such as depositing funds and
cashing checks. New accounts clerks, also called customer
service representatives, assist customers with opening and
BIBLIOGRAPHY
Basta, Nicolas. (1991). “Economics.” Major Options: The Stu- closing bank accounts and with applying for loans or
dent”s Guide to Linking College Majors and Career Opportuni- credit cards. As a result, bank tellers and new accounts
ties During and After College. New York: Stonesong Press. clerks need to be knowledgeable about a wide range of
banking services and be able educate customers about
Careers in Economics. (2001). McGraw-Hill Higher Education:
The McGraw-Hill Companies. Retrieved September 7, 2005, these services.
from http://www.mhhe.com/economics/sharp/student There are several other entry-level administrative
/careers.mhtml. positions in the banking industry. Bookkeeping, auditing,
“Economics,” (1997). VGM’s Careers Encyclopedia (4th ed.). Lin- and accounting clerks are needed to help maintain and
colnwood, IL: VGM Career Horizons. update financial records, process deposit slips and checks,
“Economists.” (2005). Encyclopedia of Careers and Vocational and enter data. Credit or loan clerks are responsible for
Guidance, vol. 2. New York: J.G. Ferguson Publishing. organizing the paperwork needed to complete the

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