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Economics: Skills and Knowledge

Economics: Skills and Knowledge. Why study economics?. Understand how the world works Ticket to top business and law schools Diverse career opportunities High compensation. How the world works.

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Economics: Skills and Knowledge

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  1. Economics: Skills and Knowledge

  2. Why study economics? • Understand how the world works • Ticket to top business and law schools • Diverse career opportunities • High compensation

  3. How the world works • Economics is at the root of business decisions, government policy making, and global economic relations. • Understanding how markets work and the relationship between economic variables is necessary to understanding the economy. • Economics is key to understanding the business press. • Economics helps you make better decisions.

  4. Ticket to top business & law schools • Richard Silverman, Executive Director of Admissions, Yale School of Management: “The best people are more frequently taking economics as their major. It shows they have the intellectual fire in the belly to perform well in an MBA program.” (Wall Street Journal 11/30/98)

  5. Ticket to top business & law schools • Ed Tom, Director of Admissions, UC Berkeley Law School: “Of all the majors, economics ranks in the top four or five consistently year after year for both applications and offers made. Logical reasoning and analytical skills are critical to legal studies.” (Wall Street Journal 11/30/98)

  6. Ticket to top business & law schools • Economics is the most popular major at Harvard, Princeton, Columbia, Stanford, Penn, and Chicago and second at Yale, Berkeley, Cornell and Dartmouth (Wall Street Journal 11/30/98)

  7. Career paths for economics majors • Journalist: Understanding economics is essential to a journalist covering business, government and financial markets. “Over the past decade, the demand for financial news has exploded, creating an urgent need for reporters schooled in economics and finance.” (Careers in Business Economics, NABE 1997/98.)

  8. Career paths for economics majors • Bond Trader: “This is a great job for an economist equipped with solid analytical and communication skills and who wants to work in a fast paced environment.” (Careers in Business Economics, NABE 1997/98.)

  9. Career paths for economics majors • City Planner: “As policymakers in rapidly growing urban areas begin to act on the need to promote quality growth, there will be an increased demand for city planners. Those who are rigorously trained in quantitative skills, such as economists, have the skills & opportunity to increase their contribution to the city planning profession.” (Careers in Business Economics, NABE 1997/98.)

  10. Career paths for economics majors • Business Economist in the Steel Industry “As chief economist, I meet with the press, security analysts, bankers and civic groups to provide information on the economic outlook and steel industry prospects.” (Careers in Business Economics, NABE 1997/98.)

  11. Career paths for economics majors • Financial Economist: “Growth of the global investment village has sharply increased the number of fund managers and their need to divine the outlook of markets by forecasting economic growth, exchange rate and interest rates.” (Careers in Business Economics, NABE 1997/98.)

  12. Current Pay Levels See the National Association for Business Economists website for: • Profiles of people who use economics in their work • Salary Survey Highlights • http://www.nabe.com/careers/index.html • Entry Level Salaries • The survey asked NABE members about their organization's educational requirements and starting salary for entry-level economists. Of the 338 responses to this question, 33 percent indicated their firm/organizations required a bachelor's degree for such positions while 43 percent would require person with a master’s degree. Almost one quarter – 23 percent – of respondents indicated that their organizations require their entry-level economists to hold a Ph.D. • The median starting salary for entry-level economists (regardless of level of education) was $58,000. Starting salary increased with more advanced degrees. The current survey, however, reflects a slight decline in starting salary for entry-level economists with a master's degree compared to the 2008 survey (almost $2,000 lower in 2010). Holders of a bachelor’s degree in an entry-level economist position gained a mere $500 in starting salary from 2008. The median starting salary for those looking for a Ph.D. stayed level at $85,000.

  13. TES Temple Economics Society • Enhance understanding of economics • Meet informally with other economics majors • Learn about careers • Network with employers • Explore internship opportunities • Show employers that you are motivated

  14. TES The Temple Economics Society • Open to everyone interested in economics. • Department Advisor • Dr. Don Wargo • E-mail: Docwargo@temple.edu • Ritter Annex 623, 215-204-8893 • For more information • Visit: ODE/TES Office, Room 800 Ritter Annex from 11:30 -2:30 Monday-Friday

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