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Things every Economics major should know about their career future

Believe it or not, there are many cool things about studying Economics, and LINDA ESGUERRA shares a few that you should know.

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09 Jul 2012 Print This Post Print This Post

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    Economics is the kind of course that prepares you for an important career, and in fields that can really impact society. As an Economics student, you will (and should!) acquire many of the skills valued highly by employers.

    – Quantitative skills, a feel for numbers, very important in many business and government positions.
    – Writing skills, necessary in almost all lines of work.
    – Critical thinking skills that almost all employers agree are needed succeed.

    Have you heard of these myths of being an Econ major?

    * Economics majors only study such things as inflation, interest rates and unemployment.
    On the contrary, there is a lot of sociology, history, psychology and political science in economics.

    * People become economists only if they want to make money.
    While being an economist can be financially rewarding, there are people who are attracted to this career because they see it as empowering them to help in an economy that is in deep trouble and to help individuals achieve their personal aims and goals. Others find it a good way of organizing one’s thoughts for addressing world problems, and an important tool for developing public policy.

    Gary Becker, 1992 Nobel Prize winner in Economics saw that he could combine both his love for mathematics and his desire to do something to help society. (link:http://public.csusm.edu/rarnold/economics_major.htm)

    * Economics wasn’t very interesting in high school, so it’s not going to be interesting in college.
    High school and college economics are usually as different as day and night. It’s not just about consumer topics. Texts in college economics courses range from law and economics, to history of economic thought, to international economics and sports economics.

    What career can you look forward to as an Economics graduate?

    * You can be part of the Corporate Planning or Strategic Planning Department of a corporation. The bigger companies usually have an Economic Forecaster in their Strategic Planning Unit (SPU). They’re responsible for coming up with short-term and long-term plans for the corporation. The Economic Forecaster studies the environment and projects the coming trends, opportunities and possible threats to the company.

    * You can join a bank as a Financial Analyst, Credit Analyst, Market Analyst or Investment Analyst as entry level positions and then move up to Banking Business Analyst, Senior Financial Analyst, or Management Consultant. Your skills will prove useful in a banking environment. Remember, it’s up to you to make the most of the opportunities that come your way.

    * You can join a consulting firm and start as an associate consultant, partnering with the other senior consultants. Your analytical and problem-solving skills, as well as your knowledge of macro and micro-economics should be extremely useful in helping client companies solve their problems.  Your exposure to different client companies will accelerate your professional growth and  your understanding of organizations. As associate consultant, you may do a lot of travelling, as you collect data and interview people for your various clients.

    * Lastly, don’t forget our own National Economic and Development Authority (NEDA). They have a career ladder within, where you can eventually rise to Director as you offer your expertise for the economic progress of our own country.



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