Careers

Click on the link below or scroll down to see the answers to the following questions.

• What is economics?

• Why would anyone study economics?

• Where are the jobs and what do they pay?

• Will economics prepare me for graduate studies in law, business, public policy, or medicine?

• Where can I learn more about current job openings for students with an interest in economics?

What is economics?

Economics is the study of how people make decisions and how those decisions affect other people and the overall level of economic activity. Since choice is universal, the issues examined in economics are diverse; economists can analyze the effects of a change in the federal income tax, or consider whether a change in the price charged by a firm increases profits. From the economic perspective, the decision-maker evaluates the costs and benefits of any decision before actually choosing the best alternative. For example, reducing the speed limit may save lives (a benefit) but it will increase travel time (a cost).

• Visit the on-line debates hosted by South-Western College Publishing to see some issues of interest to economists.

Why would anyone study economics?

Economics is a popular major at many colleges and universities. For example, at Harvard University the most popular elective is Principles of Economics and over 10% of the students major in economics. Also, CEO's of Fortune 500 firms chose economics as a major more frequently by than any other discipline. Why do so many students choose economics?

• Economics is a challenging intellectual pursuit. That economics is the only discipline in business or the social sciences awarded a Nobel Prize indicates the high levels achievable in this field.

• Economics is an extremely broad field. It spans liberal arts and business, ranges from public policy to pure theory, and involves both abstract thinking and analysis of data.

• Few other courses of study offer more professional opportunities. Students of economics find employment in a diverse array of occupations and industries, earn high salaries, and have good prospects for career advancement.

• Economics is excellent preparation for a wide range of graduate programs, including business, public policy and administration, law, and medicine. Economics majors tend to score well on admission tests required by graduate schools such as GMAT, GRE, and LSAT. The American Bar Association recommends study in economics, "particularly elementary micro-economic theory, and an understanding of the interaction between economic theory and public policy."

Where are the jobs and what do they pay?

Economics is an approach to decision making that is valuable to all aspects of life. Individuals, employers and graduate schools find the techniques used in economics "to draw correct conclusions" very useful. For these reasons economics majors are found pursuing all sorts of careers after graduation, and very often they are not in positions titled "economist." If you're thinking of becoming a lawyer, economics is a perfect major. If you're planning on becoming a CEO or running your own business, economics is a perfect major. If you're planning on becoming an investment banker, economics is a perfect major.

The most important skill that businesses want are people who can think and solve problems. Particular occupations may require special skills, but the needed skills change. The need for people who can think and solve problems does not. Economics is probably the major that best trains you to think in a way that's useful for solving problems. That's what's in it for you. It turns you into a thinking machine that businesses highly value. As a sidelight, becoming a thinking machine changes the way you view life and understand problems.

• Employment opportunities exist in such diverse fields as financial services, banking, real estate, insurance, health care, manufacturing, not to mention government and the Federal Reserve System.

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  The list of possible occupations includes bank examiner, claims adjuster, manager, consultant, purchasing agent, entrepreneur, sales representative, financial planner, stockbroker, and almost any job with the word "analyst" in its title - such as business, credit, economic, financial, market research, risk, or securities analyst.

A wide variety of data indicates that economics majors earn high salaries and have good prospects for rapid career advancement.

• The US Census Bureau reports that the mean yearly income for undergraduate economics majors was $41,916 in Spring 1993. This is only slightly below the average for engineering ($43,740) and compares favorably with business/management ($35,940), liberal arts/humanities ($25,236), social sciences ($26,916), and all majors ($31,500). (Click here to visit the Bureau of the Census to see salaries by major and level of education.)

• The College Placement Council Salary Survey reports that the average salary offer for Economics & Finance majors was $35,219. This was slightly lower than the average for Management Information Systems ($38,564) and higher than the averages for Accounting ($33,425), Business Administration ($31,597), Human Resources ($26,434) and Marketing ($29,902).

• In a survey of alumni of the economics programs at VCU administered in the spring of 2000, the estimated mean salary was approximately $60,000. 40% of the respondents indicated that their annual salary exceeded $70,000. (Click here for more information about salaries and careers obtained from the alumni survey.)

• Economics also appears to be a truly equal opportunity profession in that it is the one major where males and females earn almost exactly the same incomes. (Click here for a bar chart showing the median incomes for various majors by gender.)

• A Washington Post article titled "Majoring in Money," (Sunday, March 24, 1996) listed the Annual Earnings by College Undergraduate Major for Women aged 35-44 for the top five majors - and economics was #1! The article described an economics degree for women as "golden."

To help students find employment, the Department of Economics maintains a folder of current job opportunities that are well suited for economics majors. To review the postings, please contact Dr. Steven Peterson, the Undergraduate Coordinator for the Department. The School of Business Career Center also offers a comprehensive array of services for students and alumni who are exploring career options and looking for jobs.

• Visit the School of Business Career Center
  
  

Will economics prepare me for graduate studies in law, business, public policy, or medicine?

Economics has traditionally been recognized as excellent preparation for graduate studies in business and public policy. Economics majors tend to score well on the tests required for admission, such as GMAT, and to perform well in the programs after they enroll. Now economics is being increasingly recognized as excellent preparation for the fields of law and medicine. For example, economics majors tend to score well on LSAT, the admission tests required by most law schools. (Click here to see some data.) Moreover, the American Bar Association strongly recommends study in economics, "particularly elementary micro-economic theory, and an understanding of the interaction between economic theory and public policy."

Where can I learn more about current job openings for students with an interest in economics?

The Career Center at Virginia Commonwealth University has a variety of resources available to students seeking employment, including lists of job openings. Please visit http://www.students.vcu.edu/careers/ to learn more.

A second option is to review messages on the mailing list that the Department of Economics uses to post information about job openings and other news. To view the messages, visit http://lists.vcu.edu/archives/econ-l.html. If you want to receive the messages automatically via email, you must join the list. To subscribe (or unsubscibe) to the list, please click here.