Consider what an economics degree can do for your career. By definition, economics is the study of the production, allocation and consumption of services and goods. Economics is a branch of social science which deals with production and distribution and consumption of goods and services as well as their management. We talk of both macroeconomics and microeconomics. Economics training online teach one to utilize both the theories and principals of natural science as they apply to the logic and theories of mathematics.
Economics Education and Training
A variety of curriculum is involved in obtaining a diploma in this field. Bachelor programs in this area are devoted to providing students with core skills in the humanities along with promoting strong development in critical mathematics and analytical capabilities.
Core skills generally include history, literature, English, mathematics and various electives. A bachelor diploma will require successful completion of specific courses such as statistical analysis, economic theory, macroeconomics, microeconomics, advanced math, mathematical statistics, econometrics, micro and macro equations. Electives may come from areas like mathematics, finance, political science, international relations, and public policy.
For the student who wishes to pursue a career in a specialized field of this nature (for instance, a career studying global fiscal policies), a Masters program is likely to be a necessity. One of the real advantages to studying for a masters degree in economics is that students normally are allowed to work closely with professors on very real research and development (R&D) projects. Some concentrations with the economics program are:
- Business economics
- Economics and finance
- Economic development
- International economics
- Health economics
- Financial economics
- Behavioral economics
A Doctorate (PhD) program enables students to teach and mentor undergraduates while carrying out research that has a potential to impact global politics and business policies. Candidates for a PhD concentrate on specifics such as econometrics, regional and urban economic theory, developmental and monetary theory to name but a few.
Careers in Economics
Economists must be able to gather data from sources and reports, develop personal relationships that allow them to obtain accurate data, learn to read between the lines to connect numbers and identify trends, develop crucial cognitive skills, learn to effectively communicate both on paper and orally, learn to identify patterns and shapes in raw data and be able to take advantage of the most up-to-date software. An Economics Degree is the right choice for anyone wishing for job security and a good income.
Economists use their skills in the arenas of finance, business, humanities and social sciences. They accumulate and evaluate research data that is relevant to all things of monetary or production significance. For instance, economists study land, raw materials, natural resources, labor, equipment and finished products. Economists collect and study data in order to report current and predict future economic trends.
Upon graduation a person with a diploma in this area will have many career choices. There are no particular federal or state mandated licenses required of those who work as economists. The Federal Government requires all entry-level economists to hold a bachelors diploma in this area.
To teach at a community college one must have a master’s level education; to teach at college or university level a PhD in the field is required. Most private sector companies that hire economists require them to hold a masters education level at the minimum.
Estimated Income and Projected Career Outlook
Data shows that those with a PhD or masters in economics area have a better chance for employment than those with only a bachelor’s degree. According to National Employment Matrix, economists will enjoy a 6% increase in their numbers between 2008-2018. Economists can expect good earnings; in May 2008 the median annual wages for an economist was $83,590. In March 2009 the average annual salary for an economist working for the Federal Government was $108,010.
The median annual wage of economists was $89,450 in 2010. The lowest 10% earned below $48,250, and the top 10% earned more than $155,490. The employment of economists is projected to grow 6% between 2010 to 2020 (Bureau of Labor Statistics – BLS). Economics degree courses are therefore a viable degree for entry into a variety of career paths.
Programs in Economics
- Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
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- Master of Business Administration - Economics
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