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Career Facts
Who Would Enjoy a
Career in Economics:
Those who enjoy regular work hours at a desk working
either alone or with a team would most enjoy these positions. Those who have the ability to think logically and methodically,
pay attention to detail, and have good communication skills,
will be attracted to this field. Economists constantly seek
new information; therefore, intellectual curiosity,
creativity, patience and persistence are fundamental personal traits of the successful
economist. Objectivity, open-mindedness, and systematic work
habits would also benefit the economist.
What They Earn:
According to Department of Labor, Bureau of Labor
Statistics, the median annual earnings of economists were
$72,780 in May, 2004. Depending on position and education,
beginning salaries ranged from $24,667 to $30,567. Those with
a Ph.D. could begin at $45,239 to $54,221. The average
annual salary for economists employed by Federal Government in
2005 was $89,441.
How Many Jobs
Available:
According to the Bureau of Labor statistics, job
seekers with a background in economics should have good
opportunities, although some opportunities will be in
related occupations. Projection is
based on the need to replace workers as they retire or change
occupations. Employment for economists is typically located in large
metropolitan cities and with international operations like
World Bank and United Nations. The employment growth rate is
high in the private sphere through economic consulting firms
and research groups. Universities traditionally remain high
employers and economic faculty may have more flexible
schedules which include teaching, research, consulting or
administration.
How Much
Training:
Entry-level positions with government offices involve
tasks of collection, assimilation and preparation of data and
require a Bachelor’s degree in economics. Teaching, business
and more advanced government positions typically require a
master’s degree. In order to achieve higher levels of top
economist positions whether in business, education or
government, a Ph.D. is necessary. At any career level,
computer proficiency is necessary as well as advanced training
in statistics, mathematics and quantitative research. As with
most professional positions, good communication skills and
team work are important as well.
Related Occupations:
Other occupations in this area include auditors,
actuaries, budget analysts, financial advisors and managers,
loan officers, purchasing mangers, government agencies, social service organizations,
marketing, research and consulting firms, businesses, bankers,
statisticians, stockbrokers, equity research analysts, college professors, reporters, correspondents and natural
resources.
What They Study at
LCC:
Follow the
Curriculum Guide for Associate in Arts
Degree with Economic Concentration
Links:
Lucrative Degrees - CNN Report
Freakonomics.com
Economics Roundtable
Economists View
Careers in Economics
Economics is Hot Major for Undergrads
U.S
Department of Labor, Bureau of Labor Statistics
LCC Advising
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