Economics
"From the earliest classical economic schools of thought such as those of
Smith, Ricardo, and Marx, economics has been concerned with the allocation of resources among alternative uses to satisfy our wants.
Economics is an integral element in national and global decision-making from healthcare management to environmental issues. The foundation
of economics is specifically categorized under two major subheadings: Microeconomics (focuses on specific or localized aspects of the
economy), and Macroeconomics (focuses on general features and processes of a national economy). Information Technology increasingly places a
demand for skilled statistical analysis where economics lends itself through its economic modeling and reasoning features. The mastery of e
conometrics (combination of statistical application methods with economic theory) is projected to become a burgeoning marketable skill
throughout the 21st century" (
www.gradschools.com
).
For additional information on an online graduate school please visit eLearners.com for details.
Niche AreasAs has been mentioned several times before, there are many directions in which you can go with a degree in economics. And while a complete list of all of them will not fit on this page, some of the most popular are:
- Accounting
- Finance
- Marketing
- International Business
- Statistics
- Microeconomics
- Macroeconomics
- International Trade
- Public Finance
- The History of Economics and Economic Theory
Types Of Associate, Undergraduate & Graduate Programs Available
Economics is an exceptionally broad field, and as a result, there are many areas of specialization that you can focus on. Your education,
therefore, will go a long way in not only teaching you the basics of the field, but it will also afford you the opportunity to learn about
aspects of it that you may not have thought of before. Associate's degrees in Economics generally provide students with the basic knowledge
necessary to pursue further education in the field. Bachelor's degrees ready students for work in the field itself, and graduate degrees can
be used for either professional advancement or as a springboard to teaching economics in the college classroom.
Typical Admissions Requirements
If you have no background, either academic or professional, in economics, then an Associate's degree program is probably best: It will
afford you the opportunity to learn a bit about the field and to decide if it is something you want to pursue. It's also the easiest one to
get into and the least costly. If, however, you know you want to pursue a career in the field, then one of the other three degrees is a good
choice. A Bachelor's degree will prepare you for either work in the field or for eventual graduate study. Master's and Doctoral degrees are
the most difficult to get into, but the rewards-both professional and intellectual-are great.
Careers In This Field
One criterion tBecause of the wide range of possible careers in economics, a comprehensive listing of all the careers available to graduates
is not possible to have in this space. However, a partial listing is. Some of the most popular are the following:
- Actuarial Work
- Banking and Financial Institutions Work
- Human Resources Management
- Public Utilities
- Market Research
- Law
- Education
- Government Positions
- Health Care Management
- Labor and Industrial Relations
Salary Ranges In This Field
Earning potential varies widely for economics majors, and depends to a great extent on the specific aspect of the field you choose to pursue
. Also, as might be expected, your level of education has a very real impact on the amount of money you can earn. In general, however, the
starting salaries are as follows, as reported by the National Association of Business Economists (2002):
Bachelor's Degree: $38,000
Master's Degree: $48,000
Doctoral Degree: $70,000 (
www.oswego.edu
) LINK?
These figures, of course, change greatly as one gains more experience in the field. And in certain sectors, salaries many times higher than these are not uncommon.
Future Outlook
Because of the many possible areas of employment in the field of economics, an overall outlook is difficult. Therefore, it is important to
remember that these predictions are just that: Educated guesses. For more accurate numbers, it would be wise to research the outlook in the
specific field you would like to pursue. That having been noted, then, the outlook for employment, in general terms, "is expected to grow
more slowly than average for all occupations through 2014. Employment growth should be the fastest in private industry, especially in
management, scientific, and technical consulting services. Rising demand for economic analysis in virtually every industry should stem from
the growing complexity of the global economy, the effects of competition on businesses, and increased reliance on quantitative methods for
analyzing and forecasting business, sales, and other economic trends. Some corporations choose to hire economic consultants to fill these
needs, rather than keeping an economist on staff. This practice should result in more economists being employed in consulting services.
However, job growth will be limited as firms increasingly employ workers to perform more specialized tasks with titles that reflect the
specific duties of the job instead of the general title of economist. In addition, few new jobs are expected in government, but the need to
replace experienced workers who transfer to other occupations or who retire or leave the labor force for other reasons will lead to job
openings for economists across all industries in which they are employed.
Individuals with a background in economics should have job opportunities, although some of these opportunities will be in related occupations. As firms increasingly employ workers to perform more specialized tasks, the best opportunities for individuals with backgrounds in economics are expected to be in positions that have titles other than economist. Some examples of job titles often held by those with an economics background are financial analyst, market analyst, public policy consultant, researcher or research assistant, and econometrician" ( www.bls.gov ).
- www.amlecon.org (The American Law and Economics Association)
- www.iea-world.com (The International Economic Association)
- www.nbesonline.com (The National Business Economics Society.com)
