Career prospects for economists?

Discussion in 'Business, Careers & Education' started by linkinwayne, Jun 8, 2011.

  1. DaveB

    DaveB Senior member

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    I have a buddy who swears that an econ phd and job in academia is the bees knees, and the tenure track is easily achievable compared to other disciplines. Should I drop out of the rat-race and do it, or is this guy full of shit?

    I'd imagine econ phds have options other than academia so they are more in demand for academia and thus have an easier route than all the B.S. phds that can only be professors.

    If your happy with low 6 figures for less than 40 hrs a week, summers off and almost 100% job security I'd say go for it.
     
  2. thebac

    thebac Senior member

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    This is not credited information.

    Plenty of economics majors can get a job in their field or related to their field.

    Finance and accounting are not bad majors, either, but the idea that an economics major is worthless is pretty bizarre considering it's one of the better majors for a graduate to actually find a job in.

    Economics major alone is pretty worthless.

    Go for a finance/accounting major with an econ minor/double major.
     
  3. thebac

    thebac Senior member

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    If you get into a great program, sure. If you're not in a top program it'll be hard to get a tenure-track position at a top research university, and you might end up at a teaching school where the pay could be considerably lower.

    While your options as an economics PhD are much better than a PhD in the humanities or other social sciences, I wouldn't call a tenure-track position at a great school easily achievable. Plus, you're looking at around 5 years (often more) of school first.

    I have a buddy who swears that an econ phd and job in academia is the bees knees, and the tenure track is easily achievable compared to other disciplines. Should I drop out of the rat-race and do it, or is this guy full of shit?
     
  4. suited

    suited Senior member

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    Learn how to draw downward sloping lines.
     
  5. Piobaire

    Piobaire Not left of center?

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    lol .. do people really advertise salaries anymore? But ya, really annoying - I've yet to see anyone advertise salary expectations.

    Follow up: I actually received some emails back. In raw $$, similar positions pay similar $$. I'm just out of touch with how to compare southern Ontario $$ (not in GTA) with my current cost of living and level of taxation. Very interesting and would not have got the info if not for your link. Thanks.
     
  6. imschatz

    imschatz Senior member

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    Follow up: I actually received some emails back. In raw $$, similar positions pay similar $$. I'm just out of touch with how to compare southern Ontario $$ (not in GTA) with my current cost of living and level of taxation. Very interesting and would not have got the info if not for your link. Thanks.
    your welcome .. that's pretty awesome they got back to you, a) so quickly, and b) with an answer other then "our salary expectations will be guided by the applicant's experience and education". www.monster.ca is another one .. not sure how useful it is, as companies in Alberta tend to prefer workopolis - so I've never really used monster.
     
  7. Master Milano

    Master Milano Senior member

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    Learn how to draw downward sloping lines.

    haha but [​IMG]
     
  8. otc

    otc Senior member

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    And you can find more lucrative econ positions in the private sector, but those tend to be difficult to get into right out of school.

    Most people who go into Econ want to go into government.

    Economics major alone is pretty worthless.

    What an odd thread....

    Are you sure someone didn't take a bunch of posts from the english majors thread and do a find/replace?

    My opinion may be slanted due to where I received my degree ("best undergrad econ program in the world" by many sources although I am not really sure what that even means), but of my friends with econ degrees, I only know one who is sort of in government while the rest of them all of private sector positions right out of school.
     
  9. imschatz

    imschatz Senior member

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    What an odd thread.... Are you sure someone didn't take a bunch of posts from the english majors thread and do a find/replace? My opinion may be slanted due to where I received my degree ("best undergrad econ program in the world" by many sources although I am not really sure what that even means), but of my friends with econ degrees, I only know one who is sort of in government while the rest of them all of private sector positions right out of school.
    And you think graduates from your undergrad university are somehow a representative sample? I hope you didn't study econ/statistics. Ignoring the obvious bias... Depends how you study Economics. Lots of people study economics because they want to be policy wonks - whether it be macro policy (fiscal/monetary) or micro policy like determinants of labour market outcomes. These guys usually end up in government. Then there are those (like me) who were good at math, but not good enough to be financial mathematicians. Deriving complex complex mathematical models can be a bit hit-or-miss, but I can understand them - and, more importantly, understand their implications on business decisions. Now hopefully I'll end up in the private sector somewhere. But ya. I wouldn't say "an economics degree is useless", but a BA in Economics isn't the most impressive degree you can have on a resume. So, unless you: - combine it with some serious math/stat training - focus on upper level theory/econometrics - get a graduate degree in Economics - study at a very prestigious school then you might struggle a bit. For what it's worth: we are currently presenting our MA Economics essays to the department. Half (7/14) are "Labour Economics" papers, looking at wage gaps between immigrants/native born, or men/women. Pretty sure there are 0 private sector jobs looking for people interested in studying wage gaps.
     
  10. Biscotti

    Biscotti Senior member

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    How are Econ, BS degrees viewed in relation to a BA?
     
  11. Stewbone

    Stewbone Senior member

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    Econ/Finance major here, looking to get into energy economics and go to grad school at colorado school of mines.

    Its a field im very interested in and see an immense future for.

    Plus the programs are much easier to get into right now while the demand for it is low, which wont stay for long.
     
  12. otc

    otc Senior member

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    How are Econ, BS degrees viewed in relation to a BA?

    For the most part, exactly the same.
    Most schools give you little say in the matter...they either grant a BA in econ or a BS.

    If you are at one of the schools that offers both (usually the BS requires a couple extra math classes), the one with harder requirements will obviously be "better" but it is doubtful that any recruiter is going to know that unless you tell them.
     
  13. phreak

    phreak Senior member

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    Econ/Finance major here, looking to get into energy economics and go to grad school at colorado school of mines.

    Its a field im very interested in and see an immense future for.

    Plus the programs are much easier to get into right now while the demand for it is low, which wont stay for long.


    I know the GRE isn't the only metric admissions depts looks at, but I hope you have a Q770+ and V650+ if you want to get into a top 15 program.
     
  14. Motol12

    Motol12 Senior member

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    How are Econ, BS degrees viewed in relation to a BA?

    Pretty much a distinct without a difference for 99% of situations.
     
  15. Stewbone

    Stewbone Senior member

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    I know the GRE isn't the only metric admissions depts looks at, but I hope you have a Q770+ and V650+ if you want to get into a top 15 program.

    Right, the undergrad GPA comparison for most top schools is a 3.5 for standard econ/finance but 3.1 - 3.3 for energy economics.
     

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