CAREERS IN ECONOMICS
Extracted from Occupational Outlook Handbook, 1990
With data from the Current Population Survey
Prepared by
Thomas Carroll
When people hear the word “economy” they often think of “inexpensive.” However, the science of economics is much more concerned with efficiency. Economists study the process of decision-making in households, firms, not-for-profit institutions, and government. The tools of economics helps individuals and institutions achieve their goals with a minimum of effort and resources. But economists do not come cheap.
Most students who major in economics go on to careers other than being economists per se. A bachelor or master's degree in economics are two of the best preparations for careers in entrepreneurship, law, business management, or consulting. And remember one of the most important lessons from economic theory – opportunity cost. Students with degrees in economics who pursue occupations other than being economists must earn an equivalent financial or psychic income!
Most economists are employed in private sector firms (89.1%), including self-employed consultants (9%). Management and public relations firms employ the most economists (17%), followed by colleges and universities (14%), construction and manufacturing (13%), finance, insurance and real estate (14%), and public administration (8%). The distribution of economics’ jobs by industry is presented in Figure 1.
Most economists have a bachelor's degree (60.67%), followed by masters’ degrees (23.6%) and doctoral degrees (15.73%). The average earnings of economists have been increasing dramatically over the last few years: from $38,659 in 1995 to $45,579 in 1996 (17.9%), and to $58,458 in 1997 (28.3%). The breakdown of average pay by education level is presented in Table 1.
Economists are split roughly evenly between men and women. A woman economist of the same age and education can expect to earn the same income as an equivalent male economist would earn. Economists of Asian, African-American, or Hispanic ethnicity can also expect the same earnings as economists of Non-Hispanic European ethnicity. In economics, ability and effort determine pay, not gender or ethnicity.
Economics at UNLV
There are five different ways to studying economics at UNLV:
Master of Arts in Economics Complete prerequisite work in intermediate microeconomics and macroeconomics, calculus and statisticsComplete required courses in advanced microeconomic theory, advanced macroeconomic theory, econometrics, and the seminar in economic researchComplete four additional graduate courses in economics (two can be in a related discipline)Complete and successfully defend a master's thesisMaster of Business AdministrationComplete the thirty-hour core in business, including courses in economic analysis, statistical analysis, and international businessDevote one nine hour concentration to economics for decision-making (managerial economics, advanced statistics, business and economic forecasting)Bachelor of Science in Business Administration with a major in economicsComplete core requirements through the College of Business (which include principles of microeconomics and macroeconomics, statistical methods)Complete courses in intermediate microeconomics and macroeconomicsComplete seven additional economics courses at junior or senior level Bachelor of Arts in EconomicsComplete core requirements through the College of Liberal ArtsComplete courses in principles of microeconomics and macroeconomics, statistical methods, intermediate microeconomics and macroeconomicsComplete seven additional economics courses at junior or senior level Minor in EconomicsComplete the requirements for any major except economicsComplete courses in principles of microeconomics and macroeconomics, statistical methodsComplete four additional economics courses at junior or senior level.For additional information, call or drop by our office. Our phone number is (702) 895-3776, and we are located on the fifth floor of Frank and Estella Beam Hall, office number 508. You can also visit our web site at http://www.unlv.edu/Colleges/Business/Economics/economics.html
