Career Report

Oct/22/2008

Career Report

Economics is the study of a wide range of issues involving financial subjects. Such as inflation, recession, taxation decisions, regulatory forecasting, human activity and managerial decision-making. It is basically about how scarce resources are reallocated in order to satisfy all people. Economists and economy students study various processes and techniques of the collection, analysis and interpretation of economic data, as well as methods of presentation for our conclusions. Economics majors are required to become familiar with sources of information about the economy, and to analyze data using theoretical models. The economy consist of all activities involved in goods and services. (Nelson, Charles R.)

Career choices in the field of economics can include government consulting, government positions within government agencies, economics departments within corporations, departments of treasury, financial institutions, consulting firms, banks related positions and a wide variety of businesses and institution. As a student of economics becoming well acquainted with the economic aspects of modern society is builds the basis of knowledge. Further examination leads to the study of techniques for the analysis of contemporary economic problems and development of the ability to exercise these techniques.

For example, qualified candidates in a research and policy analysis group for a bank need to engage in policy relevant issues in economies. They must then present their findings during conferences and workshops. Usually the positions require a minimum of a bachelor’s degree in economics, finance, global fairs, banking or other economics related subjects. Skills in empirical research methods in economics and finance are key. There are also a variety of opportunities to work overseas for companies who are government entities or private international companies, world bank, international monetary fund (IMF) or other international working environments. Although these opportunities exist, having some working knowledge of another major language is critical when dealing with non-technical audiences.

The career opportunities for the economics field are varied and challenging. Many people go to local and international commercial banks and governmental agencies. Most of these jobs require knowledge of finance, analytical and interpersonal communication skills. Graduates have also found career opportunities in joint stock companies in other countries.

In my opinion, it is very important to develop a strategy, by either starting your own company or by making it into a government department, because people in the economics field look at the market and all kinds of competitors. It is also a good idea for seniors or recent graduates to participate in an internship and outside classroom knowledge in business world.

For example, throughout the last semester I was mainly working on two projects. One was analyzing and forecasting this year's American economy in a whole and the economics challenge in developing countries. We started as a group, gathering the all the available economic information in the general public and guessing about rational expectations with surveys. Then gave solutions regarding to fiscal and monetary policy, we were more focused on the inflation rate changes, housing loans, and global energy challenges that kind of hot topics and current issues. We were analyzed the recession, the weak dollar values and further raise inflation.

During the second project I was working on research involving global manufacturing and China's challenges from world trade openness. The study was focused on the economic rise of China in current international manufacturing. However, China's economy is so large and complex that the new ideas created many challenges within traditional Chinese society.

This semester I am continuing my analysis of opportunities and challenges in various countries' economies. In hope that new ideas come about I’m reading a book called " Freakonomics" It’s a great book focused on applying economic theory to diverse subjects that don’t usually get covered in traditional economy.

Reference

Nelson, Charles R. Macroeconomics: an introduction. 2007.

"Department of Economics Job Postings."2005. Stanford Job Postings. econ.stanford.edu/students/job_postings.html>.

"The Department of Accountig, Finance & Economics, an Overview." 2007. .