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Degrees and Schools
Economics bachelor's degree programs are available at many colleges and universities. At the graduate level there are numerous specialties including international economics, econometrics and labor economics.
Classes
Students typically study the following subjects:
- Macroeconomics
- Microeconomics
- Sampling theory and survey design
- Statistics
- Econometrics
- Computer science
- Calculus
Online Classes and Programs
Undergraduate and graduate degrees in economics are available online. It's important for students to take an online program which has been accredited by an agency approved by the United States Department of Education or the Council for Higher Education.
Employment Requirements
Many private sector economist positions require a master's degree or a Ph.D in economics. Many organizations require a Ph.D. for top economist positions. A Master's degree is required for some research and administration positions.
The federal government requires applicants for entry-level economist positions to have a bachelor's degree with at least 21 semester hours of economics and 3 hours of accounting, statistics or calculus or a combination of experience and education. Also, those with a bachelor's degree may qualify for jobs in finance, business, insurance and other fields.
The major employment sectors are the government, private industry; management, scientific and technical consulting services; scientific research and development services, colleges and universities, investments, banking and manufacturing.
How to Evaluate Schools and Programs
The answers to the following questions can help students select the appropriate school:
- Training - Does the program include an externship? Do students have a variety of externship choices?
- School's Reputation - Is the school recognized for its economic programs?
- Job Placement - Are students provided job placement services? Do employers that hire economists recruit students at the school?
- Curriculum - What type of electives are offered? Can students select an area of specialization?
- Financial Aid - What types of financial aid are available? Is the school eligible to provide federal financial aid?
- Accreditation - Is the school accredited by an agency which has been approved by the United States Department of Education or the Council for Higher Education?
Economists Job Description
Economists examine how societies and markets distribute resources such as human labor, raw materials, land and capital to create goods and services. They study how businesses, individuals and governments acquire, spend and invest money. Economists also develop forecasts on a wide array of topics including inflation, energy costs, exchange rates, interest rates, employment levels, taxes and business cycles.
Economists evaluate the relationship between the supply and demand of goods and services. Microeconomists study the supply and demand decisions made by companies and individuals and macroeconomists evaluate historical trends of the entire economy and forecast future trends in various economic topics such as economic growth, inflation, productivity and investment. Many economists specialize in a specific area.
Shown below are some of their responsibilities:
- Provide information that helps managers make decisions about marketing and pricing goods and services
- Study government policies
- Inform managers the affect government policy may have on their business
- Prepare economic forecasts
- Forecast consumer demand
- Study economic and statistical data in an area of specialization
- Formulate recommendations and policies and plans to interpret markets or solve economic problems
Resources
- National Association for Business Economics
- American Economic Association
- Agricultural & Applied Economics Association
- International Health Economics Association
- Association of Environmental and Resource Economists
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