WHAT CAN I DO WITH A MAJOR IN ECONOMICS?

Overview
Explore Career Options
Career Preparation
Hopkins Psychological and Brain Studies Alumni
Graduate School
Honor Societies & Professional Associations
Links

Overview
Economics is the study of how people choose to use resources, including their time and talent, land, buildings and equipment on hand, and the knowledge of how to combine them to create useful products and services.  It is the study of the allocation of time, money and energy and to what end, through the behavior of individuals, firms, industries, governments, countries and the globe as a whole.1 Most economists work in specialized areas, such as:

• Microeconomics – the study of the supply and demand decisions of individuals and firms.
• Industrial/organizational economics – the study of the market structure of particular industries.
• Macroeconomics – the study of historical trends in the whole economy and the forecasting of future trends in areas such as unemployment, inflation, economic growth, productivity and investment; includes monetary, international, labor, and public finance economics, as well as econometrics, the application of mathematical techniques to economic research.2

The Department of Economics at Johns Hopkins prides itself on offering programs designed to improve the understanding of important economic problems and to provide the tools needed for the critical analysis of these problems, and for dealing with them in practice.  On the undergraduate level, it is dedicated to providing students a stellar preparation for careers as professional economists or for specialties related to economics, such as business, law, government, history, health care management and environmental engineering.3

Explore Career Options

An understanding of markets is an invaluable asset in the workplace.  Economists conduct research, collect and analyze data, monitor economic trends and develop forecasts for issues such as energy costs, inflation, interest rates, exchange rates, business cycles, taxes and employment levels – all areas applicable to a wide variety of careers and industries.4 Some of these include:

• Economic consulting – employment with consulting firms such as McKinsey, Boston Consulting Group, Bain, and Accenture to work with data, develop models of specific markets, provide testimony in public hearings and in lawsuits, and improve efficiency and profitability of clients.
• Law – economists in the legal field write and interpret contracts, support mergers and acquisitions, deal with the tax system, address disputes of workers, landlords and venders, and assist with any case with significant economic content and implications.
• Government – government at all levels, federal and regulatory agencies all hire economics to manage and evaluate their operations, assist with economic forecasting and regulation.
• Academia and Research – after receiving a doctorate, economists enter academic life as professors or choose research careers outside of academics, including roles at the Federal Reserve, international agencies, governmental policy and evaluation departments and private banks, investment houses and other for-profit ventures.
• Business – the analytical training of economics majors is highly valued by corporations for managerial decision making, identifying and adapting to changing economic climates, interpreting and forecasting the general economic climate and conditions specific to the economist’s firm, and aiding their firm’s operational efficiency.5
• Finance – financial analysis assess the economic performance of companies and industries for firms and institutions to invest; other positions within this field include security analysts, investment analysts, portfolio managers, fund managers, risk managers, financial advisors and wealth managers.  A bachelor’s degree is acceptable for entry-level positions in this field, with most in finance eventually seeking an MBA.6

Various levels of education and experience are required for these positions, but an undergraduate degree in economics is the first step toward a lucrative and exciting career in these fields.

Career Preparation

A bachelor’s degree in economics, combined with internship and research experience related to your area of interest, is typically sufficient to gain an entry-level position.  Experience gathering and analyzing data, conducting interviews and surveys, and writing reports on the findings of your research is vital, along with demonstrated quantitative skills in mathematics, statistics, econometrics, sampling theory, survey design and even computer science.7

Internships and real-world experience are extremely important in this field; students interested in fields such as consulting or finance should consider taking additional courses in communications and/or business.  As with any major, extra-curricular activities and volunteer work are an excellent way to demonstrate teamwork skills and establish time-management abilities.  Aspiring economists should take advantage of the strong tradition of research at Johns Hopkins, as well as the university’s proximity to Washington D.C. to participate in internships in government, federal agencies and world financial institutions.  Many business schools require work experience prior to acceptance, and internship and research experience greatly strengthens your qualifications as a candidate to graduate school in economics or law.

Hopkins Alumni

Hopkins Economics alumni go into a variety of career fields. Since 2005 the Career Center has surveyed recent graduates about their academic and career plans 6 months after graduation. Here is a summary of their responses.

Hopkins Alumni in Economics

Mark Basch, Director of Product Development, Interactive Data
Economics, Class of 1988

Chad E. Gutstein, Executive Vice President, Ovation TV
Economics, Class of 1995

Henry Huang, Literary and Talent Manager, Industry Entertainment
BA Economics, Class of 2002

inCircle - a professional and social networking site for Hopkins students and alumn where you can identify alumni by career field, major and orgnaization.

LinkedIn.com -a professional networking site where you can identify Hopkins alumni. Join the LinkedIn Johns Hopkins University Alumni Group to add over 4000+ alumni to your network.

Graduate School

The Career Center is here to help you navigate the graduate school search process. Click here for guidelines and preparing for Graduate School and Professional School.

For information on the specific programs, the best people to talk to are the experts in your field you wish to study, faculty members and graduate students in that specific discipline. We strongly encourage you to talk with your advisor and other faculty members with whom you have a good working relationship. This will also help when you request letters of recommendation. The Career Center has a handout to guide you in asking for letters of recommendation.

Professional Associations and Honor Societies

Omicron Delta Epsilon is the economics honor society, dedicated to the recognition of scholastic attainment and to honoring outstanding achievements in economics.  It is one of the largest academic honor societies and works to facilitate communication between economics faculty and students on academic campuses throughout the world.  Omicron Delta Epsilon is also the publisher of “The American Economist.”8

The American Economic Association was founded in 1885 to promote the study of economics from all points of view, and has 18,000 international members working in academia, business, and government, international and not-for-profit agencies.9

Links
Professional Economics Association Links
American Economic Association
American Agricultural Economic Association
The American Real Estate and Urban Economics Association
Southern Agricultural Economics Association
Economic History Association
South Carolina Economic Developer's Association
National Association of Economic Educators
Association for Evolutionary Economics
National Association for County Community and Economic Development
National Association for Business Economics
Association of Southeast Asian Nations
National Congress for Community Economic Development
Economics Careers
The Forbes Group
Law and Economic Resources
International Economic Development Council
Research Triangle Regional Partnership

Endnotes:

1 What is Economics, American Economic Association

3 Department of Economics, Johns Hopkins University

4 Economists, Occupational Outlook Handbook, 2008 - 09 Edition

5 What Can You Do with an Economics Degree?, Department of Economics, George Mason University

6 Financial Analysts and Personal Financial Advisors, Occupational Outlook Handbook, 2008 - 09 Edition

7 Economists, Occupational Outlook Handbook, 2008 - 09 Edition

8 Omicron Delta Epsilon

9 What is Economics, American Economic Association