Economics Education

To be successful in economics education, you should have high grades in mathematics and the innate ability to memorize and comprehend philosophical theories. Those with quantitative skills, critical thinking skills and a passion for statistics will do well in the economics research industry. As an economist, you will analyze how goods and services are created to keep up with consumer demand. You will also see how resources (raw materials, land, technology, intellectual property and labor) are distributed. You'll look at labor trends, exchange rates, government policy, employment rates, inflation and global material costs. To be competitive, you should pursue your PhD, although there are a number of jobs that are also open to students with four-year degrees.

People who have obtained bachelor's degrees in economics education have a good selection of job opportunities, according to data collected by www.payscale.com. Currently, the top jobs held by individuals holding a bachelor's degree in economics are Financial Analysts ($54,100), Accountants ($45,900), Financial Controllers (F($84,100), Operations Managers ($70,600), Operations Managers ($70,600), Corporate Financial Analysts ($63,400), IT Project Managers ($94,700), Business Process Consultants ($104,000), Personal Bankers ($37,600) and Business Analysts ($65,900). During undergrad, students will take tons of math courses, as well as philosophy, economic theory, business management and business writing courses.

Students studying economics education, macro economics and microeconomics are encouraged to obtain their master's and finally, their doctorates. Since this field of study is so rigorous, it's not recommended for students to skip their master's and go right for the PhD. The website, www.payscale.com states the top jobs for individuals with PhDs in education economics include those of Economists ($90,000), Assistant Professors ($75,000), Corporate Economists ($90,000), Post-secondary Professors ($110,000), Economics Research Statisticians ($110,000) and Economic Consultants ($100,000). As the student delves further into study at the master's level, he or she will become an expert in a particular niche, whether it is health, labor or applied economics, law or finance. At the PhD level, students will spend two years on advanced course work in macro or micro economics/econometrics and two years on their original dissertation. There will be written exams, papers to write, oral exams and field study in this labor-intensive level.

Greg Mankiw, professor of economics education at Harvard, has some sage-like advice for students pursuing a major in applied economics. First, he says, "Take as many math courses as you can stomach." This is undoubtedly the most challenging part of the major, especially if you begin to fall behind. Secondly, "Choose your economics courses from professors who are passionate about the field." Most schools have rating systems, where students indicate how they felt about the professors. You can try a site like www.ratemyprofessors.com to get a general idea or ask your school guidance counselor where the results of these surveys are kept on campus. Thirdly, "Use your summers to experience economics from different perspectives. Spend one month working as a research assistant for a professor, one working in a policy job in government, and one working in the private sector." Real-world experience is the best way to find direction with your new economics degree. Mankiw also encourages students to read as many economics books, newspaper articles and magazine spreads as you can. The Economist and the Wall Street Journal are resources that every economics major should know inside and out. Seminars are another way to discover relevant issues and topics in the field and stay ahead of the competition.

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