Economics and Finance

In broad terms, economics is the study of mankind's efforts to obtain the goods and services required for survival, for reasonable comfort and, when possible, for affluence. It thus concerns itself with all the problems associated with society's struggle to survive and prosper in a world possessing limited productive resources coupled with seemingly unlimited human desires. Management Science shares with the discipline of economics some of the same conceptual concerns, but its focus is on the business firm and its well-being. Economics is a social science focusing on the economic well-being of society.

The completion of a major in economics & finance will not create a professional economist, but it will provide the general background necessary for graduate study in the field and for a wide variety of jobs which necessitate analysis.

Many students who study economics & finance continue their education with enrollment in law school or graduate programs in economics or business administration. It is also appropriate preparation for programs in urban affairs, public administration or international relations. Economics & Finance majors seeking employment immediately after college generally choose jobs in management, insurance, real estate, financial analysis, computing systems, consulting, banking, sales and public administration. Course work in quantitative areas enhances job opportunities for economic majors.

SAMPLE JOB TITLES

Bachelor's Degree/Entry Level:
financial analyst
management trainee
economic analyst
trade specialist
credit analyst
trust officer
insurance sales agent
stock broker
personal financial advisor
Further Education/Experience Often Required:
marketing manager
economist
managing consultant
investment banker
controller
market researcher

(Check the Dictionary of Occupational Titles under section 050 and 186 for additional related careers.)

SOME EMPLOYERS OF ECONOMICS MAJORS

  • state/federal government
  • colleges/universities
  • financial planning agencies
  • military
  • law firms
  • real estate brokers or agencies
  • newspapers
  • banks/financial institutions
  • international organizations
  • insurance companies
  • trade/labor organizations
  • business & industry
  • market research houses
  • analysis/forecasting companies

ENHANCING EMPLOYABILITY

Participate in Internships, Field Experience Placements and Day on the Job

Gain good mathematical skills.

Develop good interpersonal and communication skills.

Get sales experience.

Take as much accounting as possible.

Plan on an MBA for best positions.

SALARIES

Salaries range greatly from one occupation, position, and work setting to another. According to the Summer 2008 NACE national salary survey for Bachelor's Degree Candidates in Management Science with a track in Economic & Finance, the average salary was $48,158.

OTHER SOURCES OF INFORMATION

American Association of Finance and Accounting - http://www.aafa.com/

American Economics Association - http://www.vanderbilt.edu/AEA/

American Finance Association - http://http://www.afajof.org/

BankJobs.com - http://www.bankjobs.com/

Credit Union Executives Society - http://www.cues.org/

National Association for Business Economists - http://www.nabe.com/

Resources for Finding Employment

  • Corporate Leadership Development Programs
  • Job Opportunities in Business
  • Encyclopedia of Business Information Sources
  • Business Economics Membership Directory
  • International Business and Trade Directory
  • Corporate Yellow Book
  • Vault Guide to the Top 50 Finance Employers
  • Vault Guide to the Top 50 Consulting Firms
  • Executive Recruiters Almanac
  • Discovering Your Career in Business
  • Great Jobs for Business Majors
  • Careers in Focus - Business
  • Great Jobs for Economics Majors
  • Opportunities in International Business Careers
  • Careers in Business
  • Careers in International Business
  • Management Consulting
  • Opportunities in Insurance Careers
  • Opportunities in Banking Careers
  • Careers for Financial Mavens and Other Money Movers
  • Careers in Finance
  • Geographic Directories of Employers
  • Graduate Programs in Business, Education, Health, Information Studies, Law and Social Work
  • How to Get Into the Right Business School
  • Business School Admissions Advisor
  • The Career Guide
  • Hoovers Handbook of American Business
  • National Association of Colleges and Employers (NACE) Annual, Vol. 2