The vast majority of the economics majors make their way through bachelor’s degrees, onto master’s degrees and finish with PhDs. After going through this process, many return to academia to teach at economics college or university institutions, where they can expect to make $80,000 to $200,000 a year. Nearly a third of the available positions are with the government (Consumer Affairs Directors, Government Administrators, Health Economics Administrators, Intelligence Agents, International Trade Specialists and Urban Planners), while another third are in private corporations (Business Managers, Consumer Goods Manufacturers Representatives, Cost Analysts, Efficiency Experts, Entrepreneurs, Industrial Buyers, Hospitality Managers, Industrial Transport Specialists, Property Managers, Real Estate Brokers, Retail Sales Managers, Insurance Salespeople or Underwriters). Many economists also go into financial journalism and law as well.
Medical economics is one branch of the economics major to consider. To be considered for this position, students must earn their PhDs in economics. About 72% of health economists wrote a health-related dissertation, even though their grad programs lacked a specific niche in health economics. Some of the top schools include the University of Chicago, Harvard, Princeton, UC-Berkeley and Columbia University. Approximately 64% of health economists work in academia, but 15% work for non-governmental organizations, 12% work for the government and 9% work for private companies. Nearly a third work in public health, but a decent amount work in medicine, arts & science, business and public policy. Half of the health economists look at labor economics and individual behaviors, public finance/government policies, outcomes research/the burden of illness, health insurance solutions and over one-third look at industrial organization/the behavior of firms.
Behavioral economics is another branch of the economics major that focuses on human behavior and psychology, with regard to the marketplace. According to Botond Koszegi, associate professor at the University of California-Berkeley, behavioral economics “used to be more of a niche or contrarian field,” but it’s now mainstream-popular. The field studies “how people really make decisions,” explains Berkeley PhD candidate Matt Levy, who is researching how to predict the long-term cost of smokers on the healthcare system. “One of the important questions that people in behavioral economics ask is, can we come up with interventions that will help people make better decisions?”
“There is no unemployment among PhD’s in economics,” states John Siegfried, the economics professor at Vanderbilt University. He says that there are more than 2,000 job openings listed at the American Economics Association website. Job placements include those at federal reserve banks, the American Board of Internal Medicine, Argonne National Laboratory, the Congressional Budget Office, Goldman Sachs & Co, John Hopkins University, NYU, the Office of the Comptroller, Volpe National Transportation Systems Center and NERA Economic Consulting. With the field of economics research growing faster than usual (according to the Bureau of Labor Statistics), surely the future for economics majors is bright.
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