Economics Careers and Earnings

Economics Careers for Economics Majors

Economics Career Earnings Payscale.com reports its survey of people with Baccalaureate degrees (and no more)who are employed full time, showing starting salaries (typically with two-years of experience) and mid-career annual earnings. Here are selected occupations for the 2013-14 report. College Major Starting Salary Mid-career Salary Chemical Engineering $67,500 $111,000 Applied Mathematics $50,800 $102,000 Statistics $49,300 $99,500 Economics $48,500 $94,900 Mathematics $48,500 $85,800 Finance $47,700 $85,400 Business $41,400 $70,000 Political Science $40,300 $74,700 Advertising $37,800 $77,100 Sociology $36,000 $56,700 Psychology $35,200 $60,200

Economics Jobs for Economists In the current economy most decisions are driven by data analysis! High demand for strong quantitative skills, data analysis skills but also good writing skills! Companies are looking for graduates that: have had practical experience: working on projects using data analysis and/or have joined a quantitative internship program with advanced quantitative degrees (Ex. Master in Applied Economics, Master in Statistics, etc).

Economics What can I do now to be competitive on the job market when I graduate? Data analysis oriented positions: Pursue a Bachelor in Science (vs a Bachelor in Arts) Take as many MATH courses you can or perhaps pick a minor in MATH Sales, management and marketing oriented positions (and others): BS still useful or, for the BA, learn a foreign language

Economics What can I do now to be competitive on the job market when I graduate? Take as early as you can Introduction to Statistics, Econ 2370 (starting Fall 2015, Introduction to Economic Data Analysis, course required for all Econ majors) Take as early as you can Econometrics, Econ 3370 (previously Econ 4365) http://www.uh.edu/class/economics/undergraduate/degree/ Take classes in which you will be able to use your Econometrics skills: Regression Modeling and Data Mining, Applied Econometrics, Industrial Organization, Chinese Economy, etc.

Economics For BS students Economics Quantitative Certificate starting Fall 2015 Some Requirements (subject to change until approval): - Introduction to Econometrics (which is required for all our BS majors) - Two advanced quantitative courses from Regression Modeling and Data Mining Applied Econometrics Other advanced courses that will be added in the next years to our curriculum

Economics Other consideration Find an internship http://www.uh.edu/class/economics/undergraduate/internship/ Consider a Master in Applied Economics Consider other graduate programs as PHD in Economics, Law School, etc Please talk to us about your career choices! We will be able to help you design a curriculum that will increase your chance of getting the job or graduate program that you wish.

Economics Course selection Take classes in the right order! Econ 2304 Principles of Microeconomics Econ 3332 Intermediate Microeconomics Math 1310 Econ 2305 Principles of Macroeconomics Econ 3334 Intermediate Macroeconomics Econ 2370 Introductory Statistics (optional for BA) Econ 3370 Introduction to Econometrics (BS)

Course Suggestions: Examples Banking/Finance Capital Market Econ, International Monetary Econ, Money & Banking, Public Finance, Game Theory, Intro to Econometrics; consider minor in Finance, Accounting, Personal Financial Planning, or Risk Management & Insurance Sales/Marketing Labor Econ, International Trade, Money & Banking, Capital Market Econ; consider minor in Sales, Advertising, Beverage Mgmt & Mktg, Marketing, Consumer Science, Public Relations, Communication, or Purchasing Real Estate/Urban Planning Urban Econ, Public Finance, Law & Economics, Environmental Econ; consider minor in Accounting, Health Communication, Energy & Sustainability, Public Relations, or Law, Values & Policy

Economics Careers in Economics: 3 broad fields: Business Government Academic

Economics Jobs where data analysis skills are important (mostly BS) Business Economists: Business Consultant Deloitte, PriceWaterhouseCoopers, Ernst & Young, KPMG, etc Analyze businesses and markets Work case by base Investment Banker JP Morgan, Goldman Sachs Buying and selling securities and assets Analysis of businesses and market conditions Management Consultant Conduct organizational studies, assist with operations and procedures Marketing Analyst Kellogg, Pepsico, Johnson and Johnson, Pfizer, etc Identify customers and develop pricing / product strategies Financial planning / Banking Assist individuals and small businesses in financial advice Evaluate and pursue investment opportunities

Economics Other Careers (mostly BS): Government Economist: Policy analyst Statistician DOJ, BLS, Census, Treasury Academic Economist: Research Teaching Typically requires a PhD Accounting Federal Reserve Bank

Economics Jobs for Economists (BS and BA): Economic Development Entrepreneurship Healthcare International Trade Marketing and Retail Real Estate and Urban Planning Actuaries / Insurance Law Management Supply-Chain / Purchasing Management Journalism

UH Career Services Website is www.uh.edu/ucs. Counseling, walk-in hours, and the vocational assessment (including Focus2, which is free to students). Explore Cougar Pathways under your Access UH where you can make appointments with Career Counselors, upload resumes and apply for jobs and internships right through the system Zach Zach Wortzel Wortzel CLASS Representative CLASS Representative

Economics Scholarships http://www.uh.edu/class/economics/undergraduate/scholarships/

Economics Undergraduate Research Funding Opportunities at UH Summer Undergraduate Research Fellowship http://www.uh.edu/honors/undergraduate-research/uh- research/surf/ Deadline: March 28, 2016 Provost's Undergraduate Research Scholarship http://www.uh.edu/honors/undergraduate-research/uh- research/purs/ Deadline: Wednesday, April 22 Office of Undergraduate Research at UH http://www.uh.edu/honors/undergraduate-research/

Economics Outside Opportunities American Economic Association Summer Training and Minority Fellowship http://econ.msu.edu/aeasp/ ICPSR Summer Program in Quantitative Methods http://www.icpsr.umich.edu/icpsrweb/content/ICPSR/internship/ Deadline: January 31, 2015 UH has a database of other outside opportunities http://www.uh.edu/honors/undergraduate-research/scholarships/

Economics Undergraduate research

Economics The economics department provides opportunities for the best students to work on a research project (of your choice) with a faculty member Independent study (ECON 4398), 1 semester, 3 credits. During a one semester independent study a student typically produces a 10-15 page long research paper.

Economics Why get involved? 1. Graduate school application Including a writing sample is required (or recommended) for most applications It helps to form your own idea about what type of questions/topics you are interested in. You will have the opportunity to work with a professor individually opportunity to get a more personal recommendation letter

Economics Why get involved? 2. Applying for a job A chance to impress interviewers by talking about your own research A writing sample provides extra information to your future employers about your analytical and communication skills You can use this opportunity to get to know specific organizations / industries / firms or even collaborate with them (e.g., relevant topic or data)

Economics What are the requirements? You decided to major in economics and have at least a B (3.0) average in the following courses: ECON 2370: Statistics ECON 3332: Intermediate Microeconomics ECON 3334: Intermediate Macroeconomics ECON 4365: Introduction to Econometrics You have taken at least one additional 4xxx level class related to the topic you want to do research on (and did well) You have a clear goal for why you want to start your own research You are committed to work hard in that semester

Economics How to start? If you meet the requirements, make an appointment with Andrea Szabo to discuss your plan. Before you set up your first meeting, prepare! Have an idea of the topic you want to work on (prepare a page-long summary, know what you want to talk about) Be prepared to talk about your goals: what you want to accomplish during the semester, why you want to do research on your chosen topic, how the final paper would help you in the future. More info on our website: http://www.uh.edu/class/economics/undergraduate/independe nt%20research/

Economics Graduate Schools

Economics Graduate schools Masters or PhD in various fields Schools of: Business, Public Policy, Law, Public Health, Education social science departments (Political Science, Psychology, etc.) Masters in Economics or Applied Economics PhD in Economics These are very different options and require different preparation. You have to start preparing early! Some of the options might carry a scholarship.

Economics M.A. Applied Economics University of Houston

Economics Program Benefits Complete master s degree in one-calendar year (August graduation) Courses in economic theory, econometrics with application in energy, health and financial markets Useful skills for varied career paths: data analysis, market research, consulting, etc. (a few choose law school or PhD programs after graduation) Fall semester: Microeconomic Analysis, Macroeconomic Analysis, Econometrics and Data Management Spring semester: Public Finance, Health Economics, Energy Economics and Economic Modeling and Forecasting Summer semester: 6 credit hours Internship or Project

Economics Examples: UH MA Applied Economics Placements Jr. Economist at BBVA Compass Bank (1 internship, 2 full time jobs) Healthcare Consultant at Cognizant Technology Solutions (second placement after starting as Pharmacy Benefits Analyst at Mercer) Associate Project Manager at Angelou Economics (Austin, TX) Risk Analyst at Constellation Energy (3 interns, 2 full time jobs) Air Quality Planner at Galveston Area Council Transfer Pricing Analyst at Ernst & Young Economist at Public Utility Council(Austin, TX) Research Analyst at IHS CERA (3 full time jobs) Energy Analyst at Bank of America Forecasting Analyst at CenterPoint Energy Energy Analyst at Wood McKenzie

Economics Answers to some FAQ s Currently full-time day only program (most courses MWF between 10 and 4) Class size has varied from 11 to 24 (goal size is currently 25-30) Internship placement involves combination of student search effort and internship manager assistance placement is fairly high with most students finding an internship (or, at times, full time job) by June of their program year Program costs can be determined at www.uh.edu/financial/graduate (resident costs ~$13,000 for 30 hour 2015-2016 program year) Expected starting salary varies greatly, but median for economic analyst in Houston with 1 year of experience was ~$60,000 in 2014 (range: $45k - $85k).

Economics Prepare to apply GRE: take early; may repeat for better score Quantitative: competitive, current average 154 Verbal: competitive, current average 151 Writing: competitive, at least 3.5 preferred At least 3.0 overall GPA plus pre-requisite courses with good grades Intermediate Microeconomics (ECON 3332) Intermediate Macroeconomics (ECON 3334) Econometrics/Regression Analysis (ECON 3370 (formerly 4365) Calculus (one-semester; calculus for social sciences or Cal.I) Letters from instructors of important courses (micro and econometrics)

Economics Applications open October 1st Application Personal Statement Rolling admissions March through May Apply by April 1stto be considered for $1000 scholarship Resume www.applyweb.com/uhouston Transcripts 3 letters of recommendation

Economics Important Information Sources www.uh.edu/class/economics/graduate/master/ Program Admissions information: www.uh.edu/class/economics/graduate/admissions/ UH: www.uh.edu/graduate-school/prospective- students/how-to-apply FAQ: www.uh.edu/class/economics/graduate/faqs

Economics PhD in Economics Programs usually 5 years long Very different from your undergraduate economics: a lot more math intensive. Not simply a continuation of a Masters. Most common careers with a PhD: academic jobs, government, consulting, research departments of large companies

Economics PhD in Economics Usual requirements for application: GRE, Motivation letter, 3 Recommendation letters, (Writing sample) Things which are not sufficient for admission: 4.0 GPA, best student in the class, taking all the econ classes. You need to be extraordinary!

Economics How? Make an appointment to discuss further details of the application process as soon as possible (preferably at least two-three semesters before graduation!).