Brookings Institution Study Shows Economics has Top Earnings Potential
Courses and Careers
Economics majors have a wide choice of courses and careers. Many supplement their majors with cognate courses to prepare for careers in business, journalism, health care administration, or public service. Other undergraduate majors find economics to be an excellent preparation for law school. For example, past majors in our Department include David Overton (B.A. 1967), who is the Founder, Chairman, and Chief Executive Officer of the Cheesecake Factory, the ninth largest restaurant company in the United States; Ted Amsden (B.A. 1972), who is a senior partner in the Detroit law firm of Dykema Gossett PLLC; and Anna Kuzmik (B.A. 1991), who received her law degree from Harvard University in 1994 and is now practicing law in New York city. Alexei Alexandrov (B.A. 2003) was admitted to the Kellogg School of Management at Northwestern University. At the local level, for example, Robin West-Smith (B.A. 2003) works for the City of Detroit's Information Technology Services Department, and Tanisha Holmes (B.A. 2003) works for General Electric in Southfield.
Undergraduates who want to undertake graduate work at the Ph.D. level in economics need a good mathematics background and are encouraged to take the Mathematics 2010 sequence as early as possible. Ph.D. graduates are in demand at universities, corporations, financial institutions and government agencies. M.A. graduates may teach at junior colleges but more typically go into business or public service.
Economists are now being found in places that few would have anticipated until recently. More and more high schools are offering economics courses, and some are requiring them. A degree in secondary education emphasizing math and economics is especially attractive to many school districts. Nonprofit agencies, such as the Sierra Club or Greenpeace are employing more economists, since market-based solutions to environmental problems are now being accepted by environmentalists. Finally, with increased economic integration throughout the world, even small firms need to be aware of import competition and the prospect for export markets. The global economy is extraordinarily complex, requiring careful analysis and planning -- the sort of thing done best by economists.
Here is a capsule summary of careers in economics:
Work in the Corporate World:
• Banking and Finance
• Market Analyst
• Human Resources
• MBA programs love economics majors!
Work for Non-Profits and Government:
• International Agencies (International Monetary Fund, World Bank, United Nations, Peace Corps)
• U.S. Government Agencies (Federal Reserve System , U.S. Treasury Department , U.S. Department of Commerce, Environmental
Protection Agency, etc.)
• State and Local Government Agencies (Labor, Economic Development, Budget Analysis, etc.)
• The Economics major is great preparation for graduate work in Public Policy and Planning.
• Economics is great preparation for law school
• Become an economics professor. Requires a Ph.D., but graduates are in demand.
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