Areas of Interest and Career Paths in Economics

Transcription

1 1 Areas of Interest and Career Paths in Economics The Economics discipline created this guide to offer the students some suggestions on the areas of specialization and make it easier for the students to choose the elective economic courses that correspond to their academic interests and career goals. The courses within the areas are put together on the basis of the necessary knowledge, skills, and abilities that will help the students to succeed in a particular field. The areas of interest are designed with an eye on the career paths, rather than the academic fields usual for the graduate programs. These are the suggested areas of interest, the students are encouraged to meet with the faculty to discuss their academic plans and to design the plan that will fit them the best. In many cases a Master s degree or a specialized graduate degree will enhance your chances of obtaining a job in your field of interest. Environmental policy and sustainability: 336 Behavioral Economics & Economic Psychology 385 Public Choice 407 Cost Benefit Analysis 433 Anti-Trust and Regulation 437 Behavioral Public Policy 482 Regional Economics federal government (several agencies and services of the USDA, such as National Resources Conservation Service, Risk Management Agency, Farm Service Agency; several bureaus and services of the DOI, such as U.S. Fish and Wildlife Service, Bureau of Land Management; U.S. Environmental Protection Agency) local offices of the above agencies ; environmental departments of the local governments (for example Michigan Department of Environmental Quality); international organizations (for example The Nature Conservancy, World Wide Fund for Nature (WWF)); national level non-profit environmental organizations (for example Sierra Club, National Council for Science & the Environment, Ocean Conservancy); local level environmental organizations (for example Michigan Environmental Council); environmental think tanks (for example World Resources Institute); environmental/sustainability departments of large companies (for example, Sustainability Environmental & Safety Engineering team at Ford Motor Company); graduate programs in economics (with specialization in environmental economics) and in agricultural & natural resources economics.

2 2 Economic policy design: 331 Industrial Organization 335 Experimental Economics 336 Behavioral Economics & Economic Psychology 361 United States Economic History 385 Public Choice 407 Cost Benefit Analysis 433 Anti-Trust and Regulation 437 Behavioral Public Policy 4065 History of Economic Theory 4085 Public Finance All levels of government: Federal (e.g., USDA Economic Research Service and Congressional Budget Office); state (e.g., Michigan s Senate Fiscal Agency and the Michigan Economic Development Corporation); and local (e.g. City of Dearborn s Economic and Community Development Department). Government relations and policy offices of private firms Research and policy analysis departments for advocacy groups (e.g., Michigan League for Public Policy), think tanks (e.g., Economic Policy Institute and Center for Budget and Policy Priorities), and other non-profits. International economics and development: 325 Economics of Poverty and Discrimination 362 European and International Economic History 372 Economic Demography 444 Economics of the Middle East 447 International Finance 448 International Trade Businesses that engage in international business need economists to deal with trade policy, exchange rates and a general understanding how international markets function. These could be manufacturing firms, energy businesses or even internet companies. Financial companies need analysts who understand foreign exchange markets and the workings of international markets. International economics plays a large roll in government jobs. International development is one avenue, through the World Bank, the International Monetary Fund or USAID (United States Agency for International Development). Trade policy is a different possibility, through the Department of State or others. Jobs in other fields are possible, such as in international law, earning an MBA, becoming a journalist, an analyst at a think tank, etc.

3 3 Local and regional economics: 325 Economics of Poverty and Discrimination 372 Economic Demography 407 Cost Benefit Analysis 437 Behavioral Public Policy 482 Regional Economics 483 Urban Economics Michigan Economy (500-level PPOL class can be adapted) 4085 Public Finance Economic development specialist at the local, county or state level (e.g. Wayne County Community Development; Michigan Economic Development Corporation) Real estate development analyst for private dev elopement companies Regional economist for non-profit organizations (e.g. Southeast Michigan Council of Governments; Detroit Economic Development Corporation) Program administrator for non-profit development agencies Urban economist for a federal or quasi-federal agency (e.g. Department of Housing and Urban Development; Federal Reserve) Project coordinator for local and regional network initiatives (e.g. Detroit Creative Corridor; TechTown; Automation Alley) Macroeconomics policy: 311 Money and Banking 321 Labor in the American Economy 361 United States Economic History 447 International Finance 448 International Trade 4011 Monetary Economics 4085 Public Finance Career paths: In addition to graduate studies in economics, students interested in employment paths in the area of macroeconomic policy have a wide array of employment opportunities including: business, banking, and finance; economic development; Federal Reserve; federal and state government; and a multitude of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The following are but a few examples of economist positions involving macroeconomic analysis: Economics and Consumer Credit Analyst: country analysis, analysis of real time economic and financial developments, economic forecasting and modeling, Currency Strategist: developing an investment outlook for currency markets and recommendations to portfolio managers and clients. It involves work on currency modeling,

4 4 forecasting and valuation, used as a basis for currency hedging strategies for global investors or multinational firms. Macroeconomic Investment Research Analyst: identifying macroeconomic investment themes via fundamental and quantitative economic analysis. It includes work on asset allocation and portfolio construction decisions. Portfolio and Risk Management Analyst: developing risk analysis and risk mitigation strategies via economic and industry trend analysis. Work usually involves applied research in the areas of macroeconomics, financial economics, and credit risk. Insurance and Statistical Analyst: developing and maintaining models of default and prepayment events, using both client-level information and macroeconomic variables to conduct studies of effect and sensitivity of changes in macroeconomic variables. Research Associate at a Federal Reserve Bank: assisting economists on academic research projects and policy briefings, gathering and analyzing data, programming economic models, and preparing presentations on economic and financial conditions. Work may also involve outreach to civic and educational groups. Health care economics and policy: 325 Economics of Poverty and Discrimination 336 Behavioral Economics & Economic Psychology 355 Economics of the Medical Sector 407 Cost Benefit Analysis 437 Behavioral Public Policy 4085 Public Finance 4021Economics of the Labor Sector Common job titles in this area are healthcare administrator and healthcare manager. Career paths include: Health care planner, manager, administrator, research assistant or analyst with a government department or agency. Federal, state, and local governments all deal with health care issues, most have public health departments (e.g., Centers for Medicare & Medicaid Services and the Michigan Department of Community Health). Non-profits focused on health promotion and/or the delivery of healthcare (e.g. National Kidney Foundation of Michigan and the Kresge Foundation) need health policy researchers, analysts, and advocates. Health outcomes analysts are in demand at almost every healthcare delivery level: single practitioners, multi-practitioner offices, Federally Qualified Health Centers (FQHCs), community clinics, hospitals and insurance agencies. Health & Safety and Human Resources departments of large corporations. Health economists often participate in Health Impact Assessments (HIAs) which are a relatively new tool used to evaluate all new policy, making sure that health impacts are considered and measured.

5 5 Labor economics and unemployment: 321 Labor in the American Economy 325 Economics of Poverty and Discrimination 336 Behavioral Economics & Economic Psychology 361 United States Economic History 433 Anti-Trust and Regulation 4011 Monetary Economics 4021Economics of the Labor Sector Labor market analyst for city, county, state and federal agencies (e.g. Department of Management, Technology and Budget, State of Michigan; Department of Labor) Labor economist (e.g. Federal Reserve; Ford Motor) Regional employment forecaster in the non-profit sectors (e.g. Southeast Michigan Council of Governments) and for-profit (Anderson Economic Group) Labor analyst and industry researcher for labor unions (AFL-CIO; Service Employees International Union; UAW) Human resource management and personnel office for private companies and corporations Job training, education and job skill analyst (e.g. Corporation for a Skilled Workforce) Abbreviations: USDA U.S. Department of Agriculture DOI U.S. Department of the Interior