Graduates in economics learn tools of analysis and a method of thinking that are applicable to a number of different careers. Economic majors have a variety of employment opportunities in industry, commerce, or public administration.
Economists in Business – Economists provide corporate management and boards of directors information needed to make decisions on project feasibility, marketing and pricing of company products, the profitability of new product lines and the impact of advertising on sales. Business firms (banks and other financial institutions included) employ economists to undertake specialized economic analysis in evaluating their market positions and profit possibilities, the federal government’s domestic economic policies that have important implications for their businesses, and international economic events that affect the operations of their firms. Business firms also employ economic graduates to do nonspecialized work in sales and management because business managers believe economic training to be very desirable for these positions. The economics major is well trained to complete with other business or liberal arts majors.
Economists in Government – Economists collect and analyze data and prepare studies used to assess economic conditions and the need for changes in government policy. At the federal level, they help to prepare national economic policy and advise regulatory agencies. They often serve on staff to congressional committees or in congressional offices. At the state and local level, economists analyze the economic impact of compliance with policies and federal regulations.
Relative Salaries – Overall, economists should encounter favorable job prospects in manufacturing, financial services, advertising agencies, research organizations, and consulting firms. The continued need for economic analysts, health service administrators, urban and regional planners and environmental scientists, also increases the number of job opportunities for economists. With increased reliance on quantitative methods of analyzing business trends, forecasting sales, and planning purchasing and production, employers will seek economists trained in econometrics and statistics.
M.B.A. – A large percentage of students admitted to the leading graduate schools in business administration have undergraduate degrees in economics. The undergraduate program at UAB provides solid training in quantitative techniques. This course work gives a competitive advantage to students who plan to attend a quantitatively oriented graduate business school.
Law – Most law schools consider an economics degree the most appropriate preparation for studying law, because economics students are trained to think logically orderly and critically. Economics study is fundamental in legal practice because economic regulations can be legally complex, and many legal issues and law suits involve questions of economics. Many prospective economists and lawyers pursue graduate education in both areas. A student can work toward a M.S. degree in Economics while attending law school or take some law courses while working toward a Ph.D. in Economics
Graduate Education in Economics and Business – Students who pursue a graduate degree will learn that their undergraduate training at UAB provides an excellent background.