Majors at the University of Connecticut

Economics

Economics is the study of the way society uses its limited resources to produce the goods and services that it needs. It is a social science that studies many of the problems facing our society, and it is the foundation of most theories of business finance, management, and marketing. Economics provides a logical, ordered way of looking at various problems. Whether discussing how a firm decides where to locate a business, how individuals choose where to invest their money, or how the federal government determines how to balance the budget, each is faced with the problem of making a decision about the best use of limited resources. Economics provides a logical method of analyzing the trade-off involved in the decision-making process.

Academic Department

• UConn's Department of Economics

Nature of Work

Economics is a powerful tool that helps you understand the world better. It is the foundation of all business studies. Economics majors have a good deal of institutional knowledge about the business world, the economic environment in which businesses operate, and the government policies that affect businesses. Jobs held by economists are spread throughout many occupations. A major in economics prepares you for a wide range of professional careers. There are four main areas of concentration for economic majors: managerial training, employment in government, academic economics, and research and consulting. Managerial training programs in many firms, including banks, other financial institutions, and large manufacturing companies, are open to economic majors. Economists are employed by businesses to study market problems, make predictions concerning market trends, and analyze how the overall economic system will affect a particular industry. There are many opportunities for economics-related employment in government at the local, state, and federal levels. Economists working in government analyze public policy issues such as taxation, labor markets, welfare, international trade, and transportation. Research and consulting firms also employ economists in such areas as forecasting and industry analysis. Academic economists teach and do research on a variety of theoretical and applied topics. As you can see, a major in economics is attractive to job recruiters and graduate school admissions directors because of the excellent background it provides in critical thinking and quantitative analysis.

Sample Job Titles

Potential Employers

Economics is a broad field, so employment possibilities are similarly broad. The more education, training and experience you have, the better your chances of employment; however, entry-level positions are often at the home offices of large firms where extensive training programs are available for newcomers. Some of these companies such as Bankers Trust, Citicorp, Chemical Bank, J.P. Morgan, Thomson McKinnon, Merril Lynch Capital Markets provide various jobs within investment banking.

Useful Skills

Students undertaking a career in economics possess the following qualities: strong analytical skills, ability to conceptualize, and strong negotiation skills. Skills and abilities necessary for a particular job will vary because of the wide variety of career options within the field of economics. However, self-confidence, personality, foresight, drive, persistence, ability to influence others, and the strength to withstand frequent rejection are the key ingredients to success within economics.

Getting Experience

It may be difficult in the early stages of the job search to determine whether the path you are considering can meet your long-term goals. Reading about career paths and individual career histories in your field can be very helpful in this regard. Meeting and talking with individuals further along in their careers can be enlightening as well. Older workers can provide valuable guidance on "self-managing" your career, which will become an increasingly valuable skill in the future. In terms of the job search, skills can be thought of as capabilities that can be developed in school, at a co-op or internship, or by volunteering. The more practical experience one obtains, the more he/she develops a feel for potential job interests, and the more marketable he/she becomes. Therefore, it is strongly recommended that individuals entering this field obtain as much practical experience as possible.

Employment Opportunities

One of the most attractive qualities about majoring in economics is that an individual can study several different areas of interest within government and industry, and then break into the area of his/her choice. Depending on the graduates' specific area of interest, individuals starting in the workforce with an economics degree have typically obtained jobs within marketing firms, government agencies, human resource departments, and especially financial institutions. The employment possibilities are diverse for economics' graduates, and that is what draws more and more students to this field of study.

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