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Careers for Economics
Majors
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
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).
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
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.
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
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.
Course selection
Take classes in the right order!
Math 1310
Econ 2304
Principles of
Microeconomics
Econ 2305
Principles of
Macroeconomics
Econ 2370
Introductory
Statistics
Econ 3332
Intermediate
Microeconomics
Econ 3334
Intermediate
Macroeconomics
(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
Careers in Economics:
• 3 broad fields:
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Business
Government
Academic
Jobs where data analysis skills are important
(mostly BS)
Business Economists:
• Business Consultant
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Investment Banker
•
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Conduct organizational studies, assist with operations and procedures
Marketing Analyst
•
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JP Morgan, Goldman Sachs
Buying and selling securities and assets
Analysis of businesses and market conditions
Management Consultant
•
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Deloitte, PriceWaterhouseCoopers, Ernst & Young, KPMG, etc
Analyze businesses and markets
Work case by base
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
Other Careers (mostly BS):
• Government Economist:
•
•
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Policy analyst
Statistician
DOJ, BLS, Census, Treasury
• Academic Economist:
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Research
Teaching
Typically requires a PhD
• Accounting
• Federal Reserve Bank
Jobs for Economists (BS and BA):
•
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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 Wortzel – CLASS Representative
Scholarships
• http://www.uh.edu/class/economics/undergraduate/scholarships/
Undergraduate Research Funding
Opportunities at UH
• Summer Undergraduate Research Fellowship
– http://www.uh.edu/honors/undergraduate-research/uhresearch/surf/
– Deadline: March 28, 2016
• Provost's Undergraduate Research Scholarship
– http://www.uh.edu/honors/undergraduate-research/uhresearch/purs/
– Deadline: Wednesday, April 22
• Office of Undergraduate Research at UH
– http://www.uh.edu/honors/undergraduate-research/
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/
Undergraduate research
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.
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
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)
What are the requirements?
• You decided to major in economics and have at least a B (3.0)
average in the following courses:
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–
–
–
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
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/
Graduate Schools
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.
M.A. Applied Economics
University of Houston
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
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
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).
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)
Applications open October 1st
Application
www.applyweb.com/uhouston
Personal Statement
Rolling admissions March through May
Resume
Apply by April 1st to be considered for
$1000 scholarship
Transcripts
3 letters of
recommendation
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/prospectivestudents/how-to-apply
FAQ: www.uh.edu/class/economics/graduate/faqs
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
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!
How?
Make an appointment to discuss further details
of the application process as soon as possible
(preferably at least two-three semesters before
graduation!).