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  Why	
  Study	
  Economics?	
  	
  	
  
Department	
  of	
  
Economics	
  	
  
Primarily	
  To	
  Avoid	
  ..	
  	
  
But	
  More	
  Importantly,	
  Because	
  ..	
  	
  
Economics	
  ..	
  	
  
-­‐  Is	
  Fun!	
  	
  
	
  	
  	
  	
  	
  	
  	
  Did	
  You	
  Know	
  That	
  You	
  Can	
  Rearrange	
  Economics	
  to	
  Get	
  “Comic	
  Nose”	
  
	
  
-­‐  Is	
  A	
  PracNcal	
  &	
  Marketable	
  Degree	
  	
  
	
  	
  	
  	
  	
  	
  	
  	
  Graduates	
  with	
  an	
  Economics	
  Degree	
  Have	
  a	
  BeSer	
  Understanding	
  of	
  the	
  
	
  NaNonal	
  Economy,	
  and	
  Good	
  AnalyNcal,	
  CriNcal	
  Thinking	
  and	
  
	
  CommunicaNon	
  Skills,	
  Making	
  You	
  Employable	
  in	
  A	
  Variety	
  of	
  Areas!	
  	
  
	
  
-­‐  Is	
  InteresNng	
  &	
  Useful	
  for	
  Answering	
  Fundamental	
  
and	
  Important	
  QuesNons	
  	
  
	
  	
  	
  	
  	
  	
  	
  Economic	
  Theory	
  has	
  Real	
  World	
  ApplicaNons!	
  	
  
	
  
	
  
Economics	
  ..	
  	
  
-­‐  Provides	
  an	
  Understanding	
  of	
  How	
  the	
  World	
  Works	
  	
  
	
  	
  	
  	
  	
  	
  Economics	
  is	
  All	
  Around	
  us,	
  Present	
  in	
  all	
  Aspects	
  of	
  Our	
  Lives.	
  Students	
  
	
  Learn	
  Everything	
  From	
  How	
  Gas	
  Prices	
  are	
  Determined,	
  to	
  How	
  Our	
  Banks	
  
	
  and	
  Credit	
  Cards	
  work.	
  	
  	
  
-­‐  Is	
  Useful	
  at	
  a	
  Personal	
  Level	
  	
  
	
  Learning	
  About	
  Interest	
  Rates,	
  Exchange	
  Rates,	
  Economics	
  Indicators	
  Can	
  
	
  Help	
  You	
  Make	
  BeSer	
  Personal	
  Decisions.	
  	
  
-­‐	
  	
  	
  Is	
  Great	
  For	
  Cocktail	
  Party	
  ConversaNons	
  	
  
	
  Think	
  About	
  all	
  the	
  Hot	
  Topics	
  that	
  Economics	
  Can	
  Help	
  You	
  Understand	
  
	
  BeSer	
  –	
  The	
  Crisis	
  in	
  Greece,	
  Unemployment	
  in	
  the	
  United	
  States,	
  The	
  
	
  Phenomenal	
  Success	
  of	
  China	
  and	
  Many	
  Many	
  More..	
  	
  
Is	
  A	
  Major	
  That	
  Pays	
  You	
  Back!	
  	
  
Highest	
  Among	
  All	
  Social	
  Sciences	
  &	
  HumaniNes.	
  
Rank	
  	
   Major	
  	
   Early	
  Career	
  Salary	
  	
   Mid-­‐Career	
  Salary	
  	
  
1	
   Petroleum	
  
Engineering	
  	
  
$102,300	
   $176,300	
  
20	
  	
   Economics	
  	
   $51,400	
   $97,700	
  
33	
   Finance	
  	
   $50,900	
   $89,300	
  
50	
   MarkeNng	
  
Management	
  	
  
$42,800	
   $83,700	
  
72	
  	
   PoliNcal	
  Science	
  	
   $42,800	
   $78,500	
  
80	
   AccounNng	
  	
   $46,500	
   $76,300	
  
93	
   Business	
  
AdministraNon	
  
$45,500	
   $73,100	
  
Bachelor’s	
  Degree	
  by	
  Salary	
  PotenNal	
  	
  
Source:	
  hSp://www.payscale.com/college-­‐salary-­‐report/majors-­‐that-­‐pay-­‐you-­‐back/bachelors	
  
	
  	
  
	
  
What	
  Students’	
  with	
  an	
  Economics	
  
ConcentraNon	
  Do	
  ..	
  	
  
•  Research	
  and	
  Analyze	
  Economic	
  Issues	
  
	
  	
  	
  	
  	
  	
  	
  Demand	
  for	
  Analysts	
  in	
  The	
  Internet	
  Sector	
  &	
  Healthcare	
  is	
  soaring!	
  	
  
	
  	
  	
  	
  	
  	
  	
  hSp://www.forbes.com/sites/billconerly/2015/04/29/career-­‐advice-­‐for-­‐economics-­‐majors/2/	
  
•  Collect	
  and	
  Analyze	
  Data	
  
	
  	
  	
  	
  	
  	
  	
  Through	
  Strong	
  QuanNtaNve	
  &	
  AnalyNcal	
  Skills!	
  	
  
•  Advise	
  Businesses,	
  Government	
  and	
  
Individuals	
  	
  
•  Design	
  Policies	
  &	
  Make	
  RecommendaNons	
  for	
  
Solving	
  Economic	
  Problems	
  	
  
Where	
  They	
  Work	
  ..	
  	
  
Industries	
  That	
  Employed	
  the	
  Most	
  Economists	
  (as	
  of	
  2012)	
  	
  
	
  
	
  
	
  
	
  
	
  
	
  
	
  
	
  
	
  
Source:	
  BLS	
  OccupaNonal	
  Outlook	
  Handbook	
  (2014-­‐15)	
  
Federal	
  Government	
  	
   28%	
  	
  
Management,	
  ScienNfic	
  &	
  
Technical	
  ConsulNng	
  	
  
19%	
  
State	
  &	
  Local	
  Governments	
  	
   17%	
  
ScienNfic	
  Research	
  &	
  
Development	
  Services	
  	
  
10%	
  	
  
Finance	
  &	
  Insurance	
  	
   5%	
  	
  
How	
  Much	
  They	
  Make	
  ..	
  	
  
(Annual	
  Earnings)	
  
	
  
Census	
  Data	
  –	
  2009	
  	
  
Source:	
  hSp://www.slate.com/blogs/moneybox/2014/09/29/lifeNme_earnings_by_college_major_why_economics_grads_make_bank.html	
  	
  
How	
  Much	
  They	
  Make	
  ..	
  	
  
(LifeNme	
  Earnings)	
  	
  
Census	
  Data	
  -­‐	
  2009	
  	
  
Source:	
  hSp://www.slate.com/blogs/moneybox/2014/09/29/lifeNme_earnings_by_college_major_why_economics_grads_make_bank.html	
  
	
  
Where	
  Some	
  of	
  Our	
  Alumni	
  Work	
  ..	
  
•  Capital	
  One	
  	
  
•  CiNbank	
  	
  
•  Federal	
  Reserve	
  Bank	
  of	
  Philadelphia	
  	
  
•  Geisinger	
  Health	
  Systems	
  	
  
Studying	
  Economics	
  at	
  BU	
  ..	
  	
  
Major	
  in	
  Economics!	
  	
  
The	
  Economics	
  Department	
  offers	
  3	
  Tracks	
  	
  
-­‐  General	
  Economics	
  	
  
-­‐  The	
  Most	
  Rigorous	
  Economics	
  Training	
  
-­‐  Business	
  Economics	
  
The	
  Most	
  Popular	
  Track.	
  Great	
  For	
  COB	
  Majors!	
  	
  	
  
-­‐  PoliNcal	
  Economics	
  	
  
-­‐	
  Perfect	
  For	
  Students	
  Interested	
  in	
  PoliNcal	
  
Economy	
  and	
  PoliNcal	
  Science	
  	
  
	
  
	
  
Or	
  Consider	
  Combining	
  Economics	
  With	
  A	
  
Second	
  Major	
  or	
  Minor	
  In	
  ..	
  	
  	
  
•  AccounNng	
  	
  
•  Computer	
  Science	
  
•  Criminal	
  JusNce	
  	
  	
  
•  Finance	
  
•  History	
  	
  	
  
•  Management	
  	
  
•  MarkeNng	
  	
  
•  Philosophy	
  
•  PoliNcal	
  Science	
  	
  
•  Psychology	
  	
  
•  Sociology	
  	
  
•  Or	
  Any	
  Other	
  Field	
  of	
  Study	
  that	
  Interests	
  You	
  or	
  That	
  You	
  Are	
  Passionate	
  About!	
  	
  
..	
  For	
  a	
  Stronger,	
  Comprehensive	
  &	
  More	
  
Flexible	
  Undergraduate	
  EducaNon!	
  	
  
Or,	
  Minor	
  in	
  Economics	
  and	
  Enhance	
  
your	
  Major’s	
  PotenNal!	
  	
  	
  	
  
Only	
  Requires	
  6	
  Courses	
  	
  
(Including	
  The	
  One	
  You’re	
  Already	
  Taking!)	
  
	
  
Econ	
  121ŸEcon	
  122	
  ŸEcon	
  221	
  Ÿ	
  Econ	
  222	
  	
  
&	
  
TWO	
  ElecNves	
  	
  
(All	
  COB	
  Majors	
  are	
  required	
  to	
  take	
  Econ	
  256)	
  	
  	
  	
  
	
  
Most	
  Econ	
  Courses	
  Give	
  You	
  MyCore	
  GEP	
  Points!	
  	
  	
  
Studying	
  Economics	
  at	
  BU	
  ..	
  	
  
Visit	
  hSp://bloomu.edu/economics	
  
	
  
Or	
  	
  
	
  
Make	
  an	
  Appointment	
  to	
  See	
  an	
  Economics	
  
Faculty	
  Advisor!	
  	
  

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Why study economics?

  • 1.                  Why  Study  Economics?       Department  of   Economics    
  • 3.
  • 4. But  More  Importantly,  Because  ..    
  • 5. Economics  ..     -­‐  Is  Fun!                  Did  You  Know  That  You  Can  Rearrange  Economics  to  Get  “Comic  Nose”     -­‐  Is  A  PracNcal  &  Marketable  Degree                    Graduates  with  an  Economics  Degree  Have  a  BeSer  Understanding  of  the    NaNonal  Economy,  and  Good  AnalyNcal,  CriNcal  Thinking  and    CommunicaNon  Skills,  Making  You  Employable  in  A  Variety  of  Areas!       -­‐  Is  InteresNng  &  Useful  for  Answering  Fundamental   and  Important  QuesNons                  Economic  Theory  has  Real  World  ApplicaNons!        
  • 6. Economics  ..     -­‐  Provides  an  Understanding  of  How  the  World  Works                Economics  is  All  Around  us,  Present  in  all  Aspects  of  Our  Lives.  Students    Learn  Everything  From  How  Gas  Prices  are  Determined,  to  How  Our  Banks    and  Credit  Cards  work.       -­‐  Is  Useful  at  a  Personal  Level      Learning  About  Interest  Rates,  Exchange  Rates,  Economics  Indicators  Can    Help  You  Make  BeSer  Personal  Decisions.     -­‐      Is  Great  For  Cocktail  Party  ConversaNons      Think  About  all  the  Hot  Topics  that  Economics  Can  Help  You  Understand    BeSer  –  The  Crisis  in  Greece,  Unemployment  in  the  United  States,  The    Phenomenal  Success  of  China  and  Many  Many  More..    
  • 7. Is  A  Major  That  Pays  You  Back!     Highest  Among  All  Social  Sciences  &  HumaniNes.   Rank     Major     Early  Career  Salary     Mid-­‐Career  Salary     1   Petroleum   Engineering     $102,300   $176,300   20     Economics     $51,400   $97,700   33   Finance     $50,900   $89,300   50   MarkeNng   Management     $42,800   $83,700   72     PoliNcal  Science     $42,800   $78,500   80   AccounNng     $46,500   $76,300   93   Business   AdministraNon   $45,500   $73,100   Bachelor’s  Degree  by  Salary  PotenNal     Source:  hSp://www.payscale.com/college-­‐salary-­‐report/majors-­‐that-­‐pay-­‐you-­‐back/bachelors        
  • 8. What  Students’  with  an  Economics   ConcentraNon  Do  ..     •  Research  and  Analyze  Economic  Issues                Demand  for  Analysts  in  The  Internet  Sector  &  Healthcare  is  soaring!                  hSp://www.forbes.com/sites/billconerly/2015/04/29/career-­‐advice-­‐for-­‐economics-­‐majors/2/   •  Collect  and  Analyze  Data                Through  Strong  QuanNtaNve  &  AnalyNcal  Skills!     •  Advise  Businesses,  Government  and   Individuals     •  Design  Policies  &  Make  RecommendaNons  for   Solving  Economic  Problems    
  • 9. Where  They  Work  ..     Industries  That  Employed  the  Most  Economists  (as  of  2012)                       Source:  BLS  OccupaNonal  Outlook  Handbook  (2014-­‐15)   Federal  Government     28%     Management,  ScienNfic  &   Technical  ConsulNng     19%   State  &  Local  Governments     17%   ScienNfic  Research  &   Development  Services     10%     Finance  &  Insurance     5%    
  • 10. How  Much  They  Make  ..     (Annual  Earnings)     Census  Data  –  2009     Source:  hSp://www.slate.com/blogs/moneybox/2014/09/29/lifeNme_earnings_by_college_major_why_economics_grads_make_bank.html    
  • 11. How  Much  They  Make  ..     (LifeNme  Earnings)     Census  Data  -­‐  2009     Source:  hSp://www.slate.com/blogs/moneybox/2014/09/29/lifeNme_earnings_by_college_major_why_economics_grads_make_bank.html    
  • 12. Where  Some  of  Our  Alumni  Work  ..   •  Capital  One     •  CiNbank     •  Federal  Reserve  Bank  of  Philadelphia     •  Geisinger  Health  Systems    
  • 13. Studying  Economics  at  BU  ..     Major  in  Economics!     The  Economics  Department  offers  3  Tracks     -­‐  General  Economics     -­‐  The  Most  Rigorous  Economics  Training   -­‐  Business  Economics   The  Most  Popular  Track.  Great  For  COB  Majors!       -­‐  PoliNcal  Economics     -­‐  Perfect  For  Students  Interested  in  PoliNcal   Economy  and  PoliNcal  Science        
  • 14. Or  Consider  Combining  Economics  With  A   Second  Major  or  Minor  In  ..       •  AccounNng     •  Computer  Science   •  Criminal  JusNce       •  Finance   •  History       •  Management     •  MarkeNng     •  Philosophy   •  PoliNcal  Science     •  Psychology     •  Sociology     •  Or  Any  Other  Field  of  Study  that  Interests  You  or  That  You  Are  Passionate  About!     ..  For  a  Stronger,  Comprehensive  &  More   Flexible  Undergraduate  EducaNon!    
  • 15. Or,  Minor  in  Economics  and  Enhance   your  Major’s  PotenNal!         Only  Requires  6  Courses     (Including  The  One  You’re  Already  Taking!)     Econ  121ŸEcon  122  ŸEcon  221  Ÿ  Econ  222     &   TWO  ElecNves     (All  COB  Majors  are  required  to  take  Econ  256)           Most  Econ  Courses  Give  You  MyCore  GEP  Points!      
  • 16. Studying  Economics  at  BU  ..     Visit  hSp://bloomu.edu/economics     Or       Make  an  Appointment  to  See  an  Economics   Faculty  Advisor!