Economics:
Skills and Knowledge
Why study economics?
Understand how the world works
Ticket to top business and law schools
Diverse career opportunities
High compensation
How the world works
Economics is at the root of business
decisions, government policy making, and
global economic relations.
Understanding how markets work and the
relationship between economic variables is
necessary to understanding the economy.
Economics is key to understanding the
business press.
Economics helps you make better decisions.
Ticket to top business & law schools
Richard Silverman, Executive Director of
Admissions, Yale School of Management:
“The best people are more frequently taking
economics as their major. It shows they
have the intellectual fire in the belly to
perform well in an MBA program.”
(Wall Street Journal 11/30/98)
Ticket to top business & law schools
Ed Tom, Director of Admissions, UC
Berkeley Law School: “Of all the majors,
economics ranks in the top four or five
consistently year after year for both
applications and offers made. Logical
reasoning and analytical skills are critical to
legal studies.”
(Wall Street Journal 11/30/98)
Ticket to top business & law schools
Economics is the most popular major at
Harvard, Princeton, Columbia, Stanford,
Penn, and Chicago and second at Yale,
Berkeley, Cornell and Dartmouth
(Wall Street Journal 11/30/98)
Career paths for economics majors
Journalist: Understanding economics is
essential to a journalist covering business,
government and financial markets. “Over
the past decade, the demand for financial
news has exploded, creating an urgent need
for reporters schooled in economics and
finance.”
(Careers in Business Economics, NABE 1997/98.)
Career paths for economics majors
Bond Trader: “This is a great job for an
economist equipped with solid analytical
and communication skills and who wants to
work in a fast paced environment.”
(Careers in Business Economics, NABE 1997/98.)
Career paths for economics majors
City Planner: “As policymakers in rapidly
growing urban areas begin to act on the
need to promote quality growth, there will
be an increased demand for city planners.
Those who are rigorously trained in
quantitative skills, such as economists, have
the skills & opportunity to increase their
contribution to the city planning
profession.”
(Careers in Business Economics, NABE 1997/98.)
Career paths for economics majors
Business Economist in the Steel Industry
“As chief economist, I meet with the press,
security analysts, bankers and civic groups
to provide information on the economic
outlook and steel industry prospects.”
(Careers in Business Economics, NABE 1997/98.)
Career paths for economics majors
Financial Economist: “Growth of the global
investment village has sharply increased the
number of fund managers and their need to
divine the outlook of markets by forecasting
economic growth, exchange rate and
interest rates.”
(Careers in Business Economics, NABE 1997/98.)
Current Pay Levels
See the National Association for Business Economists website for:
 Profiles of people who use economics in their work
 Salary Survey Highlights
 http://www.nabe.com/careers/index.html
• Entry Level Salaries
• The survey asked NABE members about their organization's educational requirements and starting
salary for entry-level economists. Of the 338 responses to this question, 33 percent indicated their
firm/organizations required a bachelor's degree for such positions while 43 percent would require
person with a master’s degree. Almost one quarter – 23 percent – of respondents indicated that their
organizations require their entry-level economists to hold a Ph.D.
• The median starting salary for entry-level economists (regardless of level of education) was $58,000.
Starting salary increased with more advanced degrees. The current survey, however, reflects a slight
decline in starting salary for entry-level economists with a master's degree compared to the 2008
survey (almost $2,000 lower in 2010). Holders of a bachelor’s degree in an entry-level economist
position gained a mere $500 in starting salary from 2008. The median starting salary for those looking
for a Ph.D. stayed level at $85,000.
Median Starting Salaries and Academic Requirements - NABE survey 2010
Degree
Bachelor’s
Master’s
Ph.D
Total
Number Percent looking for degree Median Starting Salary
111
33%
$
50,000
147
43%
$
58,000
79
23%
$
85,000
338
$
58,000
TES
Temple Economics Society
Enhance understanding of economics
Meet informally with other economics
majors
Learn about careers
Network with employers
Explore internship opportunities
Show employers that you are motivated
TES
The Temple Economics Society
 Open to everyone interested in economics.
 Department Advisor
Dr. Don Wargo
E-mail: Docwargo@temple.edu
Ritter Annex 623, 215-204-8893
 For more information
Visit: ODE/TES Office, Room 800 Ritter Annex
from 11:30 -2:30 Monday-Friday