Careers in Economics
Adam Richardson
Curtin University is a trademark of Curtin University of Technology
CRICOS Provider Code 00301J
Why Study Economics?
Why wouldn’t you study Economics!
It pays to study Economics because
economics is everywhere . . .
An understanding of Economics is not
only essential in any career but also in life
Economic issues dominate the global and
national agenda – both microeconomics
& macroeconomics
Notable Economics
Graduates
Colin Barnett
Premier of W.A.
Notable Economics
Graduates
Cate Blanchett
Notable Economics
Graduates
 Tiger
Woods
Notable Economics
Graduates
Notable Economics
Graduates
No
Borat is an IT
graduate
Notable Economics
Graduates
 Donald
Trump
Notable Economics
Graduates
Arnold
Schwarzenegger
Notable Economics
Graduates
Kofi Annan
UN Secretary
General
Why Study Economics?

Economics graduates have an extensive range of
potential career options in the private and public
sectors both in Australia and overseas.
◦ banking
◦ business
◦ economic research
◦ environmental management
◦ finance and insurance
◦ government and politics
◦ management and law
◦ mining & manufacturing
◦ public policy
Why Study Economics?
 How
much do Economists earn?
 Economics graduates are the best
paid!
 Graduate earnings surveys
consistently show that economics
graduates earn more than graduates
of many other disciplines.
Why Study Economics?
Weekly Earnings in 25 Jobs
 This data is from the Government’s
job search website - it provides an
indicator of expected earnings from
different occupations.
 At the low end of the wage ladder
are telemarketers, and checkout
operators, while the highest paying
jobs include economists and
doctors.
Source: www.jobsearch.gov.au
Dentist
Geologist
Economist
Lawyer
Computer Engineer
Pharmacist
Accountant
Physiotherapist
Building Surveyor
Chemist
Marine Biologist
Marketing Officer
Occupational Therapist
Registered Nurse
Sport Dev Officer
Secretary
Chef
Hairdresser
Receptionist
0
10
Source: ABS Census 2006
20
30
40
50
60
70
80
% earning $1000 per week or more
90
100
 Accountants
 ICT/Systems
analysts
 Legal Representatives
 Economists
$1403
$1600
$1402
$2250
Source: JobOutlook- Department of
Education, Employment and Workplace
Relations 2010.
 Accountants
= 41.3 hrs/week
 Legal representatives = 46.1 hrs/week
 ICT/systems analyst = 40.1 hrs/week
 Economists = 40.3 hrs/week
 Average (all occs)= 41.3 hrs/week
Source: JobOutlook- Department of
Education, Employment and Workplace
Relations 2010.
Because we all work different hours.....
 Convert to hourly rate◦ Acc = $33.97/hr
(1403/41.3)
◦ ICT = $39.90/hr
(1600/40.1)
◦ Law = $30.43/hr
(1403/46.1)
◦ Econ = $55.83/hr
(2250/40.3)

Source: JobOutlook- Department of
Education, Employment and Workplace
Relations 2010.



Accountants = 9.7%
ICT/systems analyst = 6.9%
Economists = 12.7%
Why is this so high?
Are we unhappy in our jobs? 
Are we more inclined (and supported) to move
between industries because of the versatility and
adaptability of our qualifications? 
Source: JobOutlook- Department of
Education, Employment and Workplace
Relations 2010.
Commercial Analyst
Level 23- 240 St Georges
Terrace
Total
Revenue
Total Cost
2009
240,000
laptops
48,500,000
23,100,000
2010
250,000
laptops
57,000,000
32,000,000
Asked to comment on 2010Everyday “typical/common” comment:
We made profit of $25,000,000
We are awesome, we are WINNERS!  
(TR-TC)
(57,000,000 – 32,000,000)
Total
Revenue
Total Cost
2009
240,000
laptops
48,500,000
23,100,000
2010
250,000
laptops
57,000,000
32,000,000
Asked to comment on 2010Analytical (Economist) comment:
The marginal (additional) cost of increasing production by 10,000 laptops exceeds
the marginal (revenue)… There is a disincentive to act! (MR<MC)
MR= 8,500,000 (57m-48.5m)
MC= 8,900,000 (32m-23.1m)
We would have been better off leaving production at 2009 levels and earned more
profit. (25m vs 25.4m)
$25,000,000 profit… Nice!! 
However, this is not the optimum, nor an improvement 
Why Study Economics?
 Conclusion
Economists have the most
interesting jobs, they are well
paid and they are ‘normal’
people!
It makes you more “informed”
and a better decision maker