A Guided List of Options for Economics Majors, PostGraduation from Washington State University: A
Recommendation Report
Prepared for: Jessica McCarthy
English 402 Instructor
Washington State University
Prepared by: Riley Howard, English 402 Student
Trevor Clarkson, English 402 Student
Christopher Piotrowski, English 402 Student
November 11, 2015
2
Date:
To:
November 11, 2015
Jessica McCarthy
English 402 Instructor
Washington State University
From:
Riley Howard, English 402 Student
Trevor Clarkson, English 402 Student
Christopher Piotrowski
Subject:
Recommendation Report for Post-Graduation Options for Economics
Majors at WSU
Attached is the report we conducted for our project, “A Guided List of Options for
Economics Majors, Post-Graduation from Washington State University: A
Recommendation Report.” All tasks that were outlined under group tasks were
completed by the deadlines originally assigned and outlined in our proposal on October
4, 2015. We successfully put together an informative guide for Economics Majors to
reference when making decisions for after graduation. We included in our guide job
opportunities and graduate programs for after graduation to ensure our guide is useful
to both advisors and students at WSU.
To complete our guide and all outlined tasks, we completed additional research related
to job opportunities as well as grad school opportunities specifically for Economics
Majors. Using the research previously done and the secondary research completed in
the second phase of our project, we completed our guide for advisors and students and
finally wrote the report.
The main findings from our research were that the most popular grad school options for
Economics Majors post-graduation are to continue their education in economics
specifically, to study business focused in economics or to use their current education in
economics to become a lawyer. There were many other options for Economics Majors
included in our guide, but the first few were the most popular. The findings from our
research in regards to job opportunities for Economics Majors after graduation were that
most Economics Majors seek jobs in the business industry and jobs in finance.
We have one major recommendation and it is that our guide be available to both
students and advisors at Washington State University if they so wish to use it. We feel
that our guide truly represents most of the opportunities available for Economics Majors
post-graduation. We also feel that the guide we have created will be a great resource
for Economics Majors that are undecided on their future.
We appreciate the opportunity to research this topic and provide resources to students
and advisors at Washington State University. If you have any questions or comments,
feel free to contact Riley Howard at riley.m.howard@wsyu.edu or Trevor Clarkson at
trevor.clarkson@wsu.edu or Chris Piotrowski at C.piotrowski@wsu.edu .
3
Table of Contents
Executive Summary…………………………………………………………………………...1
Introduction……………………………………………………………………………………..2
Research Methods…………………………………………………………………………….3
Task 1. Research product design………………………………………….………….3
Task 2. Research the most prominent fields of work for economic majors……....3
Task 3. Research opportunities for graduate programs within the economic
field……………………………………………………………………...........................3
Task 4. Compile research into a final presentable product…………………………3
Results…………………………………………………………………………………………..4
Task 1: Begin the research process………………………………………………….4
Task 2. Top 5 industries………………………………….........................................4
Task 3. Top 5 Graduate Programs…………………………………………..……….4
Task 4. Create guide using Microsoft word…………………………………………..4
Conclusions…………………………………………………………………………………….5
Recommendation………………………………………………………………………………6
Appendix: A Guide for Economics Majors: Post-Graduation……………………….7-8
1
Executive Summary
The purpose of this report is to share the findings of the research we conducted while
completing our project, “A Guided List of Options for Economics Majors, PostGraduation from Washington State University”. Our project focused on job opportunities
and grad-school opportunities for Economics Majors once they have graduated. Our
goal with this project was that students would be able to use this guide to make
decisions for their future and that advisors would use this guide to assist students who
are struggling to make decisions for after graduation. The research we conducted
focused on the most popular jobs Economics Majors acquire after graduation and the
most popular options in terms of grad school choices and focuses. This report will
outline the research methods we used, the specific results of our research, the
conclusions we made from our research and the recommendations we have based off
of our research.
2
Introduction
Many students struggle with making decisions about their future after graduation and
are unaware of the opportunities that are open to them once their degrees are
complete. The research and purpose of our project was to create a guide that outlines
all of the opportunities that are open to Economics Majors after graduation. Many
Economics majors are not aware that there are many different fields of employment that
they are able to pursue with their newly acquired degree as well as grad school
opportunities. Another main goal of our project was to allow advisors to use our guide to
help educate students when it comes to planning the next steps after graduation.
Currently, there are no formal guides for Economics majors to use when making
decisions for after graduation. Also, advisors do not currently have a guide to hand out
to Economics Majors when questions arise regarding what to do after graduation.
Without a resource such as the guide we created, students are often in a situation
where they are unsure of their next steps. Grad school is not for everyone, but some
students would like to explore that option and some students would rather begin their
career directly after receiving their bachelor degree. Our guide will provide students and
advisors with a resource that they would otherwise be without.
Our goal in creating this guide was that students would not have to feel unsure about
their future after completing their bachelor degree and that advisors would have an
informative guide to help them in advising students about their future. The best way to
go about creating this guide was to conduct primary and secondary research on the job
opportunities and grad school opportunities for Economics Majors after graduation. We
researched many different websites to find the most accurate and helpful information to
ensure that our guide was helpful to both students and advisors. After completing our
research we organized our findings and put the most important information in to
sections within our guide so that students and advisors could easily access the
information.
We found that many of the jobs available to Economics Majors after graduation are in
the business, finance and law fields. We also found that these are the most popular
programs for Economics Majors to pursue after graduation due to the job demand in
those fields and the salary that goes along with jobs in those fields.
We recommend that students and advisors use our guide when making decisions for
after graduation. Many students are very busy toward the end of their degree and by
creating this resource we have basically done all of the work for them. Advisors also do
not have time to research this information for each student they advise, so this would be
an easy resource for them to handout quickly.
In the following pages of this report we provide specific information about the research
we conducted, the results we found from our research, the conclusions we came to
based off of those results and ultimately our recommendation.
3
Research Methods
In order to complete all of the research and provide the best results for our guide, we
decided to split up the research process. We wanted to ensure that all aspects of our
project were researched including the type of project would be most suitable for
providing this information to Economics Majors and advisors at WSU. We ultimately
decided that Microsoft word was the most user friendly program. Our initial thought was
that we would create a pamphlet including the information we found during our
research. After doing some research, we decided that a guide would be more suitable
since we had quite a bit of useful information to share. Below you will find information on
how we conducted our research and which methods we used.
Task 1: Begin by researching the type of product design best suitable for the information
to be included. Consider the target audience, as well as the usefulness of the product.
Task 2: Research the most prominent fields of work for economic majors. Using online
sources, determine which industries are the best options for those with backgrounds in
economics. Analyze statistics on salaries for economic careers to be presented within
the final product.
Task 3: Research opportunities for graduate programs within the economic field. Access
university websites to determine program types and the options available for students.
Meet with an academic advisor to discuss post-graduate options for current
undergraduate students.
Task 4: Compile research into a final presentable product. Using Microsoft Office
programs, create an informational product to be distributed to students at Washington
State University
4
Results
Task 1: To begin the research process, our group analyzed the intended use of our
project design. Concluding our pamphlet would be used by advisors to distribute to
economic students, we began to tailor our project toward this audience. After initial
research, we realized the need to adapt our project to the amount of information to be
included within the pamphlet. We wanted to create a balanced guide which was easy to
follow and understand, while also providing enough relevant information to our student
users. This caused us to change our project from a pamphlet to a more detailed guide.
By doing this, we avoided omitting necessary information by increasing the size of our
project.
Task 2: Through researching the best fields for economic students, we decided to
include the top five industries for those with a background in economics. These included
positions as a financial analyst, consulting, commercial real estate, government analyst,
and law. We then researched statistics regarding average incomes within the economic
sector as both an entry level employee, as well as a mid-level employee. This
information has been compiled within the final product.
Task 3: After researching industries popular in economics, we then gathered data for
most popular post-graduate programs for students. Those looking to expand their
education can do so in various ways. These were found through online sources and
personal discussion with an academic advisor. The most popular program options
include obtaining a PhD within the economic field, a Master’s in Business
Administration, attending Law School, continuing within the Agriculture field, and finally,
Pre-medical and Pre-dentistry programs. Each of these programs are described in more
detail within the project compiled through Task 4.
Task 4: After completing the previous research of popular industries, as well as
graduate programs, we then gathered all data to a condensed form, presentable within
our project. Using Microsoft Office programs, we designed an informational guide that
could be given to students during advising appointments, or for casual inquiring. The
guide is presented within the appendices of this report, and has been created in a way
which portrays valuable information in a concise, easy to follow manner.
5
Conclusions
The problem for this project was a lack of information on post-graduation opportunities
for economics students. This lack of knowledge could be detrimental to students
because they could miss completing important extracurricular activities or classes
during their college career that could help them succeed in what they choose to pursue
after they graduate. If they have a better idea of what they want to do early in their
college career they can plan accordingly with their advisor to be as successful as
possible. Additionally, this is a resource that will be useful for the advisor. Instead of
explaining all these options verbally where they could potentially miss explaining
something, they can instead give the student this handout which will explain what
studying economics can lead to.
6
Recommendation
Our group looked to provide information on opportunities for students postgraduation. Through research online and talking with academic advisors we were able
to construct an informative handout that outlined popular job industries and graduate
programs that an economics degree could lead to. We found that the most popular job
positons were financial and economic analysis, real estate, governmental analyst, or
law related. The most popular graduate programs were law, business, Ph. D
economics, agriculture and pre-medicine. This information could be helpful to
students because it will help them find an interest early on so they can then focus on
completing volunteer hours, gaining leadership experience or other extracurricular
activities that will help them to stand out from others.
Our main recommendation for this project is that his handout be available to both
students and academic advisors. The main goal for this handout was to help students
plan more efficiently so they can be as successful as possible. This handout will
hopefully help bridge the gap of knowledge between advisors and students when
discussing possibilities for economics and help the academic advising process go
more efficiently.
7
Appendix
A GUIDE FOR ECONOMICS
MAJORS: POST-GRADUATION
JOB OPPORTUNITIES:
While many economic undergraduates attend post-graduate programs, often time’s
students immediately enter the workforce upon graduation. While each industry has
its variances, all of the above sectors of business involve predicting market trends.
Financial analysis focuses on market conditions within areas such as the stock market.
Consulting is an advisory role focused largely within the accounting field. Economics
within commercial real estate is rooted within the government interest rates, as well as
other market conditions dealing with the money supply. The government employs
many analysts with backgrounds in economics as well, due to their ability to predict
future trends in the economy. Finally, law firms are largely comprised of economic
graduates, but require additional schooling above undergraduate degrees. While
attending post-graduate programs can be beneficial long-term, income immediately
after graduation can be lucrative. According to the Bureau of Labor Statistics, the
average starting salary for economics majors is $48,500. Mid-career salaries jump to a
generous average salary of $94,900 per year. Applicant selection within these
industries vary yearly, but are all successful career paths.
8
Top Five Economic Industries for Employment:
* Financial Analyst
* Consulting
* Commercial Real Estate
* Government Analyst
* Law
GRADUATE OPPORTUNITIES:
Graduate Fields of Study for Economics Majors Economics teaches students to think
critically, enhances communication skills and teaches the student to manipulate and
analyze data. There are seven focuses in this major that allow the student flexibility
for their options after graduation. The list below provides different graduate fields that
an economics major can lead to and tips for preparation as an undergraduate.
Additional questions should be brought to a WSU Academic Advisor.
Economics
Most graduate students in economics are usually trying to get their Ph.D in the field.
Higher level economics focuses on advanced mathematical and statistical methods
and a good understanding of these methods is required. Strong math skills, good
letters of recommendation and a high GPA will help with this program.
 Option: Quantitative economics
 Heavy load of math and statistics courses.
 GRE scores (www.ets.org)
Business
A student interested in mastering in business administration should focus on
completing a business administration minor. Work experience is vital for this program
and the student should look to complete as many quality internships as possible.
Additionally, strong letters of recommendation and high professional exam scores will
help a student stand out.





Option: Business economics.
Business administration minor.
Large amount of work experience through high quality internships.
Strong letters of recommendation.
GMAT scores (www.mba.com)
9
Law School
The critical thinking skills that come from economics can help potential lawyers in
because they are dealing with cases that are all different. The student should focus on
completing a lot of community service hours, gaining leadership experience, maintain
a high GPA and score high on their professional exam.
 Option: Economics, policy, law.
 Completion of ethics lodges and other policy law courses.
 Community service hours and leadership experience.
 LSAT scores (www.lsac.org)
Agriculture
The most common graduate programs are agricultural economics and agricultural
business. Traveling abroad, work experience and having a strong diverse resume will
help the student with these programs. Being well rounded was emphasized for success
with this program.




Option: Agricultural economics
Work experience, traveling abroad, leadership skills
Student involvement in CHNRS ambassadors or ASWSU.
Additional business math courses.
Pre-medical or pre-dentistry
Economics majors can get accepted into pre-med but they should expect a large
amount of extracurricular work. They need to take the required science courses for
pre-med and consider volunteering at a local hospital for additional experience. An
exceptional GPA and letters of recommendation will help the student stand out.
 Options: Any option.
 Required pre-med courses
 Volunteer work at hospital
 Strong letters of recommendation.