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Thursday, March 24, 2011
The Business Economics Major
If you wish you had known more before this economic recession hit and you find yourself brainstorming ways out of this mess, then perhaps pursing a Business Economics major is for you! At an economics college, you'll learn about many aspects of business, management, finance, marketing and corporate planning, in addition to the money management issues of today. The majority of people working in applied economics hold positions as forecasters, analysts, market researchers, government workers and client support personnel.
As you may have heard, the choice of school and the pursuit of a degree are extremely important in determining your success in economics. Just about every school offers macro economics and microeconomics courses, but to really get ahead, you'll want to get into a graduate school with the best department of Economics you can find. The best schools may offer more passionate teachers, better internship options, more extensive areas of study and the sort of prestige you'll need when looking to start your career in the competitive labor market.
When choosing classes from a school's department of Economics, the best advice is to take more math courses! It can be easy to fall behind in your studies if you aren't crystal clear on the statistics, calculus and mathematical concepts. When you were trying to get your bachelor's degree in economics, you were likely scanning the course options for "easy electives" and ways of pulling your GPA up. However, graduate schools care most about what hard classes you've taken and how well you did in them, rather than your GPA as a whole. Be sure you take real analysis, calculus and econometrics, as these classes will be vital to your understanding.
To get an undergrad degree in Business Economics, students attending an accredited economics university will need to take courses like macro economics, microeconomics, financial accounting and reporting, calculus, economics statistics, econometrics, money/banking/credit, business writing, the stock market, labor economics, monetary economics, international trade theory, law and economics, industrial organization, economics and business strategy, organizational psychology, formal organizations and politics and the economy.
The average starting salary for economists is $38,000 for a bachelor's degree, $48,000 for a master's and $70,000 for a PhD, according to a 2002 National Association of Business Economics survey. The median income for the economics major is higher than any other major, experts say. Economics research also suggests that economics majors earn 20% more than business administration majors, 19% more than accounting majors, 18% more than marketing majors and 15% more than finance majors. When a potential employer sees this major on a resume, he or she immediately understands that you have a solid foundation of math, politics, business and economic theory. Your degree also shows that you have the capacity to process complex subjects and problem solve, which is valuable in any field.
According to US News & World Report, Harvard University in Boston, Massachusetts is the top-rated school for Business Economics. The second-best university in this field is Stanford in California and Northwestern University in Illinois. After the top-three, other economics college options include the University of Pennsylvania (Wharton) in Philadelphia, the Massachusetts Institute of Technology (Sloan) in Cambridge, the University of Chicago, UC-Berkeley in California, Dartmouth College in New Hampshire, Columbia University in New York City and Yale University in Connecticut. It's highly recommended that individuals looking to remain competitive in their field pursue advanced education with Master's or PhD's.
Unlike undergrad, the department of Economics in grad schools looks to cultivate the best and brightest talent. Most students are granted a fellowship, assistantship, grant, tuition remission or monthly stipend to cover the cost of the program and living expenses. Be aware that you'll be required to do a lot of dirty work for your money, like grading, teaching, lecturing, leading weekly section meetings, researching and writing. If a lot of students are admitted, then you may still need to pay or seek NSF grants on your own. The good news is that, after all their hard work, 99% of graduate students get placed into applied economics positions right out of grad school.
As you may have heard, the choice of school and the pursuit of a degree are extremely important in determining your success in economics. Just about every school offers macro economics and microeconomics courses, but to really get ahead, you'll want to get into a graduate school with the best department of Economics you can find. The best schools may offer more passionate teachers, better internship options, more extensive areas of study and the sort of prestige you'll need when looking to start your career in the competitive labor market.
When choosing classes from a school's department of Economics, the best advice is to take more math courses! It can be easy to fall behind in your studies if you aren't crystal clear on the statistics, calculus and mathematical concepts. When you were trying to get your bachelor's degree in economics, you were likely scanning the course options for "easy electives" and ways of pulling your GPA up. However, graduate schools care most about what hard classes you've taken and how well you did in them, rather than your GPA as a whole. Be sure you take real analysis, calculus and econometrics, as these classes will be vital to your understanding.
To get an undergrad degree in Business Economics, students attending an accredited economics university will need to take courses like macro economics, microeconomics, financial accounting and reporting, calculus, economics statistics, econometrics, money/banking/credit, business writing, the stock market, labor economics, monetary economics, international trade theory, law and economics, industrial organization, economics and business strategy, organizational psychology, formal organizations and politics and the economy.
The average starting salary for economists is $38,000 for a bachelor's degree, $48,000 for a master's and $70,000 for a PhD, according to a 2002 National Association of Business Economics survey. The median income for the economics major is higher than any other major, experts say. Economics research also suggests that economics majors earn 20% more than business administration majors, 19% more than accounting majors, 18% more than marketing majors and 15% more than finance majors. When a potential employer sees this major on a resume, he or she immediately understands that you have a solid foundation of math, politics, business and economic theory. Your degree also shows that you have the capacity to process complex subjects and problem solve, which is valuable in any field.
According to US News & World Report, Harvard University in Boston, Massachusetts is the top-rated school for Business Economics. The second-best university in this field is Stanford in California and Northwestern University in Illinois. After the top-three, other economics college options include the University of Pennsylvania (Wharton) in Philadelphia, the Massachusetts Institute of Technology (Sloan) in Cambridge, the University of Chicago, UC-Berkeley in California, Dartmouth College in New Hampshire, Columbia University in New York City and Yale University in Connecticut. It's highly recommended that individuals looking to remain competitive in their field pursue advanced education with Master's or PhD's.
Unlike undergrad, the department of Economics in grad schools looks to cultivate the best and brightest talent. Most students are granted a fellowship, assistantship, grant, tuition remission or monthly stipend to cover the cost of the program and living expenses. Be aware that you'll be required to do a lot of dirty work for your money, like grading, teaching, lecturing, leading weekly section meetings, researching and writing. If a lot of students are admitted, then you may still need to pay or seek NSF grants on your own. The good news is that, after all their hard work, 99% of graduate students get placed into applied economics positions right out of grad school.
How to Earn Impressive Actuarial Salary?
Nature of Work
As mentioned above, an actuary's primary responsibility is to create strategies that can capacitate any financial business with strength and insight to counter uncertainties and unfavorable impacts. Actuaries are mostly found in the field of insurance where they calculate the effects of major incidents like natural disasters, accidents and deaths. Through such assessment, actuaries help minimize the impact of losses on their clients' finances. Collection of pertinent data and study of the same are major parts of an actuary's professional duties.
Educational Qualification
To become an actuary, you could take up an advanced degree in actuarial science. You can also achieve competency in this field of study by taking up online education. An actuarial science degree consists of subjects like calculus, statistics, business communication, finance and economics. Apart from an actuarial science degree, a degree in economics, math, finance or even business can make you an actuary. Though the actuarial science degree is the most preferred, you can successfully get a job only when you clear the actuarial exams.
Compensation
Actuarial jobs are considered niche all over the world. In the United Kingdom, there are only about 9000 registered actuaries presently. While very few students prepare to be actuaries, the demand for them is quite high. For the very same reason, actuaries are paid high salaries. Actuarial salary in the United States can range from anywhere between $55, 000 and $115, 000. The pay of a student holding an actuarial science degree can start anywhere between $50, 000 and $54, 000.
Actuarial salary being higher than packages paid in most other jobs, are decided on the basis of a few factors like the duration of professional experience, actuary examination passed and the knowledge of computers.
The best actuarial jobs are out there. With the right education, you too can get impressive actuarial salary. Visit the State University website to read Michael Russell talk about all the recent information on online degrees related to actuarial science and associated careers.
As mentioned above, an actuary's primary responsibility is to create strategies that can capacitate any financial business with strength and insight to counter uncertainties and unfavorable impacts. Actuaries are mostly found in the field of insurance where they calculate the effects of major incidents like natural disasters, accidents and deaths. Through such assessment, actuaries help minimize the impact of losses on their clients' finances. Collection of pertinent data and study of the same are major parts of an actuary's professional duties.
Educational Qualification
To become an actuary, you could take up an advanced degree in actuarial science. You can also achieve competency in this field of study by taking up online education. An actuarial science degree consists of subjects like calculus, statistics, business communication, finance and economics. Apart from an actuarial science degree, a degree in economics, math, finance or even business can make you an actuary. Though the actuarial science degree is the most preferred, you can successfully get a job only when you clear the actuarial exams.
Compensation
Actuarial jobs are considered niche all over the world. In the United Kingdom, there are only about 9000 registered actuaries presently. While very few students prepare to be actuaries, the demand for them is quite high. For the very same reason, actuaries are paid high salaries. Actuarial salary in the United States can range from anywhere between $55, 000 and $115, 000. The pay of a student holding an actuarial science degree can start anywhere between $50, 000 and $54, 000.
Actuarial salary being higher than packages paid in most other jobs, are decided on the basis of a few factors like the duration of professional experience, actuary examination passed and the knowledge of computers.
The best actuarial jobs are out there. With the right education, you too can get impressive actuarial salary. Visit the State University website to read Michael Russell talk about all the recent information on online degrees related to actuarial science and associated careers.
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