Presentation on theme: "Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J Adam Richardson Careers in Economics."— Presentation transcript:
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J Adam Richardson Careers in 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 Why Study Economics?
Arnold Schwarzenegger Notable Economics Graduates
Kofi Annan UN Secretary General Notable Economics Graduates
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?
Source: www.jobsearch.gov.au 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. Why Study Economics?
Accountants $1403 ICT/Systems analysts$1600 Legal Representatives$1402 Economists$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 2009240,000 laptops 48,500,00023,100,000 2010250,000 laptops 57,000,00032,000,000 Asked to comment on 2010- Everyday “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 2009240,000 laptops 48,500,00023,100,000 2010250,000 laptops 57,000,00032,000,000 Asked to comment on 2010- Analytical (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
Conclusion Why Study Economics? 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