Presentation on theme: "Faculty Advising Fall 2014. Plan Introduction of the department Taking the right courses, in the right order Getting good grades Independent research."— Presentation transcript:
Faculty Advising Fall 2014
Plan Introduction of the department Taking the right courses, in the right order Getting good grades Independent research and undergraduate grants Careers in Economics Various types of graduate school, including our own programs
Department of Economics The Economics department consistently ranks around 70 th place among all Econ departments in the world. https://www.aeaweb.org/gradstudents/Rankings.php Our faculty has PhD’s from top places (Harvard, MIT, etc.) We are a research active department. Increase in the number of students declaring Economics as their major (330 in Spring 2010 vs 510 in Spring 2013). Several new electives added in the last few years: Chinese Economy, Industrial Organization, Health Economics, Capital Markets, Behavioral Economics, Economics of Globalization
Why Economics? Economics training provides you with a terrific set of job skills. The economics major provides you with virtually the top ten most important job skills. Analytical problem solving skills Quantitative skills Qualitative communication skills
Why Economics? Understand the distinction between a Business and an Economics degree! EconomicsBusiness Understand how individuals, governments, firms and nations make different choices How? -research and economic models -data analysis Understand business details of a single enterprise: - start and run a business -organization and management -strategy. -marketing, accounting, etc…
Jobs for Economists: Business, Banking, and Finance Economic Development Entrepreneurship Federal Reserve Bank Government Healthcare International Trade Marketing and Retail Public Policy Real Estate and Urban Planning Law School Graduate School in Economics: Applied Master and PHD in Economics Other graduate programs…
Career Earnings Payscale.com reports its survey of people with Baccalaureate degrees (and no more)who are employed full time, showing starting salaries (typically with two-years of experience) and mid-career annual earnings. Here are selected occupations for the report. College MajorStarting SalaryMid-career Salary Chemical Engineering$67,500$111,000 Applied Mathematics$50,800$102,000 Statistics$49,300$99,500 Economics$48,500$94,900 Mathematics$48,500$85,800 Finance$47,700$85,400 Business$41,400$70,000 Political Science$40,300$74,700 Advertising$37,800$77,100 Sociology$36,000$56,700 Psychology$35,200$60,200
Jobs for Economists In the current economy most decisions are driven by data analysis! High demand for strong quantitative skills, data analysis skills but also good writing skills! Companies are looking for graduates that: have had practical experience: working on projects using data analysis and/or have joined a quantitative internship program with advanced quantitative degrees (Ex. Master in Applied Economics, Master in Statistics, etc).
What can I do now to be competitive on the job market when I graduate? If you are about to choose your major/minor and consider Economics: Pursue a Bachelor in Science (vs a Bachelor in Arts) Take as many MATH courses you can or perhaps pick a minor in MATH
What can I do now to be competitive on the job market when I graduate? If you are already an Economics major: Take classes in the right order! Math 1310 Econ 2304 Principles of Microeconomics Econ 2304 Principles of Microeconomics Econ 2305 Principles of Macroeconomics Econ 2305 Principles of Macroeconomics Econ 3332 Intermediate Microeconomics Econ 3332 Intermediate Microeconomics Econ 3334 Intermediate Macroeconomics Econ 3334 Intermediate Macroeconomics Econ 4365 Introduction to Econometrics (BS) Econ 4365 Introduction to Econometrics (BS) Econ 2370 Introductory Statistics Econ 2370 Introductory Statistics
What can I do now to be competitive on the job market when I graduate? If you are already an Economics major: Take as many MATH courses you can or perhaps pick a minor in MATH Take as early as you can Introduction to Statistics, Econ 2370 (starting Fall 2015, Introduction to Economic Data Analysis, course required for all Econ majors) Take as early as you can Econometrics, Econ 4365 (starting fall 2015, Econ 3370 ) Take classes in which you will be able to use your Econometrics skills: Data Mining, Industrial Organization, Chinese Economy, etc.
What can I do now to be competitive on the job market when I graduate? If you are already an Economics major – continue: Find an internship Consider a Master in Applied Economics Consider other graduate programs as PHD in Economics, Law School, etc… Please talk to us about your career choices! We will be able to help you design a curriculum that will increase your chance of getting the job or graduate program that you wish.
Getting Good Grades
Who cares about grades? Employers and graduate schools – College is about making choices – Good grades demonstrate good choices You – You are here to learn new things – It’s expensive and time consuming: you should make the most of it – Passing a prerequisite vs. satisfying a prerequisite
To get good grades: have a plan Before taking a class – Do I have the necessary prerequisites? – What will the requirements be? – Will I have time to do the assignments and study for the tests? – If in doubt, check with the instructor BEFORE taking the class.
To get good grades: have a plan While taking a class – Where are we on the syllabus? – What am I supposed to do before next class? – What am I supposed to have learned up to now? – What happened in a class that I missed? – Am I using the resources available to help me? Textbook, Blackboard, Office hours, TA, tutors
Things that won’t work Trying to get a grade change after the fact Cheating Cramming “I need a B, so I’ll just aim for that.” Taking “easy” classes.
Undergraduate research and Scholarship Opportunities
Undergraduate research What is this? Why get involved? Who is a good candidate? How to prepare?
The economics department provides opportunities for the best students to work on a research project (of your choice) with a faculty member Option 1: Independent study (ECON 4198), 1 semester, 1-3 credits Option 2: Honors thesis, 2 semesters, total of 6 credits
Why get involved? 1.Graduate school application – Including a writing sample is required (or recommended) for most applications – It helps to form your own idea about what type of questions/topics you are interested in. – You will have the opportunity to work with a professor individually – opportunity to get a more personal recommendation letter
2. Applying for a job – A chance to impress interviewers by talking about your “own research” – A writing sample provides extra information to your future employers about your analytical and communication skills – You can use this opportunity to get to know specific organizations / industries / firms or even collaborate with them (e.g., relevant topic or data) Why get involved?
Who is a good candidate? You decided to major in economics Completed all your basic classes (including Intermediate Micro and Macro, Introduction to Econometrics) You have taken at least one additional 4xxx level class related to the topic you want to do research on (and did well) Ideally, you have taken a class where you learned some basic research skills You have a clear goal for why you want to start your own research You are committed to work hard in that semester You have at least two semesters left before graduation
How to prepare? After you completed all the recommended classes, plan ahead! If you know that you would like to do research on a topic, pick a related elective class and do very well in that class. A professor has to agree to work with you – this is entirely up to them. Make sure you have all the paperwork ready! Get the necessary forms from the Undergraduate advising office, understand the requirements.
How to prepare? Before you set up your first meeting with the professor of your choice, prepare! Have an idea of the topic you want to work on (prepare a page-long summary, know what you want to talk about) Be prepared to talk about your goals: what you want to accomplish during the semester, why you want to do research on your chosen topic, how the final paper would help you in the future.
Opportunities at UH Summer Undergraduate Research Fellowship – research/surf/ research/surf/ – Deadline: sometime in March, 2015 Provost's Undergraduate Research Scholarship – research/purs/ research/purs/ – Deadline: November 14 th, 2014 Office of Undergraduate Research at UH –
Outside Opportunities American Economic Association Summer Training and Minority Fellowship – – Deadline: February 13, 2015 – GPA requirement: 2.8 ICPSR Summer Program in Quantitative Methods – p/ p/ – Deadline: January 31, 2015 UH has a database of other outside opportunities –
Outside Opportunities (cont.) The Institute for Health, Health Care Policy, and Aging Research at Rutgers: Project L/EARN – – Deadline: February 9, 2015 School of Public Health Summer Enrichment Program – – Deadline: January 30, 2015 REU: Minority Health Disparities – Organizers use this programs to find good applicants to their graduate schools!
Careers in Economics
Careers in Economics: 3 broad fields: Business Government Academic Economics majors have knowledge in Markets / business Data analysis Critical thinking
Earnings: College MajorStarting SalaryMid-career Salary Chemical Engineering$67,500$111,000 Applied Mathematics$50,800$102,000 Statistics$49,300$99,500 Economics$48,500$94,900 Mathematics$48,500$85,800 Finance$47,700$85,400 Business$41,400$70,000 Political Science$40,300$74,700 Advertising$37,800$77,100 Sociology$36,000$56,700 Psychology$35,200$60,200 Source:
Business Economists: Business Consultant Deloitte, PriceWaterhouseCoopers, Ernst & Young, KPMG, etc Analyze businesses and markets Work case by base Investment Banker JP Morgan, Goldman Sachs Buying and selling securities and assets Analysis of businesses and market conditions Management Consultant Conduct organizational studies, assist with operations and procedures Marketing Analyst Kellogg, Pepsico, Johnson and Johnson, Pfizer, etc Identify customers and develop pricing / product strategies Financial planning / Banking Assist individuals and small businesses in financial advice Evaluate and pursue investment opportunities
Other Careers: Government Economist: Policy analyst Statistician DOJ, BLS, Census, Treasury Academic Economist: Research Teaching Typically requires a PhD Accounting Actuaries / Insurance Law Management Supply-Chain / Purchasing Management
Resources National Association of Business Economists Bureau of Labor Statistics
Graduate schools Masters or PhD in various fields – Schools of: Business, Public Policy, Law, Public Health, Education – social science departments (Political Science, Psychology, etc.) Masters in Economics or Applied Economics PhD in Economics These are very different options and require different preparation. You have to start preparing early! Some of the options might carry a scholarship.
M.A. Applied Economics University of Houston
Program Benefits Complete master’s degree in one-calendar year (August graduation) Courses in economic theory, econometrics with application in energy, health and financial markets Useful skills for varied career paths: data analysis, market research, consulting, etc. (a few choose law school or PhD programs after graduation) Fall semester: Microeconomic Analysis, Macroeconomic Analysis, Econometrics and Data Management Spring semester: Capital Market Economics, Health Economics, Energy Economics and Economic Modeling and Forecasting Summer semester: 6 credit hours Internship or Project
Careers in economics: SimplyHired.com 10/13/2014 Economist – BBVA Compass Bank Economist – Wood McKenzie Cost Estimator Pipeline Project – Kinder Morgan Economic Analyst – CIA, Beth Israel Med Center, Progressive, etc. Market Analyst/Market Risk Analyst – various Data Analyst-various (energy, health, government…) Financial Analyst-various (basic accounting helpful in some positions) Markets Reporter – Argus Media Financial Planner/Advisor Transfer Pricing Analyst(accounting/tax)/Academic Advisor/Non- Profit Consultant or Analyst
Examples: UH MA Applied Economics Placements Jr. Economist at BBVA Compass Bank (1 internship, 2 full time jobs) Healthcare Consultant at Cognizant Technology Solutions (second placement after starting as Pharmacy Benefits Analyst at Mercer) Associate Project Manager at Angelou Economics (Austin, TX) Risk Analyst at Constellation Energy (3 interns, 2 full time jobs) Air Quality Planner at Galveston Area Council Transfer Pricing Analyst at Ernst & Young Economist at Public Utility Council(Austin, TX) Research Analyst at IHS CERA (3 full time jobs) Energy Analyst at Bank of America Forecasting Analyst at CenterPoint Energy Energy Analyst at Wood McKenzie
Answers to some FAQ’s Currently full-time day only program (most courses MWF between 10 and 4) Class size has varied from 11 to 22 (goal size is currently 25-30) Internship placement involves combination of student search effort and internship manager assistance – placement is fairly high with most students finding an internship (or, at times, full time job) by June of their program year Program costs can be determined at (resident costs ~$13,000 for 30 hour program year) Expected starting salary varies greatly, but median for “economic analyst” in Houston with 1 year of experience was ~$60,000 in 2014 (range: $45k - $85k).
Prepare to apply GRE: take early; may repeat for better score – Quantitative: competitive, current average 154 – Verbal: competitive, current average 151 – Writing: competitive, at least 3.5 preferred At least 3.0 overall GPA plus pre-requisite courses with good grades – Intermediate Microeconomics (ECON 3332) – Intermediate Macroeconomics (ECON 3334) – Econometrics/Regression Analysis (ECON 4365) – Calculus (one-semester; calculus for social sciences or Cal.I) Letters from instructors of important courses (micro and econometrics)
Applications open October 1 st ouston Application Personal Statement Resume Transcripts 3 letters of recommendation Rolling admissions March through May Apply by April 1 st to be considered for $1000 scholarship
Program Admissions information: UH: students/how-to-applywww.uh.edu/graduate-school/prospective- students/how-to-apply FAQ: Important Information Sources
PhD in Economics Programs usually 5 years long Very different from your undergraduate economics: a lot more math intensive. Not simply a continuation of a Masters. Most common careers with a PhD: academic jobs, government, consulting, research departments of large companies
PhD in Economics Usual requirements for application: GRE, Motivation letter, 3 Recommendation letters, (Writing sample) Things which are not sufficient for admission: 4.0 GPA, “best student in the class,” taking all the econ classes. You need to be extraordinary!
How? Make an appointment to discuss further details of the application process as soon as possible (preferably at least two-three semesters before graduation!).