Economics

College of Business & Public Administration
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Internships and Careers

An economics major can lead in many directions. Where do you want to go?

Business career: Economics provides insight into the business environment, but practical preparation is needed, and a BSBA degree can provide it. The BSBA core curriculum includes introductory courses in all business disciplines to prepare students for a general business career; career prospects can be strengthened with a double major in Finance or Data Analytics.

Government: Many state and federal agencies and international organizations, like the U.N. and the World Bank, hire “analysts” or "research assistants" to crunch economic data. Students will want a BA or BSBA in economics and can strengthen their transcript with additional data analytics and computer science courses.

Graduate School in Economics: A graduate degree in economics is needed to become a professional economist. Graduate programs require advanced math and statistics; consider taking additional math or computer science courses.

Law school: Many lawyers and judges majored in economics as undergraduates; for example, Mark Cady, late Chief Justice of the Iowa Supreme Court, graduated from Drake with a major in Economics. Math is less critical for law school, but writing is vital. A BSBA degree will prepare students for corporate law, and a BA degree for students looking to double major in Political Science, History, etc.; take plenty of elective courses requiring intensive writing.

Graduate school in other fields: Economics is used as an analytical framework in fields like finance, public policy, and international relations, so studying economics as an undergraduate gives students an advantage in graduate school.

What do economists do?

Most students who major in economics use their economic insight for careers in business, government, or law. And they earn substantially more than graduates of most other majors. Some students continue to graduate school to become professional economists in business, government, universities, or research institutes. What do these professional economists do?

Antitrust Economists

ANTITRUST ECONOMISTS scrutinize industries for monopoly power. They often testify in court cases whether mergers and other business actions will make industries less competitive. They evaluate government policies intended to promote competition and propose changes.

Development Economists

DEVELOPMENT ECONOMISTS study developing countries. They try to determine why some poor countries are growing fast and others are barely growing. They also evaluate programs intended to reduce poverty and improve incomes, health, and well-being in poor countries.

Education Economists

EDUCATION ECONOMISTS study the impact of education on life outcomes like employment, earnings, and health. They measure the costs and effectiveness of programs like pre-kindergarten, summer, and charter schools. They investigate the impact of teacher education, class size, and alternative teaching methods.

Environmental Economists

ENVIRONMENTAL ECONOMISTS study the interaction between economic activity and the environment. They evaluate the effectiveness of existing government programs intended to help the environment and design new ones.

Health Economists

HEALTH ECONOMISTS study the health care system. They investigate how incentives affect health care outcomes—who gets care, how much care they get, and the quality of that care. They evaluate the cost and effectiveness of alternative health care systems.

International Economists

INTERNATIONAL ECONOMISTS study patterns of trade and investment between countries. They study how international trade affects jobs, incomes, and economic growth in the U.S. and other countries. They evaluate the effectiveness of international trade agreements and organizations like the World Trade Organization. They also evaluate alternative policies for setting exchange rates between countries' currencies.

Labor Economists

LABOR ECONOMISTS study the employment conditions of workers: pay, benefits, hours, health and safety, risk of layoff, etc. They investigate government programs such as minimum wage laws, union laws, unemployment insurance, social security, food stamps, anti-discrimination laws, and job training to determine how much they help workers. Some testify in court about how much a particular worker would earn were it not for some mishap, such as an accident or a wrongful firing.

Macroeconomists

MACROECONOMISTS study economic growth, inflation, and recessions, seeking to understand their causes. Those working in business and government often produce forecasts of GDP, unemployment, inflation, and interest rates. Other macroeconomists study the effectiveness of government policies intended to promote economic growth or control business cycles.

Public Economists

PUBLIC ECONOMISTS study government programs and the tax systems that pay for them. They measure the effectiveness of government programs—defense, education, highways, poverty programs, social security, etc.—and the quality of government decision-making. They measure the impact of taxes on people's incentives to work and invest, economic growth, and inequality.

For more about what economists do, watch the video from the American Economic Association.

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