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Careers in Economics

Careers in Economics. Adam Richardson. 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

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Careers in Economics

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  1. Careers in Economics Adam Richardson

  2. 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?

  3. It pays to study economics

  4. Notable Economics Graduates Colin BarnettPremier of W.A.

  5. Cate Blanchett Notable Economics Graduates

  6. Notable Economics Graduates • Tiger Woods

  7. Glenn StevensGovernor Reserve Bank Notable Economics Graduates

  8. Notable Economics Graduates No Borat is an IT graduate

  9. Notable Economics Graduates • Donald Trump

  10. Arnold Schwarzenegger Notable Economics Graduates

  11. Kofi Annan UN Secretary General Notable Economics Graduates

  12. Why Study Economics? • 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

  13. 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.

  14. Why Study Economics? 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. Source: www.jobsearch.gov.au

  15. Careers – Earning Potential Source: ABS Census 2006

  16. Average weekly earnings • Accountants $1403 • ICT/Systems analysts $1600 • Legal Representatives $1402 • Economists $2250 Source: JobOutlook- Department of Education, Employment and Workplace Relations 2010.

  17. Average hours worked per week • 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.

  18. Average weekly earnings can be misleading as a value of our labour. • 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.

  19. GRP – Gross replacement rate (%) • 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.

  20. Commercial Analyst Level 23- 240 St Georges Terrace

  21. A real world example…. 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)

  22. A real world example…. 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 

  23. Why Study Economics? • Conclusion 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

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