Kerry Whisnant, an avid St. Louis Cardinals fan and professor of physics at Iowa State University, may be on to something that will greatly impact team winning percentages. Mathematical models that he and other fanatic baseball statisticians have helped produce may accurately predict teams' successes. Whisnant and other members of the Society for American Baseball Research have analyzed...
Economist
Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They may conduct research, collect and analyze data, monitor economic trends, or develop forecasts. Economists research a wide variety of issues including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.
Low-end Salary:
$44,050/yr
Median Salary:
$93,898/yr
High-end Salary:
$149,110/yr Education:
A master’s or Ph.D. degree in economics is required for many private sector economist jobs and for advancement to more responsible positions. In the Federal Government, candidates for entry-level economist positions must have a bachelor’s degree with a minimum of 21 semester hours of economics and 3 hours of statistics, accounting, or calculus. Undergraduate economics majors can choose from a variety of courses, ranging from microeconomics, macroeconomics, and econometrics to more philosophical courses, such as the history of economic thought. Because of the importance of quantitative skills to economists, courses in mathematics, statistics, econometrics, sampling theory and survey design, and computer science are extremely helpful.
Math Required:
College Algebra
Trigonometry
Geometry
Calculus I and II
Mathematical Economics
Game Theory
Statistics for Economists
When Math Is Used:
Economists perform the following mathematical tasks:
• Use mathematical models to better understand such issues as the nature and length of business cycles, the effects of inflation, or the effects of tax legislation on unemployment levels.
• Develop data collection methods and procedure methods such as questionnaires.
• Apply all knowledge to advise businesses and other organizations.
Potential Employers:
The Government employs 52 percent of economists, in a wide range of agencies, with 32 percent in Federal Government and 20 percent in State and local government. The remaining jobs are spread throughout private industry, particularly in scientific research and development services and management, scientific, and technical consulting services. Employment of economists is concentrated in large cities. Some work abroad for companies with major international operations, for U.S. Government agencies, and for international organizations, such as the World Bank, International Monetary Fund, and United Nations.
Facts:
Economist made #11 in a 2009 Wall Street Journal survey of the best jobs in the United States.
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Quote Of The Day
"Students often ask me what to take in school… my answer?... follow your natural interests, but take lots of math!"
Vice President and General Manager for GE Medical Systems
General Electric Company
Figures represent salary potential.
© BYU Mathematics Department 2009
Additional support provided by:
Mathematical Association of America