Rochester Institute of Technology

Academic Program Overviews

Student Skills & Capabilities, Salary Data, Career Information 

Economics BS

Program Overview

The Bachelor of Science degree in economics emphasizes the quantitative analytical approach to dealing with economic problems in both the public and private sectors.  The main feature that distinguishes RIT’s Bachelor of Science degree in economics from traditional economics degrees is that our curriculum prepares students for work in corporations by developing communication, computing, and management skills in addition to economic reasoning and quantitative abilities. This emphasis provides students with skills and the intellectual foundation required for career growth. Students in the program are involved in a wide variety of managerial and analytical positions both in co-op and after graduation.
 

Degrees Awarded

  • Bachelor of Science

Enrollment

  • Approximately 25 students enrolled in the undergraduate program with an additional 30 students pursuing Economics as a secondary major.

Cooperative Education & Experiential Education Component

  • Students have the option of participating in co-op. Co-op students are able to work 3 or 6 months.

Salary Information

Co-op:     $13.50                     $10.42 - $25.00
BS:           $42,500                   $25,000 - $62,000

Student Skills & Capabilities

·         Curriculum:  Students take rigorous and challenging required courses specifically designed to develop the ability to apply economic analysis to real world problems.   Students take an Economics core curriculum and then choose courses in one of three tracks: Managerial Economics, Economic Theory and Policy, or Environmental Economics. Quantitative analytical skills are developed by a course sequence that includes computer science, mathematics, and statistics courses.  Professional electives allow students to pursue advanced study in their individual areas of interest including double majors and minors.  Along with finance, marketing, mathematics, statistics, and computer science there are many other possibilities, limited only by the student’s creativity in designing a personalized program of study.
 
·         Study environment: The economics faculty serves as mentors and are readily available to enhance students’ personal and professional growth.  Students have the opportunity to work as research assistants for the faculty. In this role, they learn valuable skills required for conducting original, knowledge enhancing research on a topic of interest.

Equipment & Facilities

RIT Economics students have access to PC and Mac hardware labs, and to standard software, including proprietary packages such as Microsoft Office, Adobe, ESRI (ArcGIS), MATLAB, Minitab, and SAS as well as opportunities to work with open source software such as Python and R.

Nature of Work

Economists work in a range of industries, including state and federal government, scientific research, finance, and insurance. They research and analyze economic issues, conduct surveys and collect data, forecast market trends, and make recommendations for solving economic problems. The exact nature of the work depends on the industry - economists who work for the government collect and analyze data about the U.S. economy including employment, prices, and wages. Economists employed by corporations need to help their company understand how the economy will affect their business. This involves analyzing consumer demand and sales in order to maximize profits. (Source: U.S. Bureau of Labor Statistics Occupational Outlook Handbook)

Training / Qualifications

A master’s or Ph.D. degree in economics is required for many private sector economist jobs, and for advancement to more responsible positions. Economics includes many specialties at the graduate level, such as advanced economic theory, econometrics, international economics, and labor economics. Students should select graduate schools strong in specialties in which they are interested. Some schools help graduate students find internships or part-time employment in government agencies, economic consulting or research firms, or financial institutions prior to graduation. (Source: U.S. Bureau of Labor Statistics O.O.H.)

Job Outlook

Employment of economists is projected to grow 6 percent from 2014 to 2024, about as fast as the average for all occupations. Most new jobs will arise in private industry, including economic research and consulting firms.  Candidates with a master’s degree or Ph.D., strong quantitative and analytical skills—particularly with large datasets— and related work experience will have the best prospects. Applicants with a bachelor’s degree may face very strong competition for jobs.

Job Titles

Possible job titles include Economist, Business Economist, Government Economist, and Academic Economist
Other types of economists include, Behavioral Economist, International Economist, and Public Finance Economists. (Source: U.S. Bureau of Labor Statistics Occupational Outlook Handbook)

Employment

The federal executive branch employs 4,290economists in 2016. Management, scientific, and technical consulting services employs 3,570 economists. The other top employers of economists are scientific research and development services, and state and local government. A number of economists combine a full-time job in government, academia, or business with part-time or consulting work in another setting. A little over 11 percent of economists are self-employed. (Source: U.S. Bureau of Labor Statistics O.O.H. & O.E.S.)

Selected Employer Hiring Partners

US Bureau of Census, Dean Witter Reynolds, First Federal Savings and Loan, NYS Department of Labor, City of Alexandria, VA, Smith Barney.

Contact Us

We appreciate your interest in your career and we will make every effort to help you succeed. Feel free to contact Julian Huenerfauth, the career services coordinator who works with the Economics program. You can access information about services through our web site at www.rit.edu/careerservices.
 
Julian Huenerfauth, Career Services Coordinator, This email address is being protected from spambots. You need JavaScript enabled to view it.; 585.475.5470
Rochester Institute of Technology . Office of Career Services and Cooperative Education
Bausch & Lomb Center
57 Lomb Memorial Drive . Rochester NY  14623-5603
585.475.2301
 
Unless otherwise noted, information is based upon data collected by RIT Office of Career Services and Cooperative Education