Careers with a bachelor's degree

An economics major does not limit you to being an "economist." A very broad range of jobs are available in the private, public, and nonprofit sectors. In fact, most people with bachelor's degrees in economics work in jobs related to management or administration, sales, or accounting. And they do very well, earning fifteen to twenty-five percent more than the average college graduate (see tables of earnings).

Students are welcome to discuss their career plans with economics faculty members. Graduating students should be sure to check out the Drake University Career Center, which offers job leads and schedules interviews on campus.

Professional school

An economics major is excellent preparation for professional schools in fields like:

• Law
• Business
• Public administration and public policy
• International relations

The reason is simple: economics is an essential analytical tool in these fields. Students who already know some economics have an important advantage in professional school.

In fact, economics majors tend to score very high on the Law School Admissions Test (see table of LSAT scores) probably because training in economics helps develop the analytical skills measured by the LSAT. Economics majors also tend to score substantially above average on the Graduate Management Admission Test (see table of GMAT scores).

Students planning to apply to law school should contact the Pre-Law Advisor for the College of Arts and Sciences, a faculty member, for advice about the application process (see also Pre-Law web page). Students planning to apply to any professional school should contact the Career Center for information and assistance.

Internships

The Economics Department has no formal internship program, but encourages students to explore internships that apply economics to the real world. Here are some suggestions. Note that many of these internships require math, statistics, and/or computer skills as well as economics course work.

Students interested in local internships can consult postings by

• the Drake Career Center.
• the College of Business.

Students interested in macroeconomics should consider an intership at the Federal Reserve Board of Governors (Washington D.C.) or at one of the twelve Federal Reserve District Banks. The New York and Chicago Federal Reserve District Banks have web pages devoted to internships. Other Federal Reserve District Banks probably offer internships, too--you will just have to hunt for the person or office in charge. Nearby District Banks include Kansas City, Minneapolis, and St. Louis. Most (if not all) of these are paid summer internships.

Many government agencies and organizations in Washington D.C. offer paid summer internships for economics majors. Examples include

• the Congressional Budget Office.
• the White House's Office of Management and Budget.
• the Federal Reserve Board of Governors, which controls monetary policy.
• Resources for the Future, a Washington think tank that studies environmental and natural resource issues.
• the Urban Institute, a Washington think tank that studies employment, welfare, and social programs.

Students interested in an internship during the school year should consider the Economic Policy Semester, part of the Washington Semester Program operated by American University. This program includes options for coursework and internships in private organizations and government agencies in Washington D.C. Drake is affiliated with this program. Application materials may be obtained from the Career Center.