Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J Adam Richardson Careers in Economics

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?

It pays to study economics

Colin Barnett Premier of W.A. Notable Economics Graduates

Cate Blanchett Notable Economics Graduates

 Tiger Woods Notable Economics Graduates

Glenn Stevens Governor Reserve Bank Notable Economics Graduates

No Borat is an IT graduate

 Donald Trump Notable Economics Graduates

Arnold Schwarzenegger Notable Economics Graduates

Kofi Annan UN Secretary General Notable Economics Graduates

 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 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. Why Study Economics?

Source: 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. Why Study Economics?

Source: ABS Census 2006

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

 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.

 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.

 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.

Commercial Analyst Level St Georges Terrace

Total Revenue Total Cost ,000 laptops 48,500,00023,100, ,000 laptops 57,000,00032,000,000 Asked to comment on 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)

Total Revenue Total Cost ,000 laptops 48,500,00023,100, ,000 laptops 57,000,00032,000,000 Asked to comment on 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 

 Conclusion Why Study Economics? 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