Exploring Careers in Economics, March 22, 2022

TL;DR

A panel of research assistants working at the Federal Reserve shares insights on careers in economics, emphasizing the importance of a diverse skill set and broadening one's perspective through reading and real-world experiences.

Transcript

Transcript of Exploring Careers in Economics Spring 2022 March 22, 2022 JOCELYN JACKSON. Good afternoon and on behalf of the Board of Governors of the federal Reserve System, thank you so much for joining us today at our Exploring Careers in Economics Event. We are excited to continue hosting this event virtually and being able to share our opportu... Read More

Key Insights

• 😫 The field of economics requires a diverse skill set, including quantitative skills, data analysis, and the ability to write effectively.
• 🧡 Engaging with a broad range of subjects, such as sociology, psychology, and history, helps economists gain a deeper understanding of real-world issues and societal implications.
• 🏛️ Building connections and seeking guidance from mentors can provide valuable insights and support for career development in economics.
• 💦 The Federal Reserve offers a variety of career opportunities for those interested in economics, and the work done at the Fed has a direct impact on the economy and people's lives.
• 💦 Continuous learning, staying up-to-date with current research, and maintaining a work-life balance are important for long-term success in the field of economics.

Questions & Answers

Q: What qualifications are required to become a research assistant at the Federal Reserve?

To become a research assistant (RA) at the Federal Reserve, completion of an undergraduate or graduate program is required. Preferably, candidates should have a background in economics, statistics, math, computer science, or related fields, along with experience in statistical software or programming languages. U.S. citizenship is also preferred.

Q: What courses should students focus on to prepare for a career in economics?

Students should focus on quantitative courses, particularly econometrics and mathematics. Econometrics courses provide essential skills for conducting research and analyzing data, while mathematics courses introduce students to the analytical thinking required in economics. It is also beneficial to explore other fields, such as sociology, psychology, and history, to gain a broader understanding of economic issues.

Q: How can students stand out when applying for research assistant positions?

While it is not a prerequisite, having a strong background in quantitative courses and programming languages can strengthen your application. Additionally, finding your passion within economics early on and gaining research experience, such as writing a thesis or working with professors, can make you stand out. Networking and building connections with professionals in the field can also be beneficial.

Q: What technical skills are expected to be important in the next five years in the field of economics?

The panelists recommend focusing on coding skills, particularly in programming languages such as Stata, R, Python, and MATLAB. Proficiency in statistical analysis and data handling is crucial for conducting research in economics. Additionally, having a solid understanding of tools like Excel for data analysis is valuable.

Summary & Key Takeaways

• Research assistants at the Federal Reserve discuss their career interests in economics and the value of diverse perspectives in shaping the industry.

• They highlight the importance of quantitative skills, such as coding and mathematics, along with the ability to analyze data and write reports.

• The panelists recommend taking a wide range of courses, including sociology, psychology, and history, to better understand the intersection between economics and other fields.