Exploring Careers in Economics, October 20, 2022 | Summary and Q&A

TL;DR

The webinar featured insights and advice from Federal Reserve Board members and research assistants, highlighting the importance of economics and diversity in the field. Recommendations included pursuing a strong education in math and statistics, developing programming skills, and building a network of mentors.

Key Insights

• 👨‍🔬 Economics is a diverse field with various subfields and research interests, including monetary policy, financial analysis, regional economics, and microeconomics.
• 💪 Strong math, statistics, and programming skills are essential for success in economics.
• ✍️ Developing self-advocacy skills, such as effective communication and writing, is important for career advancement in economics.
• 👨‍🏫 Building a network of mentors and seeking guidance from professors can provide valuable support and guidance in navigating the field of economics.
• 🌍 Pursuing real-world experience, even if not directly in economics, can still be beneficial for future career opportunities.
• ❓ Passion, curiosity, and perseverance are essential qualities for success in economics.

Transcript

hello good afternoon and thank you for joining the Federal Reserve board today at our Exploring Careers and economics webinar the fall Edition we are excited to continue hosting this event virtually and being able to share our opportunities and advice with so many of you from across the United States my name is Jocelyn Jackson and I'm the senior ec... Read More

Questions & Answers

Q: What advice do you have for students who are unsure about which concentration to choose in economics?

It is important to choose a concentration that you are passionate about and enjoy studying. Consider exploring different subfields of economics and find the one that excites you the most. Don't be afraid to seek guidance from professors and mentors to help you make an informed decision.

Q: What skills should students learn that they may not pick up in classes to better position themselves for careers in economics?

In addition to technical skills such as econometrics and programming, it is important for students to develop self-advocacy skills. Learning how to effectively communicate your abilities, advocate for yourself, and write well can greatly enhance your career prospects in economics.

Q: What advice would you give to students interested in a career in economics but haven't landed an internship or research assistantship yet?

Don't be discouraged if you haven't secured an internship or research assistantship yet. Continue to apply and seek out opportunities. Real-world experience, even if not directly in economics, can still be valuable. Focus on acquiring skills and knowledge that will make you a strong candidate, and be persistent in your pursuit of opportunities.

Q: How has working at the Federal Reserve given you an alternative view of economics?

Working at the Federal Reserve has broadened our understanding of economics beyond traditional coursework. It has exposed us to real-world applications of economic principles and allowed us to see the interconnectedness of various fields within economics. We have learned about the policymaking process, the importance of data analysis, and the impact of economics on society at large.

Summary & Key Takeaways

• The webinar featured remarks from Federal Reserve Board members Governor Philip Jefferson and Governor Lisa Cook, who emphasized the importance of economics and diversity in the field.

• Research assistants from various divisions of the Federal Reserve System shared insights into their work, which encompassed areas such as monetary policy, financial analysis, regional economics, and microeconomics.

• The research assistants encouraged students to pursue a strong education in math and statistics, develop programming skills, and build a network of mentors. They also emphasized the significance of passion, curiosity, and perseverance in the field of economics.