University of St. Thomas

When asked what one phrase best describes the economics major at St. Thomas, a faculty member replied, “as Bill Clinton once famously said, ‘it’s the economy, stupid!’” 

A real student asks:

 

I learned in high school that economics is all supply and demand; why should I major in it?

An economics faculty member responds: Demand and supply are certainly two concepts that are essential in the study of economic issues. Understanding the nuances of economic events and policy debates, however, involves more than understanding simple demand and supply. Topics such as fiscal and monetary policy, business cycles, unemployment, inflation, bond markets, strategic behavior by firms, market structure, foreign exchange policy, environmental policy and stadium financing require an understanding beyond demand and supply. In fact, one can argue that demand and supply are the starting point for studying economics—not unlike how understanding human anatomy is a necessary starting point for learning about medicine. 

What jobs are possible with a Economics major?

What are recent graduates doing now?

Many economics majors work at large corporations as market analysts. Whether graduates find employment with Target, Cargill, General Mills, Wells Fargo or another major company, the common element in their choice is the opportunity to advance within these corporations. Large companies offer the training and ‘rotation’ programs that allow new employees the opportunity to learn about different facets of the company and to equip them for a rewarding career.

What opportunities are there to bolster my resume while I'm in the program?

Internships. Many of the internships that are available to finance majors and general business majors also are open to economics majors. Employers and organizations often seek interns who possess the analytical and quantitative skills that are essential in today’s business environment; these are the same skills that an economics major unquestionably provides. Banks, financial institutions, research companies, consulting outfits and major corporations seek students who are quick learners, have sharp quantitative and communication skills and, above all, understand the broader economy.

Study abroad. Students majoring in economics have many choices when it comes to studying abroad. Our students have a very easy time finding courses which will meet the requirements of the economics major at UST. Whether it’s a UST or UMAIE-sponsored course or a semester long study abroad program, most universities outside the United States offer a program in economics. Additionally, the Economics Department encourages students who study abroad to consider signing up for economics courses which are not be typically offered at UST. For example, we do not offer a course on the economic history of Central America—but it would make a lot of sense to take advantage of the opportunity to take such a course if one were to spend a semester in Guatemala.

Our students choose a wide range of countries as their destinations, which reflects the other interests these students have. For example, a student with an interest in the German language, may choose to study in Germany. The career objectives of a student also may determine the country she selects. If, for example, a student is interested in a career that takes her to the Far East, studying in China or Japan would make a lot of sense.

Faculty at work

There are many opportunities for students to work with faculty on projects. Some of these opportunities are through university-wide programs such as the Collaborative Inquiry program or the Young Scholars program. Other opportunities are specific to the department. Students may choose to complete an honors thesis or complete an independent study project, both of which are under the direct supervision of a faculty member. Students have worked on topics such as the impact of professional hockey teams on the local economy, the relation between growth and income distribution, and the behavior of politicians who seek re-election. Exceptionally successful projects have been submitted for conference presentation or publication.