Economics Jobs beyond Academia

Economists have the choice of a wide range of jobs outside academia. Below are three examples from the perspectives of economists who currently hold them.

The Federal Reserve Bank of Boston

Economists in the Research Department at the Boston Fed provide current economic analysis and policy advice to Federal Reserve decision makers. They also conduct innovative research on a wide range of topics. Yolanda Kodrzycki, Senior Economist and Policy Advisor, focuses on U.S. housing and labor markets, as well as on the New England economy. She has also served on numerous national and local advisory boards, including a project for the National Research Council to identify research and development priorities for the U.S. Census Bureau’s state and local government statistics program.

The most interesting aspect of Kodryzcki’s job is being part of a highly respected group of economists who are passionate about applying economic analysis to a wide range of economic and policy issues.

The job openings at the Boston Fed for economists are advertised with the AEA’s Job Openings for Economists and also on its website (www.bos.frb.org/economic/recruit/index.htm). The Boston Fed is a sponsor of the AEA Summer Economics Fellows Program, which works to increase the participation and advancement of women and underrepresented minorities in economics. The Bank also participates in the annual AEA Pipeline Project Conference. For more information, go to www.bos.frb.org/economic/index.htm.

Mathematica Policy Research, Inc.

Economists at Mathematica conduct high-quality, objective research—both quantitative and qualitative—across a range of policy areas, including education, welfare, labor, disability, nutrition, early childhood, and health. For Allison McKie, the most exciting aspect of her job is the opportunity to conduct rigorous, policy-relevant research on issues she cares deeply about.

McKie learned about this job through her graduate school advisers and colleagues at MIT. Mathematica also recruits minority economists at the AEA Pipeline Conference. The company offers a summer fellowship for graduate students pursuing research on a policy issue of relevance to the economic and social problems of minority groups; although this fellowship is not exclusively for underrepresented populations, qualified minority students are encouraged to apply.

McKie’s advice to new economists interested in this type of work: “Strong candidates for this type of employment demonstrate not only a solid set of analytic skills but also a keen interest in thinking creatively about the policy implications of their work.”

Ernst & Young

Economists at Ernst & Young work on a variety of issues. Arturo González, who as a Senior in the Transfer Pricing Unit is currently analyzing transfer pricing, finds that the most interesting aspect of his job is applying economics tools and knowledge to the private sector. His job also offers greater promotion and salary possibilities than most academic jobs. Ernst & Young recruits minority economists through the AEA’s Job Openings for Economists, although González discovered the position through his dissertation adviser.