Careers with STEM: Economics 2020

CAREERS

TERM 2, 2020

withSTEM

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Economics

Research Economist

Economist

What could you do with economics?

Take our quiz to find out! p4

Path to success: How to get there p8

Meet the team: Career insights from RBA economists p6 CAREERS with STEM.COM >CREATIVITY >CULTURE + SOCIAL < >EDUCATION < >WELLBEING + GOVERNMENT < >WELLBEING + FINANCE < >SPACE< SPORTS + <HEALTH IMPACT + RESEARCH

>BUSINESS<

Problem Solving

Critical Thinking

Identify strategies to solve problems

Evaluate information to help decision making

Analysis

Investigate data to offer insights

Collaboration Share ideas and perspectives

Discover skills for the future

Communication Engage audiences and influence decisions

Global Awareness

Adaptability

Take a global perspective

Build skills for a range of jobs and industries

Explore economics.

To discover more about the benefits of studying economics, visit rba.gov.au/education

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FOREWORD

LEARN SKILLS FOR LIFE

luci ellis economist

t only set Learning economics will no path – it will you on an exciting career n use to equip you with skills you ca about. explore the issues you care ay t to understanding everyd conomics is so importan rse. cou dis icy pol lic pub and life, media commentary dying economics can be The skills you learn by stu es. used in many fields or rol choices – the way people ut abo is ics nom In essence, eco e to cate the resources they hav and societies choose to allo and nts. Economists gather satisfy their needs and wa predictions and provide ke analyse information, ma s, p governments, businesse recommendations that hel e Th ns. isio dec d goo es make organisations and chariti ays alw it so ng ngi cha y ntl sta economic landscape is con ist, is interpreting feels fresh and exciting. leagues – as an econom col my of job the and – alian economy and Much of my job st the future of the Austr eca for to t tha itive ng usi and recent data the chance to make a pos So, the team and I have ns. isio ef dec chi icy the pol as to e rol ute t contrib in my curren Australians. For example, difference to the lives of A) Board, I make (RB alia str Au of Reserve Bank erest rate (the cash rate). economist advising the icy set Australia’s pol int uld sho it how on ns atio recommend d by banks, inf luencing s the interest rates offere ect aff e rat st isions ere int icy The pol rowing. The Board ’s dec saving, spending and bor ut abo ns isio dec ’s ple . peo llbeing y and people’s material we study greatly affect the econom consider economics as a to ls, gir ly lar ticu par and , ple elop peo dev ng you you lls age I encour can use the ski oming an economist; you bec ut abo you t ues jus iss not the It’s e . option g – to explor lysis and problem-solvin – like critical thinking, ana h to finding solutions for oug thr lity qua g social ine er in the workplace and care about, from addressin are also highly sought aft lls ski ics nom Eco . nge climate cha career possibilities. will open up a wealth of

SHU TTER STOC K

E

Luci Ellis mic), Assistant Governor (Econo alia str Au of nk Ba ve Reser

The economic landscape is constantly changi so it always feelsng fresh and exciting”

Luci is responsi A nalysis and Econoble for the Bank’s Economic is the chief econom mic Research Departments and ic ad Reser ve Bank Boardvisor to the Governor and the . She is also the exec sponsor of the Ban utive k’s LGBTI+ internal network.

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ECONOMICS

QUIZ

Where could ? u o y e k a t s c i econom many different fields. in s er re ca of e ng ra se er div d to a rsue your passions.

Studying economics can lea pu to ics om on ec e us uld co w you Take our quiz to discover ho

q1

WS REPORTERS IT’S THE YEAR 2030. NE YOU ABOUT HAVE JUST INTERVIEWEDOUGH IN YOUR AN EXCITING BREAKTHR DONE? WORK. WHAT HAVE YOU

icient A. Figured out the most effpandemic t nex the h way to deal wit t of B. Helped to reduce the cos rgy ene an cle ing duc pro y in C. Improved gender equalit es lac rkp wo Australian ing D. Written a paper explain to how share prices respond natural disasters ping E. Helped farmers in develo es om inc ir the nations increase

q3 BACK TO THE PRESENT. WHEN YOU’RE ON SOCIAL MEDIA, HOW DO YOU SPEND YOUR TIME?

q2 NOW IMAGINE YOU’RE FLYING OUT FOR A WORK TRIP TOMORROW. WHERE ARE YOU GOING?

A. A political summit in Ca debate with decision-makenberra to rs B. The Murray-Darling Basin how the drought is affecting , to see farmers C. California, for work exp Google’s marketing analytierience with cs team D. The New York Stock Exc hange E. Samoa, to design and bui cyclone-resilient homes wit ld a non-governmental organi h sation

Award-w inning econ omics: Econom is Esther Duf lo, Abh ijit ts Ba nerjee and Micha el K remer received the Nob experimenta l approael Prize in 2019 for their ch to alleviating glob al poverty.

A. Contacting your MP wit to improve your communityh ways

q4

B. Clicking to attend the nex t climate change rally C. Considering why your frie have jumped on the latest nds craze D. Keeping up to date on business and share marke t news E. Promoting crowdfundin g a clean water program in Indfor ia

YOU’VE BEEN ASKED TO HELP IMPROVE ONE THING ABOUT YOUR SCHOOL. WHAT WOULD YOU CHANGE?

A. Support students who can’t afford a laptop B. Reduce consumption of plastic C. Improve students’ mental health D. Invest in new technology that saves the school money E. Partner with African schools to improve their learning opportunities

SHUTTERSTOCK

q5 00 GRANDMA GIVES YOU $1 RD CA Y DA TH BIR IN YOUR DO (THANKS NAN!). WHAT YOU DO WITH IT?

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nity market A. Spend it at a local commu tre cen ng ppi sho big instead of at family to help B. Buy a worm farm for the reduce food waste r closest friends and C. Give $20 to each of you observe how they spend it tech company D. Invest it in stocks in a new charity in Brazil E. Donate it to a healthcare

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results Mostly As of Improve people’s quality ics) om on ec life (Public policy

es affecting people’s Your interest in the big issu ial welfare and lives – such as health, soc eer in public car a an me ld cou education – nomists working policy is a good option. Eco and advise on in public policy investigate rove people’s ways governments can imp r things like : side quality of life. They con mployment; une m how to reduce long-ter uce income red can s how welfare policie of poor health. st’ ‘co ic nom eco inequality; the ment, central Where you’ll work: govern k tanks, health and banks, universities, thin welfare organisations

Public policy econom ics inquir y currently be in action: A new government ing ru w ith menta l health ex n by econom ists working impact of menta l illne perts is investigating the ss on the economy. On findings, announced e late last year, was th of their at illness and suicide ar e costing Austra lia up menta l to $1 bi llion a year – that’s $500 m illion ever y da 80 y.

Mostly Bs Save money by saving the planet (Environmental economics) You care about our planet’s future, so environmental economics is totes for you! Economists who work in this field research the possible impacts of climate change and the ways that renewable resources could be used to help people live more sustainably.

They investigate questions such as: how would homes and transport be affected if the world warms by two degrees? Could financial incentives encourage people to recycle more? What’s an affordable alternative to plastic?

Where you’ll work: government, major corporations, think tanks, environmental agencies and activist groups

Mostly Cs

make decisions – Understand why people ioural economics) and their impact (Behav ut money

than abo how people think and act You’re more interested in es from economics applies principl and markets. Behavioural make decisions, s individuals or institution psychology to analyse why a product. , buy to ose to buy, or not such as why consumers cho wers to: ans the find lyse data sets to Behavioural economists ana nd bra buy to n isio people’s dec how biases might influence display of products in a the How Y? nd X and avoid bra ney on? ce what people spend mo supermarket might influen nt, me ern gov s, ate corpor Where you’ll work: large es siti ver uni ks, ban

Mostly Ds

Mostly Es

Monitor money and markets (Financial economics)

Help the world’s poores

t (Development

economics) You’re a global thinker and passionate about human righ ts, social justice and reducing inequality – so you might want to consider a car eer in development economics. This field is abo ut improving the living sta nda rds of people in developing countries. It con siders policies to improve the health, education and working conditions of people in world’s poorest nations. Development economists answer questio ns such as: how much fina ncial aid should be given to poor countries and how can it best be used?

How can bet ter education help people in developing countries to prosper? How can an immunisation program reduce infant mo rtality in Africa? How can new technologies help farmers increase crop yiel ds?

Where you’ll work: govern ment, international organi sations (for example, the UN ), charities and non -governmental organisat ions (NGOs)

They say money makes the world go around – you want to know how and why. How might a disruption to the economy affect Australia? How do we get money from savers to borrowers so they can invest and help the economy grow?

Financial economists are interested in how financial markets affect the real world.

Where you’ll work: central bank, commercial banks and other financial institutions, government, universities

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ECONOMICS

RBA

MAKING AN IMPACT

What’s the RBA?

Bachelor of Economics/Bachelor of Commerce (Honours), UNSW

Policy Research Assistant, Finsia

Tutor, UNSW

Fixed Income Analyst, RBA

Research Economist, RBA

A share ? One team at the RB Why study economics ies on what inspired them their diverse stor dream jobs. into their

The Reserve Bank of Australia (RBA) is our central bank, which means it conducts monetary policy, works to maintain a strong financial system and prints the nation’s banknotes.

Shaping change

Calvin He Economics researcher obal Gl e was inspired by th h school – Financial Crisis in hig answer big now he helps the RBAeconomy. questions about the rce and economics in high hile Calvin studied comme learning about the Global school, living through and is is ence his career choice. “Th Financial Crisis helped influ ics nom eco of s nging implication when I realised the wide-ra s. say he ,” nge shaping cha and its power as a tool for d Bachelor of Economics and bine com a died Calvin stu re landing a job at the RBA, whe Commerce at UNSW before economist. he now works as a research and stions about the economy que “I analyse longer-term ct affe s rate le ‘How do interest monetary policy, for examp ch whi s, lysi s. “I then do ana housing prices? ’” he explain ore gramming and coding, bef pro of bit fair often involves a will you ist, nom eco says. “As an writing up my results,” he to able g bein le whi , d view learn, and develop an informe – what you do matters.” ate deb nt orta imp to ute contrib e “it provides a framework aus Calvin loves economics bec uld ge of problems, like if I sho of thinking about a wide ran g dyin stu ls you develop by buy the next iPhone ! The skil ” l in almost any job, and in life. wel you ve economics will ser

Stephanie Parsons

W

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Economist Career advice for a future economist?

king that Economics is a way of thin society’s of ny ma can be applied to Keep up s. blem pro nt most importa tralia and Aus in ing pen hap with what’s n to the across the world; read or liste business news regularly, especially on social ists news; and follow econom r peers, you with media. Discuss issues not or er eth Wh parents or teachers. ls skil the ist, nom eco you become an ics nom eco g dyin stu by you develop employee will help make you a better and a more rounded citizen.

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Taylor Nugent Economist e?

What does your job involv how people’s choices and

Blair Chapman Economist Best thing about a career in economics?

Economics is not only

ld works and I’m interested in how the wor ws me to apply ir circumstances. My job allo actions can be shaped by the implications. In ure pict bigse questions and the a set of tools to answer the ur markets, with analyse development in labo my current role, I monitor and in the economy. ssures and wage outcomes a specific focus on wage pre

interesting, it gives you a set of skills you can apply widely and use to answer an endless number of questions. I enjoy applying my economic toolkit to help provide answers to important and interesting questions. Knowin g my work can be used to benefit our society is also rewarding.

Natasha Cassidy Head of Prices, Wages and Labour Market team ?

What does your team do as inflation in rket, as well in the Australian labour ma We assess what is going on best estimate of the our and ds tren fings of these the economy. We provide brie monetary policy decisions. k Board to help them make outlook to the Reserve Ban

omics?

Why did you study econ and I wanted to larly high for younger people,

particu Unemployment rates were dying economics lets you could be done about it. Stu t wha and , why understand rests, interest in human – analytical or technical inte tap into different skill sets skills. behaviour, or communication

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ECONOMICS

PATHWAYS

n i r e e r a c a t e g How to ! w o n g n i t r a t s … economics From elective choices to YouTube channels, here’s what you can do now to set you on a career path to economics.

Get social Fill your feeds with everything #economics @TheEconomist the If you’re not already one of wing this follo nearly 25 million people get on it. g, ma ics famous US econom

een session?

Looking for your next scr movies all and These documentaries s. me have economics the Inside Job (2010) doco Narrated by Matt Damon, this of the cts looks at the causes and effe C).

(GF es 2008 Global Financial Cris The Big Short (2015) s movie uses an Feature films your thing? Thi e Ryan Gosling, Christian Bal all-star cast (we’re talking .

GFC the of y and Brad Pitt) to tell the stor (2011) ess pin Hap The Economics of cumentaries we can use “do 100 of list a This doco is made Action. d by activist site, Films for to change the world” compile Moneyball (2011) starring based on a true story and This Hollywood blockbuster behind pro ics nom about the eco Brad Pitt and Jonah Hill, is sports. Must-watch for sports lovers and economists alike.

The Economists This ABC Radio National show airs every Thursday afternoon using “the tools of economics to shine a light on life”.

Planet Money Produced by America’s National Public Radio, this podcast claims to offer “the economy, explained”.

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Electives checklist Choosing electives?

Consider these subjects to give you a solid foundation for a career in economics

✔ Maths ✔ Economics ✔ Business studies ✔ Modern history ✔ Accounting ✔ Commerce

Freakonomics Radio This award-winning podcast was inspired by the bestselling book of the same name.

Listen up Plug into these economics-themed podcasts

#ausecon the latest Twitter Follow this hashtag for all chatter on Aussie economics. @JustinWolfers Justin is now Formerly an RBA economist, the University a professor of economics at followers! of Michigan. Join his 174K+ nomics Take a crash course in eco e channel Tub You a is se CrashCour os packed with educational vide list play ics nom eco ir the ch wat – for easy-to-understand laining five-to-15-minute videos exp ts. cep con ics a bunch of different econom e urs -co ash -cr Visit bit.ly/economics

Movie marathon

Follow T h e R e s t he R B A er v e B a Austr nk biggest a lia is the cou n of employe tr y’s ro s o a dd t hem to yf econom ists, lists, sta ou r follo t on T w it . Sea rch R BA in w t er a n d fo Yo a nd R e s er veBa nuT ube k Au on Face boo I n s t a g r k a nd am

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