Careers in the Field of Economics

AGORA 2013: What could EU do to fight youth unemployment?
unemployment fund
Image by European Parliament
Antonis Raphael Stylianou, Cyprus/21/Employed: "EU should ensure that its funds reach young people. Events like Agora should happen more often, so young people can bring their ideas directly to EU bodies."

More on Agora 2013: www.europarl.europa.eu/news/en/news-room/content/20131107…

This photo is free to use under Creative Commons license (CC) and must be credited: "© European Union 2013 – European Parliament" (Attribution-NonCommercial-NoDerivs Creative Commons license). For HR files please contact: webcom-flickr(AT)europarl.europa.eu

Those of you, who want to pursue their higher education in economics but are doubtful of the job opportunities that will be available to them, need not worry. You will have a wide variety of careers once you complete an economics degree. After a Bachelors degree, you can also go on for a Master’s in the same field. This will ensure that you find a high-paying job as soon as you are done with your Master’s.

One of the many career choices available to you after an economics degree is economic consulting. You job in this case would be to advise companies on various economic and business strategies and also be responsible for the economic portion of legal procedures. Law is also a good option for holders of a degree in economics. By pursuing a career in economic law, you have the opportunity to work for many firms as well as government agencies. The government often needs economists to draft the economic policies of the country and the analysis of the prevailing economic conditions.

Complementing your economics degree with something as valuable as finance will considerably increase the amount of money you can expect to earn annually after you graduate. However, a simple degree in economics only will also earn you a higher than expected annual income. The salary you get also depends in large on whether you are employed by a private firm or a government agency. The latter will probably pay you much higher than the former. On the whole, it has been concluded that the average annual salary of an economist is pretty high, mainly because of the high demand and relatively fewer people who choose this career path.

When it comes to careers in economics, you are bound to be employed in a firm which operates in large cities. In addition to this, you may even get the chance to go on international tours and collaborate with worldwide agencies like the World Bank, International Monetary Fund and the United Nations.

If you are planning on getting a degree in economics, there are a few factors to consider. You need to have a large concentration span and be able to analyze even minor details as you will be required to this to a large extent, regardless of the place you are employed by. You need to have a great deal of patience, since you will inevitably have to spend long hours trying to study some figures and solve problems and reach conclusions. Moreover, excellent communication skills are an essential prerequisite to being a successful economist as you will be required to present the results of your research and hypotheses in a very clear manner, may it be in the oral or written form.

Hence, careers in economics are a great option for those who wit highly inquisitive minds and the drive to find solutions to the economic problems faced on both a micro and macro level.

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Unemployment Insurance

On March 29, 2013, Governor Andrew M. Cuomo signed the State budget for 2013-2014. Included in that legislation was a multi-pronged reform to New York State’s Unemployment Insurance (UI) system to benefit both employers and claimants. The UI reform package includes paying off a debt to the federal government, modernizing and making the UI Trust Fund solvent and increasing benefit rates for unemployed workers.
The Governor also signed into law the extension of the Self-Employment Assistance Program (SEAP), which allows long-term unemployed workers the option of taking steps to start their own business in New York while receiving either regular unemployment insurance benefits or federal extended benefits. The program was extended through December 7, 2015. There is an increased flexibility in eligibility determinations. Read about the SEAP program details.

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Extended Unemployment Benefits — see the latest information

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To collect benefits, you must be ready, willing, and able to work.

To qualify for UI benefits, you must have enough work hours and wages in covered employment. In New York State, employers pay contributions that fund UI. It is not deducted from your paycheck. The Department of Labor decides if you qualify for benefits.

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1099G Available Online (Updated April 10, 2013)

Tax form 1099G, which shows the total amount of unemployment insurance benefits paid to each claimant during the 2012 calendar year, was mailed to claimants by January 31, 2013. You can view and print your 1099G for calendar year 2012 from this website. Log in with your NY.GOV ID, then click on Unemployment Benefits and View/Print your 1099G. You can also request a copy by completing and mailing the Request for 1099G form. For more information, see our frequently asked questions.

Congress Passes and President Signs Benefit Extension Through December 2013 (Updated April 10, 2013)

The American Taxpayer Relief Act of 2012 was passed by Congress and signed by the President, extending deadlines for Emergency Unemployment Compensation (EUC) through December 2013. The legislation does not change the number of weeks of benefits available under the EUC program. It allows the EUC program to continue the same as before.

If you are collecting EUC, your benefits will continue from the point you were on as of December 30, 2012. Please continue to claim weekly benefits in the usual manner, unless you receive instructions to file a new claim.

Please note that the Extended Benefits (EB) program ended in New York State on December 9, 2012. At this time, we do not expect the EB program to return. EB is only available when the Total Unemployment Rate is at least 110% of the average for any or all of the corresponding three-month periods ending in the three preceding calendar years. Our unemployment rate does not meet these requirements.

Keep checking this website for updates on benefit extensions. For current extension deadlines, see the EUC/EB Deadline Chart. For an estimate of the number of weeks of benefits for which you may qualify, see the Benefits Calculator or Chart.

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