What is Economics?
The beautiful islands of Hawaii are known for their stunning landscapes, vibrant culture, and picturesque beaches. But did you know that Hawaii also offers excellent opportunities for education? Whether you're a local resident or looking to explore the islands for your studies, a program in economics in Hawaii can open doors to a promising career.
Economics programs in Hawaii aim to give students a comprehensive grounding in economic principles while providing opportunities to specialize in areas such as environmental economics, health economics, or labor economics. This ensures they gain practical skills that can be applied directly to real world economic situations.
One question that often arises when considering any degree is the job prospects in the field. According to the US Bureau of Labor Statistics, as of May 2020, there were approximately 19,200 economists employed in the United States. While specific data regarding the number of economists employed in Hawaii is not readily available, it is safe to assume that there is a demand for economists across various industries in the state.
Economists can find employment in government agencies, financial institutions, consulting firms, research organizations, and non-profits. Economists play an integral role in analyzing economic data, conducting research, forecasting trends, and offering insight that inform decision making processes. Hawaii provides ample opportunity for economists in industries like tourism, agriculture, and renewable energy - vital components of its economy.
Holding a degree or qualification in economics can open doors to many career options. Graduates with this background may pursue roles such as economic analysts, policy advisors, financial consultants, market researchers, or data analysts. Furthermore, having an understanding of economics provides a great basis for entrepreneurialism and business management.
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Online Economics Education in Hawaii
An economist is someone who studies and analyzes the production, distribution, and consumption of goods and services. They are experts in understanding how individuals, businesses, and governments make decisions regarding resources and how these decisions ultimately impact the economy.
Economists use various mathematical and statistical models to analyze data and trends to predict future events and make recommendations - they study factors like employment rates, inflation rates, interest rates, and GDP growth, while also considering government policies or global events which might influence economic conditions.
Economic researchers play a central role in collecting data to gain insight into economic trends and patterns. Economists typically work with large datasets using statistical methods to detect correlations and make forecasts. Their research can inform policymakers, businesses, and individuals of current statuses of economies and potential future developments.
Economists play a vital role in policy formation. They provide advice and recommendations to governments and organizations on issues like tax policies, monetary policies, and regulations - such as their potential consequences - helping decision-makers make informed choices that promote economic growth and stability.
Economics covers various subfields and specializations, such as macroeconomics and microeconomics. Macroeconomists focus on studying economies as whole by looking at aggregate indicators like national income, unemployment rates, and inflation while microeconomists study individual consumer and business behavior by looking at factors like supply/demand imbalances, pricing strategies, and market structures.
Online Associate (AS)
An associate degree in economics provides Hawaii students with a valuable foundation in economic principles and analysis including micro and macroeconomics, statistical analysis, financial markets, and practical skills development that is highly sought-after across industries.
An associate’s in this field provides graduates with a seamless transition into either the workforce or further academic pursuits such as banking, finance, or business administration entry-level roles or continuing their education by earning a bachelor's degree or higher. With its flexible nature, these degrees can help students make informed career path decisions while acquiring essential knowledge about economic systems and policies that impact local and global communities.
National Rankings - Online Associates in economicsOnline Bachelors (BS)
Bachelor's degrees in economics can be a thrilling journey for students interested in understanding our global economy. Graduates leave this degree equipped with essential analytical, problem-solving, and decision-making skills that make them highly sought after across various industries. Economics students study production, distribution, consumption of goods and services. Economics courses cover microeconomics, macroeconomics, econometrics, public policy issues, among other topics - opening doors into careers in finance, government, policy-making, consulting, market research, and more.
Hawaii offers students pursuing an economics degree an unparalleled opportunity to examine the complex relationship between local economies and international markets. Interning at Hawaii's notable businesses or government agencies that focus on tourism or agriculture - key sectors to Hawaii's economy - provides students with invaluable hands-on experience that complements their academic studies. Hawaii's commitment to sustainable development and environmental protection efforts, through solar power and wind power generation projects, makes an economics degree all the more relevant when considering the state's complex economic challenges relating to environmental conservation efforts and sustainability initiatives.
National Rankings - Online Bachelors in economicsFind Your Online Economics Program
Online Masters (MS)
An economics master's degree can open doors of opportunity for Hawaii students looking to expand their understanding of economic theory and practice. Graduates with advanced degrees may find jobs in government, finance, consulting firms, or international organizations. Furthermore, these programs equip students with analytical tools needed to address complex issues specific to Hawaii, such as sustainable tourism development or renewable energy initiatives.
Master of economics programs allow students to participate in cutting-edge research while contributing to solving real world issues. Graduate-level training enables individuals to make meaningful contributions to Hawaii's economic landscape through studies on labor market dynamics or impact analysis of trade policies on local industries. Graduate training gives individuals an edge when contributing to the state's economic success. Engaging with faculty who are at the forefront of economic research and policy formation provides students with invaluable insight into how economics influences decision making on both local and global scales, not only enriching their academic experience but also equipping them for careers in public service or academia within Hawaii.
Online Doctorate (PhD)
Pursuing a PhD in economics can open doors to exciting opportunities in academia, research, and policymaking. These advanced degrees equip students with the analytical skills and knowledge needed to tackle complex economic challenges, conduct groundbreaking research, and contribute to shaping economic policies.
One of the most compelling aspects of pursuing a PhD in economics is the opportunity to specialize in specific areas such as behavioral economics, environmental economics, or international trade. This allows students to delve deeply into their areas of interest and make meaningful contributions to these specialized fields. Additionally, earning a PhD can lead to diverse career paths including becoming a professor at top universities, working for international organizations like the World Bank or IMF, or influencing government economic policies.
Overall, pursuing this degree offers an intellectually stimulating journey that can have far-reaching impacts not only on your career but also on society as a whole. With dedication and passion for understanding how economies function and evolve, obtaining this advanced degree can position you at the forefront of shaping future economic landscapes.
Our business management resources & scholarships guide Learn more on how to pay for collegeOnline Certifications
Economics certifications provide invaluable credentials for those aspiring to enhance their expertise and marketability within the field of economics. These specialized certifications offer an in-depth and practical understanding of economic principles, analysis, and policy formation. With an ever-evolving global economy, earning an economics certification can open doors to numerous career possibilities ranging from financial analysis to public policy development.
One such certification is the Certified Economic Development (CEcD) designation, which equips professionals with the skills needed for stimulating economic development in communities. Furthermore, the Certified Financial Analyst (CFA) certification provides professionals with a strong basis in economics and finance - two certifications highly regarded within investment management firms and economics/finance disciplines. Pursuing such credentials not only shows commitment to professional growth, but also keeps individuals competitive within an ever-evolving economic landscape of Hawaii and beyond.
Become an Economist in Hawaii
Becoming an economist in Hawaii can be an exciting and rewarding career choice. Here are some steps to help you get started on your path to becoming an economist in Hawaii.
- Step 1: Obtain a Bachelor's Degree in Economic
To become an economist, the first step should be obtaining a bachelor's degree in economics or related field from an acclaimed university or college offering strong economics programs. A thorough understanding of economic theory and quantitative analysis should also be obtained as this will form the cornerstone of future success as an economist.
- Step 2: Gain Work Experience
While studying for your bachelor's degree, it’s wise to gain relevant work experience through internships or part-time jobs that focus on economics. For example, take advantage of opportunities available with government agencies, research organizations, or private businesses focused on economics to gain real world experience and acquire practical skills.
- Step 3: Pursue Advanced Education
For many economist positions, an advanced economics degree such as a master's or PhD is often necessary. Consider further education to expand your knowledge and increase employment prospects; research graduate programs that fit with your career goals while offering research or teaching assistantship opportunities to build experience.
- Step 4: Develop Strong Analytical and Quantitative Skills
Economics is a field which heavily relies on data analysis, statistics, and mathematical modeling, so it is vital that you develop strong analytical and quantitative skills. You can take courses in statistics, econometrics, and mathematics to strengthen these areas.
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What Can I Do with a Bachelor's in Economics?
Graduates with a bachelor's in economics can find many exciting career paths after earning this degree including roles in finance, banking, consulting, government agencies, and more. A solid economics degree lays down an excellent foundation for data analysis, policy formulation and market research.
An undergraduate economics degree equips graduates with critical thinking and problem-solving abilities that are highly valued in multiple industries, opening doors to positions such as economic analyst, financial planner, or even entrepreneurship. Understanding and interpreting economic trends and data gives graduates the potential to excel across several fields while making meaningful contributions to society as a whole.
Potential Careers for Economics Graduates
Postsecondary Economics Teacher:
Postsecondary economics teachers are responsible for teaching economic concepts and principles at colleges or universities including lectures, discussions, assessments to measure understanding of economic principles among their students, and more.
Necessary Requirements:
- A master's or doctoral degree in economics or a related field
- Previous teaching experience at the postsecondary level is preferred
- Strong communication and presentation skills
- Ability to engage and motivate students in the study of economics
- Proficiency in using instructional technology and learning management systems
Estimated Salary
- The mean annual wage for economics teachers, postsecondary in the US in 2022 was $122,750
- There is no available mean annual wage for economics teachers, postsecondary in Hawaii, though mathematics teachers at the same level earn $53,800
Economist:
An economist is a professional who studies and analyzes the production, distribution, and consumption of goods and services. Utilizing various economic theories and statistical techniques, they create forecasts that shed insight into market trends, government policies, business strategies, as well as individual decisions made. An essential aspect of an economist's role is assessing their effects on individuals, companies, and governments - often acting as advisors in policymaking processes.
Necessary Requirements:
- A master's or doctoral degree in economics or a related field
- Proficiency in statistical analysis, econometrics, and economic modeling
- Strong analytical and critical thinking skills
- Excellent written and verbal communication abilities
- Experience in data interpretation and reporting
- Knowledge of economic principles, theories, and policy frameworks
Estimated Salary
- The median annual wage for economists in the US in 2022 was $113,940
- The mean annual wage for economists in Hawaii is $93,800 Learn more
Market Research Analyst:
A market research analyst plays a pivotal role in helping companies understand their target audience, industry trends, and competitive landscape. By collecting and analyzing data from various sources, they uncover valuable insights that inform strategic business decisions. In today's digital age, these analysts also harness the power of social media and online surveys to gauge consumer sentiment and behavior, providing a deeper understanding of market dynamics. Their expertise in statistical analysis and market forecasting not only aids in identifying new opportunities but also minimizes risk by anticipating potential challenges.
Necessary Requirements:
- Bachelor's degree in business, marketing, statistics, or a related field
- Proven experience in market research or related analytical roles
- Proficiency in statistical analysis software and data visualization tools
- Strong analytical skills with the ability to interpret complex data sets
- Excellent communication and presentation skills
- Ability to work independently and as part of a team
Estimated Salary
- The median annual wage for market research analysts in the US in 2022 was $68,230
- The mean annual wage for market research analysts and marketing specialists in Hawaii is $58,210 Learn more
Operations Manager:
An operations manager is accountable for overseeing and coordinating day-to-day operational activities of an organization. This position demands strong leadership skills, problem solving abilities, and an eye toward optimizing processes that promote efficient and effective operations.
Necessary Requirements:
- Proven experience in operations management or a related field
- Strong leadership and communication skills
- Proficiency in data analysis and problem-solving
- Ability to multitask and prioritize tasks effectively
- Knowledge of industry regulations and standards
- Bachelor’s degree in business administration or a related field (preferred)
Estimated Salary
- The mean annual wage for general and operations managers in the US in 2022 was $122,860
- The mean annual wage for general and operations managers in Hawaii is $115,850 Learn more
Logistician:
Logisticians are the unsung heroes of supply chain management, playing a crucial role in ensuring products are efficiently transported from point A to point B. Beyond just moving goods, logisticians also analyze data, optimize routes, and forecast demand to minimize costs and maximize efficiency. They possess a keen eye for detail and an ability to juggle multiple variables in dynamic environments, making them indispensable assets in today's fast-paced global economy.
Necessary Requirements:
- Bachelor's degree in business, supply chain management, or a related field
- Proven experience in logistics, supply chain management, or operations
- Strong analytical and problem-solving skills
- Excellent communication and negotiation abilities
- Proficiency in logistics software and systems
Estimated Salary
- The median annual wage for logisticians in the US in 2022 was $77,520
- The mean annual wage for logisticians in Hawai'i is $91,740
Policy Analyst:
As a policy analyst, your primary responsibilities will include researching and analyzing government policies, regulations, and legislative proposals to provide informed recommendations to senior management. In addition, it's expected of you to monitor any impacts or policy changes on operations or stakeholders of your organization.
Necessary Requirements:
- Bachelor's degree in public policy, political science, economics, or a related field
- Proven experience in policy analysis or government affairs
- Strong analytical skills and the ability to interpret complex information
- Excellent written and verbal communication skills
- Ability to work independently and as part of a team
- Familiarity with government processes and regulatory frameworks
Estimated Salary
- There is no median annual wage for policy analysts, but political scientists in the US in 2022 earned $128,020
- There is no available mean annual wage for policy analysts or political scientists in Hawaii
Data Scientist:
Data scientists are the modern-day alchemists who transmute raw data into valuable insights. Their role involves extracting, cleaning, and analyzing large datasets to uncover patterns, trends, and hidden correlations. They possess a combination of skills in statistics, computer science, and domain knowledge that allows them to make sense of complex data and drive informed decision-making.
Necessary Requirements:
- Advanced degree in a quantitative field such as Statistics, Mathematics, Computer Science, or a related disciplines
- Proficiency in programming languages such as Python, R, or SQL
- Strong understanding of statistical analysis, machine learning techniques, and data visualization methods
- Experience with big data technologies like Hadoop, Spark, or Hive is a plus
- Excellent communication skills and ability to work effectively in a collaborative team environment
Estimated Salary
- The median annual wage for data scientists in the US in 2022 was $103,500
- The mean annual wage for data scientists in Hawaii is $103,470
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