Thread: Economist vs. Engineer?

In order to shed some light on the situation I'm going to need to explain the program I am currently enrolled in.

I am currently in my 2nd year of a mechanical engineering co-op program.  What this means is that instead of the regular 4 year degree, my degree takes 5 years but I work 6 co-op terms spread out through the 5 years.  This kind of co-op program is not only for engineers, pretty much anyone at my university can add this on to there degree and extend their time to 5 years.

Now the reason I'm telling you all this is because it has always been mandatory to complete 5 out 6 co-op terms.  Most students work the first 5 and take the last one off and go travel somewhere, others work it if they need the money.  However due to the tough economics time the university has revised this rule. As of the graduating class of 2010 it will only be neccessary to complete 4 out of 6 terms, unless you are an engineer.

I'm telling you all this Rudy, but I believe you are going about all the wrong way.  I know people spoon feed you this shit when your just a little kid, but its true: Pick a field you like, not one that necessarily pays well.  Become a hair dresser if thats what your passion is. 

Your only a high school freshman so there is almost no way you could know if you like the course material that an economics or engineering program would yield.  Middle school math and sciences are a bit mickey mouse, and you won't find out if engineering is you cup of tea untill you get into the chemistry, calculus and physics in your final years of high school.

So my advice to you? Take a wide variety of courses in high school and see which ones you enjoy the most, and let that determine where you go from there. 

PBS nailed it on the head. Find what you ENJOY and you will live a much happier life than if you follow around the cash and find your career boring.

As far as pay ranges go... regardless of what field you get into, you will always have the ability to progress up the ladder and get a larger paycheck. The people that usually progress up said ladder are the ones with a passion for their field.

Hey - love to see this kind of thread on the TTP boards, and hope that it really does help you make your decisions.

First of all - my background. I'm Canadian. I have a degree in Economics from the University of Waterloo, which is consistently ranked one of the top 3 universities in the country, however doesn't have "prestigious" school of economics. Our school's main focus is on co-op placements, and these placements allow students outstanding opportunities that many others don't get. Point is - my PoV may be very different from yours.

I work for the Toronto Dominion Bank in their wholesale banking division (TD Securities) within the Credit Risk system. I'm 25 and have been promoted twice since starting with the company in September 2007.

So now - an overview of the degree. An economics degree, in my experience, is exceptionally versatile - it's most obvious application is in the financial sector. I *never* meant to work in the banks - but I happened to luck into one of the best groups I've ever seen in business (having had co-op placements in the public and private sectors - I've sampled a number of environments). The degree, however, applies to positions that are:

A) Financial
B) Business
C) Mathematics

Being from Waterloo - we get a great technical background as well, when you add that to the equation - it doubles the number of job opportunities where the degree applies. Most universities won't offer that.

Now - to answer your questions directly:


1. Do you enjoy your job everyday, is it repetitive or meticulous?

I work as an IT analyst - so there is a REAL mix of repetitive, and interesting. Finance has many concepts that are VERY complex - way beyond what an undergrad degree teaches you. I don't have a love for finance, by any means, but the challenge of the subject matter - and its pratical application to the state of society as a whole - is something I find both interesting and exciting. So long as I am pressing into new subject matter, I find the job to be extremely interesting - I love learning about it, and I love teaching it to newer members of our team.

At the same time - our counterparts on the purely finance side of things - have a much smaller, specialized scope within which they deal. To me - what they do - seems to be much less interesting.

The actual finance side of my work is not as interesting to me, as the system design element that supplements it. So my answer is yes and no - it all depends on the job. There are econ jobs that are VERY boring - and jobs which are extremely interesting - it's all a matter of where you land.

2. Are you comfortable with your jobs pay range? Do you have enough money to satisfy nice clothing for the family, music/gaming habits, etc?

At the age of 25 I make 80% of what my 56 year old father does, who has been able to provide a typical middle class life for his family. I have prospects for doubling my relative income within 20 years. If you're good, there is LOTS of money to be made.

I don't even blink at putting money out for games / leisure - and I am saving a substantial amount towards purchase my first home in the process.

However - the money is almost entirely comparable to my best friend who is an engineer with a degree from an equivalent school.

3. Are economic related jobs difficult to find?

Not in Canada. Finance jobs are one of the most stable areas that you will see within our economy - I have no fear of job security, where as the rest of the economy is "living on the edge" every day. I'm blessed to be in a business environment that is exceptionally well regulated - and has a level of stability that isn't realized anywhere.

My entirely business life is centered around analysis of what could happen in the worst case scenario, and ensuring we can handle it - that is the corporate culture that we embrace, and why Canada's banking system has recently been hailed as the best in the world.

The result of the stability in this system is that, once you are in, there are a constant stream of opportunities for talented individuals. If you're smart, you'll always have jobs - and the possibilities for movement are unequaled. We have relevant job postings coming up every month, and relevant jobs with people who you know every six months.

The US financial sector is *MUCH MUCH MUCH* different from the Canadian one. Your banks are much less regulated, and both much more vulnerable to poor economic conditions, while being much more capable of exceptional growth. Your financial sector is a crap shoot - your biggest banks can fall in a manner of months, where as your smaller institutions can experience exceptional growth. Your capital holding requirements for doing business are VERY low (in some cases, non existent) which makes you both cheap to deal with, and very dangerous to deal with.

The result is that the jobs are likely available, but the stability is much more fickle than what we deal with up here. The fact is that I don't know the market down there, and as such there are probably better options from which to garner information than what I can give you. Mine is only speculation.

4. Did you start with a very low wage and shoot up quickly, or start high and slowly get higher?

Depends on your definition. I'm young at 25 - I made a wage through which I could support a young family from the start - in the period of 18 months I've received two promotions that count for a 20% increase in salary - I have opportunities that will continue that growth rate until I reach a level of incompetence.

So - if you are talking about "typical" jobs - you get paid well, and have room for solid growth.

If you look at the outstanding opportunities - traders, financial advisers, and such - they have the ability to make so much money that it's silly. It's a matter of how good you are. I have a friend whose last raise was slightly less than my salary.

I should also point out that I work with a mix of economists, engineers, and mathematicians.

A degree in engineer - almost any form - is, at least here, considered qualification for most finance type positions.

Engineering is a more versatile degree, IMO, and doesn't shut many doors.

Economics has a smaller scope in which it can be applied.

If you are looking at graduate level education, however, economics and engineering will yield very different results.

Just adding on to what these guys have said. If you want to go into these areas, you better LOVE THE HELL OUT OF MATH. Engineers live and breath calculus. From what I understand from Asian, so do economics majors. I recommend you get in touch with Asianator as he is along the same track as you are, however is graduating High School this spring. Come your Junior/Senior year, he would probably be THE best person to talk to regarding the academics of the fields you are interested in.