Economics gives you the tools to analyse complex problems. You learn to understand and interpret data and will be able to develop and test theoretical hypotheses in the real world. You acquire a critical understanding of important theories, principles and methods in Economics - which allows you to independently make decisions based on scientific foundations.
Economics is ideal for students with a critical mind who want to understand social and economic issues generally, but also from a problem-solving perspective. The skills learned in a an Economics program can be applied in various fields and institutions. Governments and international institutions, as well as many firms, need economists because their ability to analyze complex problems and use data and data-analysing techniques allows to find solutions to scientific but also practical problems.
As a consultant in the management of Voestalpine you analyze the advantages and disadvantages of expanding production abroad. Central tasks are the comparison of local labor markets, legal institutions, infrastructural conditions and market sizes in different locations. As an economist, you are qualified to evaluate such information and to make appropriate recommendations based on it.
As a data analyst at the regional health insurance fund you analyze the use of medical services of the insured (drug consumption, doctor visits) and develop based on statistical analysis methods (econometrics, data mining) recommendations that bring added value for patients and the insurance companies.
As an asset manager at BankAustria, you make decisions about the Bank's investment strategies in Eastern Europe. They weigh the risk of investing in a developing country against potential gains.
As an economist at the European Central Bank, you use computer simulations to forecast future economic growth, inflation and unemployment over the coming years. Based on your predictions, the ECB makes decisions about the optimal interest rate.
As a consultant at Ernst and Young, you are helping a large hospital introduce new payment methods for physicians to increase efficiencies and reduce costs. Since you have dealt with efficient incentive systems in your economics studies, you are qualified to make such recommendations.
As a political advisor to the Ministry of Finance, you make recommendations on tax reform. The optimal taxation and the organization of the Austrian tax system are known to you from your studies which Enable you to make such recommendations.