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July 19, 2007

Farmingdale State College Announces Applied Economics Degree

Dr. W. Hubert Keen, president of Farmingdale State College, is pleased to announce that the college will offer a new Bachelor of Science in Applied Economics.

The program prepares students for careers in business, financial institutions, national, state and local government, as well as public and private research and nonprofit organizations. Consistent with the mission of the college, the program trains students to be real-life problem solvers so that upon graduation they are ready to be employed in entry and junior-level positions in business and industry, the public sector, and non-profit sector locally, regionally, and nationally.

Dr. Richard Vogel, Chair of the Department of History, Economics and Politics, said, "Students with strong quantitative skills and a curiosity about the principles on which businesses operate are naturals for the degree. The program will provide students with extensive training in the quantitative and analytical skills necessary in today's business environment, preparing them for employment in both the private and public sectors, or as a springboard for graduate school. "

Graduates will have the skills and abilities to meet the diverse needs of regional employers working in occupations such as entry-level economist, quantitative analyst, business analyst, financial analyst, regional planner, manager, and research assistant. The program exposes students to a broad spectrum of economic concepts and applications, providing them with a strong background from which to pursue graduate study in economics and the social sciences, business and finance, law, public administration, journalism, and education.

The U.S. Department of Labor Occupational Handbook, 2006-07 Edition predicts the job market for applied economics graduates will grow faster than average with an increase of 18 to 26 percent through 2014. Many job openings are likely to result from the need to replace experienced workers who transfer to other occupations, retire, or leave the field.

According to the Bureau of Labor Statistics (U.S. Department of Labor), median annual wage and salary earnings of economists were $72,780 in May 2004. The middle 50 percent earned between $53,650 and $96,240. The lowest 10 percent earned less than $41,040, and the highest 10 percent earned more than $129,170.

With the addition of the Applied Economics BS degree, Farmingdale State College now offers 22 bachelor degrees and 10 associate degrees.