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MIESI@SGH: log [unique field of study] + (proficient analytical skills)! = (high earnings)n

Economists contrary to representatives of natural sciences rarely carry out experiments because their skills in this respect are limited. As a result, a large part of their research consists in creating models – the artificial worlds and conducting their empirical verifications based on real data. Economic models are a simplified framework of the complex economic reality. The economic model constitutes a system of assumptions, concepts and relations between them which enables to illustrate approximately (i.e. model) a selected fragment of the economic reality. Most economic models are expressed in the language of mathematics as such form allows for their empirical verification.

In order to best model the more and more complicated economic reality, the researchers construct more and more complex mathematical models. Constructing such models and their results interpretation requires proficient analytical skills. Quantitative Methods in Economics and Information Systems (Metody Ilościowe w Ekonomii i Systemy Informacyjne – MIESI), the course offered by the Warsaw School of Economics both on the Bachelor and Master’s degree studies gives a possibility to acquire exactly these skills.

Dissection of  M   I   E   S   I

Graduate of the first degree course in Quantitative Methods in Economics and Information Systems should have a general knowledge in economics and management, know the basics of methods and techniques of the quantitative analysis and how to make use of them. They should also have macro- and microeconomic problem solving skill using diverse tools, including advanced information technologies. Bachelor degree studies provide graduates not only with a specific knowledge, but through the analysis of numerous models structuralize their thinking. Within Quantitative Methods in Economics and Information Systems a student can choose one of the following specialties: 1) Econometrics, 2) Mathematical Economics, 3) Business Informatics, 4) Decision Analysis Methods[1].

Second degree course in Quantitative Methods in Economics and Information Systems serve to strengthen and extend knowledge in the following areas: 1) statistical analysis and data mining, 2) Market Research and Analysis Methods, 3) Demographics, 4) Econometrics, 5) Mathematical Economics, 6) Business Informatics, 7) Decision Analysis Methods, 8) Applied Statistics, 9) Management Information Systems, 10) Insurance – Actuarial Methods[2].

The Algorithm of $ucce$$

Quantitative Methods in Economics and Information Systems is not an easy major and requires from students mathematical skills. However, by completing it, you can get unique skills. And as it is commonly known, scarce goods, in particular the knowledge and skills are highly valued on the market, in this case – the labour market.

Graph 1. Selected courses in Quantitative Methods in Economics and Information Systems

diagram

Source: own study.

Due to a need to illustrate complex phenomena in the contemporary world economy, advanced mathematical models gain significance in Economics. As a consequence, Mathematical Economics and related (s. picture 1) branches (of subjects) belong to the mainstream contemporary economics. However, a rapid development of the research on economic phenomena using advanced mathematical techniques is not accompanied by a dynamic increase in people with appropriate skills. In consequence we have to do with the surplus of the demand over the supply on the labour market. That means a possibility of employment and high earnings right after the graduation, or even during the studies. Therefore, it is worthwhile studying Quantitative Methods in Economics and Information Systems. Generally, it is a good idea to combine one’s future with studies based on mathematics, which is supported by the all-Polish as well as all-European campaign encouraging to study science majors. The queen of the sciences simply provides royal earnings.

MIESI + state exam = actuary

Actuary is one of the professions one learn studying Quantitative Methods in Economics and Information Systems. They are specialists employed mainly by insurance companies who estimate the risk of accidents and the amount of the risk-related insurance premiums applying methods of the probability calculus and statistics. Actuary’s main duties are:

  • rating of insurance premiums,
  • evaluation of insurance products,
  • calculation of technical-insurance reserves,
  • evaluation of fringe benefit reserves,
  • transaction risk assessment,
  • calculation the solvency margin,
  • evaluation of the goodwill.

To be included in the Actuary Register in Poland one is required to:

  • pass actuarial examinations by the Polish Financial Supervision Authority,
  • have a higher education degree,
  • police clearance certificate,
  • document a two-year professional internship under the actuary’s supervision.

Like every certified profession, work of the actuary is highly rewarded. The basic, but not the only possible, actuary’s place of employment is an insurance companies. Actuaries work everywhere, where specialists in risk assessment are needed, so mainly in financial institutions[3].

Many other alternatives → ∞

Actuarial science is a very lucrative, though not the only possibility of employment for a graduate of Quantitative Methods in Economics and Information Systems. The other disciplines (areas of employment) are:

  • financial mathematics – evaluation of financial instruments in banks and other financial institutions;
  • market analysis – analysis of the market behaviour in a specific time and the place using quantitative methods conducted for the purposes of enterprises or public administration units;
  • econometrics and statistics – processing and interpreting for the purposes of enterprises, public administration units, units in charge of scientific research on economics as well as other social and natural sciences (e.g. cooperation with the medical, pharmaceutical industry);
  • marketing research – conducted for companies, public administration units, public opinion research companies, media;
  • IT – system construction and management, creating software for enterprises and public administration units;
  • e-business – creating and managing widely understood information and communication technology solutions for e-business.

Graduate of Quantitative Methods in Economics and Information Systems has many job opportunities. They can start their own business activity or get a job in the private or public sector. They can also patent their work in order to cut off coupons for the following years.

A graduate of Quantitative Methods in Economics and Information Systems can choose many different paths of the career development. Their diversity makes everyone able to find the one that meets their expectation best and provide them not only with remuneration adequate to the effort they made, but above all a satisfaction with their job.           

In the future, due to the development of the mathematical economics and related fields as well as information technologies one should expect even greater diversity and number of job opportunities for graduates of Quantitative Methods in Economics and Information Systems. In consequence one should expect even higher remuneration which are already now satisfactory. Actuaries can count for the biggest earnings, even to PLN 15000 a month[4]. It is a result of exceptionally great demand reported by the insurance companies which have a legal obligation of hiring certified actuaries. As for the other professions, the median[5] of the monthly remuneration in 2010 amounted to: PLN 6000 for the IT analyst, PLN 6800 for the IT consultant, PLN 5000 for the programmer and the financial analyst, PLN 4275 for the market analyst, and PLN 4225 for the market research specialist[6]. To sum up, this certainly is profitable.

Paweł Folfas

 

Netography:

http://praca.gazetaprawna.pl

http://www.actuary.org.pl

http://www.sgh.waw.pl

http://www.wynagrodzenia.pl



[3] Polskie Stowarzyszenie Aktuariuszy (The Polish Society of Actuaries), http://www.actuary.org.pl/aktuariat, [24.10.2011].

[4] Job opportunities posted at Dziennik Gazeta Prawna website, http://praca.gazetaprawna.pl/artykuly/106257,15_tys_zl_dla_aktuariusza.html, [24.10.2011].

[5] Median is a numerical value separating all sample data into two equal sets. There is exactly 50% of each results collected in the analysis below and above the median.

[6] Wynagrodzenia.pl, http://www.wynagrodzenia.pl/moja_placa.php, [24.10.2011].

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