I got the following career advice from Mankiw’s blog (http://gregmankiw.blogspot.com/) in citing Hal Varian, chief economist at Google:
“I keep saying that the sexy job in the next 10 years will be statisticians,” said Hal Varian, chief economist at Google. “And I’m not kidding.” The rising stature of statisticians, who can earn $125,000 at top companies in their first year after getting a doctorate, is a byproduct of the recent explosion of digital data.
Now, Finance PHDs can earn much more than $125,000 in thier first year after graduation, even at non-top companies. Why is statistics rather than finance recommended by Hal Varian and Mankiw? Economists can also earn the same or even a little higher salaries than statisticians. They are not on the list either. Maybe economists knows the the prisoners’ dilemma better. Pushing people to other fields can reduce the competition in your field and therefore benefit yourself. Here is another post of Mankiw about the prisoners’ dilemma: http://gregmankiw.blogspot.com/2009/07/little-league-arms-race.html
Or maybe Mankiw and Varian are expecting the finance sector will not do as well as it is today in the next 10 years. In this scenerio, pays for economists will also go down (relatively) along with finance guys, I am pretty sure. Let’s pray for the finance guys, though we don’t like them that much. Haha