Economics

2024 National Economic Outlook for the United States

By March 19th 2024

2024 National Economic Outlook for the United StatesOn April 4, the Center for Business and Economics will welcome Russell Mills, Ph.D., Senior Principal and the Senior Regional Officer of the Federal Reserve Bank of Cleveland’s Pittsburgh Branch. Dr. Mills will present the “National Economic Outlook,” a discussion of current national economic conditions.

Russell Mills is responsible for managing relationships with regional stakeholders, monitoring the region’s economic environment, and speaking to regional audiences on national and regional economic conditions. Additionally, he participates in briefings that support the Bank president’s role on the Federal Open Market Committee (FOMC). He also manages the Bank’s relationships with the Pittsburgh Branch’s board of directors and business advisory councils in Pittsburgh and Erie, Pennsylvania, and in Wheeling, West Virginia.

Dr. Mills joined the Federal Reserve Bank of Cleveland in 2023. Prior to taking on his current role, he oversaw the Center for Regional Development at Bowling Green State University, leading a team in economic, community, and workforce development projects across 31 counties in northwestern Ohio. Prior to his time at the center, Dr. Mills was an associate professor of political science at BGSU and a policy analyst at the Federal Aviation Administration in Washington D.C.

He holds a BA in political science from Westminster College, an MPA from the University of Vermont, and a PhD in political science from Kent State University.

The Economics Distinguished Speaker event is supported by the Earl W. Adams, Jr. Endowment, established by Allegheny College Trustee William H. Brown, Jr., Allegheny Class of 1980, in honor of Professor Earl William Adams, Jr. – teacher, mentor and friend.

Spring 2024 Symposium:   Navigating Careers in Business and Economics

By March 5th 2024

Students participating in the Board of Visitors Networking Lunch
Students participating in the Board of Visitors Networking Lunch

Students of all majors are welcome to attend our Spring Symposium, “Navigating Careers in Business and Economics” with the Board of Visitors (BOV)- the Center for Business and Economics alumni advisory board that journeys back to campus each year to help students achieve their career goals.

Our twelve returning BOV members will be our guest speakers throughout the day starting at the Campus Center on Monday, March 18th.

There are three ways to participate:

  1. Attend a session that aligns with your interests.
  2. New for 2024!  From 10:00 am until 12:15 pm Board of Visitors members not in session will hang out at Grounds for Change-students are encouraged to stop by and have a drink on our tab! CBE Fellows will be on hand to make introductions.
  3. Attend our networking lunch at 12:30 pm in the Tippie Alumni Center – RSVP here, it just takes a minute!

Contact Beth Ryan for more information.

Students are free to attend any of these four sessions – here’s the details:

Monday, March 18

10:00 am – 11:00 am, CC 301/302 =>

  •  “What’s Next? Graduate School vs. The Real World” 
  • “The Power of Perception: How Personal Branding Influences Career Success,” sponsored by the Women in Business and Economics Club (WIBE).

11:00 am  – 11:15 am =>  Coffee Break

11:15 am – 12:15 pm CC 301/302 =>

  • “Market Yourself as an Allegheny Grad – Comps and Experiences” 
  • “How to Stand Out at Your First Job,” sponsored by the Wealth Management Club

After the final session, students are invited to attend lunch with the BOV members where they can enjoy the soup and salad buffet and do some “speed networking”!   The lunch will begin at 12:30 pm and the BOV members will be on hand until 2:15 pm.

RSVP here so you don’t miss out on a great lunch experience!

Who’s coming to campus?

  • Dayan Aberaratne ’94 Managing Director, PJT Partners
  • Stacy Corbin ’89, Managing Director, KeyBanc Capital Markets
  • Elizabeth White ’83, President, White Biotech Solutions
  • Anne Gearan ’85, Partner, FGS Global
  • Naveed Ismail ’12, VP Customer Management Healthcare Analytics at Craneware
  • Keith White ’83, VP Risk Management, TD Bank
  • Evelyn Pendleton ’87, VP, CFO, Commercial, Specialty & Markets at Aetna
  • Angelica Runova ’06, VP, Sr. Strategy & Planning Manager, PNC
  • Diane Sutter ’72, President/CEO, ShootingStar Broadcasting
  • Eileen Webb ’06, Senior Manager, Exempt Organization Tax Services, EY
  • Trish Lawless ’92, VP – Transformation Management, PNC
  • Devone McLeod ’13, CFP® Financial Advisor at Wealth Enhancement Group

The Board of Visitors annual event is supported by the Earl W. Adams, Jr. Endowment, established by Allegheny College Trustee William H. Brown, Jr., Allegheny Class of 1980, in honor of Professor Earl William Adams, Jr.  –  teacher, mentor and friend.

Allegheny Students Honored for Scholarship in Economics

By March 26th 2023

Allegheny Students Honored for Scholarship in Economics
2023 Omicron Delta Epsilon Event

Omicron Delta Epsilon (ODE) is the international honor society in the field of economics. The primary purpose of ODE is to recognize outstanding academic achievement in economics, especially at the undergraduate level. 

How do students qualify?

Students are invited to join the society each Spring if they meet the academic criteria set by the international organization. The minimum requirements for admission are completion of 12 credit hours of economics courses, attainment of a GPA of 3.0 or better in economics courses, and an overall GPA of at least 3.0.

Newest members of the Allegheny College Omicron Delta Epsilon chapter

During our Spring 2023 event, we welcomed the newest members of the Omicron Delta Epsilon Honor Society:

Robert Amsdell Patrick Hogan Reece Smith
Bergas. Anargya Dagney K. Javes Margaret L. Todd
Tergel Buyanbat Kenneth C. Johns Patricia J. Todd
Jenna E. Halenda Lucia Jueguen Preston A. Turk
Carter J. Hassenplug Kevin Lee Isabelle R. Wakefield

Why study economics?

This year, Professor Emeritus John Golden provided the opening remarks sharing with students the history of economics, the benefits of the discipline and the many career trajectories made possible by the study of economics. He explains:

“Given the wide-ranging diversity of interests among economists, it is no surprise that this discipline provides undergraduates with many subsequent career options. Many find employment in the private sector, especially in banking. For those interested in working in this industry, consider taking a course in finance. Also, internships are helpful in exploring post-undergraduate careers. You may enjoy a subject intellectually, but perhaps would find a daily routine and/or colleagues not to your liking. 

Better to find out sooner — via an internship — than later. 

Another employment possibility is a non-profit organization devoted to a cause in which one truly values, such as green energy solutions or fighting poverty. An additional career option is to become an entrepreneur who creates his or her own business in either the private or non-profit sector.”

The Bruce R. Thompson Center for Business and Economics (CBE) prepares Allegheny College students to succeed in a diverse, global economy. Learn more at allegheny.edu/cbe

CBE Summer Experiences with Andrew Strobel ’24

By August 8th 2022

Andrew Strobel '24, Richard (R.J.) Swanson '24 and John Fazio ‘20 at the Karnea conference for Delta Tau Delta
Andrew Strobel ’24 intern at First Bank of the lake), Richard (R.J.) Swanson ’24 (intern at Koppers, Inc.) and John Fazio ‘20 (will begin Duquesne Law School in the fall) at the Karnea conference for Delta Tau Delta in Norfolk

CBE Fellow Andrew Strobel ’24 is continuing his remote internship that began in January 2022 at the First Bank of the Lake.  The First Bank of the Lake provides a full range of deposit products and services, along with consumer, residential mortgage, and commercial lending. The Bank is also an SBA lender throughout the United States.

How is the summer going?  We asked Andrew…

How did you find your internship?

Andrew: “I was recommended from a senior who just graduated, Blake Gendron ’22, who was offered a full time position at their office in South Carolina.”

What are you doing during this experience?

Andrew: “I am learning about loan forgiveness and the processes of how small businesses receive aid from the SBA. I’m also learning about how to interact with borrowers on the custom service side and help answer their questions and get them the help they need.  It feels so great to help get a loan across the finish line fully forgiven that helped a business through the pandemic.”

Would you recommend this internship to other students?

Andrew: “I would highly recommend this internship as the team and leadership supervising us is very supportive and helpful.”

Andrew is an Economics major and German minor, scheduled to graduate in 2024.  He is a student athlete returning to campus in August to play defense for the Allegheny College men’s soccer team.

Studying economics at Allegheny College teaches students how people respond to incentives in making choices, and how those choices affect outcomes at both the micro and macro scale. A microeconomist might study how a firm or a family chooses to finance a new piece of equipment or a home purchase. A macroeconomist might study how a change in interest rates affects economic growth, unemployment, or the balance of trade. While economists address topics often associated with the field, like banking and finance, the range of topics studied by economists is very broad, including sports, the environment, health, crime, discrimination, and business.

The CBE Fellows Inspire Students to Ace Their Next Interview

By April 21st 2022

The CBE Fellows Inspire Students to Master the Art of the Ace Interview
CBE Fellows from left: Morgan Douglas ’23, Noah Tart ’22, Megan Dennis ’23, Maya Ginter-Frankovitch ’22, Kaylin Tang ’22, Arigun Bayaraa ’22

The CBE Fellows created their second event of the academic year in March, organizing an informational and interactive workshop to enable students to learn how to prepare for, and ace their next interview for a job or internship.  According to the Fellows, “interviews can be intimidating. If you aren’t sure about the kinds of questions people will ask or how to prepare, we can help!”

Quigley auditorium was filled with students on a beautiful Sunday afternoon to listen to the Fellow’s informative and sometimes humorous presentation of the dos and don’ts of interviewing.

The Fellows created an engaging interviewing experience for fellow students, beginning with an informative slide presentation presented by Maya Ginter-Frankovitch ‘22 and Kaylin Tang ‘22. Arigun Bayaraa ‘22 demonstrated how to find opportunities and resources on the Allegheny Handshake website, with a special invitation for students to take advantage of the Career Education’s interviewing rooms in Pelletier Library.

The CBE Fellows Inspire Students to Master the Art of the Ace Interview
Morgan Douglas demonstrates how not to dress and what not to say, while Noah Tart illustrates a successful interview. Megan Dennis plays the role of interviewer.

To illustrate the points in their presentation, the Fellows did a humorous demonstration with Noah Tart ‘22 as the “good” interview, and Morgan Douglas ‘23 as the “bad” interview. Megan Dennis ‘23 was the interviewer, doing a great job as “the boss.”

CBE Fellow Kaylin Tang commented, “We split the 40 students into pairs in all the Quigley rooms and had them practice answering questions. I heard a lot of good answers. We then brought them all back for a Q&A at the end, and passed out interviewing survival kits as prizes!”

Director of Career Education, Jim Fitch commented, “Congratulations on a well-developed and presented Interviewing Workshop on Sunday!  It has been such a pleasure to read about how you engaged students and demonstrated real-time examples of how to ‘Ace’ an interview.  Thank you for the investment of time, energy, planning, and resources that you made and for the valuable gift that you presented to the community.”

The CBE Fellows Bruce R. Thompson Center for Business and Economics would like to thank Jim Fitch and the Career Education team for their guidance and support for the Fellows as they conducted the research for this important event.  The CBE Fellows are a select group of motivated students that function as a leadership team to support CBE programming and act as student ambassadors. Activities are structured to enable students to include this position on their respective resumes as a valuable work experience.  To qualify for this position, students must have a keen interest in both business and economics, maintain a good academic standing, and regularly attend all CBE activities.  

CBE Experiences with Morgan Douglas ’23

By August 3rd 2021

This summer, CBE Fellow Morgan Douglas is working as a Model Risk Intern under the Enterprise Risk Management division of First National Bank in Hermitage, PA. We asked Morgan…

How did you find your internship?

Morgan: I found the internship job posting on Handshake. I applied, went through multiple interviews, and then I got the job offer!

What are your duties?

Morgan: As the Model Risk Intern, I participate in ongoing model validations and model reviews, conduct model risk reviews of models currently in production, analyze results produced by models to determine their accuracy and statistical relevance, and write reports summarizing validation and review findings. Working in Model Risk has allowed me to network with other departments, communicating with other department heads about models that they use and potential new models from in-house departments and vendors. Along with applying statistical, economic, and computer science concepts to my work, I have learned about regulations that banks must follow. These skills combined allow me to explore exciting models such as the bank’s AML model.

Would you recommend this internship to other students?

Morgan: Along with model risk work, FNB provides “lunch and learn” sessions for interns to talk one-on-one with leaders of the bank, such as the CEO and CFO, who are eager to help mentor us! FNB’s core values – Integrity & Honor, Excellence & Passion, Teamwork & Collaboration, Innovation & Creativity, Leadership & Recognition – create a welcoming, educational and motivational workplace, perfect for hard-working and eager students.

Morgan is a third-year student at Allegheny College, majoring in Economics and minoring in Mathematics. Along with her studies, Morgan is the Data and Technology Intern for Residence Life (previously working as a Residential Advisor), a Fellow for the Center for Business and Economics, the Vice President of the Wealth Management Club, Women in Business and Economics Club Treasurer, a Delta Omicron Epsilon International Economics Honor Society member, a member of Bridge Club where she helps teach local high school students how to play, and has worked as a teacher’s assistant/peer mentor for the department in the past. Morgan is eager to spread awareness among peers and local high school students of career opportunities in Economics and Mathematics. She plans to pursue a graduate program for data analytics. 

CBE Experiences with Noah Tart ’22

By July 26th 2021

CBE Fellow Noah TartThis summer, CBE Fellow and incoming Student Government President, Noah Tart ’22 is working on a research project with Dr. Kathryn Bender and Katie Nichols investigating industry compliance and food waste management. We asked Noah…

What are your duties?

Noah: We have scheduled in-person research collection in Columbus, OH, but have been compiling literature and drafts for an article that hopefully will be published.  In addition, we are preparing letters for politicians to raise the issue of food waste on the federal and state levels.

What are your recommendation for students considering summer research?

Noah: I would most definitely recommend summer research for anyone who is interested in professional ethical research practices and or those who are planning to enter graduate school.  On top of that, I have been studying for the GRE and preparing for graduate school applications. Furthermore, during the month of July, I am attending a Summer Data  Camp where I am learning skills in Stata, R, and Tableau! All in all, it certainly keeps me busy!

Noah is a Senior at Allegheny College from Delta, PA. As an economics major with a minor in global health studies and (pending) mathematics, he plans to attend graduate school to receive a Ph.D. in economics with a focus on development and policy economics. Noah joined the Fellows in 2019 and is interested in research on poverty traps and prosperity cycles.  In addition to being a Center for Business and Economics Fellow, Noah is the Allegheny College Student Government President and the Interfraternal Council Treasurer. 

CBE Summer Experiences with Kaylin Tang ’22

By July 19th 2021

Kaylin TangCBE Fellow and Allegheny Navigator, Kaylin Tang is doing a finance and business operations internship this summer at the global headquarters at Leidos. Leidos is an American defense, aviation, information technology, and biomedical research company.  We asked Kaylin…

How did you find your summer internship?

Kaylin: I heard about the company because it is right by my hometown and has a good global reputation.

What are your duties?

Kaylin: Within the role, I help my managers with financial analysis and forecasting, dealing with revenue, operating income, fees, and other measures of the contracts that the Health group has. I learn to use the systems within my company to create queries and pull data, conduct data analysis, and then send out reports to division managers. I am also involved in an intern group project where I am working to create a more efficient way to forecast depreciation of capital expenditures for the company.

Would you recommend this internship to other students?

I would recommend it to other students. It’s a great learning experience like any other internships and the intern program in finance is extremely organized and engaging at Leidos!

Kaylin is a senior majoring in Business with a focus in finance and minoring in Global Health Studies. This is her second year as a CBE Fellow and she is excited to continue her role and influence in the Business and Economics department. Outside her involvement in the CBE, Kaylin is also on the softball team at Allegheny and is a Navigator on campus.

CBE Summer Experiences with Maya Ginter-Frankovitch ’22

By July 12th 2021

Maya Ginter-Frankovitch ’22, CBE Fellow and  recipient of the 2021 Outstanding Junior Major Prize in Economics, is an undergraduate intern at PNC supporting the Enterprise Data Lifecycle Management team in Independent Risk Management. We asked:

How did you find your summer internship?

Maya: One of my neighbors actually works at PNC who talked to me about the internship during my Sophomore year. I was too young at the time but applied a year later during my Junior year.

What are your duties?

Maya: I mainly perform administrative tasks for my department. That includes working on Excel files, creating and delivering presentations as well as designing articles and newsletters. These tasks can be quite repetitive and are not as challenging as I was hoping… might be because Allegheny prepared me so well!

The main takeaway from this experience would be the many opportunities to learn and network. I was very unsure about networking as I did not have much practice with it beforehand. However, PNC pushes us (interns) out of our comfort zone while also supporting us in the process. For example, when I found that I am more interested in the BSA/AML LOB within risk, my team encouraged me to network in that department and even made some introductions.

Would you recommend this activity to other students?

Maya: I would recommend this opportunity to other students. While the day-to-day work can seem monotonous, I learned so much about how a big business works as well as getting the chance to further develop some of my soft skills.

Maya is a fourth-year student at Allegheny College with a major in Economics and double minors in Computer Science and Psychology. Currently, she serves as the Founder and President of the Women in Business and Economics club as well as a Center for Business and Economics Fellow. Maya hopes to combine her three academic disciplines by exploring a career in financial crime. 

Celebrating Academic Excellence – Honors Convocation 2021

By May 18th 2021

Each year, the Business & Economics faculty and staff  meet to choose the students who will earn these annual awards.  Having worked all year with so many excellent students, it is a nearly impossible task. 

It is our distinct pleasure as a department to congratulate our 2021 award winners for their hard work and commitment to the study of Business & Economics:

  • The Prize of the Pennsylvania Institute of Certified Public Accountants awarded for excellence in accounting studies:  Owen M. Harkins ‘21.
  • The Economics Senior Project Prize, a monetary gift for the best senior project assigned annually by the Department of Economics to encourage understanding and good scholarship: Alex Abadi ‘21.
  • The Graduate Student’s Prize in Economics, an annual  prize to a senior whose achievement has been outstanding and whose promise as a graduate student is substantial:  Kirsten D. Lashbrook ‘21.
  • The Outstanding Achievement Prize in Economics, awarded to a senior with an outstanding record in economics and for general contributions to the vitality of the department: Alex Abadi ‘21 and Rachel Tobler ‘21.
  • The John L. Porter Prize, an award jointly assigned by the Department of Political Science and the Department of Economics to recognize a student who has written the best thesis on a topic of political economy: Victoria Vradenburg ‘21.
  • The Outstanding Junior Major Prize, awarded for exceptional academic achievement, performance in the seminar, and contribution to the general life of the department: Maya Ginter-Frankovitch ‘22

At the Bruce R. Thompson Center for Business and Economics, students may choose to pursue a major in economics or business with each course of study applying the rigor of a strong background in economic theory with the added benefit of interdisciplinary course work that allows students to create a concentration that matches their personal interests. Like many related disciplines in a liberal arts curriculum, Business and Economics emphasizes oral, written, and quantitative methods in courses and seminars.