Department: Economics School: School of Management Campus: Old Westbury
Member of NYIT Since: 1988
From NYIT's Weekly Update
In today’s economic climate, when people are often reading the business section before the front page, it’s good to have an economic expert in residence. Professor Paul Kutasovic is regularly quoted in The New York Times, Business Week, and IndustryWeek and has made several broadcast appearances in which he opines about monetary policy, the housing and credit markets, and the overall state of the U.S. and global economies. In addition to his academic duties, Paul is or has been a consultant for several business and government concerns, including AT&T, Merrill Lynch, and Fitch Investors Service. His current research focuses on methods used to forecast sales tax revenues, the implications of peak oil, and the use of economic indicators to guide investment decisions. In the classroom, Paul challenges and engages his students—and even makes macroeconomics enjoyable.
The economic downturn is causing many college graduates to rethink their career paths, particularly those in financial services. Do you see that trend? What types of jobs are your students now gravitating toward? Many of our graduates—despite the recession—are landing jobs with Wall Street firms or regional and community banks. Some are accepting good-paying positions in smaller cities. Others are successfully parlaying their education and talents into entirely new careers that are emerging as part of our green economy. Most of the international graduates return to their home countries where opportunities still abound. Current finance/economics majors are shifting toward the CFA (Chartered Financial Analyst) track due to new government regulations and an increased focus on ethics and transparency among financial firms.
How is real-world learning integrated into NYIT’s finance/economics curriculum? One good example is a seminar course I teach during the fall semester called the “Fed Challenge.” Students research and analyze global economic data in preparation for their participation in the College Fed Challenge, a competition sponsored by the Federal Reserve Bank of New York. This year, our students competed against peers from Columbia University and NYU, and presented “The Economic, Interest Rate, and Financial Market Outlook” before a committee of Fed members and leading investment analysts. The turbulence in the financial markets this past year made it necessary for the students to stay informed on a daily basis.
What investment advice would you give to your NYIT colleagues? Focus on high-quality U.S. stocks that pay attractive dividends and derive a significant portion of their revenues in overseas markets. Also, invest a portion of your portfolio in international markets -- especially the Chinese, Indian, and Brazilian equity markets.
This past February, you helped organize and spoke at NYIT/LIU’s “China in a Post-Bubble Economy” conference. How will economic conditions in China impact NYIT programs in that country? China, like the U.S., is experiencing a recession, but has implemented a huge stimulus package that is already having tangible positive results. The country’s growth prospects remain favorable, and China will play an increasingly greater role in the global economy, which bodes well for English-speaking business students. NYIT is definitely providing the type of educational opportunities Chinese students are seeking, and our plans to further expand in that country are prudent.
What's your favorite business television station, radio news show, and periodical? What's your favorite pastime? CNBC, Tom Keene’s show on Bloomberg Radio, and The Economist. I’m a tennis and running fanatic—it’s about the only time I’m not thinking about data and graphs!
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Rick Carini Class of 1978 Profession: Head Technologist
Nicholas Bloom, Ph.D. Associate Professor, Chair of Interdisciplinary Studies, and Director of the Core Curriculum Department: Social Sciences Campus: Manhattan