Stephanie Wu Develops Tools for Economics, Statistics Group
On any given day, NABE member Stephanie Wu works with fellow team members at Ernst & Young to fashion analytical tools for clients who need customized information on everything from federal tax policies to corporate profit trends affecting their industries.
For the last two years, Stephanie has worked as a staff analyst in Ernst & Young's Quantitative Economics and Statistics (QUEST) practice. With a bachelor’s degree from Carnegie Mellon University in Pittsburgh, she came to the job with credentials in math and statistics rather than economics.
“What drew me to this field was the involvement of data and statistics in analyzing, developing, and forecasting for economies, and subsequently looking at findings in context of different areas of the economy, such as inflation, oil or consumer prices, gross domestic product, the labor market, etc.,” she said in an interview.
With a staff of about 35 people in Washington, D.C., the Ernst & Young QUEST practice offers quantitative advisory services based on applied economics and statistics, Stephanie explained. These services include bank regulatory compliance, fair lending regulatory/litigation support, risk management, statistical sampling, federal tax and nontax policy, state and local tax policy, surveys, and other statistical analyses.
Stephanie said that she enjoys the challenge of learning about different industries and the policies and rules that pertain to them, all in relatively quick order as project deadlines approach. Clients include coalitions and trade associations as well as individual firms.
In a recent project, Stephanie said she researched and analyzed investment trends in the oil and gas industry for a major industry trade association “to see where the cash is going—whether into research and development or dividends—for example.”
Helping companies manage risk exposure is another major aspect of her work. She works with the QUEST team to develop “detailed statistical models using regression and decision tree analysis.” In one project, she created a framework to assist in quantifying a company’s litigation exposure to allow for better projection and understanding of direct and indirect costs of litigation.
Searching National Data Sets Valuable in Job
As she begins research on a project, Stephanie said she often delves through the layers of a federal statistical report to find the most relevant data. In her research, she has come to appreciate federal data agency economists, who assist her in searching through the key data series.
A recent foray into the national accounts with an analyst at the Bureau of Economic Analysis brought her to the corporate profits figures that she needed. “It really helps to learn what goes into the data series,” she said, as she and her colleagues sometimes debate what statistics will be the most useful to their clients.
Joining NABE offered Stephanie the opportunity to “gain exposure to careers pursued by other economists and to promote visibility for my team at Ernst & Young. I also wanted to take advantage of learning and other networking opportunities via conferences, and to meet other economists similarly situated to me (i.e. – with less than five years of work experience).”
Stephanie is working with other NABE members, including board member Chris Swann, economist at the Bureau of Economic Analysis, on a new member initiative for NABE. “We’re in the brain-storming stage about ways that we can recruit and retain new members,” she said.
She would urge new professionals to take the initiative in expanding their own career options through more education and promoting their firm or institution. Networking opportunities through NABE, for example, can be advantageous to economists and analysts early in their careers, she pointed out. “Even if the involvement is not extensive, some level of active participation will be noticed, and over time will assist in your ability to network with other professionals in whatever industry you pursue in your life,” she added.
