After serving as an Engineer with the US Merchant Marine (1946–48), Richard moved to United Airlines, where he was a Radio Electric Mechanic from 1951 to 1957. After graduating from university he became a Security Analyst with Merrill Lynch (1957–60) before setting up his own business, R F Dowd & Company Inc, becoming President of the Investment Banking firm. In 1963 he moved to Value Line Investments as a Security Analyst and remained with them until 1965. In 1963, he was appointed Professor of Economics at the City University of New York, which post he held until his retirement in 1992.