Is it the upper or the under blade of a pair of scissors that cuts a piece of paper? Is value governed by demand or supply? Is love of money or lack of it the root of all evil? An Economist applies specialist knowledge to complex real-world events and developments, providing vital insights into their fin... Continue Reading
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Explore Career What are the typical responsibilities of an Economist?
An Economist would typically need to:
Many Economists work with the government. Economists typically work independently in an office. They spend much of their time using computers to analyze data, review research, or write findings. They may also need to collaborate with other Economists and statisticians, sometimes working in teams.
Some Economists work from home, and others may be required to travel as part of their job. Travel may be necessary to collect data, collaborate on international projects, or attend seminars and conferences where Economists may present their work.
Dress code for most events Economists need to attend is business casual – unless events, special guests, or meetings require business formals.
It is generally a 9 a.m. to 5 p.m. job, though hours may increase significantly in project-based assignments or when publishing deadlines are fast approaching. Economists working for government agencies and private firms have structured work schedules. They may work alone, writing reports, preparing statistical charts, and using computers and calculators. Or they may be an integral part of a research team.
Economics faculty have flexible work schedules and may divide their time between teaching, research, consulting, and administration. Part-time work, Flexi-work, and job-sharing may be possible, especially if you are working with the government.
It always pays to be ahead of the game, so a good Economist is sought after in pretty much any industry, from the public and private sectors to international organizations such as the UN, or even non-governmental organizations such as the Red Cross.
In general, competition for posts is fierce. Try to apply for jobs in the early autumn of your final year, as soon as the recruitment cycle begins. The national press and specialist journals also advertise opportunities.
Economists are generally employed by:
Professional associations and organizations are a crucial resource for Economists interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more looks excellent on your resume to bolster your credentials and qualifications as an Economist.
Relevant work experience with statistical software and data analysis can boost an Economist’s employment prospects. Summer placements, internships, or industrial placement years help develop skills and build a network of contacts.
Join student industrial societies and organizations to demonstrate your interest in Economics and to make contacts. You can also enter the profession by taking a degree-level apprenticeship in the field. You'll typically need three A-levels and strong math skills.
Entry requirements are off the charts, so to speak, with a preference for advanced degrees – Masters and PhDs – though employers of an Economist may accept an undergraduate degree if supplemented by relevant research, work experience, or a postgraduate qualification added subsequently.
Grade requirements tend to be a first-class honors degree in Economics/Econometrics, or a joint-subject course with a strong focus on Economics, and a second subject from mathematics, political science, business, or management studies, finance, law, international relations, and International Economics.
If you are completing a joint degree, you should make sure that the majority of your degree modules are in Economics. Some employers will also look for good A-level results. Courses that introduce students to statistical analysis software are helpful. Foreign language skills can be helpful, especially if you're considering international assignments.
Candidates with a bachelor’s degree may qualify for some entry-level Economist positions, including jobs with the federal or central government. Advancement to higher-level positions may require an advanced degree. Economists with a doctorate usually work as postsecondary teachers.
Certificate programs, both traditional and online, allow students to concentrate on a specific area of study over a shorter overall period than a degree program would allow. It is possible in some countries to become an Economist by joining a graduate training scheme. You must have studied both Microeconomics and Macroeconomics to apply.
Successful certification programs serve and protect the public welfare by investigating individuals that practice outside of the program’s Code of Ethics. They help a profession secure its future by earning trust and respect.
Voluntary certification is often seen as evidence of an Economist’s drive and motivation, giving them a leg up for raises and promotions.
Within the government, entry-level assistant Economists can expect to move between government departments to widen their experience. Promotion to the role of Economic Adviser is based upon merit and generally occurs after gaining experience, usually three to four years after joining.
Major organizations offer graduate development programs, encouraging graduates to enhance their career development by moving between areas and roles to develop their skills and knowledge. You may enter the private sector as an economic research officer or analyst before progressing to become an Economic Consultant or Senior Economist.
Alternatively, you may choose to develop your professional expertise, networks, and skills by changing organizations and sometimes sectors. This adds further scope and depth to your CV, while leading to a more varied and interesting career path. There are also opportunities for Economists to work abroad in a wide range of countries.
Some Senior Economists begin their careers in academia before transferring to industry or business, particularly after undertaking various industry-related research projects. Others make the transition to higher education after gaining experience in industry or business. Some of the job titles that an Economist could grow into are Chief Business Officer and Senior Economist.
Job prospects should be best for those with a master’s degree or PhD, strong analytical skills, and experience using statistical analysis software.
Economists usually develop their knowledge on the job while working in consultation with more experienced, senior Economists. This learning is consolidated through attending short courses and seminars, either in-house or delivered by external training providers. Topics such as presentation skills and report writing are common to most organizations. You may also receive formal training on new IT and statistical packages.
Graduates on training schemes will typically receive two or three years of training in one or more posts. A postgraduate degree such as an MA, MSc, MBA, MPhil, or PhD in Economics is the norm. In some cases, employers will help fund such courses and provide study leave. Several universities run masters degree courses specifically in Business Economics or in business administration (MBA).
You will need to undertake continuing professional development (CPD) throughout your career to keep up to date with developments in Economics. Membership of professional bodies provides a range of training and networking opportunities. You may also join professional associations to gain additional credentials and build your portfolio of research and published works.
Tools of the Trade
Economists apply qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Economists research and analyze data that affects the fiscal and monetary policies of governments across the globe, and explain and forecast economic trends based upon that data.
Most Economists utilize the Internet to conduct some research, while others seek out peer-reviewed essays and articles. Economists may interview subjects, scan databases, or create and administer surveys.
Working for the Central Government
Economists, who work for the central government, collect and analyze data about their country’s economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.
Working for Business Corporations
Economists working for corporations help managers and decision-makers understand how the economy will affect their business. Some Economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates. Specifically, Economists may analyze issues such as consumer demand and sales to help a company maximize its profits.
Working in University Research
Economists and professors of economics in university research groups engage in innovative research to extend the scope of knowledge and application of the human science of Economics. Their work in the various sub-fields of the discipline contributes deeper insights into the working of modern economies and how they can meet potential challenges.
Working in Think Tanks
Think tanks are institutions that engage in public policy research and analysis in various areas, including Economics. They may be affiliated with universities, foundations, advocacy groups, and non-governmental organizations. As members of think tanks, Economists play a key role in influencing global, regional, and national public opinion and public policy rather than focusing on traditional academic research such as that at university.
These Economists publish their research, new ideas, and policy work, organizing conferences and seminars as a part of the research process and sharing their work. They may also meet with government officials, business people, and other voluntary organizations engaged in policy-making. Senior Economists and other think tank members are held as leading experts in their field and may also write for the media or make media appearances.
Going Freelance
Many Economists opt to combine a full-time job in government or business with part-time or consulting work in academia or another setting. Self-employment or freelance work is sometimes an option but only after gaining a considerable track record of expertise and many years' experience. Developing a solid reputation and significant knowledge is crucial for Economists who wish to work independently.
Potential Pros & Cons of Freelancing vs. Full-Time Employment
Being a freelancer offers an Economist freedom in regards to flexible schedules, working hours and location. They have full ownership of the business and can afford selectivity in terms of the variety of projects and clients presented. While it has unlimited earning potential, it also has less stability and security, with inconsistent work and cash flow. There is more responsibility, effort, and risk involved. Paid holidays and sick/maternity/paternity leaves become unaffordable. There is the added pressure of a self-employment tax and no eligibility for unemployment benefits.
A full-time Economist, however, has access to company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. They are susceptible to potential boredom and inability to pursue passion projects due to their lack of time or effort. There is a lack of flexibility, ownership, and variety, and need to budget extra money for commuting and attire costs.
In human life, Economics precedes politics or culture. Economists study, practice, and strive to teach others the art of meeting unlimited needs with scarce resources.
There can be an economy only where there is efficiency.
Median wages for all workers only rose three percent from 1980-2005, yet they rose 15 percent or more for each race/sex subgroup because the relative group sizes changed.
What do Economists do?
An Economist would typically need to:
Accredited
