What Does An Economist Do?
Economists can work in an abundance of settings and industries, analyzing market trends and business’ performances to build accurate financial forecasts. They’ll then use these forecasts to advise the organization on the best financial strategies to follow to remain economically stable. After developing financial strategies based on their forecasting, they present these results and technical reports to an organization’s leadership team.
Economists typically conduct surveys and practice sampling techniques to better strategize financial strategies for the organizations’ specific industry. They’re also responsible for staying updated on the economic impact of various laws and regulations. Economists use this information to provide suggestions and advice to organizations to help them properly follow these guidelines.
Economist Skills and Qualifications
A good Economists should have certain skills and qualifications that lead to success at their job which translates in helping your company meet and exceed expectations. The skills and qualifications are acquired through years of university study, entry-level positions, and real job experience.
- Economists who have critical thinking skills are able to apply logic and reasoning to solve complicated problems. This can include using data of the national economy and applying it to how it can affect the company itself.
- Economists need to express their findings in simpler terms to others including their managers and senior executives in an organization or business. They will make presentations and explain their reports or findings to people from various business and educational backgrounds.
- Economists also present their findings through writing. They create reports and research papers for clients or co-workers, as well as news media and/or governmental organizations.
Economist Salary Expectations
An Economist is expected to make an average salary of $95,928 per year. The typical tenure of an Economist is about two to four years.
Economist Education and Training Requirements
To be considered a full-time Economist, there is an education requirement. A master’s degree or Ph.D. in Economics is required for most economist jobs. These degrees introduce the student to statistical software and the student has to complete detailed research in a specialty. A strong mathematics background is essential to be successful as an Economist.
Although candidates who have a Bachelor’s degree may qualify for entry-level positions, a higher-level degree is what employers look for candidates to have for higher-level positions. Internships which are directly related to work as an Economist can be done in governmental offices, non-profits, education entities, research firms and business organizations. Many Economists also become post-secondary teachers or professors who continue to research their particular fields of specialty.
Economist Experience Requirements
Economists can gain experience with internships in places with similar skills and duties are performed. This can be a non-profit, government entity or business. An internship where someone analyzes data, prepares reports and papers, and researches economic trends is ideal for a job as an Economist. The skill of using statistical software, which can be learned in a higher-level degree such as master and Ph.D. is also advantageous, as this software is essential to collecting, analyzing and presenting data.
Job Description Samples for Similar Positions
The following are some job description samples for similar positions if you are not particularly looking for an Economist to join your roster: