The Job Of An Economist
Economists observe, record and predict what can happen to the economy through analyzing and interpreting economic trends and data.
The basic principle for economists is how people would allocate their unlimited wants and needs considering that they have limited resources.
With this, economists are able to draw out a lot of data which could help us see what things could happen, why some things in the past have happened and so much more.
With the nature of the work, economists would really have to do a lot of constant researching about details that could affect the economy no matter how small those details may be. Some things that economists might be interested in are price changes, unemployment rates, or how businesses in a given area are doing.
In researching, economists use a wide variety of methods, some of those which would include using mathematical models, applying economic theories and practices, and much more. Aside from they are required to collect data, they would also need to excellent communication skills so that companies can make educated decisions of which the media can relay to the world.
This is quite a competitive industry so with that, applicants are expected to have at least a master’s degree, some employers would even demand PhDs. While that is the case, a lot of schools would offer undergraduate programs in economics. While these undergraduate programs alone generally would not make one qualified to be an economist, these are very essential in grooming one for the tough job of an economist. Other programs that can be considered to put a good background on economics are mathematics or statistics.
If one would plan on working for the federal government as an economist, one would need at least a bachelor’s degree. This would enable one to work in an entry position. If it happens that one could get promoted, there may already be a need to pursue further studies since as someone would rise through the ranks, one would also need more knowledge that can be acquired through education.
Aside from having good education, economists should also have a lot of skills that would make them successful. Some of these are being mathematically inclined, good knowledge on use of computers, having good analytical skills and being detail oriented.
Studies show that there would be no significant changes for the demand for economists. New opportunities that would arise are the results of older ones who are in position who will be retiring or changing career.
While that is so, there is a growth possibility in scientific research firms. This is because the economy nowadays is quite shaky. With that, people are paying more attention to it that would cause the need for more people who are able to research and interpret economic data.
Competition is also getting tougher as a lot of people qualify for this position. The ones that are mathematically oriented and have the best education are the ones with good edges when it comes to applying for the position of economists.
How Much Do Economists Earn?
Economists are expected to earn anywhere in between $39,000 to $120,000. With this, median earnings for economists are $60,000. Some of the highest paying positions known are for in-house economists who work in large private firms and for those who work for the federal government.