Economist Work

Economists study the social and financial conditions from an economic point of view. Economists work includes the study of behavior of any economy and identifies the methods of generating and appropriating wealth. They interpret the trends in the economic conditions with respect to the changes in the influential factors. Economists provide the necessary data and advice to make financial decisions and develop public benefitting policies. If a career in economics in on your mind, then economist work is explained in details below.

Job Scope:

An economist can work in different areas of finance, marketing and public administration in role of researcher, analysts or advisors. Besides, if the job seekers wish to work only in capacity of economist, then they have three prospects available in economist work, based on the work place.

Academia Economists: Economists have the alternative to work as professors at several schools, institutes and universities. They are responsible to share their knowledge in economics with students and enhance their skills in implementing economics in work. They teach them the methods to observe the markets and analyze the trends.

Corporate Economists: Business organizations require expertise of micro economists and macro economists to evaluate the present and future economic conditions. Micro economists study the consumer behavior trends, identify potential markets, track the stock market, and analyze competition in market. Macro economists study the trends of economic instability, unemployment, demand supply graph, etc. Such analysis is utilized to develop goals and make decisions.

Government Economists:

These economists are responsible to develop economic data of a particular city, state or country for the government. They work with the department of commerce, department of labor and the department of community development. They analyze the production and distribution of the necessities such as food or shelter to the citizens. They study the population growth, rate of development, food shelter and education requirements and provide this analysis to the government for making decisions.

Work Requirements

Educational Qualifications: Economists work with the top level management. Hence, most recruiters prefer to hire candidates with a master's degree or a PhD in economics. They require knowledge in finance, statistics, public administration, market research, and political science. This knowledge helps them to make complete analysis of the economic system. Candidates with Bachelor's degree can apply for entry level jobs.

Skills: The skills demanded in economists are researching abilities, analysis and interpretive skills, ability to gather data and draft reports, ability to complete obligations as a team or individually, handle pressure, accuracy, detail oriented and report making qualities.

Work Conditions

• The economist work conditions are predictable. Economists work for 9 hours a day in clean and spacious offices
• Candidates have the prospects of working as part time or full time employees or freelancer. To work independently as an economist, it is vital to gain extensive experience, develop contacts, and maintain a strong reputation in market
• Traveling is essential for those candidates who are responsible for coordination functions. Besides those working for government or in national or international economic markets must travel to different cities as per the requirement
• Candidates work under deadlines that can prove stressful for some. Handling voluminous data and drafting reports is an exhausting task

Career Prospects

• The job opportunities are expected to grow at a less than average rate. For every organization, there are few economists. Hence, job opportunities are limited. Candidates with a master's degree have better prospects. Economists have job opportunities in both, private and public sector
• The industries that employ economists are government, banks, insurance, financial consultants, not for profit firms, trade parties, private business organizations, etc.
• Many economists work for the government on local, state and national levels and support the planning functions
• Private sectors offer jobs as analysts and advisors who guide the organizations in making financial decisions. Most economists work on different positions related to economics such as market analysis, financial analysis, public policy advisors, purchasing and sales consultant, etc.

Economist work is challenging. Although it is a rewarding career, it is subject to certain work pressures. Also, it is important to possess the knack to interpret the economic conditions. Hence, study the information given here and make accurate decisions.