Economists Career

---

In the economists career, they study the ways in which the society uses the limited resources such as land, water, human labor, and raw materials, which are useful to fulfill their needs and wants.

They can be considered as the social scientists who use their knowledge of economics to develop, distribute and utilize the goods and services. Economists conduct research related to issues such as energy costs, interest rates, inflation, exchange rates, business cycles, employment levels, and taxes.

The economists can specialize in any field related to economics. The types of economists are given below.

Types of economists:-

• Micro-economists :-They study the supply and demand to find out ways to improve the productivity. For example, how high in demand a particular project could be.

• Macro-economists :- These economists observe and research, and then infer conclusions about investment productivity, unemployment, inflation, etc.

• International Economists :-They study the international market, about currency exchange and effects of trade and tariffs.

• Financial Economists : - These economists study the interest rates and their effects on banking system.

• Econometricians :- They make use of mathematics most of the times. They put together the economic models using methods like calculus, game theory and many others.

• Organizational or Industrial Economists :-They study the international business markets, the competitors and based on these studies they predict the growth of industry and of its competitors.

Tasks:-

In the career as economists, they carry out the following tasks:-

• Plan, design, and conduct research to solve problems related to goods and services.

• Study economics and statistical data in areas like finance, human labor, or agriculture.

• They use methods and tools like statistics, mathematics, and economic theory to conduct research related to issues like inflation, unemployment, industrial productivity, farm policies and international trade.

• They study the different ways by which people should use the goods, services and limited resources like land, water, human labor, and raw materials.

• Collect data from various sources related to employment, wages, productivity and labor.

Qualification:-

In the career as economists most of the times a Ph.D. degree or master's degree in Economics is needed for the research work and responsible positions. However, a bachelor's degree is also enough for entry-level jobs in federal government.

Economics includes many specialties at like international economics, econometrics, and labor economics. The knowledge of mathematics, statistics, sampling theory, survey design, econometrics, and computer science is also beneficial for economists.

Other Necessary Skills:-

To enter the career as economists, they should have following skills:-

• Good communication (oral and written) skills. Most of the times economists have to prepare articles and reports, so they should write clearly and precisely.

• Strong analytical and problem solving skills.

• Most of the economists have to work on their own, so should be self-independent, self- motivated and detailed oriented.

Place of Work:-

In the career as economists they usually work in clean and comfortable offices. They sometimes need to travel for fieldwork or to attend the meetings. Some of them may work as teachers in colleges and institutes. Most of the economists work for 40 hours a week. However, they may sometimes need to work for longer hours.

Job Opportunities:-

In the career as economists they have a wide scope in different industries. They can achieve different positions like:-

• Financial analyst

• Public policy consultant

• Market analyst

• Purchasing manager

• Researcher or research assistant

• Lecturer

The candidates who have a background in mathematics, statistics, and computer science have good scope. The economists also work in federal government, or other businesses or work in colleges and institutes.

Remuneration:-

The average salary in the career as economists is quite good. However, the salary also depends on different factors like education, experience, type of work and employer.

The entry-level jobs of economists may get comparatively lesser salaries, but the salary increases with years of experience, especially for those having government jobs. Those with a Ph.D. or master's degree in economics can expect handsome salary packages and benefits.

Job Progress:-

In the career as economists, they can advance to responsible positions and do independent research or enter administration. However, the promotions of economists also depend on education, experience, and skills for achieving higher positions.

Those with a Ph.D. or master's degree in economics can easily get promoted. Many professionals with a background in economics can be selected for entry-level jobs or can become teachers in postsecondary schools.

Employment forecast:-

In the career as economists the employment growth is expected to grow faster than the average of all occupations. The economists are expected to be in good demand in private industries especially in management, scientific and technical consulting services.

Those with a doctoral degree or Ph.D. in economics will be in great demand for research, testing and consulting jobs related to economics. Federal, and local government agencies will also need economists in large numbers to solve problems related to housing, transportation, and human labor utilization.