Conceptualize the Responsibilities of Economists Before Entering the Profession

I have noticed a major trend with people graduating from college. They frequently enter a field that they think they will enjoy, but end up not liking it once they graduate. The field of economics is no exception.

economist guide
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Learn the Fundamentals of Economics Before Going into the Profession

In 2013, the Washington Post published an article showing that only 27% of people are going into fields that use their degrees. This study showed that most people either:

  • Don’t enjoy their field as much as they like
  • Go into a field without much demand

There is a possible shortage of economists, so people should be able to find work easily in this field. However, they need to know how the field operates to ensure they will like it first.

Employment of economists has projected to grow at an accelerated rate in the past decade, nearly as fast as the average of all professional occupations. Global businesses and organisations across various industries, nowadays, are increasingly relying on economic analysis and quantitative methods. If you want to become an Economist someday, then read this blog to get a brief idea about their professional life.

Who is an economist?

Economists are financial experts who study market activity, which includes the production and distribution of resources, goods and services. They handle a wide range of responsibilities from collecting and analysing data to evaluating economic issues. These professionals study the cost of products, healthcare or energy to apply economic analysis to issues within a variety of industrial fields. They also carry out activities like examining employment patterns, cycles of business activity or exchange rates as well as analysing the effect of taxes, inflation or interest rates.

These professionals are hired by corporations to help them understand that influence the economy has on their organization. Some economists work for companies with major international operations or for international organisations themselves, as well as for think tanks like the Urban Institute or other research firms. Students with a degree in economics can choose to take up a position as any of the following are examples of types of economists:

  • Econometricians;
  • Financial economists;
  • industrial organization economists;
  • International economists;
  • Labour economists;
  • Macroeconomists;
  • Micro economists;
  • Economists that study public financing.

What is an Economist accountable for?

  • Researching and analysing economic issues, such as various fields including politics, healthcare, education, energy and more;
  • Collecting financial, political and socioeconomic data and conducting surveys;
  • Employing mathematical models and statistical techniques to analyse data;
  • Preparing reports, tables and charts to represent research results;
  • Interpreting and forecasting market trends;
  • Designing policies or providing recommendations for solving economic problems;
  • Writing articles for publications in academic journals and other media outlets;
  • Giving advice to businesses, governments and individuals on economic topics;
  • Utilising various sampling techniques and making use of historical data;
  • Creating statistical and econometric models for economic forecasting;
  • Channelling economic data in accessible ways like in the form of presentations, technical reports and non-technical reports;
  • Analysing the economic impact of laws and regulations;
  • Engaging in client consultancy processes on the efficacy of political policies, products or services

In order to fill in the position of an Economist, employers generally look for highly analytical problem solvers with a good financial background. Do you think you have got what it takes to become an Economist? If not, then hurry up and apply for a degree in Economics and Business Administration to attain better effectiveness at handling the global economy.

You May Enjoy a Career as an Economist

There are a lot of great reasons to study economists. However, you should make sure that you understand the nature of the field first. There are a lot of things that you can do with your degree.