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Home Careers What Does an Economist Do? A Career Guide

What Does an Economist Do? A Career Guide

Would you like to be among the famous economists of our time one day? You should start by asking yourself, “what does an economist do?” Once you have an idea, joining this profession that grows at 13% won’t be hard.

Becoming an economist has lucrative financial perks. Additionally, it presents an opportunity for you to make tangible contributions to the community. Many Government agencies and private organizations depend on economists’ jobs to shape their policies.

Here’s what to expect after becoming an economist.

What Does an Economist Do?

Economists perform several different roles depending on one’s specialty. But researching economic issues cuts across all the fields. Also, economists are commonly conducting surveys and collecting data.

Financial economists research and report on economic issues that impact the organization they work for. Their research provides useful insight into various ways to improve the productivity of their organizations.

Econometricians specialize in creating and using models for testing economic relationships. They use mathematical models such as regression analysis to study trends within different sectors. Because of their versatility, they fit in almost all industries.

Macroeconomists study trends that affect society on a mass level. As their name suggests, they focus on the entire economy of a place (global or nationwide). The work of Thomas Piketty is an excellent example of macroeconomics.

Labor economists look at the demand for labor by employers. They also examine the supply of this labor by society. Their works revolve around studying employment trends, figuring out proper wages, and assessing policies and laws guiding labor provision.

International economists use historical trends to examine and assess issues around international trade. You’ll find them mostly working as think tanks in big international organizations. They are also responsible for formulating international investment policies.

How to Become an Economist

Entry-level jobs in the field require you to have a bachelor’s degree in economics. You must have good scores in mathematics, computer science, statistics, microeconomics, and macroeconomics. Most entry-level jobs involve researching and performing administrative tasks.

A master’s degree program enables you to specialize in a field of your choice. Once you have a master’s degree, it becomes easier to hold a management position. Such positions are valuable for gaining ample experience to advance your career.

If you aspire to work at a consulting firm or hold a top government position, get a doctorate in economics. A Ph.D. will open doors to every opportunity to work as an economist.

Remember to improve your research experience as you advance your career. Your analytical, communication, writing, and critical-thinking skills must also be top-notch. These qualities guarantee your place in the different economist careers.

Begin the Journey

Asking yourself, “What does an economist do?” is essential. The answers give you an idea of the different roles various economists perform. Then, you decide on which field suits you.

It’s now time to start the journey of becoming an economist. Enroll in that school that’ll get you a degree in economics, or join that program that’ll help you specialize.

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