Considering a career as an Economist? Find out all you need to know to decide whether this career is right for you.
- What does an Economist do?
- How to become an Economist?
- What is an Economist's Salary?
- How does the future look for an Economist?
What does an Economist do?
An Economist studies either particular societies or a society as a whole with regard to the use of resources such as land, oil, money, etc. and will usually be part of the development of forecasting future economic trends. In the private sector, you may be more heavily involved in trying to reshape future economic trends to benefit your organization.
There are many different types of Economists such as: Microeconomists, Industrial Economists, Macroeconomists, Financial Economists, International Economists, International Economists, Labor Economists, Public Finance Economists, etc.
The most popular form of Economist is the Microeconomist. This Economist focuses primarily on private industry and forecasting the consumer demand a single organization's products and the competitions' market share. This type of Economist will assess the competition and the overall market for an organization's products. The Economist will then help develop new programs in order to gain back market share.
As an Economist in the private sector, you may also find yourself analyzing the possible effects of legislation or regulatory laws on the economics of your hiring organization.
With the increasing complexity of business in a global market, highly educated Economists are in great demand.
As an Economist, you will acquire and evaluate data. You will need to have a strong grasp of statistics and various other types of advanced mathematics when making sense of acquired data.
One extremely important skill of an Economist that needs to be thought of frequently, is the ability to communicate. As a researcher who's theories can make a company thrive or send a company in the opposite direction, you need to be able to confidently and clearly present your ideas and proposals.
How to Become an Economist?
Educational requirements may vary slightly depending on the organization, the area you wish to work and your previous work experience.
For few Economist careers, the minimum educational requirement is the completion of a Bachelor's degree.
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Beyond a quality education and the development of skills necessary to succeed as an Economist, you will need to learn where to gain experience by finding career opportunities.
You will find some career opportunities on academic Economist association portals such as The American Economics Association or The International Health Economics Association; however, you will probably have quicker results if you contact a local recruiter or begin contacting hiring firms directly. You may find accountant openings under newspaper or online classifieds (Craigslist or Monster.com).
What is an Economist's Salary?
As an Economist, your salary can vary significantly depending on your level of experience, your level of acquired education and size of the company you work for.
The median salary* for an Economist is $77,000.
However, the top 10% of Economists are pulling in an average of $136,600.
In order to boost yourself to this level of success, you will need to perform highly, develop years of experience at a respectable company, acquire all associated certifications and lastly, earn yourself an advanced degree.
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* Source: The Bureau of Labor and Statistics for 2006
How does the future look for an Economist?
In the public sector such as federal and state government bodies, the growth of jobs of the next decade is projected to lag behind other careers. However, in the private sector, the demand for highly educated Economists is booming.
With the increasing complexity of global business and technology driven industries, the competitive edge is harnessed with economic knowledge. Economists will be in high demand for many years to come in all types of industries that have been and will continue to be affected by technology and global competition.
The future looks bright for the Economist profession, so go ahead and get started!
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