Updated July 29, 2023
Introduction to Career in Economics
The following article provides an outline for Career in Economics. According to the CNBC survey in 2018, there is an increased growth rate for qualified Economists in all sectors. Therefore, there will be a huge demand for people with Economics skill sets shortly at the current pace of job growth. Economics is the essential terminology that reflects the need for analytical and problem-solving skill sets in people for the growth and development of any business, country, government, and society.
Economists play a vital role in deciding the growth of various sectors that involves the production, distribution, and consumption of goods and services. Studying Economics provides knowledge and skills such as abstract and problem identification, qualitative and quantitative analysis, critical thinking, interpersonal skills, and information processing skills, giving immense job opportunities.
Education Required for a Career in Economics
- The minimum requirement for an Economist position in any public sector, private sector, and academia is to have a bachelor’s degree in Economics, statistics, mathematics, or business studies.
- Master’s and Doctoral of Philosophy in Economics degree is also preferred in top organizations.
- Some employers also expect applicants to do internships beyond education and analytical skills as a minimum requirement to get employed in an organization.
- However, the more education and experience you have, the easier for you to get employed.
Career Path in Economics
Economics is the study of governments, businesses, households, and individuals on allocating scarce resources.
Based on two features:
1. Development of conceptual models to predict changes in policy and conditions.
2. Use statistical analysis to explore these changes.
As a career in Economics, one should know to have in-depth knowledge about below mentioned:
- Micro Economics focuses on aggregate data for the entire entity. For example, the entity may be countries, businesses, etc.
- Micro Economics scrutinizes individuals and their decision-making. Both are highly interrelated.
- Opportunity costs tradeoffs due to which you make choices due to scarce resources. It describes the next best alternative to select from during the process.
- Supply and Demand decide the price of any goods or services. If the supply is more, the price becomes less; meanwhile, if the demand is high, then prices increase.
- Diminishing Marginal Utility, based on this company set prices for goods and services.
To pursue a career in Economics, along with Economics knowledge, one should also possess other skill sets as well:
- An economist professional must possess logical and analytical thinking and solid statistics and mathematics knowledge.
- The professional should think critically to solve complex problems and design policy.
- The economist also studies historical trends and uses them for forecasts.
- Proficient communication skill is mandatory for any Economist to portray their analysis of various problems and solutions.
- Detail-oriented, Economists must have a detailed interpretation. Precise data analysis is required to ensure accuracy in all their findings.
- Ability to use the analytical tools of Economics in problem-solving.
- Expertise in the use of computers for the analysis of data.
- Knowledge in the various applied area of Economics.
The skills mentioned above related to Economics and other skills are necessary for any individual before you search for a career in Economics.
Job Positions or Application Areas
Economics is the most important field in any sector. There are many opportunities for an Economist in the private and public sectors. They play a vital role in defining market policies and transforming the market per the new trend. Thanks to inflation and deflation, market fluctuation, change in trends, and so on, which paved the way for job growth for any individual who chooses a career in Economics. Hence the role of the Economist is never-ending and has an emerging future. It is essential for any organization, whether private or public, to hire An economist in their concern to change existing and derive new policies as per government norms, research, collect and analyze data to monitor economic trends. Therefore, there is huge scope for a career in Economics in any given period.
As a career in Economics, anyone can consider the following job positions:
- Academia
- Market Research Analyst
- Economic Consultant
- Compensation and Benefits Manager
- Actuary
- Credit Analyst
- Financial Analyst
- Policy Analyst
- Business Reporter
- Management Consultant
Salary (US Data)
The below table shows the average salary of different economist positions per annum.
|
Job Profile |
Average Salary (Per Annum) |
| Academia | $46,800 |
| Market Research Analyst | $71,450 |
| Economic Consultant | $112,650 |
| Compensation and Benefits Manager | $130,010 |
| Actuary | $114,850 |
| Credit Analyst | $82,900 |
| Financial Analyst | $99,430 |
| Policy Analyst | $112,030 |
| Business Reporter | $65,000 |
| Management Consultant | $93,440 |
Career Outlook
- The employment of an economist is projected to grow 25% from 2019 to 2029 compared to all other occupations. Many organizations rely on economists for economic analysis and quantitative ways to analyze and forecast business, sales, and other economic trends.
- As the complexity of the global economy grows, the demand for Economists grows eventually in the private sector, specifically in management, scientific, and other professional consulting services. It’s hard to deny that being an economist is any individual’s most significant career option.
- As far as the economy is considered, it’s always volatile. However, the change in the economy is agile, which always paves the way for Economists to redefine the industry policies and expertise in the solution for a problem.
Conclusion
The economy is a backbone for many businesses, countries, governments, and societies; the role of Economists is important in any sector and is never-ending. As far as the future is concerned, an economist will exist in this universe and may come to overcome scarce resources with the futuristic approach. The economy is embedded in all industries, either private or public, and it occupies a better position in an organization to forecast various issues such as inflation, interest and exchange rates, taxes, and so on. We strongly believe among all other occupations; Economists have a huge role to play in redefining the country’s GDP and the growth of an organization. Hence career in Economics is here to stay and to create a big impact in the future too.
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This has been a guide to Career in Economics. Here we have discussed education, career path, job position, salary, and career outlook in economics. You may also look at the following articles to learn more –
