Economists. What do they do?

With the economy how it is today, is becoming and economist the right idea? The following is a little insight into the ups and downs of an economist.

The Career. Everything from Macro to Micro.

Economy is the study of the distribution of society’s resources in an effort to create goods and services. As economists collect data on such resources including labor, raw materials, land, etc, they are able to analyze it and build predictions for a vast array of purposes. Whether they are working for a corporation and looking to find trends in their industry, or working to develop key forecasts for economic growth on a grand scale, economists research, collect, and analyze data from the past to present day in order to better prepare for the future.

Within the field of economics, there are multiple different career paths.  You may be interested in focusing on an individual company, the national financial market, or even the international global market- and the good news is, you can.

Microeconomists research the supply and demand market of individuals, as well as companies. They determine ways to maximize profits as well as research the consumers’ demand of goods or services at a specific cost.

Industrial and organizational economists focus on the market structure of companies with respect to their competition. This can include the study of monopolies and antitrust policies.

Macroeconomists study the economy on a broad scale. They research historical patterns in order to develop predictions for future trends in fields such as inflation, employment, and investments. Similarly, financial economists work on future predictions for things like interest rates within the banking system.

International economists focus on just that- the global economy. They study everything from trade tariffs to currency exchange rates

Labor and demographic economists look at demographic patterns like increasing immigration and the effects they have on employment and labor markets. They also study the determination of wages.

Public finance economists study the role of the government within the economy and the changes brought on by the federal budget, tax cuts, and welfare policies.

Econometricians are the math geniuses. Using advanced mathematical techniques in calculus, game theory and regression analysis, they are able to study the relationships of all that is financial and develop models that will help predict trends in everything from business cycles to rate inflation effects.

As an economist, you will gain the skills to be able to effectively study the market trends in whatever specific field you are interested in.

Qualifications, Personality and Education.

The nature of economics demands a person who is patient and precise. An economist must have excellent attention to detail. They must also have thorough experience in computers as well as highly developed quantitative skills. It is also helpful for economists to have good communication skills so they can explain their research both orally and on paper

To become an economist, a bachelors degree is minimal. As a graduate with a bachelors degree you may be able to work at an entry level job as a research analyst, but any jobs of greater responsibility will require higher education, such as an MBA in Economics. To work for the government as an entry-level economist, you are required to have a bachelors with at least 21 semesters of economics as well as hours in statistics, accounting, and/or calculus. There are very little jobs in the private sector that do not require a masters or Ph.D. in economics.

Employment opportunities

Once you have the education, what can you do with it? As a person with a qualified knowledge of economics, you can work in several different fields. Economists can work in both the government and the private sector. In 2008, 53% of economists worked in the government, with the remaining in private fields such as development services and scientific research. Many economists also do part-time consulting or teaching. In 2008, there were roughly 14,600 jobs for economists. The down side is that job opportunities are projected to grow at a slower rate (6% from 2008 to 2018) than the average career, as many of those with higher education in economics seek careers in the business and finance or insurance fields.  However, if you are interested in a career in those fields, their job opportunities are projected to grow much faster. The employment growth for economists in the government will be slower than that of the private sector.

The best job opportunities will go to those who hold degrees of higher education, are fluent in quantitative techniques, have a detailed understanding of economic forecasting, and good communication skills. Individuals with these qualifications often eventually leave their jobs and teach at a college level. You can gain these types of advanced education at traditional graduate schools or through online mba programs.

The Money. Numbers don’t lie, right?

As an aspiring economist, you need numbers- so here they are. The average salary per year for economists in March of 2009 was $108,010 with the top ten percent of the field making over $149,110 and the lowest ten percent making under $44,050. In May of 2008, the median annual wage was $83,590.

In a world where the future seems highly uncertain, having the knowledge to turn historical data into a working future model seems priceless. The job opportunities as an official economist may be growing at a slow rate, but an education in economics can help you work in industries with a faster growing job opportunity rate. Start your path to graduating with a masters in economics by researching the best online schools in economics today.