Economist

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Economists typically do the following:

Research and analyze economic issues
Conduct surveys and collect data
Analyze data using mathematical models and statistical techniques
Prepare reports, tables, and charts that present research results
Interpret and forecast market trends
Advise businesses, governments, and individuals on economic topics
Design policies or make recommendations for solving economic problems
Write articles for publication in academic journals and other media sources

Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, or exchange rates. Still, others analyze the effect of taxes, inflation, or interest rates.

Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs.

Nearly half of all economists work in federal, state, and local government. Federal government economists collect and analyze data about the economy, including employment, prices, productivity, and wages among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.

Many economists work for corporations and help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.

Economists also work for research firms and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journal articles.

Some economists work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and United Nations.

The following are examples of types of economists:

Econometricians develop models and use mathematical analyses to test economic relationships. They use techniques such as calculus, game theory, and regression analysis to explain economic facts or trends in all areas of economics.

Financial economists analyze savings, investments, and risk. They also study financial markets and financial institutions.

Industrial organization economists study how companies within an industry are organized and how they compete. They also examine how antitrust laws, which regulate attempts by companies to restrict competition, affect markets.

International economists study international trade and the impact of globalization. They also examine global financial markets and exchange rates.

Labor economists study the supply of workers and the demand for labor by employers. Specifically, they research employment levels and how wages are set. They also analyze the effects of labor-related policies, such as minimum wage laws, and institutions, such as unions.

Macroeconomists and monetary economists examine the economy as a whole. They may research trends related to unemployment, inflation, and economic growth. They also study fiscal and monetary policies, which examine the effects of money supply and interest rates on the economy.

Microeconomists study supply and demand decisions of individuals and firms. For example, they may determine the quantity of products consumers will demand at a particular price.

Public finance economists study the role of government in the economy. Specifically, they may analyze the effects of tax cuts, budget deficits, and welfare policies.

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Economists typically have an interest in the Thinker, Persuader and Organiser interest areas, according to the Holland Code framework. The Thinker interest area indicates a focus on researching, investigating, and increasing the understanding of natural laws. The Persuader interest area indicates a focus on influencing, motivating, and selling to other people. The Organiser interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.

If you are not sure whether you have a Thinker or Persuader or Organiser interest which might fit with a career as an economist, you can take a career test to measure your interests.

Economists should also possess the following specific qualities:

Analytical skills. Economists must be able to review data, observe patterns, and draw logical conclusions. For example, some economists analyse historical employment trends to make future projections on jobs.

Communication skills. Economists must be able to explain their work to others. They may give presentations, explain reports, or advise clients on economic issues. They may collaborate with colleagues and sometimes must explain economic concepts to those without a background in economics.

Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.

Detail oriented. Economists must pay attention to details. Precise data analysis is necessary to ensure accuracy in their findings.

Math skills. Economists use the principles of statistics, calculus, and other advanced topics in mathematics in their economic analyses.

Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.

Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.

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Budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.

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Financial analysts provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments.

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Human resources managers plan, direct, and coordinate the administrative functions of an organization. They oversee the recruiting, interviewing, and hiring of new staff; consult with top executives on strategic planning; and serve as a link between an organization’s management and its employees.

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Human resources specialists recruit, screen, interview, and place workers. They often handle tasks related to employee relations, compensation and benefits, and training.

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Logisticians analyze and coordinate an organization’s supply chain—the system that moves a product from supplier to consumer. They manage the entire life cycle of a product, which includes how a product is acquired, distributed, allocated, and delivered.

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Personal financial advisors give financial advice to people. They help with investments, taxes, and insurance decisions.

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Purchasing managers, buyers, and purchasing agents buy products for organizations to use or resell. They evaluate suppliers, negotiate contracts, and review product quality.

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Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.

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Secretaries and administrative assistants perform routine clerical and administrative duties. They organize files, draft messages, schedule appointments, and support other staff.

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Economist

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