It can be hard to know what career path is right for you. So many people find themselves at a loss when they start thinking about their future. It’s not that they don’t want or even need to work, but rather that there are so many possibilities out there it may seem impossible to make any decisions. The good news is that if you’re struggling with this decision, becoming an economist may just be the perfect solution for you! Economists are in high demand these days and have never quite been more important than now! But how do you become one? What does an economist do anyway? Read on below and learn all about the benefits of being an economist, as well as how much different economists earn per year!
1. What Is an Economist?
An economist is a person who studies the production, distribution, and consumption of goods and services. They are also called social scientists or social engineers. Economists study how these things affect each other in order to make predictions about the future. The field of economics includes international trade, industrial organization, economic development, finance, public finances (government spending), labor, health care, etc.
2. What Does an Economist Do?
The job description for an economist can be very broad because there are many different areas that economists work in. Some common jobs include research analyst, business consultant; sales manager; financial advisor; marketing specialist; government official (federal budget officer), policy advisor (public policy). There are many opportunities available for people with degrees in this field.
Economists help government officials make wise fiscal decisions. They also help business leaders make plans for the future of their company, which can include big responsibilities like budgeting and hiring. Economists are often brought in to talk about current events; they’ll give speeches or sit on panels to discuss what’s going on in the economy and how it might affect the market.
However, some people within this field are primarily focused on research. These analysts might work for think tanks or private companies, where they’ll use complex statistical data to study trends and find ways to improve business plans.
Economists can also be involved in many other industries. For example, financial advisors use their knowledge of finance to help clients plan for retirement or save money on taxes. Economists are also often brought in to consult on product development. They will study whether a new technology or business model is likely to succeed and might give recommendations before the product goes out.
Some companies have economists who research trends within that industry. For example, someone working for a beer company would research beer trends and analyze what kind of drinks people are buying. Other employers might require a special skill set, such as fluency in another language or knowledge of coding. In this case, you could work as an economist translator or econometrist.
3. What Does It Take to Become an Economist?
In order to become an Economists, there are several things you’ll need to be able to do. Being an economist means being creative, analytical, logical, and able to approach problems from different angles. Economists must have excellent critical thinking skills in order to solve complex problems quickly. They also need great communication skills so they can articulate their thoughts clearly. Many employers will want economists who are well-spoken and friendly.
Economists do need to have strong math skills, though, including the ability to crunch numbers quickly. They should also know their way around spreadsheets and other kinds of specialized software. As many economists are employed in large companies, it’s important that they be team players who can work with colleagues in various departments.
Finally, economists must be able to approach problems realistically. If an economist says something won’t work, you can believe him or her because they’ve probably taken into account hundreds of different variables that could affect the outcome.
Here are some of the most important traits for becoming an economist:
– Logical reasoning skills – Good math skills – Strong communication skills – Analytical thinking – Team player
4. What Is the Work Environment Like?
Economists can work in many different environments, but they often perform similar tasks. This job might require extensive travel to take part in conferences or meetings with other economists. The exact setting can vary depending on what kind of economist you are; some will be out in the field while others might spend their time in an office.
Nevertheless, it’s safe to say that people who work as economists are generally on their feet for most of the day. Many employers require employees to attend meetings and participate in conference calls during regular business hours. You’ll need to be flexible because this job sometimes requires working long hours. For example, you might need to stay in the office until well into the night to finish compiling research data.
Economists often work under pressure because they’re in charge of meeting deadlines for various projects. If you’re uncomfortable with tight deadlines and strict instructions, this might not be the right job for you!
5. How Much Does an Economist Make?
According to the US Bureau of Labor Statistics, economists earned a median salary of $90,110 in 2016. Those who had a master’s degree earned an average of $98,120 while those with a Ph.D. made an average salary of $109,300. Economists employed within the Federal government earned the highest annual salaries at $119,590.
6. What Are the Education Requirements?
Many economists have a bachelor’s degree in Economics or a similar field. There are some graduates who go on to get their master’s degrees in this discipline before working as an economist. It might also be useful to take courses in statistics so you can understand economic data more thoroughly. Other classes in business, technology, and psychology can also be helpful because you’ll encounter these skills in the workplace.
In addition to a bachelor’s degree, you might consider getting a master’s degree in Economics or a related field if you want to work as an economist. This will allow you to stay up-to-date on the latest research and developments in the industry. Many employers prefer applicants with postgraduate education, but it will depend on what kind of position you’re seeking.
Some employers might consider the experience in lieu of education, and that’s where internships come into play. An internship can demonstrate that you have the necessary skills for this job, and it will also let you understand what the field is like before committing to it full-time.
7. What Are the Different Types of Economists?
There are various positions available for people who want to work as an economist. The type of job you have will depend on your interests and what organizations hire in your area.
- Government Economists: You could work in a federal agency or department, such as the Bureau of Labor Statistics or the Federal Reserve.
- Private Sector Economists: If you work for a private agency, company or non-profit institution, you’ll be responsible for working on projects that help your organization succeed.
- Economic Advisors: A career in economic advising can lead to jobs with large companies. You could work as an economic advisor for a financial institution or multinational corporation.
- Market Research Economists: This position entails data analysis, so you need to be familiar with using computers to collect and compile data.
- Financial Economists: If you work for an investment bank, hedge fund or other financial institution, you’ll use your expertise in finance to help large organizations make the best investments.
8. The Benefits of Being an Economist
Some of the benefits of being an economist include:
- You get to use data but don’t have to wash it.
- The better you do your job, the more people hate you. This goes for both clients and colleagues.
- You get to use big words like ‘discount rate’ and people don’t laugh at you.
- Your idea of a fun night out is sitting bolt upright in an uncomfortable chair, drinking the free water at a conference and talking with a colleague about how annoying all those other colleagues are.
- You have the best job security
- People may complain that your forecasts never come true but they will always keep asking for them.
- When you do make mistakes, nobody notices because there is so much else going on; and even if they do notice it was really somebody else’s fault.
- You get to talk jargon almost effortlessly
The list could go on…
But let’s cut to the chase. There is one overwhelming benefit that trumps all others. It’s something enjoyed by every economist in the world except maybe some in France, who are sometimes excluded from certain benefits due to their puzzling refusal to join the Euro. That benefit is this:
You get paid a lot of money to do your job.
Now, for most people, this is a reason to dislike economists. They think it’s unfair that we should earn more than them just because we got good marks at school and went to university where we studied advanced maths and statistics rather than something useful like philosophy or Latin.
But the thing is, economics isn’t about making money. It’s about making sense of the world. And the reason economists are so good at this is that they’ve had more practice.
9. Top Recruiting Companies for an Economist
Some of the top recruiting companies for an economist include:
- Global Economics Group
- Economist Inc.
- Agency for Workplace Excellence
- Robert Half International Inc.
- Vaco, LLC.
- Kelly Services
- Robert Walters, Ltd.
10. Best Colleges to Study Economy
There are a number of colleges that offer excellent programs in economics. The following is a list of some of the best colleges to study economics:
- 1. Harvard University
- 2. Stanford University
- 3. University of Chicago
- 4. Massachusetts Institute of Technology
- 5. Princeton University
- 6. Columbia University
- 7. Yale University
- 8. New York University
- 9. London School of Economics and Political Science
- 10. Duke University
The career path of an economist is a challenging but rewarding one. There are many different areas that economists can specialize in, and the opportunities for advancement are plentiful. If you are interested in pursuing a career as an economist, make sure to do your research and get the proper training and education. With hard work and dedication, you can achieve great things in this field.