Economists

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Also known as:  Agricultural Economist, Econometrician, Economic Development Specialist, Economic Research Analyst, Economist, Environmental Economist, Industrial Economist, Labor Economist, Price Economist, Social Economist

ABOUT ECONOMIST CAREERS

VIDEO TRANSCRIPT Expand
It's been said that money makes the world go round. The people who study just how and why that happens are economists. Because the global economy is the lifeblood of all the world's people, economics - the study of the economy - is of vital importance. The growing complexity of the global economy, c ...
ompetition and increased reliance on quantitative analysis of business and political trends, all demonstrate the need for economists.

Politics, the stock market, business and labor markets, international trade, demography, and technological advance are just some of the areas of interest to economists. They look for solutions to problems arising from the movement of people, products and capital. They use economic modeling and forecasting techniques to research issues such as energy costs, inflation, interest rates, import and export volumes, and employment trends.

Governments use economists to formulate economic guidelines and standards. That means economists may be called to testify before congress and other legislative bodies. Strong research and problem-solving skills are important. In addition to collecting and analyzing data, you need to be able to write up your findings and recommendations.

Becoming an economist takes at least a bachelor's degree, though more often a master's degree or even an Ph.D. is required. Economics, with its reliance on research and statistics, has been called "the dismal science," but to those striving to understand the intricacies of how humanity creates wealth and prosperity, economics can be fascinating.
SNAPSHOT Expand
Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
Leadership
MED
Critical decision making
HIGH
Level of responsibilities
LOW
Job challenge and pressure to meet deadlines
HIGH
Dealing and handling conflict
LOW
Competition for this position
HIGH
Communication with others
HIGH
Work closely with team members, clients etc.
LOW
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
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DAILY TASKS Expand
Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources.
Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy and present recommendations based on cost-benefit analyses.
Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
Supervise research projects and students' study projects.
Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
Teach theories, principles, and methods of economics.
Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
MAIN ACTIVITIES Expand
Analyzing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Making Decisions and Solving Problems Analyzing information and evaluating results to choose the best solution and solve problems.
Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
Processing Information Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Interpreting the Meaning of Information for Others Translating or explaining what information means and how it can be used.
Thinking Creatively Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
AREAS OF KNOWLEDGE Expand
Economics and Accounting Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Education and Training Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Law and Government Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Sociology and Anthropology Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.
KEY ABILITIES Expand
Inductive Reasoning The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Written Comprehension The ability to read and understand information and ideas presented in writing.
Deductive Reasoning The ability to apply general rules to specific problems to produce answers that make sense.
Written Expression The ability to communicate information and ideas in writing so others will understand.
Oral Comprehension The ability to listen to and understand information and ideas presented through spoken words and sentences.
Mathematical Reasoning The ability to choose the right mathematical methods or formulas to solve a problem.
Oral Expression The ability to communicate information and ideas in speaking so others will understand.
Speech Clarity The ability to speak clearly so others can understand you.
TOP SKILLS Expand
Speaking Talking to others to convey information effectively.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing Communicating effectively in writing as appropriate for the needs of the audience.
Mathematics Using mathematics to solve problems.
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Complex Problem Solving Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
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