Career as an Economist


Summary

Economists study and predict trends and changes in financial, labor and trade markets. They study economic factors, such as taxation levels, wage rates, employment figures and exchange rates, and use their findings to prepare forecasts and provide advice to businesses and governments on possible courses of action. Economists may study the broad global economic situation, providing advice to governments and multinational corporations, or they may examine the economy of a single, small firm to provide advice on how to maximize profits and determine the level of demand for a product or service.

An Economist researches and analyzes economic issues and advises governments, businesses, and individuals on economic topics. They prepare reports and charts to that forecast market trends. They also analyze various industries such as the environment, health, education, and development. Some economists study the cost of energy or healthcare, while other economists watch and analyze exchange rates, employment levels, and business cycles. A few specialize in the effects of inflation, taxes, or interest rates. Often they will use spreadsheets, software programs, database management programs, and statistical analysis in their research. An economist should be skilled in communication, critical thinking, analytical, math, writing and be detail oriented.

Work Environment

Economists work in office environments in businesses, government departments and universities, usually in the Perth metropolitan area. They usually work regular office hours, however when working to a strict deadline, e.g. when annual reports are due, overtime may be necessary. Economists often conduct research and write reports independently, however, in larger organizations they may work as part of a team - each member may specialize in a particular field.

Entry Level Education

  • Bachelor's Degree, Master’s Degree in Economics.
  • A Master’s Degree or Ph.D. is required for most Economist jobs.

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