Banking and Investment Area of Work
Economist
40
Study and analyse economic trends to advise on decision-making and managerial planning.
Required skills
B
y performing mathematical and data analyses to evaluate and predict economic trends, economists are often involved in every stage of research, from data collection and conducting surveys, analysing and interpreting data, to writing reports and presenting their findings. An economist’s work is used to increase their client and organisation’s market performance, guide business decisions and determine projected costs for budgeting purposes. In large corporations and governments, economic reports are vital in making budgetary decisions for the upcoming fiscal year.
Finance Career Guide 2023
General overview A degree in economics is usually required to work in this field, though most positions require either a master’s degree or PhD in economics. Graduates can find employment in the government, financial and investment institutions, as well as the research sector. Successful applicants generally get their start as junior analysts and slowly build up a portfolio. As there are a great many things that can affect the economy, economists tend to have a broad understanding across various disciplines and sectors. Their know-how is not only limited to business and finance. In fact, their breadth of knowledge also includes specific industries such as imports and exports, petroleum, manufacturing and even politics and policies from around the world.
An eye for detail, commercial awareness, and skills in analysis and IT will all greatly aid potential candidates and stand them in good stead. Excellent communication skills can also greatly help an economist in their work as they often have to present complex figures and data in various settings such as conferences, annual budget meetings and boardrooms, just to name a few. On occasion, they may even have to explain data and economic concepts in simpler terms to people who may not share backgrounds in either economics or finance. Additionally, economists need to have good writing skills to be able to effectively convey their analysis and other findings in written reports.
Pros and cons The work of economists has a significant impact on people as their reports often guide policy-making, budget planning and key decisions in business. Moreover, keeping abreast of the current economic situations in this line of work also means that economists have some foresight into the market, and are at an advantage when it comes to making personal financial decisions and investments. On the other hand, however, because the demand for economists tends to grow slower than other jobs on average, this can lead to stiff competition for positions.
