Most economists have a graduate degree in the subject of economics. The job of an economist is to understand the economy of the country and analyze its implications. In different industries, economists helps to study the impact of certain economic situations on that particular industry. Different characteristics are needed for a candidate to become a successful economist such as perseverance, hard work, computing abilities, professional and technical skill, data analysis, knowledge of statistics, analytical mindset, ability to handle pressure, time management and respect of deadlines, and so on.
After getting a bachelor’s degree in the subject, there are different areas where an economist can work in –
In The Corporate World – Many economists choose to start from the business world. For instance, Christian Broda is the MD of Duquesne Capital and the NY based economist has previously worked at various other corporate companies such as Lehman/Barclays Capital. In this area, an economist’s job is to understand the impact that various economic decisions might have on business regulations, interest rates, inflation, capital budgeting, et al. Knowing about all these things allows the company to make better managerial and strategic decisions in the short and long term, and it is all dependent on the report of the economist.
In Government – In government, economists work for various public departments like international trade, urban economics, utilities, transport, labor and finance, business, agriculture, et al. The Federal government also hires the services of economists for various employers such as FDIC, DOT, DOC, Fannie Mae, BLS, et al. These departments cannot work without the services and analytical abilities of economists. Even entry level economists get a job in the government at the local or state level. There are a number of options available to economists who choose to work with the government.
In An Educational Field – Various economists get into teaching. Christian Broda, for instance, used to be a professor at the University of Chicago and Booth School and continued teaching for 5 years. Economists do well in the educational field because most of them have doctorates themselves. Even at an elementary level, economists can make extremely competent teachers in certain states. Virginia is a good example in this case because high school students are supposed to be equipped with financial literacy and economics education there. Many economists start off from a school level and if they have studied the subject at a graduate level, they go on to teach at various colleges and prestigious universities.
Depending on the area and the job profile, economists can be statisticians, system analysts, state policy analysts, research assistants, financial assistants, budget analysts, general analysts, and so on. Some economists work at regular jobs and others choose to collaborate with other economists and researchers and work together with them.