Economics is a broad field encompassing an even broader number of subjects. Economics analysis can be utilized throughout society in finance, government, business, crime, family, education, politics, law, social institutions, science, war, and religion. At its core economics is the social science devoted to the production, distribution, and consumption of services and goods. If you enjoy variety and studying the myriad of give-and-take relationships present in the world, then you may want to look into becoming and economist.
Most economics jobs require a degree in economics, which is also desirable in many other business fields. Check out the programs below which offer free information:
Economist Job Responsibilities
Economist conduct research, gather and analyze data, monitor economic trends, and construct forecasts on multiple issues, including energy costs, interest rates, inflation, exchange rates, business cycles, employment level, and taxes.
Economists also engineer methods for gathering the data they need. For instance, sampling techniques might be utilized to conduct a survey and various mathematical modeling techniques may be used to construct forecasts. Developing reports on research findings is also a vital part to an economist’s position, as is presenting statistical and economic concepts in a understandable and significant manner for those lacking a background in economics.
Several economics have an economic expertise, but currently fundamental knowledge of basic economic principles is essential. Micro-economists specialize in the study of supply and demand decisions of firms and individuals, like how profits can reach their full potential and the quantity of services and goods that consumers will demand at a certain price.
Economists who are employed by government agencies also analyze economic conditions in the United States and worldwide to estimate the effects of certain changes in legislation and public policy. Government economists offer advice to policy makers in areas such as the deregulation of industries, the effects of adjustments to Social Security, the effects of tax cuts on the budget deficit, and the usefulness of imposing tariffs on imported goods. An economist employed by the State or local government might examine data on the growth of school-age or prison populations and on employment and unemployment rates to project future spending necessities.
Economist Training and Education Requirements
A Ph.D. or master’s degree in economics is mandatory for several private sector economist positions and for advancement to higher positions. In the Federal Government, hopeful candidates for entry-level economist positions are required to have a bachelor’s degree with a minimum of 21 semester hours of economics and 3 hours of statistics, calculus, or accounting. A combination of experience and education will serve you just as well.
The broad field of economics include several specialties at a graduate level, including econometrics and labor and international economics. Students are encouraged to choose graduate schools that are strong in the specialties that appeal to them. Some schools assist graduate students in locating part-time employment or internships in government agencies, research firms or economic consulting, or financial institutions before they graduate.
Hopeful economists should work on gaining experience with gathering and analyzing data, carrying out surveys and/or interviews, and producing reports on their findings while in college. This can prove exceedingly useful later in acquiring a full-time position because a great deal of the economist’s work may be focused on these tasks.
Economist Salary and Wages
In May 2008 the median annual wage and salary wages of economists were $83,590. The middle fifty percent made between $59,390 and $113,590. The lowest ten percent made less than $44,055, and the highest ten percent made more than $149,110.*
*According to the BLS, http://www.bls.gov/oco/
The average annual salary for economists working for the Federal Government was $108,010 in March 2009. Beginning salaries were higher in certain geographical areas where the leading local pay was higher.*
*According to the BLS, http://www.bls.gov/oco/
In order to become a chartered economist, applicants must have an economics degree or concentration from one of the 435 AAFM (American Academy of Financial Management) board recognized and registered AACBS (Association to Advance Collegiate Business Schools) business schools around the world or a CPA, MBA, CFA, Ph.D., DBA, Master’s degree, or Law degree from an accredited university or college with relevant experience.
Candidates who fulfill State certification requirements may become high school economics teachers. The demand for secondary school economics teachers is predicted to increase, as economics has recently become an important and popular course.
Economist Professional Associations
The American Economic Association was brought together in 1885 in Saratoga, New York with the goal of encouraging economic research with a focus on the historical and statistical study of the conditions of industrial life, distributing publications on economic subjects and the encouragement of immaculate freedom of economic discussion.
The Association for Social Economics was founded in December 1941. Their mission is to advance scholarly research and writing about “the great questions of economics, human dignity, ethics, and philosophy.” Members seek to examine the ethical implications and foundations of economic analysis, along with the individual and social dimensions of economic problems, and to assist in the forming of economic policy that is consistent with the integral values of the person and a humane community.