Economics is a social science covering the production, distribution and consumption of resources. Economics jobs suit those who have a flair for data analysis and problem solving techniques. Depending on the job being sought, transferable skills such as logical reasoning, team work, and knowledge of foreign languages may be just as important as an academic qualification.
Economics Career Paths
Having a degree in Economics paves the way for jobs in economics. These are the main types of economist jobs:
Micro-economists:
analyze the dynamics of demand and supply in the market.
study the pattern of these market forces to determine the relative prices of various commodities and services.
find ways to maximize profits by optimizing the limited resources that are available.
Macro-economists:
- study historical trends to decipher the functioning of the whole economy.
- study the GDP, price indices, inflation, economic growth, investment, and unemployment rates.
Public finance economists:
- study the role of a government in the country’s economy.
- analyze the impact of the government’s policies pertaining to taxes, welfare, and budget surplus or deficits in the country.
Monetary economists (also known as financial economists):
- examine the field of money, banks and the consequences of variations in interest rates on the country’s economy.
International economists:
- review financial markets and exchange rates across the globe.
- assess the impact of trade policies.
- use scientific methods to create and test new trade theories.
Labor economists:
- study suppliers and employers of labor services.
- follow fluctuations in demand and supply in labor forces due to factors such as aging of a population, immigration or demographic trends.
- play a crucial role in determining labor wages, based on demand/supply trends.
Econometricians:
- apply mathematical techniques such as calculus and regression analysis to economic principles.
- establish economic models.
- Predict business trends.
- determine unemployment rates and the effects of varying inflation rates.
Qualifications Needed for Different Economics Jobs
Numerous skills are required to qualify for economics jobs. The hardest part is to get the first "break" into the highly competitive job market for economy-related jobs.
To get an initial break, you may need to demonstrate competence in the following areas:
- Analyze the distribution of resources such as raw materials, labor, land, machinery and services.
- Conduct consumer or business research (such as surveys or interviews) and perform data analysis.
- Predict corporate and economic trends.
- Draw conclusions and formulate reports.
Other Economics Career Opportunities
- Several job options exist in the public sector, particularly in national banks. Having a Bachelor/ Masters degree in Economics is a minimal requirement.
- Investment banking. Requires a Bachelors degree in Economics.
- Financial analyst for Consultancies. Requires a Masters degree in Economics.
- Accountant. An Economics Bachelors degree or professional accounting qualification is needed.
- Economics Journalist. A Bachelors degree in Economics is a prerequisite.
- To become a university Lecturer or Professor, a PhD is usually needed.