Economist Job Description – What Are their Duties

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People often wonder how the exchange rates between countries are determined, how the scarcity of a product affects its price, how the salary scale increases across different professions e.t.c. The answers to these questions are however answered by financial experts who have devoted their time to study trends based on available data

Job Profile For  Economists

Economists are experts who study the trends in either private or public sectors to make informed financial decisions. They are able to carry out a thorough research on the factors that might affect the financial standing of a company, use economic theories to make future predictions, and also plan ahead for any financial hardship which may occur due to certain policies that have been implemented.

As an Economist, you may work either in the public or private sector depending on your area of interest. If in the Public sector, you may be required to be a part of boards which form economic policies between nations and various countries. Working hours usually follow 9-5 but are subject to longer hours.

Job Description Of Economists

  • Research the trends in the stock markets, financial sectors and other related areas
  • Conduct analysis on the research using various mathematical models and statistical techniques
  • Make use of results from research or economic theories in proferring solutions to economic issues
  • Give detailed advice to private businesses and governmental agencies with respect to their economic standing
  •  Present data obtained in an organized and easily understandable format
  •  Help make predictions about the company’s or governments future financial status

What Skill Should I Have As An Economist?

Some of the relevant skills required of you as an economist includes;

  •  Critical thinking
  • Great presentation and analytical skills
  • Good communication skills
  • Knowledge of basic mathematical and statistical procedures
  •  Teamwork
  • Paying attention to detail
  • Ability to work for long hours and work well under pressure.

Who Are The Employers Of  Economists?

Economists are needed everywhere, therefore your job search should be guided by your areas of interest. they usually enjoy successful careers in the following places;

  •  Government organizations and parastatals
  •  Banks
  • Insurance companies
  • Accounting and Audit firms
  • Private consulting
  • Non-governmental organizations (e.g W.H.O, U.N.I.C.E.F )
  • Universities (as an academic)

What Steps Can I Take To Become An Economist?

The first step to becoming a good economist is to be sound in mathematics and economics while still in secondary school. Most people who are unable to have a bachelor’s degree in economics can always get a postgraduate degree with an area of specialization since economics graduates are required to have postgraduate qualifications as well. Furthermore, you should demonstrate your mathematical, statistical, and research skills by volunteering during long vacations.

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