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Career Options for an Economist | Job Profile and Role of an Economist

Update on 07 Jun, 22

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Career Options for an Economist | Job Profile and Role of an Economist
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Career Options for an Economist:

Career options for an economist range from a variety of diverse options. Students who have graduated and passed out of college with an economist degree in hand become eligible for jobs and job profiles right at the head of a business institution. They are experts in the field of economics and gauging the risk factors and turbulent time periods within an economy. A degree in the field of economics gives a student or rather an economist, an array of subject-specific and transferrable skills such as, communication, time management or problem-solving, etc, which are very highly sought after by the recruiters and employees alike. 

In short, a degree in economics boosts the personality and skill set of an individual, giving him an edge over other traditional degree graduates. Since the economist's main focus is usually on the latest trends and gauging risk-taking measures along with an unmatched numerical ability to think, it proves very helpful for new business enterprises and firms. 

What can you do with an Economics Degree?

Common career options for an economist include a variety of roles and job profiles mentioned before. Some of them include,

  • Economist
  • Financial Risk Analyst
  • Financial Planner for a firm
  • Investment Analyst
  • Public Sector Roles 
  • Economic Researcher
  • Data Analyst
  • Actuary
  • Forensic Accountant
  • Chartered Accountant
  • Political Risk Analyst
  • Stockbroker
  • Statistician

Rather than merely listing the career options for an economist, we have provided a simple definition of the job expectation that is related to the job profile. 

Economist   Economists collect, analyze and/or study data related to any aspect of the economic and social policy (interest rates, taxations, etc) and help business firms by providing them with specialist and expert economic advice. 
Financial Risk Analyst Financial Risk analysts examine a firm investment portfolio, including overseas investments, and analyze the risks involved in financial associated degrees. Financial risk analysts gauge potential risks and losses and make decisions that ensure limited risks. 
Financial Planner A financial planner is a type of financial advisor whose job profile includes helping his or her clients to create a personalized plan that helps them manage their budget and achieve their financial plans and budgets. 
Investment Analyst An investment analyst is an expert financial professional with expertise in evaluating financial and investment information, especially related to making a buy, sell, and even hold recommendations for securities. 
Economic Researcher An economic researcher or an economist studies the production and distribution of resources, goods, and services within the firms or business enterprise, collecting and analyzing data, trends and economic issues, etc. 
Data Analyst A data analyst is an expert at reading the numerical graphs, and numbers or economic jargon into plain English for the board members or other 

Stockbroker

A stockbroker is a professional who executes buy and sell orders for stocks and other securities on behalf of clients. 
Actuary An Actuary is a business professional who measures and analyses the risk of financial security systems, which keep the financial records and documents of the company safe. 

Forensic Accountant

A forensic accountant complies with financial evidence, develops user-friendly computer applications to manage the information collected, and present the finding in report formats and presentations. Along with testifying in courts, they may be needed to support and present the trial evidence in the form of visual documents. 

Statistician

Statisticians are expert professionals who help in working with formulas, and data to help solve problems in business firms, enterprises, and academia, government institutions, industries of all trades and sizes, etc. They analyze and apply mathematical data and statistical techniques. to help solve real-world problems. 

Chartered Accountant

Chartered Accountants are professionals who work in various economic fields, from taxation to financial departments of a company a business alike. They provide financial and legal aid to companies and firms, helping them out with money management. 
Political Risk Analyst As the name suggests, a political risk analyst exam examines the political climate and social conditions of a particular country, region, or market to determine the level of political risk for a business firm alike. 

Career Options for an Economist: job profiles

The above-mentioned job profiles are directly related to the career options for an economist. Below we have taken the liberty to mention some job profiles that an economics degree could help in or be useful in, some of which include, 

  • Business Development Manager
  • Local Government Officer
  • Policy Officer
  • Diplomatic Service Officer
  • Civil Service Fast Streamer
  • Management Consultant, etc. 

Below we have mentioned some of the definitions or rather expectations of the job roles listed above. 

Business Development Manager

Experts who are responsible for developing the business side of an organization or firm. They identify opportunities and risks, building long-term relationships with prospects.
Local Government Officer Expert officials who work in the local government councils. They work in a department such as education, housing, planning or social work and carry out the decisions made by the local councillors. 

Policy Officer

Policy developers develop and advise on policies related to the guiding principles and regulations of the government. 

Diplomatic Service Officer

A Diplomatic Service Officer is a professional person responsible for promoting and protecting the interests of a nation's interests, citizens, etc.
Civil Service Fast Streamer This is an accelerated leadership development program that provides talented graduates from a range of backgrounds with the experience, skills, and knowledge needed to become senior leaders with the Civil Services. 
Management Consultant They are experts who have trained to solve complex problems, improve the financial and operational health of their clients' organizations, devise invaluable strategies, etc. 

However, due to the varied and high level theoretical and practical exposure provided in the course, students can earn a job or employment opportunities in many sectors and fields at different levels. While some choose to continue to study economics at a higher level, they may learn a variety of skills and gain valuable experience. Some apply for specializations and specific courses to gain an edge over others or to simply stay ahead in a field within economics that they are passionate about.

Roles or Duties of Economists in Different Fields:

Below we have provided a list of career options for economists according to different sectors. We basically provide the roles or duties of economists in different fields. 

Professional Economist Careers As an economist in any professional field, they are usually involved in researching and analyzing economic data, issues trends. For a majority of economist careers, students need to study economics at the postgraduate level to gain the specialist skills and training required. Professional employers include local and national government, public and private banks, insurance companies, think tanks, large multinational companies, accountancy firms, financial consultancies, etc. 
Economics Careers in the Public Sector Students of economics study economics will be valued in all areas of public and private spending, including roles within pricing and risk analysis, financial consultancy, and economic planning. 
Economic Career in Banking Banking careers are the second most popular career options for economists. Since it is one of the fields which provide a high earning and high demand for economists. The main focus on keeping the financial requirements of clients and businesses on track, banking careers are largely concerned with advising and providing services for a range of banking clients and consumers. 
Actuarial and Data Analysis Careers An actuary is a business professional whose job role is to evaluate and advise on the impacts of finances and uncertainty. Using knowledge of both business and economics, actuaries provide reports and devise strategies on how to lessen these risks. 
Economics careers in Business and Financial Consultancy Economists and economic experts are at the heart of the business world and financial consulting. The role of an economic researcher requires in-depth knowledge of economic theories and models, through analytical and problem-solving skills and mathematical ability.  
Economics Careers in Accountancy Economics are highly coveted in the field of accountancy, however, to work in any field related to accountancy they may need special and further education which is usually subject-specific. Economists require strong analytical skills, mathematical reasoning, computer literacy, an understanding of all elements of company finances, complex data sets, etc. 

With a background in economics, it seems anything is possible. Every sector can use an extra set of hands as stockbroker, insurer, business manager, retail merchandizer, pricing analyst, statistician, financial consultant and salesperson, auditor, etc. Graduates can hope to gain employment opportunities among the different sectors and fields in the world economy.  

The pros of being an economist and different career options for an economist, is first that economists get opportunities to work with the high-level board of members and top-notch companies. they can expect better pay packages, gain tremendous analytical skills which can help them in proving their credibility in meetings. They also have the skills to make tough and profitable decisions for a business or even a government department. 

However, it can also be tough to justify the predictions of an economist to common people and hence it is due to this reason alone, experience plays a vital key in the career of an economist. We hope this article helped you with listing and understanding different career options for an economist.

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