A major in economics develops the statistical and mathematical skills of a person. It enables an individual to insert his or her economic principles and apply the models to solve problems in the business and public sectors.
If you, like many others are planning to pursue a career as an economist, then you should get to know all the ins and outs of the types of work you will need to do if you become one.
So, without further ado, let’s dive in and find out whether becoming an economist is a good career choice or not.
Is There A Demand For Economists?
Economists and people in this line of work are high in demand. Employment opportunities for such are predicted to grow by 13% in this decade. The demand is this high because a lot of jobs utilize the knowledge and skills that economists possess.
Skills such as critical thinking, predicting the market, calculating profits and losses, evaluating risks through mathematical models, etc are sought-after by firms. Companies are always searching for economists as they want to strengthen their economic strategies.
Companies are now looking to bag profits, and transaction of funds is being done at a moment’s notice, entrepreneurs are opening start-ups that require advice and the scrutinized calculation of an expert.
All these can function with the help of one particular type of person known as the economist. And as things everywhere are becoming more and more commercial, there is an ever-increasing demand for economists and people with significant expertise in this field of work.
Is It Hard To Get A Job As An Economist? Why:
As stated earlier, economists are high in demand which means there is never a shortage of work for people aspiring to be an economist. The demand for qualified personnel is high and so is the amount of work that is needed to be done.
The job for economists is not limited to one single work. As an economist, you may look forward to carrying on the following tasks in your workplace:
- Research and solve problems related to the economy.
- Conduct surveys and studies to gather data.
- Analyzing data using mathematics, statistics, and targeted software.
- Compile reports with research data.
- Interpret and predict market trends i.e. Predict when prices will fall and when prices will hike.
- Work privately for individuals, governments, and established firms.
- Writing articles for business journals and media.
- Suggesting solutions to economic issues.
Economists are important assets for any company. They are the ones that make that key difference between sustenance and bankruptcy. The more a business grows, the more commercial it gets, and thus more people with an economics degree are required to get the job done.
So it is safe to say that there is no shortage of jobs anywhere for an economist as companies all around you are looking to hire you if you happen to be one.
What jobs can you do if you study economics?
The study of economics offers a wide range of opportunities for graduates in the line of work. There is a wide range of jobs for you to choose from.
For instance, studying economics will offer jobs as:
- An economist,
- Data analyst,
- Financial risk analyst,
- Financial planner,
- Economic researcher,
- Investment analyst,
- financial consultant, etc.
Do economists make more money than engineers?
The annual salary of an engineer ranges from US$70,000-US$150,000. Whereas the salary of an economist ranges from US$50,000-US$150,000. Both jobs offer roughly the same amount of money, thus debunking the common stereotype that engineering jobs pay better. Looking at the demographics, it’s economists who are paid better than the engineers.
So in a word, yes, economists make more money than engineers in a year. And if you are thinking of being an economist, it is not going to be a wrong choice.
Highest-paying economist jobs:
An individual will require an MBA to ensure their progress in this field. Graduates with a Master’s Degree are preferred to earn more and be successful in this line of work compared to someone without a degree.
As said earlier, studying economics offers a variety of jobs to choose from and all of them pay well. But among them, some of the highest-paying jobs are stated below:
- Economist-US $99,180/year
- Actuary-US $97,070/year
- Financial Analyst-US $80,310/year
- Statistician-US $ 80,110/year
- Financial Advisor-US $78,070/year
- Financial manager-US $117,990/year
These are some of the highest-paying jobs that you will be able to do if you are willing to pursue the career of an economist.
In which country are economists in demand?
Every financially solvent and economically developed country has a high demand for economists. The companies based in these countries look for qualified personnel to spearhead their economic strategies and that’s why the demand is high.
Among the countries that have a high demand for economists, the USA, Germany, and France top the chart. Closely followed by Switzerland. Italy and Netherlands rank next and lastly China and the United Kingdom are the countries and regions that house a viable demand for economists looking for a day job.
Is being an economist stressful?
Being an economist can be very stressful and you have to put up with constant pressure if you aspire to become one. For instance, economists employed by high-profile companies are some of the busiest people in the world as they are to calculate, predict and map out every transaction done by the firm.
This leads to working long hours every week. The mounting pressure also doesn’t help as a single miscalculation can lead to drastic effects within the company. Besides this, an economist also is to keep studying at all times as one should keep himself updated with the conditions of the market, learn new trends, and financial and economic strategies to apply in the workplace.
Adding up all these, being an economist can get pretty stressful at times, but to back it up, the salary of an economist is also pretty high.
Economists are the people responsible for your company’s profit, the development of your country, and your better living standard. The demand is ever-increasing and if you want to become one, you are surely going to enjoy facilities that very few service holders will do.
A qualified person with a degree in economics will find that they have immense opportunities in front of them and a variety of options to choose from. From high-paying jobs to high-ranking positions, being an economist is a profitable career choice in every way.
And as things are gradually becoming more and more commercial, the demand for economists will only keep increasing and in a few years, will surpass the popularity of engineers.