An Economist is a practitioner of social who studies about goods, services, forecast market trends in the future, economy, and draws conclusions based on the insights they get from the research. They even provide advises and suggestions on stock markets, the latest trends through their analysis and understanding of economics. Being an economist is not easy and is considered to be one of the stressful jobs. Most of them prefer it to take it as a full-time option, while few of them have it part-time with another job.
Economist Definition - An economist can be defined as an individual who practices the monitoring of the distribution of goods and services, countries present trends, and use tools to come to conclusions and provide a solution.
Economists work on the distribution of available resources equally. These resources include machines, operating materials, services, goods, labor, and more. They also monitor current economic trends, analyze and conduct research on the data that has been collected.
Duties of an Economist -
Conducting researches on the current market.
Formulating methods to collect data.
Providing economic advice to stakeholders.
Evaluating past and present economic trends and issues.
Writing technical and non-technical papers on economic trends and forecasts.
Assessing the impact of different events on the economy of stakeholder.
Analyzing the efficiency and performance of a company.
Preparing briefs for government ministers and answering their queries.
The economist is not just about working on one specific topic. An individual has to be active, read, and should be good enough to draw conclusions from them. So it takes following to be a perfect economist.
Communication Skills - The first and foremost important skill that every person in any field should have is that they should be able to effectively communicate with anyone to have healthy operations and work process.
Mathematical Skills - Economist's are very close to number as they always involve in analyzing the numerical sets, interpret data, visualize future, and more. So, it is very important to have the skills of a number and should be very comfortable in handling large sets of numerical values.
Self Motivated and Being Independent - It is very important to everyone, not just economists. It is very necessary that they motivate themselves and as it is not a work that a whole bunch of team works towards one goal. It is just one person and has to be independent.
To be an expert in economics you have to start preparing yourself at an early level. Take maths, economics and statistics classes in high school. It will make your college much easier as the major subjects are totally based on Maths and Statistics. You will have to really good with numbers to greatly succeed in this field. You will get the fundamental knowledge about economics. You should also start reading the newspaper and watching tv on the latest economic reforms and events.
A minimum of a bachelors degree is a must for any job and hence you should definitely have it in the first. To be an economist you should major in economics, business management or maths related field like statistics.
You will basically have classes in microeconomics, macroeconomics, econometrics, and economic theories. In addition to that, you may have to take classes like finance, accounting, and marketing. Have the perfect structured education would help you fetch a job that you're dreaming.
A master's degree would surely be a great addition to your existing records. It provides you with the actual experience and gives exposure to all the aspects of economics. A master’s degree in economics can be completed in two years.
An undergraduate degree in economics or related field is not mandatory to pursue masters in economics but students who have majored in an unrelated field may have to take additional courses.
An internship is definitely important as it provides the actual experience to students that how the work is going to be after their education. Master's candidates often get internships during their time at college, working with a professor or private company assisting with research. This looks great on a resume and can be your foothold in the academic or professional world of economics.
A Doctor of philosophy in economics requires several years of study and is a research-based degree that covers advanced topics in microeconomics, macroeconomics, econometrics, and quantitative analysis.
The private sector, particularly consulting firms and scientific and technical companies, may offer the best chances for employment for economists. Research and educational institutions will also provide employment opportunities. These will be most plentiful for applicants with masters or doctoral degrees.
Professional organizations provide members with an opportunity to network with fellow economists working in the same subfields and to keep current on advancements and research. Organizations include the Association for Social Economics and the National Association for Business Economists.
Job opportunities for students with associates in economics are very few. There are some entry-level jobs in banking, sales, accounting etc. This degree is ideal for students who already have a job and want to advance their career. Most of associate’s degrees in economics are provided online.
Supply and demand
Implications of individual human action
Utilization and distribution of scarce resources.
Variety of economic environments.
Aggregate Supply and Demand
Money and Monetary Policy
Sustainable rate of economic growth
Globalization of Culture and Economy
Population Change and Structure
International Money and capital markets
Understand economic activity of a country
An equitable (fair) distribution of income
A sound structure to public finances
Candidates with a bachelor’s degree qualify for some entry-level economist positions, including jobs with the federal government. Most who complete a bachelor’s degree in economics find jobs outside the economics profession as research assistants, financial analysts, market analysts, and similar positions in business and finance.
Decision making within organizations
Enterprise and its economic environment
Organisations and markets.
company and its key functional areas
Analysis of all business functions
Efficient functioning of business
Classical Statistics & Simple Regression
Statistical analysis of economic data
Empirical quantitative analysis
Estimate parameters in regressions equations
Alternative legal system
Capital markets law
Elements of taxation
Understanding the Legal Environment of Business
Law and their economic implications
contract law in economic relations
A master’s degree program in economics prepares graduates for further study at the doctoral degree level. Some programs allow students to choose an area of emphases, such as international economics or economic development. Others may cover wide-ranging topics in contemporary economic issues. A thesis may also be required, though some programs offer a non-thesis option.
Preferences and Utility
Walrasian Demand & Hicksian Demand
Utility for Money
Following a proof-based approach
Behavior under uncertainty
Time value of money
Risk and Return
The Efficient Market Hypothesis
To understand investment tools
Financial risks in investment
Theory of international trade
International commercial policy
Analysis of international trade
Economic development models
Analyze and test international trade models
With more education come more job opportunities (and higher pay). If you get your Ph.D., you could teach or work just about anywhere. This takes several years and includes completing detailed research in a specialty field. It is a research-based degree that focuses on the upper-level understanding of quantitative analysis.
Mergers and Acquisition
Sub-optimal consumer behavior
Strategic behavior of firms
Regulatory policy and antitrust policy
Inequality and Mobility
Capital Accumulation and Income Inequality
Policy and Political Economy
Understanding of the ideal distribution of income
Consumption and wealth
Develop methods of measuring inequality
Factor Price Equalization and Trade
Standard Trade Models and Country Welfare
Market Imperfections and Trade
Compare alternative theories of international trade
Analyze and test international trade models
Read and analyze the nation’s balance of payment