Career Profiles Economist
Job Description
Economistsinvestigate ways to exploit their limited company resources - raw materials, human labor and capital - to produce goods and services. They examine the costs and effects of production and consumption of goods and services. Their findings are based on the study of economic phenomena and processes, therefore they collect and analyze data and monitor and forecast economic trends. In their research, they concentrate on various economic issues and phenomena, such as energy costs, inflation, taxes, prices and employment. Based on the data of economic statistics and economic theory, economists analyze the interdependence of economic phenomena and processes. They explain and predict the effect on the growth of average national income by analyzing the unemployed part of the population.
Most economists are engaged in the practical application of economic knowledge. They advise companies, banks, insurance companies, investment funds, unions, government agencies. Since they want to direct economy development in the desired direction, economists must have a clearly defined economic objectives. Therefore, some are dealing with the design and implementation of economic policy in a particular area of activity, such as finance, labor, agriculture, trade, transport, energy, health. Depending on the area of concern, economists have used different methods. For example, in conducting surveys, they use the survey method of research and econometric modeling of economic forecasts. Preparing a report is an important part of their work, including drafting tables and graphs that describe and explain the data presented.
Working Conditions
Economists who are employed in government organizations, banks and companies have the usual office opening hours. Their tasks (report writing, statistical data processing) are performed independently, but often as part of a team. They often work in conditions of limited time periods, so it is possible to work overtime. Their daily schedule may be interrupted by special requests for specific information, letters, meetings or conferences. There are frequent trips to collect data and participate in meetings.
Desirable Qualities
As researchers of complex social phenomena, economists should be more creative and intellectually curious, but at the same time they must have a sense of an objective and systematic analysis, particularly for precise work with numbers, because a significant portion of their time is dedicated to processing data. Patience and perseverance are essential characteristics, because the analysis can be complex and time-consuming. They need to know how to show the results of their work clearly and simply, both orally and in writing. Because they often work in teams, they need the skills of communication and a sense of cooperation.
Similar Careers
Some of the careers that also deal with economic problems are: researchers and market analysts, marketing managers, financial managers and accountants.
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