What are the careers and skills required for the economists?

What is Economics ?

American Economic Association states that “Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.



Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.” (https://www.aeaweb.org/resources/students/what-is-economics )

Economics is a field of study focusing on the implications of resource scarcity. Economics is broad in scope because economic concepts apply to any situation where a choice is made.

Examples include:

  • choices made by individuals to work, to play, to buy and to sell;
  • choices made by firms to purchase productive inputs (labor, capital, and raw materials), to carry inventories, to move to a new location, to develop new technology, and to sell products;
  • choices made by governments to tax, to spend, to change laws, and to regulate  (University of Nevada, Reno – https://www.unr.edu/business/departments-and-disciplines/economics/careers

Economics is a unique discipline that allows you to understand how the world works as an intricate system.  Studying Economics helps you develop integral skills such as complex problem solving, critical and logical thinking, strong numeracy and analytical skills. (https://economics.adelaide.edu.au/your-career-in-economics )

Career in Economics

Job Search Titles/Keywords

What Economists Do

Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services. (https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm )

Employment Areas/Fields/Industries for Economists

Economist as Analyst:-

  Appraisal SpecialistFraud Analyst/Investigator
Analytics ConsultantHealthcare Economics Analyst
Asset Liability AnalystInvestment Analyst
Business Analyst    Market Risk Analyst
Commercial AnalystMarketing Data Analyst
Compensation AnalystOperations Analyst
Cost AnalystPolicy Analyst
Credit AnalystPricing Analyst
Data AnalystQuantitative Trade Analyst
Economic Development AnalystRental Housing Analyst
Financial Analyst      Risk Analyst

Employment Area/Industries for Economist

Anthropology ConsultingLaw
  Banking  Financial services  Nonprofit
  Business Government Agencies  Public policy
ResearchReal Estate and Urban planningThe Private Sector- Consulting firms Private banks Pharmaceutical companies Biotechnology companies Startups Tech companies  
International OrganizationsEntrepreneurshipHealthcare
LawInternational TradeMarketing and Retail
Agricultural companiesAnalysis/forecasting firmsComputer/telecommunication companies
Economic research institutionsEnvironmental protection agenciesFinancial information firms
Manufacturing firmsInternational trade companiesManagement consulting firms
Market research housesNewspapersOil companies
Statistical research firmsStock exchangesTrust companies

Skills of an Economist

Economists use and apply their understanding of micro and macroeconomics, econometrics, and mathematical and financial economics, to business situations. A wide range of employers value economists’ skills of numeracy and analysis and their ability to understand and communicate broad socio-economic and political concepts to a wider audience. (The London School of Economics and Political Science- https://info.lse.ac.uk/current-students/careers/information-and-resources/employment-sectors/economics )

Critical thinkingNumeracy
Problem-solvingQuantitative communication and analysis
Deductive and inductive reasoningWritten communication
Research abilitySkills of numeracy and analysis
Software and/or programming languageKnowledge of statistical procedures
Mathematical or statistical modelingAnalyze and interpret statistical data
Ability to conduct/explain scientific researchInterpret qualitative and quantitative data
High proficiency in written/oral communicationUse of computer software to prepare reports, graphs and brochures, and conduct research
Ability to explain complex theories or conceptsWord, access, Excel (VLOOKUPS, Pivot Tables, Macros), Powerpoint
Background in economic theory/econometricsR, Stata, Gretl, Python
 Mathematical modeling, statistical modeling, pivot tables

Resources and Web links

https://vimeo.com/135871291 (Video American Economic Association -A career in Economics…it’s much more than you think-)

https://www.youtube.com/watch?v=AtOU-DAVch0 (Economics…Understand the world around you (with Subtitles)















https://economics.adelaide.edu.au/your-career-in-economics https://economics.osu.edu/career-options