Economist

1. A DAY IN THE LIFE (CAREER PROFILE)
2. NATURE OF WORK
3. PAYING YOUR DUES (MAJOR EMPLOYERS)
4. EMPLOYMENT
5. JOB OUTLOOK
6. EARNINGS
7. CAREER PROFILE
8. TRAINING, OTHER QUALIFICATIONS AND ADVANCEMENT
9. PAST AND FUTURE
10. QUALITY OF LIFE
11. RELATED OCCUPATIONS
12. ASSOCIATED CAREERS
13. DEPARTMENTS & DESIGNATION
14. MARKETING RESEARCH ANALYSTS
15. WORKING CONDITIONS
16. ECONOMIST AT IMF
17. GREAT ECONOMISTS & NOBEL PRIZE WINNERS IN ECONOMICS

1. A DAY IN THE LIFE (CAREER PROFILE): -

The field of economics rewards creative and curious thinkers. Economists study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, and computer programming; finally they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin. While economists were previously relegated to the academic and government communities, they are now finding employment in significant numbers throughout the private sector. The number of privately owned economic consulting firms has grown by about 150 percent over the last six years, to reach about 5,000 as of this writing. These firms offer advice to and predict economic scenarios for individuals and large corporations, and occasionally act as consultants to branches of the government. However, universities and research groups remain the largest employers of economists, followed by the government. "I love being an economist. I get a glimpse of the future, or what we think it's going to be," raved one economist we surveyed. High levels of satisfaction are found throughout this field, which encourages discussion, detailed examination, and lively disagreement.

Economists work closely with each other and share ideas fairly easily, which leads to a strong sense of community within the profession. Perhaps the most challenging aspect of the profession is its highly theoretical nature. One ex-partner of a private advertising and economics firm wrote, "It's all numbers which assume perfect market behavior. People don't work that way. The don't buy according to their optimal strategyóthey buy because they feel like it." The lack of a clear-cut relationship between theoretical modeling and reality eats away at some economists' belief in what they do. The daily routine of each economist is determined by the specialty chosen. Financial economists meet with members of Wall Street firms and government officials to predict the movement and pace of global financial markets. International economists may spend as much as 30 percent of their time traveling and 40 percent of the time on the phone researching current trends in foreign economic systems (for this subgroup, language skills are important). Other fields include agricultural economics, labor economics, and law and economics.

The employment prospects for economists are excellent according to the Occupational Outlook Handbook of the U.S. Department of Labor. Economic analysts are employed in a wide variety of businesses and private institutions. Economists in private sector jobs are involved in such activities as analyzing the impact of national and international economic activity on a business, forecasting cost and demand environment, advising on financial and capital investments, employment and collective bargaining policy, and analyzing the market for new products.

The internationalization of business activities has and will continue to create a vigorous demand for economists with international expertise. Also, financial institutions and health service institutions traditionally have a strong need for economic analysts. Government at all levels employs about a fourth of all economists. In public sector jobs, economists are concerned with economic development planning, monetary and fiscal policy, employment and labor force policy, tax and public spending policy at all levels of government, and urban and regional planning. In addition to familiar Federal agencies such as the Federal Reserve Board and Department of Agriculture, other public policy agencies hire economists in a myriad of other areas such as urban and regional planning, health administration, state and local government fiscal analysis, economic development planning, and environmental impact analysis.

Finally, demand for economists by educational institutions is projected to remain strong. Economics is also an excellent background for the study of law. UNO graduates have found employment in all of these important areas.Economists concerned with human resources and local government finance, specialists in education finance and educational administrators need to beaware of the latest research in the economics of education. Economics of Education Review encourages the development of sound theoretical, empiricaland policy research, demonstrating the role of economic analysis in thesolution or improved understanding of educational problems and issues.

2. NATURE OF WORK: -

Economists study how society distributes scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates, imports, or employment levels.

Most economists are concerned with practical applications of economic policy. They use their understanding of economic relationships to advise businesses and other organizations, including insurance companies, banks, securities firms, industry and trade associations, labor unions, and government agencies. Economists use mathematical models to develop programs predicting answers to questions such as the nature and length of business cycles, the effects of a specific rate of inflation on the economy, or the effects of tax legislation on unemployment levels.

Economists devise methods and procedures for obtaining the data they need. For example, sampling techniques may be used to conduct a survey, and various mathematical modeling techniques may be used to develop forecasts. Preparing reports on research results is an important part of an economist’s job. Relevant data must be reviewed and analyzed, applicable tables and charts prepared, and the results presented in clear, concise language that can be understood by non-economists. Presenting economic and statistical concepts in a meaningful way is particularly important for economists whose research is directed toward making policies for an organization.

Economists who work for government agencies may assess economic conditions in the United States or abroad, in order to estimate the economic effects of specific changes in legislation or public policy. They may study areas such as how the dollar’s fluctuation against foreign currencies affects import and export levels. The majority of government economists work in the area of agriculture, labor, or quantitative analysis; some economists work in almost every area of government. For example, economists in the U.S. Department of Commerce study production, distribution, and consumption of commodities produced overseas, while economists employed with the Bureau of Labor Statistics analyze data on the domestic economy such as prices, wages, employment, productivity, and safety and health. An economist working in State or local government might analyze data on the growth of school-aged populations, prison growth, and employment and unemployment rates, in order to project spending needs for future years.

Eligibility: -

To be an Economist you require strong mathematical, statistical and analytical skills. You need to have the ability to develop innovative methods and economic models, analyse information, and make economic forecasts and give advice. Ability to work in a team is important. A bachelor's degree with a major in economics or marketing is generally not sufficient to obtain positions as economist or marketing analyst, but is excellent preparation for many entry-level positions as a research assistant, administrative or management trainee, marketing interviewer, or any of a number of professional sales jobs. A Ph.D. is necessary for top economist or marketing positions in many high level financial organizations. Many corporation and government executives have a strong background in economics or marketing. For a job as lecturer in many junior and degree colleges, a master's degree is the minimum requirement. In some colleges and universities, however, a Ph.D. is necessary for appointment as a senior Professor

3. PAYING YOUR DUES (MAJOR EMPLOYERS): -

Graduates with bachelor's degrees in economics find entry-level positions in which their primary responsibilities are the collection, assimilation and preparation of data. For positions with greater responsibility, such as those in teaching or government, a master's degree or Ph.D. is required. The more quantitative course requirements of the economics major include statistics, regression analysis, and econometrics. These form the core of business life, but at the same time, those who are comfortable with the written or spoken word have a significantly higher rate of advancement and overall job satisfaction than those who are not. Applicants should be comfortable with computers, numbers, and long academic papers. Many women who start in academia find they are more successful in the private sector. The ability to distinguish yourself from other economists is key, but can be difficult, especially within a particular company's or industry's accepted economic assumptions. Creative thinkers and those who have taken cross-discipline course loads, such as philosophy or marketing, seem to find it easier to break from the pack and propose new, interesting additions to the economic canon. Technological breakthroughs bring countless new possibilities to economic analysis for economists to explore and present.

4. EMPLOYMENT: -

Economists and marketing research analysts held about 70,000 jobs in 1998. Private industry provided about 4 out of 5 jobs for salaried workers, particularly economic and marketing research firms, management consulting firms, banks, securities and commodities brokers, and computer and data processing companies. A wide range of government agencies provided the remaining jobs, primarily for economists. The Departments of Labor, Agriculture, and Commerce are the largest Federal employers of economists. A number of economists and marketing research analysts combine a full-time job in government, academia, or business with part-time or consulting work in another setting.

Employment of economists and marketing research analysts is concentrated in large cities. Some economists work abroad for companies with major international operations, for U.S. Government agencies, and for international organizations like the World Bank and the United Nations. Besides the jobs described above, many economists and marketing research analysts held faculty positions in colleges and universities. Economics and marketing faculty have flexible work schedules, and may divide their time among teaching, research, consulting, and administration.

According to the U.S. Department of Labor's Occupational Outlook Handbook, 2000-01 Edition, employment of economists and marketing research analysts is expected to grow about as fast as the average for all occupations through 2008. Opportunities for economists should be best in private industry, especially in research, testing, and consulting firms, as more companies contract out for economic research services. The growing complexity of the global economy, competition, and increased reliance on quantitative methods for analyzing the current value of future funds, business trends, sales, and purchasing should spur demand for economists. The growing need for economic analyses in virtually every industry should result in additional jobs for economists. Employment of economists in the Federal Government should decline more slowly than other occupations in the Federal workforce.

5. JOB OUTLOOK: -

Employment of economists and marketing research analysts is expected to grow about as fast as the average for all occupations through 2008. Many job openings are likely to result from the need to replace experienced workers who transfer to other occupations, retire, or leave the labor force for other reasons.

Opportunities for economists should be best in private industry, especially in research, testing, and consulting firms, as more companies contract out for economic research services. The growing complexity of the global economy, competition, and increased reliance on quantitative methods for analyzing the current value of future funds, business trends, sales, and purchasing should spur demand for economists. The growing need for economic analyses in virtually every industry should result in additional jobs for economists. Employment of economists in the Federal Government should decline more slowly than other occupations in the Federal workforce. Slow employment growth is expected among economists in State and local government.

An advanced degree coupled with a strong background in economic theory, mathematics, statistics, and econometrics provides the basis for acquiring any specialty within the field. Those skilled in quantitative techniques and their application to economic modeling and forecasting, coupled with good communications skills, should have the best job opportunities.

Bachelor degree holders in economics may face competition for the limited number of economist positions for which they qualify. They will qualify for a number of other positions, however, where they can take advantage of their economic knowledge in conducting research, developing surveys, or analyzing data. Many graduates with bachelor’s degrees will find good jobs in industry and business as management or sales trainees, or administrative assistants. Economists with good quantitative skills are qualified for research assistant positions in a broad range of fields.

Candidates who meet State certification requirements may become high school economics teachers. The demand for secondary school economics teachers is expected to grow, as economics becomes an increasingly important and popular course. Ph.D. degree holders in economics and marketing are likely to face keen competition for teaching positions in colleges and universities. However, opportunities should be good in other areas such as industry and consulting firms.

Demand for qualified marketing research analysts should be strong due to an increasingly competitive economy. Marketing research provides organizations valuable feedback from purchasers, allowing companies to evaluate consumer satisfaction and more effectively plan for the future. As companies seek to expand their market and consumers become better informed, the need for marketing professionals will increase.

Opportunities for marketing research analysts with graduate degrees should be good in a wide range of employment settings, particularly in marketing research firms, as companies find it more profitable to contract out for marketing research services rather than support their own marketing department. Other organizations, including financial services organizations, health care institutions, advertising firms, manufacturing firms producing consumer goods, and insurance companies may offer job opportunities for marketing research analysts.

Those with a bachelor’s degree, who have a strong background in mathematics, statistics, survey design, and computer science, may be hired by private firms as research assistants or interviewers.

6. EARNINGS: -

Median annual earnings of economists and marketing research analysts were $48,330 in 1998. The middle 50 percent earned between $34,650 and $74,500 a year. The lowest 10 percent earned less than $26,540 and the highest 10 percent earned more than $94,810 a year. Median annual earnings in the industries employing the largest number of economists and marketing research analysts in 1997 were as follows:

The Federal Government recognizes education and experience in certifying applicants for entry-level positions. The entrance salary for economists having a bachelor’s degree was about $20,600 a year in 1999; however, those with superior academic records could begin at $25,500. Those having a master’s degree could qualify for positions at an annual salary of $31,200. Those with a Ph.D. could begin at $37,700, while some individuals with experience and an advanced degree could start at $45,200. Starting salaries were slightly higher in selected areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $67,800 a year in early 1999.

7. CAREER PROFILE: -

Of people in profession: 48,000% Male: 85% Female: 15% Average hours per week: 40 hours. Average starting salary: $ is 28,500,average salary after 5 years: $ 55,000,average salary after 10 to 15 years: $ 75,000,Professionals Read: The Economist, Economic Review, Quarterly Report (Bureau of Labor statistics), The Financial TimesBook, Films and TV Shows Featuring the Profession: The Economist, Game Theory, Policy Analysis, Murder on the Margins.

8. TRAINING, OTHER QUALIFICATIONS, AND ADVANCEMENT: -

Graduate training is required for many private sector economist and marketing research analyst jobs, and for advancement to more responsible positions. Economics includes many specialties at the graduate level, such as advanced economic theory, econometrics, international economics, and labor economics. Students should select graduate schools strong in specialties in which they are interested. Marketing research analysts may earn advanced degrees in economics, business administration, marketing, statistics, or some closely related discipline. Some schools help graduate students find internships or part-time employment in government agencies, economic consulting firms, financial institutions, or marketing research firms prior to graduation.

Undergraduate economics majors can choose from a variety of courses, ranging from microeconomics, macroeconomics, and econometrics, to more philosophical courses, such as the history of economic thought.

In addition to courses in business, marketing, and consumer behavior, marketing majors should take other liberal arts and social science courses, including economics, psychology, English, and sociology. Because of the importance of quantitative skills to economists and marketing researchers, courses in mathematics, statistics, econometrics, sampling theory and survey design, and computer science are extremely helpful.

In the Federal Government, candidates for entry-level economist positions must have a bachelor’s degree with a minimum of 21 semester hours of economics and 3 hours of statistics, accounting, or calculus. Competition is keen for positions requiring only a bachelor’s degree, however, and additional education or superior academic performance is likely to be required to gain employment.

A master’s degree is usually the minimum requirement for a job as an instructor in junior and community colleges. In most colleges and universities, however, a Ph.D. is necessary for appointment as an instructor. A Ph.D. and extensive publications in academic journals are required for a professorship, tenure, and promotion.

Whether working in government, industry, research organizations, marketing, or consulting firms, economists and marketing research analysts with graduate degrees usually qualify for more responsible research and administrative positions. Many businesses, research and consulting firms, and government agencies seek individuals who have strong computer and quantitative skills and can perform complex research. A Ph.D. is necessary for top economist or marketing positions in many organizations. Many corporation and government executives have a strong background in economics or marketing.

A bachelor’s degree with a major in economics or marketing may not be sufficient to obtain some positions as an economist or marketing analyst, but is excellent preparation for many entry-level positions as a research assistant, administrative or management trainee, marketing interviewer, or any of a number of professional sales jobs.

Aspiring economists and marketing research analysts should gain experience gathering and analyzing data, conducting interviews or surveys, and writing reports on their findings while in college. This experience can prove invaluable later in obtaining a full-time position in the field, since much of their work, in the beginning, may center on these duties. With experience, economists and marketing research analysts eventually are assigned their own research projects.

Those considering careers as economists or marketing research analysts should be able to pay attention to details because much time is spent on precise data analysis. Patience and persistence are necessary qualities since economists and marketing research analysts must spend long hours on independent study and problem solving. At the same time, they must work well with others, especially marketing research analysts, who often oversee interviews for a wide variety of individuals. Economists and marketing research analysts must be able to present their findings, both orally and in writing, in a clear, meaningful way.

9. PAST AND FUTURE: -

Adam Smith, the father of economics, came up with "laissez-faire" and the so-called law of supply and demand. John Maynard Keynes, with his theories on unemployment and the system of economic sponsorship, was one of the first modern economists to garner international fame. In post W.W.II economies, the role of economists has been recognized as valuable by all governments and numerous industries in the financial sector. In the future, computer modeling will help economists formulate their economic visions for a wide variety of clients, including third-world countries and multinational corporations. Private industries should hire approximately 30 percent more economists over the next five to ten years, mostly in urban centers, particularly Washington, New York, and Los Angeles (for economists specializing in the analysis of Pacific Rim economies).

10. QUALITY OF LIFE: -

Two Years Out: Economists who pursue graduate degrees often work while still in school, so these first few years pass at a frenzied pace. For the first few months in the working world, economists learn the assumptions and models used by the hiring company. Tasks focus on computer modeling, report writing, and working as part of larger, highly supervised research teams. Salaries are low. Projects usually have strict deadlines, so expect some weekend work. Economists in academia start out as assistant professors, lecturing, grading papers, and teaching sections.

Five Years Out: Nearly 30 percent of those who began five years ago have either returned to school to pursue higher degrees in economics or to get out of the field altogether (in many cases, to become bankers). Since most private consulting firms employ fewer than fifty people, those who stay can rise rapidly. Successful economists are team leaders, managing large research projects, working with clients, and reviewing materials prepared by junior associates. Academics, now teaching their own seminars, are likely to have shifted among universities to those with strong opportunities for advancement and are publishing papers and articles other than thesis material.

Ten Years Out: By this point, economists have significant client experience, strong managerial skills, and an ability to deliver promised services. Over 25 percent of ten-year veterans start their own consulting firms. Others become in-house employees at banks, brokerage houses, or other type of financial consulting firms (usually at the vice-presidential level or higher). Academics are now professors, publishing articles, working with graduate students, and angling for the extra-university awards and consulting agreements that can provide a significant boost to income and prestige within the profession.

11. RELATED OCCUPATIONS: -

Economists are concerned with understanding and interpreting financial matters, among other subjects. Other jobs in this area include financial managers, financial planners, insurance underwriters, actuaries, credit analysts, loan officers, and budget analysts.

Marketing research analysts do research to find out how well the market receives products or services. This may include planning, implementation, and analysis of surveys to determine people’s needs and preferences. Other jobs using these skills include psychologists, sociologists, and urban and regional planners.

12. ASSOCIATED CAREERS: -

Economists who leave the profession find a wide range of careers open to them. Their statistical and mathematical skills make them well-suited for careers as statisticians, bankers, stockbrokers, options traders, equity research analysts, and any other profession that requires systems modeling. Their research and writing skills allow them to become financial journalists, research analysts, academics in other fields, and administrative managers.

13. DEPARTMENTS & DESIGNATION: -

As an Economist you can be placed in any kind of departments with different designations that are as follows: -

• President and CEO-
• Team player
• Project manager
• Director of business attraction
• Director of economic development
• Development manager
• Executive director
• Economic development director
• Economic development coordinator
• Economic development specialist

14. MARKETING RESEARCH ANALYSTS: -

Marketing research analysts are concerned with the potential sales of a product or service. They analyze statistical data on past sales to predict future sales. They gather data on competitors and analyze prices, sales, and methods of marketing and distribution. Like economists, marketing research analysts devise methods and procedures for obtaining the data they need. They often design telephone, personal, or mail interview surveys to assess consumer preferences. Trained interviewers, under the marketing research analyst’s direction, usually conduct the surveys.

After compiling the data, marketing research analysts evaluate it and make recommendations to their client or employer based upon their findings. They provide a company’s management with information needed to make decisions on the promotion, distribution, design, and pricing of company products or services. The information may also be used to determine the advisability of adding new lines of merchandise, opening new branches, or otherwise diversifying the company’s operations. Analysts may conduct opinion research to determine public attitudes on various issues. This can help political or business leaders and others assess public support for their electoral prospects or advertising policies.

15. WORKING CONDITIONS: -

Economists and marketing research analysts have structured work schedules. They often work alone, writing reports, preparing statistical charts, and using computers, but they may also be an integral part of a research team. Most work under pressure of deadlines and tight schedules, which may require overtime. Their routine may be interrupted by special requests for data, as well as by the need to attend meetings or conferences. Frequent travel may be necessaryk.

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