Economist: Job Description, Education, Skills and Abilities, Earnings and Outlook
Submitted by: paula
Job Overview Economist is a kind of a social scientist. They are focused on the study of the economy in all aspects, economy of various scope such as the economy of the cities, the nations and of the world. They study the methods by which the people in the society utilize the limited resources such as natural resources and human resource ( land, water, electricity, raw materials, human labor) to fulfill thier needs and satisfy their wants. They are often seen to be analyzing how individuals, groups, businesses and government departments or the government as a whole, in all strata obtain, use, invest and spend their resources such as money. They dig deep in to the reasons and the factors that affect why people follow certain patterns of economic courses. More commonly, they draw relationships between the supply and the demand and how these affect the price of goods in the local and the world market.
Education, Knowledge and Trainings Required
The minimum requirement to become an economist is a possession of a masteral degree or a doctoral degree in Economics. To be able to achieve this, the aspiring economist must first take an undergraduate degree or courses in Economics and realted areas such as Political Science, History and the like. After completing a four year degree in the said courses, a masteral degree which may take at least two years of study/or a doctoral degree can be taken afterwards.
Skills and Abilities
The skills that an economist should have include critical thinking skills, researching skills, communication skills as well as helping and teaching skills. Critical thinking skills are necessary so as to provide an analytical explanation to economic phenomenon. Researching skills are needed in data gathering and data consolidation. Communication skills are crucial in developing good interpesonal relations to fellow economists, research staff and other social scientists and will enable them to present their work both in written and in oral form as necessary. Helping and teaching skills are especially helpful when the ecoomist act as an academician and an adviser.
Duties
The duties of an economist depend on their work area and the chosen specialization or focus on the broad field of Economics.
They may specialise in certain areas of interest such as taxation, farm policies, international trade and industrial productivity, to name a few. Generally, what they are tasked to do is to conduct a study or an analysis on variables of the economy. With the use of statistics and other significant sources such as certain economic theories and mathematical analysis, they study and develop hypothesis as to why certain events, problems, or changes in the economic or economic related conditions happen. They may explain problems with the supporting data and their analysis. Examples of events include unemployment and inflation. One third of the economist work as researchers and advisers for private companies and organization. There are others who opt to be in the academe and teach Economics to students. There are a few who own a consulting firm and make businesses our of their profession.
Job Outlook and Earnings
The earnings of an economist depend on the following factors: education, work or professional work experience and the type of focus of interest. The median annual income for an economist is around 72,000 U.S. dollars per annum. The starting salary is around 24,000 to 30,000 U.S. dollars per annum. The job outlook for this profession is said to be move as fast as the average for the other professions.
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Word Count: 615 Date: Mon, 7 Feb 2011 Time: 2:22 PM
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