Economists use their in-depth understanding of market trends and are able to use their theoretical knowledge to make informed predictions, forecasts and give advice.
Economists use a broad range of economic theories and practices to make informed and considered forecasts about the certain economic futures, as well as issue advice surrounding these decisions. Economists have developed a complex comprehension of economic concepts and can be found working for a range of employers, including the public sector, management consultancies, banking firms or large organisations.
Another area of concern for Economists is researching around areas of concern for their employer. This can involve Economists working to research an industry or country for economic suitability and then using a range of statistical analysis tools and processes the data and extract some advice and/or forecast.
For a role this entrenched in theory and knowledge, it is highly advisable that graduates have already studied an economics related degree or something relating to accountancy. The role has high demands on a graduate's numerical capabilities, as well as their analytical skills. Graduates in this role will also have to deal with writing detailed, complex and often lengthy studies and reports, so excellent communications skills are also a massive bonus.
The average starting salary for a graduate Economist is £23,835. This is a great salary for graduates to start their careers on. What should be acknowledged is that because of the importance of some of the work undertaken by Economists, graduates can expect to command very high salaries as they climb up the career ladder.
The Daily Duties of an Economist
Economics is such a large field and with such, graduates starting out as Economists may end up doing some of the leg work, rather than the important analytical work. This is typical of many fields where the prestige and importance of the work undertaken is so high. It does mean, however, that graduates are expected to be versatile in their approach and take to a range of different tasks.
Here are just a few of the tasks that graduates can expect to do as an Economist:
- Advice - With all their knowledge and understanding of data, trends, forecasts, predictions and much more besides, Economists are looked upon to be the unbiased voice of reason for companies and governments. They are looked upon to provide clear advice on, from their opinion, would be the best policy of action. An Economist's advice can be critical to decisions made in governments and companies, so it is no surprise the effort that goes into preparing advice by Economists.
- Monitoring Trends - Economists, while having a complex understanding of what has gone on in the past, are also able understand what might happen in the future. One of the key reliable sources for this is current trends in the markets. Economists must have their fingers to the pulse as far as these are concerned to help them keep their forecasts relevant.
- Research - For much of their work, Economists are huddled over data analysing and picking apart the narrative from what the data is telling them and what their past experience might suggest. Graduate Economists must be able to understand a broad range of data, a skill usually picked up at university, and apply it to useful aims, whether it be a report or directive advice.
- Writing Reports and Delivering Presentations - Because of the broad range of understanding of data and how they impart this knowledge on everyone else, graduate Economists must be able to clearly explain this to a broad range of people. Sometimes this can involve lengthy reports, attempting to explain difficult concepts to those without the level of understanding or other challenges that might be posed, Economists must be able use their excellent command of English to explain their findings.
Careers as Economists might seem like a dull option, but for those with the intelligence and the understanding this can be a truly inspiring career, allowing graduates to be involved in really important policy decisions ad be able to make a valued contribution. However, graduates considering this as a career, may struggle to break into a position without a relevant background in the field.