Economic Analyst Job Description, Key Duties and Responsibilities
If you are searching for the economic analyst job description then this article will be very helpful to you to learn about the key duties, tasks, and responsibilities that they perform.
You will also learn from this post the major requirements, including skills that one would need to fulfill to work as an economic analyst in most organizations.
Please, continue reading:
What Does Economic Analyst Do?
Economic analyst analyzes economic data, including GDP, demand and supply, taxation, income, and consumption levels to aid the government and its agencies, investment firms, and other business organizations, as well as the general public to make sound decisions.
They may work for the government or private organizations, including CIA, banks, manufacturing companies, and energy companies.
The economic analyst job description entails providing economic, industry, statistical, and forecast information to facilitate new business development, capital investment decisions, and determination of business strategy.
It also involves analyzing data from multiple sources and developing findings into presentations, reports, forecasts, and studies to provide management with actionable business intelligence.
Economic analysts are responsible for carrying out research and working with large data sets; examining data to assess the feasibility of various scenarios and communicate the implications of analysis and findings through formal reports and dashboards.
They are responsible for several activities, including the identification of key market drivers affecting the organization they represent, the building of data capture systems around those drivers, the evaluation and consolidation of data into a logical point of view, and the internal communication and translation of that point of view into a price set to support business decision-making.
The economic analyst work description also entails undertaking in-depth fundamental supply and demand analysis around the key drivers impacting the organization’s profitability.
It also includes leading the effort to identify strategies and develop action plans and recommendations based on the market analysis performed, and presents that information to other key personnel in the organization.
When working for the government, economic analysts are responsible for regional and transnational issues, including assessing foreign economic, trade, and financial issues that affect US security interests.
It also entails focusing and taking a broader and global approach to various macroeconomic and microeconomic issues facing the country or region they cover.
Economic analysts working for the government may also focus more deeply on technical details, especially in the area of macroeconomic stability and finance.
Economic Analyst Job Description Example/Sample/ Template
Economic analysts perform various functions that primarily entail gathering and analyzing economic data that are relevant to the business of their organization to aid business decisions.
They are responsible for researching data sources, analyzing and interpreting relevant data, and developing recommendations for specific action.
The major tasks, duties, and responsibility that constitute the economic analyst job description are listed below:
- Prepare research studies to promote the business as well as validate areas of broader business strategy and focus following marketing leadership
- Carry out analysis of the business, competitive, domestic, and international economic factors to determine their impact on the business of the company
- Apply statistical techniques and tools to develop macro-economic forecast models that aid marketing unit in the development of corporate demand forecast
- Responsible for preparing statistical forecasts used for long-term infrastructure planning and other special projects
- Provide support to marketing and other relevant units in the interpretation and application of economic and other forward-looking information to support the development of the corporate forecast
- Responsible for carrying out data analyses necessary for the review and validation of corporate forecast
- Responsible for the creation of computer-based analytic tools such as mapping programs, databases, and websites, and dashboards to provide business intelligence to users
- Provide support to departments, especially commercial marketing group(s) in the use of a corporate forecasting system.
Economic Analyst Job Description for Resume
You can apply the economic analyst job description sample provided above in making a resume.
If you need to make a resume for a new job, the duties and responsibilities of an economic analyst that are highlighted in the above sample job description will give you what you need to make the professional experience section of your resume if you have worked or are presently working in the position of an economic analyst.
Economic Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
When hiring for the economic analyst position, recruiters commonly specify certain skills, abilities, and education level as requirement that applicants for the job must meet to access it.
Shown below are major requirements that applicants for the economic analyst role are usually expected to fulfill:
- Education: To work as an economic analyst, applicants are required to have a minimum of Bachelor’s degree in Economics, Business Administration and Management, or Computer and Information Sciences; Mathematical Sciences or Statistics. But a Master’s degree or MBA is often preferred by most recruiters
- Knowledge: Applicants must possess solid economic background, as well as specialized experience utilizing specialized business intelligence and analytics software such as Qlik and Tableau. Employers also require that applicants have at minimum 3-5 years work experience as an economic analyst
- Computer Skills: The job of an economic analyst greatly requires the use of computer applications and software, so it is vital that applicants have advanced skills using Microsoft Office applications, including Excel/Spreadsheets, Access/Database Development, and PowerPoint; and Share Point, and Outlook
- Analytical thinking: It is important that applicants have the mental ability to apply logic in identifying and Considering Alternatives to arrive at valid conclusions that will aid the organization in making sound decisions
- Communication skills: The economic analyst job description requires them to support departments with the interpretation and application of economic data, as well as provide reports of findings to management. So it is important that applicants have both written and verbal communication skills to perform their duties successfully
- Research skills: Applicants must also be skilled in searching various sources to gather data relevant for the analysis of key market metrics affecting the business or other specific issues
- Statistical skills: To work effectively as an economic analyst, it is important that applicants can apply various statistical techniques to carry out data analysis, and also develop macro-economic forecast models.
If you are a recruiter hiring for the role of an economic analyst, you can create an effective description for the job that can increase your chances of attracting the best candidates for the position by utilizing the sample job description presented above.
You will also find this article helpful if you are interested in the economic analyst career. You will be able to increase your knowledge of the duties and responsibilities commonly performed by economic analysts.
Did this article help you learn about what economic analysts do? Please, leave a comment in the box below. You can also share your job description if you work as an economic analyst.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.