Economist Job Description, Duties, and Responsibilities
What Does an Economist Do?
Economists are those who study commercial trends, including the trade, production, and consumption of goods and services.
Their job description entails making use of economic theories and concepts to provide information required for decision-making and economic planning.
Economists apply their specialized knowledge of resource management in proffering solutions to real-world situations – providing vital information with financial, political, and social impact.
They conduct thorough research on the production and distribution of goods and services and also prepare reports after research is done and formulate plans to aid the resolution of economic problem that may arise during production or distribution.
Their role also involves researching on data/statistics that will later be analyzed to establish future economic trends.
They carryout considerable amount of research and collect a huge amount of data and information which is analyzed to assess practicability, determine implications of reports, and make recommendations on ways to improve efficiency.
Economists are needed by business people in both private and government agencies for assistance in managing their finances for greater benefits.
They focus their attention on available resources and statistically analyze or devise a means to make the most of the resources for profit-making.
Their work description also entails detecting problems and issues that may arise from production, which may affect the economic value of a product.
They employ their knowledge of economic theories and concepts to analyze feasible ways of maximizing profit through ends and scarce means, and also carry out studies to identify best way of using minimum resources to amass maximum income or profit for a business organization or government agency.
They stay up to date with trends and apply changes where necessary to enhance financial operations.
Economists make use of the scale of preference in their analysis to ascertain the greatest need of an organization and also select from the preferences the main priority that needs immediate attention.
To start a career as an economist requires at least a Master’s degree in economics or in other related field. It may also require at least two years of experience in the field of economics.
To succeed in this career, the qualities you need include eye for details, excellent communication, and good statistical skills.
Economics Job Description Example/Template
Economists perform various functions both in corporations and in government agencies to help leaders make effective decisions.
Here is an example of economist job description, comprising of major tasks, duties, and responsibilities they typically perform:
- Carry out research on the trends pertaining economics in relation to the production and distribution of goods and services
- Analyze reports from research using mathematical models and statistical techniques
- Develop economic procedures and plans which are used in forecasting trends and formulating policies
- Formulate recommendation, plans, and policies which could be used to solve economic problems or issues
- Provide advice and consultation related to economics to businesses, private, and public organizations, and government agencies
- Compile data related to research area like employment, productivity, wages, and distribution
- Establish methodologies and concepts for collecting and processing data using knowledge of available sources of information and econometrics
- Arrange information into report format and for the preparation of graphical establishments of research results
- Make use of available resources to maximize profit
- Provide technical inputs and analyses in the identification, design, development, processing, and evaluation of loan projects
- Develop and transfer knowledge products for capacity building on economic methods and principles
- Work closely with the managers of private or public organization and government agencies to know their needs and establish a scale of preference in the process.
Requirements – Skills, Abilities, and Knowledge – for Economist Job
If you are looking to work as an economist, the following are major requirements you may have to satisfy to qualify for an interview with most employers:
- Education and Training: To become an economist, you require at least a Master’s degree in economics, business management or other related field. About two years of experience in the area of economics is also required
- Communication Skill: Economists are able to communicate results of a survey to upper management for critical decision-making
- Critical Thinking: They use logic and reasoning to deliberate on the possible economic situation of a business
- Numerical Skill: They make use of numbers in other to mathematically or statistically analyze issues concerning the economy.
As an employer, you will need to publish a good description of the position if you are hiring for the economist job to be able to attract the best qualified people to your organization.
The job description sample provided in this post will assist you in creating the right and detailed description for the role that gets you the quality candidates that you desire.
A job seeker looking to start a career as an economist will also find this article helpful in increasing their knowledge of what the career entails.
Did your knowledge of what economists do increase by reading this post? Please, share your thoughts about this article in the comment box below. And if you work as an economics, you may also share your job description in the box.