Nature of Work
An economist is an expert in the social science of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, financial mathematics and mathematical economics.
Economics is a science that deals with the production, distribution, exchange and consumption of various goods and services within a particular country. Individuals, groups of people, business concerns or by governments, carry on these activities. The study of economics is aimed at enabling such individuals to carry out activities related to goods and services in such a manner that optimum benefit is obtained from the activity.
Economists work in variety of settings. For instance, they may be involved in market research, in equity research in the financial services sector, in rural development, in demographic studies and in the formulation of economic analysis and policies. The financial services sector analyses the trend of economic and corporate activity through its economists are utilised by government organisations as well as the public and private sector organisations.
Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They may conduct research, collect and analyze data, monitor economic trends, or develop forecasts. Economists research a wide variety of issues including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.
Many economists specialize in a particular area of economics, although general knowledge of basic economic principles is essential. Micro economists study the supply and demand decisions of individuals and firms, such as how profits can be maximized and the quantity of a good or service that consumers will demand at a certain price. Industrial economists or organizational economists study the market structure of particular industries in terms of the number of competitors within those industries and examine the market decisions of competitive firms and monopolies.
These economists also may be concerned with antitrust policy and its impact on market structure. Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment. Doing similar work as macroeconomists are monetary economists or financial economists, who study the money and banking system and the effects of changing interest rates. International economists study international financial markets, exchange rates, and the effects of various trade policies such as tariffs.
Labor economists or demographic economists study the supply and demand for labor and the determination of wages. These economists also try to explain the reasons for unemployment and the effects of changing demographic trends, such as an aging population and increasing immigration, on labor markets. Public finance economists are involved primarily in studying the role of the government in the economy and the effects of tax cuts, budget deficits, and welfare policies.
Econometricians investigate all areas of economics and apply mathematical techniques such as calculus, game theory, and regression analysis to their research. With these techniques, they formulate economic models that help explain economic relationships and that can be used to develop forecasts about business cycles, the effects of a specific rate of inflation on the economy, the effects of tax legislation on unemployment levels, and other economic phenomena.
Growth Opportunities
Even though the economy is generally on the rise, the competition economists will face is keen. Those with bachelor’s degrees will have to have a lot of perseverance and associate skills to gain the restricted number of positions they qualify for. There are other fields, however, in which they can use their economic skills that will not be so competitive. These involve designing surveys, data analysis, researchers, management, or specialists for many different businesses and agencies.
Those candidates with higher degrees, strong mathematical skills, quantitative methods, and the ability to analyze and make forecasts will be strongly competitive for any number of specialist positions. Positions at universities such as professorships or tenures, however, always have strong competition. Aspiring economists can also meet the certification requirements of their state to teach in public high schools. There is a high demand for teachers and demand is expected to grow even further as more emphasis is placed on teaching economics in high school.
Employment of economists is expected to grow seven percent from 2006 to 2016, for all occupations. Demand for economic analysis should grow, but the increase in the number of economist jobs will be tempered as firms hire workers for more specialized jobs with specialized titles. Many workers with economic backgrounds will work in related occupations with more specific job titles, such as financial analyst, market analyst, public policy consultant, researcher or research assistant, and purchasing manager. Overall employment growth also will be slowed because of the relatively high number of economists employed in slow growing or declining government sectors. Employment in federal government agencies is expected to decrease, and employment in state and local government is expected to grow more slowly than employment in the private sector.
Market Scenario
The employment options open to those who specialise in economics are manifold. To begin with, government enterprises, public undertakings, banks, finance and investment firms, business journals and newspapers and the private sector throw up many avenues of employment in various departments.
The Indian economics services are also an excellent option open to those who want to join government service. Officers are recruited through examinations conducted by the union public service commission.. The examination is held in the month of September every year. The announcement for the same is made in the month of March of the same year. The written examination has papers in english, general studies, general economics and Indian economics. The written examination is followed by an interview.
Another highly lucrative avenue open to those looking for government employment is the reserve bank of India. Written tests are conducted by the RBI for the purpose. Postgraduates in the age group 21-28 are eligible for the examination. Those who successfully clear the examination are finally selected through personal interviews.
Prospects for economists are good in all sectors of the economy. The economies of the world are growing in unison and most are growing rapidly and naturally with the increases economic activity, economists will find many more opportunities to utilise their educational qualification remuneratively.
Within India
Economics graduates are employable in varying degrees, depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college.
Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance, tax and banking, or management. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and it, as well as in the public sector – for example, in the health and education sectors, or in government and politics.
Overseas
International economics graduates pursue careers in a wide variety of fields. While most PhD’s aspire to university-level teaching and research, many others go on to work as researchers in government, industry, and business. Graduates work in places like the U.S. treasury, the international monetary fund, the world bank, and the us. department of justice.
Their specialized knowledge not only of economics but also of international trade make them valuable employees at a variety of local, state, and federal institutions, as well as large banks and businesses. Their knowledge and research skills are applicable in a wide range of places, in fields such as human resources, public finance, and labor economics. Graduates become active in all kinds of finance/trade, business, and consulting within international markets.
Economists who work for government agencies also assess economic conditions in the united states or abroad to estimate the effects of specific changes in legislation or public policy. Government economists advise policy makers in areas such as the deregulation of industries, the effects of changes to social security, the effects of tax cuts on the budget deficit, and the effectiveness of imposing tariffs on imported goods. An economist working in state or local government might analyze data on the growth of school-age or prison populations and on employment and unemployment rates in order to project future spending needs
