Business economics researcher

Description

Business economics researchers conduct research on topics regarding economy, organisations, and strategy. They analyse macroeconomic and microeconomic trends and use this information to analyse the positions of industries or specific companies in the economy. They provide advice regarding strategic planning, product feasibility, forecast trends, emerging markets, taxing policies, and consumer trends.

Other titles

The following job titles also refer to business economics researcher:

business economist
financial market researcher
business researcher
fiscal economics strategist
fiscal economics researcher
fiscal economics analyst
business research scientist
economic analyst
business economy researcher
financial market economist
economic advisor
financial market advisor
business advisor
business analyst
fiscal economics advisor

Minimum qualifications

Doctoral or equivalent level is generally required to work as business economics researcher. However, this requirement may differ in some countries.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Business economics researcher is a Skill level 4 occupation.

Business economics researcher career path

Similar occupations

These occupations, although different, require a lot of knowledge and skills similar to business economics researcher.

economist
economic development coordinator
central bank governor
demographer
economic policy officer

Long term prospects

These occupations require some skills and knowledge of business economics researcher. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of business economics researcher with a significant experience and/or extensive training.

Essential knowledge and skills

Essential knowledge

This knowledge should be acquired through learning to fulfill the role of business economics researcher.

Business management principles: Principles governing business management methods such as strategy planning, methods of efficient production, people and resources coordination.
Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.
Financial markets: The financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.

Essential skills and competences

These skills are necessary for the role of business economics researcher.

Work in an economically efficient manner: Perform work processes as efficiently as possible, avoiding the waste of materials, time, and energy as much as possible.
Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
Execute analytical mathematical calculations: Apply mathematical methods and make use of calculation technologies in order to perform analyses and devise solutions to specific problems.
Apply statistical analysis techniques: Use models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.
Advise on economic development: Advise organisations and institutions on the factors and steps they could take which would promote and ensure economic stability and growth.
Analyse economic trends: Analyse developments in national or international trade, business relations, banking, and developments in public finance and how these factors interact with one another in a given economic context.
Apply scientific methods: Apply scientific methods and techniques to investigate phenomena, by acquiring new knowledge or correcting and integrating previous knowledge.
Conduct quantitative research: Execute a systematic empirical investigation of observable phenomena via statistical, mathematical or computational techniques.
Forecast economic trends: Gather and analyse economic data in order to predict economic trends and events.

Optional knowledge and skills

Optional knowledge

This knowledge is sometimes, but not always, required for the role of business economics researcher. However, mastering this knowledge allows you to have more opportunities for career development.

Mathematics: Mathematics is the study of topics such as quantity, structure, space, and change. It involves the identification of patterns and formulating new conjectures based on them. Mathematicians strive to prove the truth or falsity of these conjectures. There are many fields of mathematics, some of which are widely used for practical applications.
Financial forecasting: The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Financial analysis: The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
Commercial law: The legal regulations that govern a specific commercial activity.

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of business economics researcher. However, mastering these skills and competences allows you to have more opportunities for career development.

Write research proposals: Synthetise and write proposals aiming to solve research problems. Draft the proposal baseline and objectives, the estimated budget, risks and impact. Document the advances and new developments on the relevant subject and field of study.
Provide cost benefit analysis reports: Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.
Analyse financial performance of a company: Based on accounts, records, financial statements and external information of the market, analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit.
Write scientific papers: Present the hypothesis, findings, and conclusions of your scientific research in your field of expertise in a professional publication.
Monitor national economy: Supervise the economy of a country and their financial institutions such as banks and other credit institutions.
Consider economic criteria in decision making: Develop proposals and take appropriate decisions taking into account economic criteria.
Assess risk factors: Determine the influence of economical, political and cultural risk factors and additional issues.
Conduct qualitative research: Gather relevant information by applying systematic methods, such as interviews, focus groups, text analysis, observations and case studies.

ISCO group and title

2631 – Economists

 

 


 

 

References
  1. Business economics researcher – ESCO
Last updated on August 8, 2022