Economics

Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.

financial data
financials
economic practices
financial economics
finances
market economics
commodity markets
economic principles
banking

knowledge

cross-sector

Economics is an essential knowledge of the following occupations:

Foreign exchange trader: Foreign exchange traders buy and sell foreign currencies in order to secure a profit on fluctuations in foreign exchange rates. They undertake technical analysis of economic information (market liquidity and volatility ) to predict the future rates of currencies on the foreign exchange market. They trade on their own name or for their employers.
Securities analyst: Securities analysts perform research activities to gather and analyse financial, legal and economic information. They interpret data on the price, stability and future investment trends in a certain economic area and make recommendations and forecasts to business clients.
Economics lecturer: Economics lecturers are subject professors, assistant professors, teachers, lectures, assistant lecturers, mentors who instruct students in their own specialised field of study, economics. They develop curriculum, prepare classes (lectures, practical classes, seminars, trainings etc.), monitor learning outcomes, supervise student study path. They conduct academic research in their field of economics and present their findings at the conferences and in publications. They are involved in some university management functions.
Business economics researcher: 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.
Credit adviser: Credit advisers offer guidance to customers related to credit services. They assess the customer’s financial situation and debt issues arisen from credit cards, medical bills and car loans in order to identify optimal credit solutions for customers and also provide debt elimination plans to adjust their finances if needed. They prepare qualitative credit analyses and decision-making material in respect of defined customers in conformity with the bank’s strategy on credit policy, ensure the credit quality and follow up on the performance of the credit portfolio. Credit advisers also have expertise in debt management and credit consolidation.
Financial auditor: Financial auditors collect and examine financial data for clients, organisations and companies. They ensure the financial data is properly maintained and free of material misstatements due to error or fraud, that it adds up, and functions legally and effectively. They review lending and credit policies or numbers in databases and documents, evaluate, consult and assist the source of the transaction if necessary. They use their review of the client’s financial governance as assurance to give testimony to the shareholders, stakeholders and board of directors of the organisation or company that all is up to par.
Energy trader: Energy traders sell or buy shares of energy, sometimes from different sources. They analyse the energy market and investigate trends in prices to decide when to buy or sell shares and ensure the most profit. They make calculations, and write reports on energy trades procedures, and make predictions on the development of the market.
Financial planner: Financial planners assist people dealing with various personal financial issues. They are specialised in financial planning, such as retirement planning, investment planning, risk management and insurance planning, and tax planning. They advise a strategy tailored to the client’s needs. They ensure the accuracy of bank and other financial records while maintaining a customer-orientated approach and following ethical standards.
Corporate investment banker: Corporate investment bankers offer strategic advice on financial services to companies and other institutions. They ensure that legal regulations are being followed by their clients in their efforts of raising any capital. They provide technical expertise and information on mergers and acquisitions, bonds and shares, privatisations and reorganisation, raising capital and security underwriting, including equity and debt markets.
Commodity broker:
Commodity brokers act as intermediary between buyers and sellers of movable and immovable property such as raw materials, livestock or real estate. They negotiate prices and receive a commission from the transactions. They research market conditions for specific commodities in order to inform their clients. They make bid offers and calculate the cost of transactions.
Economic policy officer: Economic policy officers develop economic strategies. They monitor aspects of economics such as competitiveness, innovation and trade. Economic policy officers contribute to the development of economic policies, projects and programs. They research, analyse and assess public policy problems and recommend appropriate actions.
Stock trader: Stock traders use their technical expertise of financial markets performance to advise and make recommendations to asset managers or shareholders for a profitable investment strategy, keeping in mind the company’s performance. They use stock market trading operations and deal with a wide array of taxes, commissions and fiscal obligations. Stock traders buy and sell bonds, stocks, futures and shares in hedge funds. They perform detailed micro- and macroeconomic and industry specific technical analysis.
Business administration vocational teacher: Business administration vocational teachers for business administration instruct students in their specialised field of study, business administration, which is predominantly practical in nature. They provide theoretical instruction in service of the practical skills and techniques the students must subsequently master for a business administration-related profession, such as accountant or banker. Business administration vocational teachers monitor the students’ progress, assist individually when necessary, and evaluate their knowledge and performance on the subject of business administration through assignments, tests and examinations.
Securities trader: Securities traders purchase and sell securities such as stocks, bonds and shares on their own account or on their employers account based on their expertise in the financial markets. They monitor the performance of the securities traded, assessing their stability or speculative tendancies. Securities brokers calculate the securities price and place orders. They record and file all securities transactions and take care of their financial documents.
Economic adviser: Economic advisers research economic developments and advise on economic problems. They forecast trends and behaviour in economics, and advise on finance, trade, fiscal and other related matters. They advise companies and organisations on techniques to gain economic profit.
Financial trader: Financial traders buy and sell financial products such as assets, shares and bonds for private clients, banks or companies. They monitor the financial markets closely and aim to maximise profit and to minimise risk through their transactions.
Financial risk analyst: Financial risk analysts correctly identify and review potential risk areas threatening the assets or capital of organisations. They specialise in either credit, market, operational or regulatory risk analysis. They use statistical analysis to evaluate risk, make recommendations to reduce and control risk and review documentation for legal compliance.
Business studies and economics teacher secondary school: Business studies and economics teachers at secondary schools provide education to students, commonly children and young adults, in a secondary school setting. They are usually subject teachers, specialised and instructing in their own field of study, business and economics. They prepare lesson plans and materials, monitor the students’ progress, assist individually when necessary, and evaluate the students’ knowledge and performance on the subject of business and economics through assignments, tests and examinations.
Securities underwriter: Securities underwriters administer the distribution activities of new securities from a business company. They work in close connection with the issuing body of the securities in order to establish the price and buys and sells them to other investors. They receive underwriting fees from their issuing clients.
Financial analyst:
Financial analysts conduct economic research and elicit valuable analyses on financial matters such as profitability, liquidity, solvency, and asset management. They provide recommendations on financial matters for decision-making processes. Financial analysts work in both the public and the private sector.
Stock broker: Stock brokers act on behalf of their individual or institutional clients in order to buy and sell stocks and other securities. They are in close contact with their clients and ensure that what they buy or sell through the stock exchange market is according to their clients’ wishes. Stock brokers undertake analyst research to make recommendations to their clients and expand their client base through various methods.
Investment fund management assistant: Investment fund management assistants provide clients with financial planning advice on financial products and serve as the main contact point for new and old clients. They assist and perform preparatory work in the creation and administration of funds and help with the implementation of fund management decisions made by the portfolio or fund manager.
Economist: Economists perform research and develop theories in the field of economics, whether for microeconomic or macroeconomic analysis. They study trends, analyse statistical data, and to some extent work with economic mathematical models in order to advise companies, governments, and related institutions. They advise on product feasibility, trend forecasts, emerging markets, tax policies, and consumer trends.
Economic development coordinator: Economic development coordinators outline and implement policies for the improvement of a community’s, government’s or institution’s economic growth and stability. They research economic trends and coordinate cooperation between institutions working in economic development. They analyse potential economic risks and conflicts and develop plans to resolve them. Economic development coordinators advise on the economic sustainability of institutions and economic growth.
Central bank governor: Central bank governors set the monetary and regulatory policy, determine interest rates, maintain price stability, control the national money supply and issuance and foreign exchange currency rates and gold reserves. They oversee and control the banking industry.
Credit risk analyst: Credit risk analysts manage individual credit risk and care for fraud prevention, business deal analysis, legal documents analysis and recommendations on the level of the risk.
Bank treasurer: Bank treasurers oversee all aspects of the financial management of a bank. They manage the liquidity and solvency of the bank. They manage and present current budgets, revise financial forecasts, prepare accounts for audit, manage the bank’s accounts and maintain accurate record-keeping of financial documentation.
Investment analyst: Investment analysts undertake research to make informed recommendations to fund managers. They research investments globally but depending on the nature and field of their employer they can specialise in fields like retail, infrastructure, energy, banking and financial services. They focus on financial and economical information such as the political and economic developments that can impact financial markets, the financial performance of the target companies and use the interpretation of data from different sources to understand how it affects investment decision making.
Financial broker: Financial brokers undertake financial market activities on behalf of their clients. They monitor securities, financial documentation of their clients, market trends and conditions and other legal requirements. They plan buying and selling activities and calculate transactions costs.
Securities broker: Securities brokers create the connection between the investors and the available investment opportunities. They purchase and sell securities on their clients’ behalf, based on their expertise in the financial markets. They monitor the performance of their clients’ securities, assessing their stability or speculative tendencies. Securities brokers calculate the securities’ price and place orders.
Trade development officer: Trade development officers develop and implement trade policies both internally and in international import and export relations. They analyse the domestic and foreign markets in order to promote and establish business operations, and ensure trade proceedings are compliant with legislation and businesses are protected from distortions.
Banking products manager: Banking products managers study the market of banking products and adapt the existing ones to the characteristics of this evolution or create new products to suit clients needs. They monitor and evaluate the performance indicators of these products and suggest improvements. Banking products managers assist with the sales and marketing strategy of the bank.
Mutual fund broker: Mutual fund brokers handle and raise cash from shareholders in order to invest them in stocks, bonds and money-market securities. They engage with investors by making inquiries about the client’s mutual funds account status and transaction procedures. Mutual fund brokers make use of their expertise in investment theory, market experience, and research to pick the most approapriate investments for their fund portfolio. They ensure that the mutual fund’s operations are in compliance with legal requirements.
Business journalist: Business journalists research and write articles about economy and economic events for newspapers, magazines, television and other media. They conduct interviews and attend events.
Commodity trader: Commodity traders use negotiation techniques to sell and buy physical goods and raw materials such as gold, cattle, oil, cotton and wheat on the trading floor. They receive and implement purchasing and selling instructions and negotiate the terms of sale and delivery of commodities. Commodity traders do research about market conditions of specific commodities, their price trends and demand in order to inform their employers, they make bid offers and calculate the cost of transactions.
Foreign exchange broker: Foreign exchange brokers buy and sell foreign currencies on behalf of their clients in order to secure a profit on fluctuations in foreign exchange rates. They undertake technical analysis of economic information such as market liquidity and volatility, to predict the future rates of currencies on the foreign exchange market.
Futures trader: Futures traders undertake daily trading activities in the futures trading market by buying and selling futures contracts. They speculate on the futures contracts’ direction, trying to make a profit by buying futures contracts they foresee to rise in price and sell contracts they foresee to fall in price.

Economics is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.

Mine manager: Mine managers control, direct, plan and coordinate mining production activities. They have statutory responsibility for safety and are also responsible for environmental impact. They oversee the acquisition, installation, maintenance and storage of mining plant and equipment. They lead and manage according to the organisation’s code of conduct.
Sociologist: Sociologists focus their research on explaining social behaviour and the way people have organised themselves as a society. They research and explain the way societies have evolved by describing their legal, political, and economic systems and their cultural expressions.
Bank teller: Bank tellers deal most frequently with customers of the bank. They promote the banks products and services, and provide information about the customers personal accounts and related transfers, deposits, savings etc. They order bank cards and checks for the customers, receive and balance cash and checks and ensure compliance with internal policies. They work on client accounts, deal with payments and manage the use of vaults and safe deposit boxes
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Financial markets back office administrator: Financial markets back office administrators perform administrative tasks for all the transactions registered in the trading room. They process transactions involving securities, derivatives, foreign exchange, commodities, and manage the clearing and settling of trades.
Political scientist: Political scientists study political behaviour, activity and systems, including the elements that fall therein. Their study of the field ranges from the origins and evolution of various political systems to topical matters such as decision-making processes, political behaviour, political trends, society, and power perspectives. They advise governments and institutional organisations on governance matters.
Bank account manager: Bank account managers advise prospective clients on the type of banking accounts suitable for their needs. They work with clients to set up the bank account and remain their primary point of contact in the bank, assisting with all necessary documentation. Bank account managers may recommend their clients to contact other departments in the bank for other specific needs.
Secondary school teacher: Secondary school teachers provide education to students, commonly children and young adults, in a secondary school setting. They are usually specialist subject teachers, who instruct in their own field of study. They prepare lesson plans and materials, monitor the students’ progress, assist individually when necessary and evaluate their knowledge and performance through assignments, tests and examinations.
Physicist: Physicists are scientists who study physical phenomena. They focus their research depending on their specialisation, which can range from atomic particle physics to the study of phenomena in the universe. They apply their findings for the improvement of society by contributing to the development of energy supplies, treatment of illness, game development, cutting-edge equipment, and daily use objects.
Vocational teacher: Vocational teachers instruct students in their specialised field of study, which is predominantly practical in nature. They provide theoretical instruction in service of the practical skills and techniques that the students must subsequently master in the specialised vocation of their choice and aid in the development of the according attitudes and values. Vocational teachers monitor the students progress, assist individually when necessary, and evaluate their knowledge and performance on the subject through assignments, tests and examinations.
Shipbroker: Shipbrokers act as intermediaries between buyers and sellers of ships, cargospace on ships and charter ships for the transfer of cargo. They inform clients on the shipping market mechanisms and movements, report on vessel and cargospace prices and sales, and negotiate not only the cost of the vessels, cargospace or cargo but also the logistical requirements for the transfer of the vessel or commodity cargo to the buyers.
Embassy counsellor: Embassy counsellors supervise specific sections in an embassy, such as economics, defence or political affairs. They perform advisory functions for the ambassador, and perform diplomatic functions in their section or specialty. They develop policies and implementation methods and supervise the embassy section’s staff.
Journalist: Journalists research, verify and write news stories for newspapers, magazines, television and other broadcast media. They cover political, economic, cultural, social and sport events. Journalists must conform to ethical codes such as freedom of speech and right of reply, press law and editorial standards in order to bring objective information.
Consul: Consuls represent governments in foreign institutions such as embassies in order to facilitate economic and political cooperation between the two nations. They protect the interests of their home nation and provide bureaucratic assistance to citizens living as expatriates or travelling in the host country.
Supply chain manager: Supply chain managers plan, manage and coordinate all activities related to the sourcing and procurement of supplies needed to run manufacturing operations from the acquisition of raw materials to the distribution of finished products. The supplies can be raw materials or finished products, and it can be for internal or external use. Moreover, they plan and commission all the activities needed to be performed in manufacturing plants and adjust operations to changing levels of demand for a company’s products.
Exploration geologist: Exploration geologists examine and prospect for mineral deposits. They identify, define and obtain legal title to an economically viable mineral deposit.  They are responsible for design, management and execution of the exploration programme.
 
Forecast manager: Forecast managers have a deep understanding of the operations of the company, the inventory levels, production batches, requirements and costs of production per product, and trends in the demand levels. They use all that information in combination with forecasting software in order to define production orders aiming for the most efficient production combinations.
Quarry manager: Quarry managers plan, oversee and coordinate quarry operations. They coordinate extraction, processing and transportation and ensure these processes run smoothly and according to health and safety standards. Quarry managers ensure the successful running of the quarry and implement company strategies and guidelines.
Columnist: Columnists research and write opinion pieces about news events for newspapers, journals, magazines and other media. They have an area of interest and can be recognised by their writing style.
Brokerage firm director:
Brokerage firm directors organise the activities and the people involved in securities trading. They envision strategies aimed at increasing the efficiency of asset trading with a focus on profitability. They may also advise clients on appropriate trades.
Corporate banking manager: Corporate banking managers offer advice on a broad range of financial goods and services such as securities services, credit services, cash management, insurance products, leasing, information on merges and acquisitions and capital markets activities, to institutions and organisations.
Relationship banking manager: Relationship banking managers retain and expand existing and prospective customer relationships. They use cross-selling techniques to advise and sell various banking and financial products and services to customers. They also manage the total relationship with customers and are responsible for optimising business results and customer satisfaction.
Investment clerk: Investment clerks assist with the administration of investments such as stocks, bonds or other securities and perform general clerical duties in the investment sector of a financial company.

References

1. Economics – ESCO