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.

The following job titles also refer to economist:

macro analyst
economics research scientist
economics research analyst
labour economist
econometrician
economics analyst
social economist
economics researcher
interest analyst
economics science researcher
economists
econophysicist
economics scholar
economics scientist

Master’s degree is generally required to work as economist. However, this requirement may differ in some countries.

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.

Economist is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to economist.

business economics researcher
demographer
political scientist
communication scientist
economic development coordinator

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

This knowledge should be acquired through learning to fulfill the role of economist.

Business management principles: Principles governing business management methods such as strategy planning, methods of efficient production, people and resources coordination.
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.
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.
Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.
Commercial law: The legal regulations that govern a specific commercial activity.
Tax legislation: Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Scientific research methodology: The theoretical methodology used in scientific research involving doing background research, constructing an hypothesis, testing it, analysing data and concluding the results.

These skills are necessary for the role of economist.

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.
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.
Perform scientific research: Gain, correct or improve knowledge about phenomena by using scientific methods and techniques, based on empirical or measurable observations.
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.
Conduct qualitative research: Gather relevant information by applying systematic methods, such as interviews, focus groups, text analysis, observations and case studies.

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

Financial forecasting: The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
Project management: Understand project management and the activities which comprise this area. Know the variables implied in project management such as time, resources, requirements, deadlines, and responding to unexpected events.
Sales promotion techniques: The techniques used to persuade customers to purchase a product or a service.
Accounting techniques: The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
Financial markets: The financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.
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.
Market analysis: The field of market analysis and research and its particular research methods.
Content marketing strategy: The process of creation and share of media and publishing content in order to acquire customers.
Civil law: The legal rules and their applications used in disputes between different parties.

International import export regulations: Know the principles that govern the import and export of products and equipment, trade restrictions, health and safety measures, licenses, etc.
Public law: The part of law which governs relationships between individuals and the government, and the relationships between individuals which concern society directly.

These skills and competences are sometimes, but not always, required for the role of economist. 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.
Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
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.
Conduct public surveys: Conduct the procedures of a public survey from the initial formulation and compilation of the questions, identifying the target audience, managing the survey method and operations, managing the processing of acquired data, and analysing the results.
Perform public relations: Perform public relations (PR) by managing the spread of information between an individual or an organisation and the public.
Develop scientific theories: Formulate scientific theories based on empirical observations, gathered data and theories of other scientists.
Develop economic policies: Develop strategies for economic stability and growth in an organisation, nation, or internationally, and for the improvement of trade practices and financial procedures.
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.
Assess risk factors: Determine the influence of economical, political and cultural risk factors and additional issues.
Forecast economic trends: Gather and analyse economic data in order to predict economic trends and events.

2631 – Economists

 

 

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References

1. Economist – ESCO