Are Economists in Demand?
Are economists in demand?
Economists work in a variety of fields to study social concerns, including unemployment, inflation, business cycles, and tax policy. They use their analytical skills to help businesses, banks, insurance companies, labor unions, and governmental agencies make decisions that affect people’s daily lives.
They also apply their economic knowledge to issues in other areas, such as transportation, health, finance, marketing, and agriculture. They are often employed by government organizations, research institutes, business firms, and schools, but they can also work for private individuals and nonprofits.
Employment of economists is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations (BLS, 2020b). In addition, economic analysis and quantitative methods are becoming increasingly important in business, as organizations use them to forecast sales, pricing, and other trends.
Many employers prefer applicants who have earned a master’s degree or Ph.D., but some will hire applicants with a bachelor’s degree who can prove they have strong analytical skills and experience using statistical analysis software. Employers may also seek candidates who have relevant experience, such as internships.
Job prospects for economists are excellent if they have an advanced degree and experience using statistical analysis software. The increasing complexity of the global economy and additional financial regulations are also expected to boost demand for economists.
Graduates of an economics degree are in high demand in the banking industry, where they provide advice and services to a range of clients and businesses. They are in particularly high demand for roles in financial control, financial planning, risk management and data analysis.
They can also find roles in actuarial services, which is an area of consultancy that deals with the effects of financial uncertainty and risk. They assess the risks and impact of changes in the economic climate on a company, and then advise managers on how to lessen those risks.
Another popular option for graduates of an economics degree is a career as a management consultant, where they help businesses improve their efficiency and profitability. They analyze economic data and propose improvements to a company’s operations, and they consult with management on how to increase efficiency and reduce costs.
There are also opportunities to become a professor in a university or college. Some professors specialize in a particular field of economics, such as labor, agricultural, or international economics. Others are experts in a more general field of economics, such as market theory or finance.
Some economists work for nonprofit organizations, such as think tanks, where they use their economic knowledge to address problems in society. These careers require a strong academic background and a commitment to research and writing about economic topics.
Economics is a broad subject that allows you to choose a career that will best utilize your skills and interests. The list of career possibilities is endless, and it’s a good idea to pursue as many jobs as possible that will be a good fit for you. If you are unsure of where to start, consider work shadowing or internships in the sector you want to work in, as these will give you the opportunity to gain practical experience and make sure that it’s something you really enjoy.