How Do You Become an Economist? - Master of Finance Degrees

Individuals interested in discovering the reasoning behind why people make the decisions they make often choose to become economists. By analyzing and studying date, economists come to their own decisions. Becoming an economist requires extensive education, a love of numbers and a high proficiency in mathematics. Economists can find interesting and challenging careers working for a variety of industries and companies, including financial firms, colleges and even the Federal Reserve.

How to Become One

Becoming an economist involves a lot of education and experience. A candidate may find an entry-level position in economics with a bachelor’s degree but economists must have a master’s or doctoral degree in economics. Candidates considering pursuing jobs in research, business or international organizations will do best with a graduate degree and several years of work experience.

Economists typically have a strong background in mathematics. A study seeking a doctorate in economics is typically required to complete several years of college after earning a bachelor’s degree as well as completing research projects. Because of the beneficial experience internships offer to economic students, many of the programs include internships as part of the training program.

Internships provide them with extensive hands-on training in researching issues and trends; collecting and gathering data; writing reports on their discoveries and using statistical analysis software.

What Economists Do

Economists play an important role in the decision-making process of many businesses, individuals and organizations. Although there are many facets to their job, what they do the most is to determine why certain decisions are made and predict what financial decisions should be made based on their study and findings. Economists do the following in their job.

Research economic conditions
Collect and analyze statistics and data
Interpret and forecast market trends
Present research findings
Advise individuals, companies and governments on economic issues
Recommend solutions to economic problems

Economists don’t just study the decision-making process. They may study a variety of topics, such as a company’s employment levels, the cost of a person’s services, potential income taxes or even the future rate of inflation. If there is financial information to be found on a topic, economists will be able to find it and predict future trends or possibilities.

Career Outlook

The U.S. Bureau of Labor Statistics (BLS) predicts an employment growth of 6% for economists during the 2016-2026 decade. Although this growth is about average for all other occupations, economists seem to be very much in demand because their knowledge and expertise are wanted and needed in so many industries.

Whether it’s small businesses or large organizations, economists are constantly called upon to analyze data and statistics and study economic analysis to forecast business and financial trends. The BLS reports that economists earned wages ranging from $58,130 to $182,560 as of a May 2018 wage report. Experience, degree level, employer and geographic location can all play a part in determining wages.

Despite the fact that economists are not expected to experience large job growth, these professionals seem to always be in demand in some capacity or another. Imagining what it would be like to help a large company make an important future-altering decision or an aspiring small business owner decide if his business is a wise investment will give an individual an idea what a career as an economist would entail.