The most common question among economist is “where can I work and what kind of job can I do with my “economics certificate”? The answer to this question is practically “everywhere, anything and everything. An economist work Nigeria is endless. I will show you why?
Most of the jobs that economics majors get do not have “economist” in the job title. This singular factor has led many people to often wonder what job option is available for them as an economist. Let understand first and foremost what economist do and who they are.
Basically the economists specializes in the analysis of how people efficiently allocates scarce and limited resources like raw materials, land, technology, and labour towards the creation of goods and services to satisfy human wants.
They do this by researching and monitoring trends on trades, exchange rates, business trends, taxation, employment rates, inflation, and costs of materials. They then try to find trends and develop predictions based on the data. An economist, analyze, research, generate data on economic event which they use in making projection and forecast.
An economist works everywhere (Organization) because as an economist one should:
- Be able to analytically and critically solve complex organizational problems via assessing organizational needs, defining the organizational problems, evaluating organization goals, able to relate the various theory to practical issues and applying quantitative in his analysis.
- Be knowledgeable in observation and inference from data: Maintaining accurate records, tabulating data, manipulating numerical data, developing budgets, cost analysis/projections and preparing financial reports or statements.
- Be skilled in presenting ideas in compelling writing and speech: Writing reports or articles, reading and interpreting relevant reports or statements. Others includes; summarizing data, writing grant proposals and analyzing data.
You often wonder, how do I know an economist is qualified for this job advert. Don’t worry, here is how- look at the job description/requirement, if it relates to this key factor indicated above then you are qualified. Economists take the theories and trends they find and apply them to benefit many different organizations and industries.
Understand that many corporations require the skills of economists, like projecting customer demand or product sales, both of the client firm and their competitors to maximize profit. They are also expected to review new legislation, like minimum wage requirements or tariffs, and how it will affect their client. Don’t allow the job description/requirement scare you, just apply.
An economist through his analytical skills generate data on market trends, articulate same and apply some econometric application to generate parameters that will help in decision making. So an economist can work as project manager, sales manager, accounting officer, projection officer and many other roles.
To be precise an economist work in every organization that handles financial dealing and economic activities. The federal government also employs a large percentage of economists. They generally conduct surveys and gather data. For example, the Department of Labour studies workforce and salaries, industry growth, employment rates, and safety issues.
The central bank and every financial institution needs the service of an economist, the bureau of statistics, all government parastatals. Universities also need the service of economist either as lecturer or financial analyst, the career option is endless.
Employees of the government also use economic data to forecast the consequences of new legislation or policies, such as Social Security, tax increases or cuts, increasing the budget deficit, trade regulations, or communications.
However, because economics is very wide and mother of all social sciences, an individuals may need to specialize in certain field to enhance their knowledge about the subject matter. Though all economists need to be familiar with general principles as skilled gain help in other fields other than economics. The various field to specialize includes:
Microeconomists: These individuals study the microeconomic aspect of the economy like; individual companies or people. They look at determinant of supply and demand in relation to production, for example, or to project how high the demand for a particular product would be.
Macroeconomists: They look at the economy as a whole to find long-term, overarching trends throughout history. They can then make generalizations and draw conclusions about investment productivity, inflation, unemployment, money supply, etc.
Energy economists: They study the various energy commodities like petroleum, wind energy, natural gas, thermal energy, etc. as it affect the macroeconomics variables in the country. They also compare the cost-benefit of the use of this various energy on human-being and its immediate environment.
Financial Economists: Strongly correlated to macroeconomists, financial economists study interest rates, money supply and demand via various banking systems, and how the flow of money affect the economy at large.
Econometricians: They utilize the three distinct area of economics – mathematics, statistics and economics theory in generating parameters to enhance decision. They put together economic models using methods like regression analysis, calculus, game theory etc. These models explain economic happenings and help to project future economic occurrences and help in predicting economic events.
Labour or Demographic Economists: They look at trends in salary, such as how it’s determined, and the need for labour. They are especially interested in causes of unemployment and the results of changes in demographic, such as a baby boom, and many others..
Public Finance Economists: They look at the government’s involvement in the economy, such as taxation, deficits or surpluses in budget, or policies concerning welfare. And many others host of field of study. Don’t forget to share with your friends and subscribe to our weekly mail on new economics posts.