The field of economy is a vast and interesting sector. With the disruptions in markets and trends that appear throughout history, this makes for a varied and exciting job for those that love data and analysis. But how do you get into this career, and what exactly does an economist do?

Here we look at both aspects to help you discover whether this could be a fantastic career option for you.

What does an economist do?

Economists study data and statistics of the wider economy and market to provide advice to businesses. This role is varied but involves crunching large segments of data and interpreting the findings.

Elements include:

• * Researching and monitoring markets. Success in monitoring markets can lead to great wealth. For example economist Klaus Schwab has a high net worth.

• * Creating models to predict future outcomes.

• * Advising on policy and investments according to data.

The use of relevant software to analyze data goes hand in hand with this occupation, as well as having excellent communication skills.

How to become an economist

Becoming an economist can take several years to master. However, here are the main aspects an individual needs.

Degree qualification

According to the Bureau of Labor Statistics, this job market is expected to grow 13% from 2020 to 2030. The typical entry-level qualification for these roles is a master’s degree. However, Masters in Economics jobs are relatively competitive, so ensuring you hold relevant qualifications is a must.

Internship or work experience

Putting your knowledge and education into practice is vital for gaining a role in this sector. There is often a choice of internships or work experience. While they may be unpaid, they provide extensive insight into the type of job you may go into in the future. Internships can often be taken alongside study. Plus, if you’re currently working full time, studying for an online master’s can help you go higher in this career.

Extra skills

While an aspiring economist should have an excellent educational background and relevant work experience, a few more skills can help out. Some examples include:

Passion for numbers

You’ll be looking at a lot of data throughout your career so having a passion and grasp of numbers is necessary. Some economists also come from accounting and mathematical backgrounds, which helps to make the transition of skills easier.

Logical thinking

Having a logical and analytical mindset is another bonus when looking into this profession. In many cases, people have a natural ability to crunch large data sets and interpret statistics. However, it will also be taught at a degree level so you can hone your skills.

Attention to detail

With a lot of analysis work and complex information to digest, attention to detail is vital. You will need to communicate findings and provide insight into your results while ensuring accuracy and consistency.

Excellent communication skills

To non-economists, data and statistics are challenging to understand. Part of your role as an economist is to communicate effectively so everyone can understand your discoveries.

Jobs in economic analysis are exciting and varied and can take you to various sectors depending on your interests. So why not explore this career choice and see if it’s the right fit for you.