How to become an Economist

Duties & Tasks of an Economist

Economists:

• Help formulate government economic policies
• Study the effects of government economic and monetary policies, expenditure, taxation and other budgetary controls on the economy and the community
• Identify opportunities to improve efficiency and international competitiveness
• Research, analyse and record the effects of government labour market programs on economic and industrial growth
• Investigate the types of goods and services that are produced and consumed in Australia and in other countries
• Study industrial relations issues such as wage fixation and the effect of industrial disputes on productivity
• Prepare forecasts, analyse trends and advise on economic issues
• Provide management personnel with economic information and advice.

Tasks

• Investigating international and national economic situations, and particular features such as industries, regions and socioeconomic groups
• Analysing interrelationships between economic variables and studying the effects of government fiscal and monetary policies, expenditure, taxation and other budgetary policies on the economy and the community
• Preparing reports on research findings
• Researching, analysing and assessing the effects of labour market programs and industry policies and programs on economic growth, welfare, education and training
• Formulating recommendations, policies and plans for the economy, corporate strategies and investment, and undertaking feasibility studies for projects
• Studying workplace issues such as enterprise bargaining and wage fixation, and the effect of workplace policies on productivity and economic growth
• Analysing trends and advising on economic issues such as taxation levels, prices, employment and unemployment, imports and exports, and interest and exchange rates
• Forecasting changes in the economic environment for short-term budgeting, long-term planning and investment evaluation

Employment Opportunities for an Economist

Economists are employed by federal, state or territory government departments; employer organisations and trade unions; financial institutions (such as banks and insurance companies); other commercial organisations; and private consulting firms. Competition for available positions is strong and postgraduate study is recommended to improve employment prospects. Graduates often find work in administration, management and marketing. The demand for economists depends on the level of government and private research and analysis, as well as economic activity levels.

Specializations

Applied Industry Economist

An applied industry economist studies the economic aspects of industry structure and performance, specialising in sectors such as agriculture or manufacturing.

Econometrician

An econometrician uses economic theories, statistical methods and forecasting techniques to develop models. They feed data on possible future economic situations into models to see the likely results and wider implications of particular actions and advise industry or government on possible costs resulting from their policy decisions.

Environmental Economist

An environmental economist studies the environmental impact of projects and advises industry and government on environmental and natural resource management regulations. They also advise on the government's responsibilities in terms of international agreements and treaties about the environment.

Financial Economist

A financial economist advises on investment and lending policies by studying economic trends and policy. They study the effects of government legislation and policy change on the financial system, and evaluate the economic and financial aspects of investment projects by preparing financial models and budget plans.

Labour Market Economist

A labour market economist studies the economic aspects of proposed government policy and its possible effects on the labour market. They recommend improvements in techniques for settling labour disputes and related problems to government agencies, business organisations or industrial groups. They study matters such as labour legislation, unemployment benefits, industrial accident provisions, education, collective bargaining, trade unions and industrial factors, and their impact on the labour market.

Resource Economist

A resource economist analyses policy and issues related to natural resource industries such as minerals, fisheries and forestry. This includes supply and demand of resources and how their extraction affects the environment.

Taxation Economist

A taxation economist studies sources of government income, the methods of expenditure and the effect of taxation and fiscal policy upon national income and overall business activity.

Transport Economist

A transport economist studies the efficiency, financial organisation and interaction of systems such as railways, air transport, shipping, trucks, buses and cars. They examine the allocation of private and government resources to transport systems and the implications of fuel production and importation. They also study the effects of regulation, development and the application of demand models, as well as analyse the implications of investment proposals in the transport industry.

Applied Industry Economist

An applied industry economist studies the economic aspects of industry structure and performance, specialising in sectors such as agriculture or manufacturing.

Econometrician

An econometrician uses economic theories, statistical methods and forecasting techniques to develop models. They feed data on possible future economic situations into models to see the likely results and wider implications of particular actions and advise industry or government on possible costs resulting from their policy decisions.

Economist

Economists perform economic research and analysis, and develop and apply theories relating to the production and distribution of goods and services and people's spending behaviour. Economists advise and provide forecasts to governments and businesses on matters such as taxation levels, wages and prices, employment and unemployment, imports and exports, and interest and exchange rates. They investigate international or national economic situations, or particular features such as industries or regions.

Environmental Economist

An environmental economist studies the environmental impact of projects and advises industry and government on environmental and natural resource management regulations. They also advise on the government's responsibilities in terms of international agreements and treaties about the environment.

Financial Economist

A financial economist advises on investment and lending policies by studying economic trends and policy. They study the effects of government legislation and policy change on the financial system, and evaluate the economic and financial aspects of investment projects by preparing financial models and budget plans.

Labour Market Economist

A labour market economist studies the economic aspects of proposed government policy and its possible effects on the labour market. They recommend improvements in techniques for settling labour disputes and related problems to government agencies, business organisations or industrial groups. They study matters such as labour legislation, unemployment benefits, industrial accident provisions, education, collective bargaining, trade unions and industrial factors, and their impact on the labour market.

Resource Economist

A resource economist analyses policy and issues related to natural resource industries such as minerals, fisheries and forestry. This includes supply and demand of resources and how their extraction affects the environment.

Taxation Economist

A taxation economist studies sources of government income, the methods of expenditure and the effect of taxation and fiscal policy upon national income and overall business activity.

Transport Economist

A transport economist studies the efficiency, financial organisation and interaction of systems such as railways, air transport, shipping, trucks, buses and cars. They examine the allocation of private and government resources to transport systems and the implications of fuel production and importation. They also study the effects of regulation, development and the application of demand models, as well as analyse the implications of investment proposals in the transport industry.

• 

  Average age

  40

• 

  Future Growth

  Decline

• 

  Gender Share

  21% female

• 

  Average full-time

  43 hours

• 

  Weekly Pay

  $1,954

• 

  Skill level rating

  Very high skill

• 

  Unemployment

  Lower unemployment

• 

  Full-Time Share

  92%

• 

  Employment Size

  4,500

• 

  Employment by state

  ACT: 15.4%
  NSW: 34.1%
  NT: 0.8%
  QLD: 12.6%
  SA: 3.5%
  TAS: 1.0%
  VIC: 26.0%
  WA: 6.7%
  
• 

  Age brackets

  15-19: 0.1%
  20-24: 6%
  25-34: 35.3%
  35-44: 27.1%
  45-54: 17.3%
  55-59: 6.5%
  60-64: 4.1%
  65 and Over: 3.7%
  
• 

  Education level

  Advanced Diploma/Diploma: 1.3%
  Bachelor degree: 44.7%
  Certificate III/IV: 0.6%
  Post Graduate/Graduate Diploma or Graduate Certificate: 50.2%
  Year 10 and below: 0.1%
  Year 11: 0%
  Year 12: 3.1%