The Job of an Economist This job is sometimes referred to as:

Economic Forecaster

Economic Market Analyst

Research Economist

Economists are interested in the factors that influence the well-being of people and aim to find solutions to improve people's standard of living. This includes studying how financial, labour and trade markets are organised and how they interact.Titiro ai ki nga take e whai paanga ana ki te oranga o te tangata e pa ana ki nga rawa, a, kimi huarahi ai hei whakapai ake i te ahua o te oranga o te tangata. Ka uru ki roto ki enei whainga te ako i te ahua o te whakahaere mahi e pa ana ki te putea, te ahumahi, nga huarahi tauhokohoko me te ahua o ta ratau mahi tahi.

How to get into the job

To become an economist you need to have a degree with an economics component such as statistics, economic history, finance, business, accounting and philosophy. A postgraduate degree in economics is preferred.

Pay

Pay for economists varies between the public and private sectors.

What are the chances of getting a job?

Job opportunities for economists are good, but have decreased since the recession.

Economists may do some or all of the following, depending on their area of specialisation:

- collect, study and analyse information on the economy or a specific part of the economy

- make predictions on the economy or parts of the economy based on their research

- develop economic policies and plans

- use computer software to predict economic behaviour

- study and explain economic events

- advise the Government and businesses

- write reports and give presentations.

Economists may specialise in researching a particular area, such as health, infrastructure, or the labour market.

Training on the job

Skills are gained on the job. External training courses may be provided in:

• project management

• communications 

• report writing

• public speaking

• econometrics (the study of economic theory and statistics

• together)

• job-specific computer courses.

Opportunities may also be available to do postgraduate study.

Useful Experience

Useful experience for economists includes having worked as an:

• accountant

• journalist

• actuary.

Work in the public sector or in management is also useful, as is any public speaking experience.

Working Conditions

Economists work in quiet office environments in businesses, government departments and universities. They may travel to present economic information to clients, carry out research, and attend conferences and meetings. They may also travel overseas to attend conferences or to do contract work in developed or developing countries.

Hours

Economists usually work regular, but flexible hours and have to be prepared to work overtime to meet project deadlines.

Contact with people

Depending on the organisation they work for, economists can work independently and in teams.  Many supervise small groups. Economists also interact with other economists, statisticians, policy analysts and accountants.

Career Progression

Many economists change organisations to develop their professional experience and expand their networks and skills. Economists can go on to work as:

• politicians

• academics

• analysts

• business managers and strategists.

Economist - Meet people in this job

Fiona Stokes – Economist:

Fiona Stokes is an economist for BERL, a private economic research company that works with clients including government departments, regional councils and private businesses.

Getting out in the field

Fiona Stokes is keen to dispel the myth that being an economist means you are bound to a desk.

“We’re based in Wellington, but I have clients nationwide and we do a reasonable amount of travelling. Last week I was in Whakatane, next week I’m going to be in Dunedin – I’m away somewhere at least two or three times a month.

“Because of that you get to meet a variety of people – from people who are running their own companies to city councillors.” 

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Good communication skills a must

Because you work with a range of people, communication is an essential part of the job. “You need to be able to relate to people from a variety of backgrounds, and be able to take quite technical information and make it easier to understand.”

“If you can explain to somebody in those 30 seconds that it takes to get from the ground floor to the fifth floor what they need to know to meet their needs, then you’ve done your job.”

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A job well done

For Fiona, the greatest sense of satisfaction comes from helping clients improve their business.

“A couple of years ago we did a survey of the forestry and wood processing industry, looking at what skills and training employers and staff would need in the short to medium term. That was a really good project because I got to meet with employers, and see some of the issues and barriers they were facing. And I also got to talk to people who were employed in the industry and hear their point of view in terms of the skills and training they required to do their job.

"It gave me a good feeling to know that the work I was doing, and the recommendations I was making in the report, were going to have a positive impact on their business and the wider community.”