Economist Job Description: What does an Economist do?

Individuals who possess an expertise in researching and studying complex economic issues are known as economists. These professionals utilize their expertise of economics to analyze a society’s resources as well as how they are being utilized. These analyses are done through comprehensive data collection practices and utilizing financial modes and models of analyzing the data gathered. Through these services, these professionals can help forecast future demands and help devise pertinent solutions. Economists can be of various kinds depending upon their choice of specialization including financial economists, labor economists, macro or micro economists, and more. 

What Would I Do? 

Individuals who choose to become an economist perform a variety of tasks, which can vary according to the organization where they are working and the role that they play in that organization. However, the basic nature of the job remains essentially the same, and you can expect to perform the following tasks: 

• Conduct deep research andi investigation into economic behaviors and spot patterns. 
• Use this information to create a forecast of potential demand and supply of particular products. 
• Design innovative models and research methods to analyze the current societal trends with regards to consumption and supply. 
• Use information to design forecasts about expenses, incomes, exchange rates, and more. 
• Conduct an analysis of the potential labor market, as well as factors that will determine labor trends such as higher wage demand, work culture demands, potential for rise of unemployment, and more. 
• Assess economic growth patterns, possible hindrances, and devise strategies for overcoming roadblocks to attain economic welfare. 
• Study and analyze statistical data sets reflecting market activity and conditions at the local, national, and global level. 
• Monitor global trends and successful patterns to modify local systems accordingly to drive success. 

Am I Suited For a role as an Economist? 

Whether you are suited to become an economist or not will depend upon a wide range of personality traits as well as future vision for the kind of career and life that one wants. To assess whether or not this job makes sense for you, consider if you have or can develop the following competencies: 

• Digital literacy
• Problem solving skills 
• Critical thinking abilities
• Analytical capabilities
• Numeracy experience and expertise
• Stress tolerance of a highly dynamic world
• Ability to work in a team
• Leadership capabilities for leading individual projects
• Multitasking capabilities
• Ability to finish multiple projects within the specified deadlines while working simultaneously on them. 
• Impeccable communication skills
• Ability to work independently and without much instruction or constant monitoring and supervision 
• Attention to detail. 
• Strong grasp of economic concepts and financial models to form hypotheses and assess the same. 
• Presentation skills 
• Investigative inclination
• Interest in mathematics, economics, finance, law, and statistics.

Environment & Typical Day 

Professionals who are working in the capacity of an economist start their day in the usual corporate working hours and can expect a typical day to go something like this: 

• As you reach your place of work, you will potentially start off the say with analyzing important economic reports and data points for any project that you are working on. 
• During this time, you will also be looking at global economic trends and analyzing them to assess whether there can be any implications of these activities in your region. 
• Based on your assessments, you will move on to creating reports and presentations for discussing with peers and people in authority like policy makers to take action. 
• Later during the day, you can be involved in business meetings, if any. However, if there are no meetings lined up, you will resume your research work along with report creation. 
• As needed, you can collaborate with peers, junior economists or other professionals and experts to gain deeper understanding for your reports. Consultations and advisory sessions with key stakeholders may be a part of this process. 
• Before leaving work, you can expect to wrap up any open tasks and set up a plan for the next day to get a head start. 

What Are The Wages And Benefits

The typical range of wages for professional economists in Ottawa is around $ 92,600 per annum. The range of salaries for this job can extend from $61,000 for beginners to $108,000 per year for more experienced professionals. The salaries can be even more competitive in private organizations. Apart from this, economists may get a very handsome bonus depending upon where they work, and also get health insurance benefits, a retirement plan, and paid vacation time.

What Is The Job Outlook In Ottawa

As far as an economist position is considered the prospects for aspiring economists in Ottawa seems promising. Currently, there are about 3630 professionals who work as economists in the region. Of these, about 71% are working in federal government jobs and public administration roles. Roughly 17% are involved in the domains of finance, insurance, as well as real-estate and leasing. Lastly 7% of professionals are working in scientific, technical, and corporate roles. 

In terms of diversity, of the total number of economists in Ottawa, about 56% professionals are males in contrast to 44% females. 

How Do I Become an Economist

In order to become an economist, there are a range of educational and experience criteria that a person needs to fulfill. Knowing these are essential not just for your career path, but also for planning your academic path in order to make wise choices with regards to the university you choose, which degree program and courses you select, and more. 

• A bachelor's degree in finance-related subject, or economics. 
• A master’s degree in economics or equivalent field, or an MBA or statistics degree
• A PhD may be needed for certain roles, particularly in academia. 
• Professional license before you can start working. 

Where Would I Work? 

An economist can work in a wide range of organizations including universities and colleges, governmental agencies or departments including federal agencies, consulting firms, financial institutions, NGOs, IMF, WorldBank, and more. In terms of office or fieldwork, economists typically only work indoors in an office of the organization where you are hired. If you are serving as a professor in the domain, you will be working in a college or university that provides an economics program or specialization course. 

How Do I Find A Job? 

In order to find a job as an economist in Ottawa, you can leverage online platforms including the following: 

• LinkedIn 
• Indeed
• Glassdoor
• Job Bank
• Zip Recruiter
• Workopolis

Apart from these platforms, you can also find jobs through campus networking events, job fairs, private websites of companies, campus placement cells, and more. 

Applying For A Job 

When applying for a job as an economist, make sure that you undertake a careful approach right from searching for jobs to submitting your applications. It is essential to ensure you have the right set of skills and qualifications to increase the chances of getting hired. Some of the key aspects to take care of include the following: 

• First and foremost, you must check the level of the job that you are browsing. Senior positions and entry level positions all have varied qualification requirements, as well as responsibilities and perks. 
• Read through the application listing thoroughly to know all the documents that you need to produce. This is highly important because some roles may require you to share published research materials as part of the application. 
• Gather three to four trusted reference sources, whom the employers can reach out to gain more insight into your profile. Make sure you check with the references before putting in their name. 
• Curate an interesting and eye-catching resume or CV which highlights your skills, educational background, work experiences (including internships and part-time roles), papers published, additional skills relevant to the job, extra courses or certification programs, workshops, seminars, or other relevant extracurriculars or distinctions you may have. All of this information will help in establishing your suitability for the job. 
• Draft a very neat and organized resume that goes in a chronological order from newest to oldest in each category. A haphazard CV will reflect poorly on you and minimize the chances of getting selected. 
• Create a strong cover letter highlighting your strengths and expertise, thereby establishing why you are suitable for the role. 

Where Can This Job Lead 

A job as an economist opens doors for various kinds of career options right from academic and research-based positions to governmental roles, private finance sector, international organizations like the IMF, consulting, non-profits, and self-started practice.

Depending upon the kind of career path you choose, the job can lead you to leadership positions and managerial positions in that domain. For instance, in the academic sphere, you can become a professor, gain tenured positions, and eventually become the department head or director. In private firms, you can be a financial analyst, investment banker, or fund manager, eventually rising up to the position of chief economist. Within the governmental sector, your career progression can lead you to gain chief advisory roles and provide public policy making capabilities.