Economists
Overview
Economists study how societies use resources and make decisions about production and distribution of goods and services. They conduct research, analyse economic data using statistical software and econometric methods, and prepare reports to help governments and businesses make informed policy decisions. This field combines analytical thinking with real-world problem-solving, often involving collaboration with policymakers, researchers, and business leaders. Strong mathematical skills and the ability to interpret complex data are essential for success in this profession.
Did you know?
Most economist positions require at least a Bachelor's degree in Economics, with many roles preferring a Master's degree or PhD. Australian universities offer strong economics programs, and internships with government agencies or research institutions can provide valuable experience.
At a Glance
Median Wage
$115,000 Avg/yr
Growth
Fast Growing
Top Skill
Instructing
Key Responsibilities
- 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
- Researching, analysing and assessing the effects of labour market programs and industry policies and programs on economic growth, welfare, education and training
- Investigating international and national economic situations, and particular features such as industries, regions and socioeconomic groups
- 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
- Formulating recommendations, policies and plans for the economy, corporate strategies and investment, and undertaking feasibility studies for projects
- Preparing reports on research findings
Career Considerations
Educational Requirements in Australia
Most economist positions require at least a Bachelor's degree in Economics, with many roles preferring a Master's degree or PhD. Australian universities offer strong economics programs, and internships with government agencies or research institutions can provide valuable experience.
Mathematical and Analytical Skills
Economics heavily relies on mathematics, statistics, and data analysis. Students should focus on developing strong quantitative skills and familiarity with statistical software like R, Python, or STATA, which are commonly used in economic research.
Career Opportunities and Sectors
Economists work in various sectors including government agencies like the Reserve Bank of Australia, private consulting firms, universities, and international organisations. The field offers opportunities in policy analysis, financial markets, and economic forecasting.