What Does it Take to Become an Economist?

Economists are becoming a popular topic as the economy continues to morph and change through the years. Since the average economist makes over $100,000 per year, it’s obvious why many are considering signing up for this line of work!

Still, it's never clear what's expected of an economist unless you've heavily researched it. So these are the top things that every economist needs to succeed! Although some you can gain over time, some are better as skills you've naturally developed through your life.

An Eye for Detail

How good are you at spotting intricate details and facts? Do you notice things that others don't? If you have a good eye for detail, you may do fantastically as an economist! Building financial plans and creating business guides means you have to break down every possible option until it's clear what's possible. Otherwise, you may find yourself making mistakes that could cost a company a lot of money. A keen eye for detail and a solid interest in what you're doing can help you flourish.

Masters or Doctoral Degree

Education is vital to this line of work. There's a lot to learn about finances, the economy, the stock market, and how companies conduct business that can't be fit into a couple of days of training on the job. Instead, you'll have to spend between four to eight years to get the education necessary: and even longer if you decide you want to specialize in something. Although you can shorten these years by taking on a heavier course load to shorten your time learning, it's a lot to take on.

Good People Skills

If you’re not working for economic consulting firms, chances are you may have to attend court as an economic expert at least once. These professionals help companies and individuals in financial cases by calculating everything from lost wages to potential damages. To carry the point across and help your client's case, people skills are a must. You don't have to dazzle and put on a show: but it's helpful if you can confidently show the court why your points matter.

An Eagerness to Keep Learning

Being an economist means that you'll continue to learn every day you're on the job. This keeps things fresh and ensures the job never gets boring or tired, but some people may not like to keep up to date on something the whole time. If you love learning and are interested in a job that will keep your mind sharp: this is the one for you.

Skill With Numbers Although this last point is often joked about, it's important to have some math skills to become an economist. Everything from the stock market to company losses depends on calculations and correct math. If you mess up, a small fraction can make a huge difference compared to millions or billions of dollars. If you have no interest in improving at math or don't like it: this isn't the job for you.

Jaylin is a Staff Writer for Bizmaa focusing on business analytics, business systems, gadgets and other small business news. She has a background in information and communications technology coordination.