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Become An Economic Adviser

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Working As An Economic Adviser

  • Analyzing Data or Information
  • Getting Information
  • Interacting With Computers
  • Making Decisions and Solving Problems
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • $224,216

    Average Salary

What Does An Economic Adviser Do

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. 

Duties

Economists typically do the following:

  • Research and analyze economic issues
  • Conduct surveys and collect data
  • Analyze data using mathematical models and statistical techniques
  • Prepare reports, tables, and charts and present research results
  • Interpret and forecast market trends
  • Advise businesses, governments, and individuals on economic topics
  • Design policies or make recommendations for solving economic problems
  • Write articles for publication in academic journals and other media sources

Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates. 

Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs. They sometimes give a presentation of their research to various audiences. 

Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.

Economists working for corporations help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.

Economists also work for research firms and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journal articles. 

Some economists work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and United Nations.

Many economists become postsecondary teachers.

The following are examples of types of economists:

Behavioral economists study the effects of psychological and social factors on the economic decisionmaking of an individual. They research how these factors lead to and affect the outcome of an economic decision.

Econometricians develop models and use mathematical analyses to test economic relationships. They use techniques such as calculus, game theory, and regression analysis to explain economic facts or trends in all areas of economics. 

Financial economists analyze savings, investments, and risk. They also study financial markets and financial institutions. 

Industrial organization economists study how companies within an industry are organized and how they compete. They also examine how antitrust laws, which regulate attempts by companies to restrict competition, affect markets.

International economists study international trade and the impact of tariffs and trade restrictions. They also examine global financial markets and exchange rates. 

Labor economists study the supply of workers and the demand for labor by employers. They research employment levels and how wages are set. They also analyze the effects of labor-related policies, such as minimum wage laws, and institutions, such as unions.

Macroeconomists and monetary economists examine the economy as a whole. They may research trends related to unemployment, inflation, and economic growth. They also study fiscal and monetary policies, which examine the effects of money supply and interest rates on the economy. 

Microeconomists analyze supply and demand decisions of individuals and firms. For example, they may determine the quantity of products consumers will demand at a particular price.

Public finance economists analyze the role of government in the economy. Specifically, they may analyze the effects of tax cuts, budget deficits, and welfare policies.

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How To Become An Economic Adviser

Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree.

Education

A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. 

Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of detailed research in a specialty field.

Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. An advanced degree is sometimes required for advancement to higher level positions.

Most students who complete a bachelor’s degree in economics find jobs outside the economics profession as research assistants, financial analysts, market research analysts, and similar positions in business, finance, and consulting. 

Other Experience

Aspiring economists can gain valuable experience from internships that involve gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as working in business or finance, can be advantageous. 

Important Qualities

Analytical skills. Economists must be able to review data, observe patterns, and draw logical conclusions. For example, some economists analyze historical employment trends to make future projections on jobs.

Communication skills. Economists must be able to explain their work to others. They may give presentations, explain reports, or advise clients on economic issues. They may collaborate with colleagues and sometimes must explain economic concepts to those without a background in economics. 

Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization. 

Detail oriented. Economists must pay attention to details. Precise data analysis is necessary to ensure accuracy in their findings.

Math skills. Economists use the principles of statistics, calculus, and other advanced topics in mathematics in their economic analyses.

Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.

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Economic Adviser Typical Career Paths

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Economic Adviser Demographics

Gender

Male

72.4%

Female

25.2%

Unknown

2.4%
Ethnicity

White

53.0%

Hispanic or Latino

15.3%

Black or African American

13.1%

Unknown

10.2%

Asian

8.4%
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Foreign Languages Spoken

Spanish

29.4%

French

20.6%

Azerbaijani

5.9%

Russian

5.9%

Arabic

5.9%

Portuguese

2.9%

Filipino

2.9%

Finnish

2.9%

German

2.9%

Japanese

2.9%

Mandarin

2.9%

Burmese

2.9%

Mongolian

2.9%

Polish

2.9%

Italian

2.9%

Hindi

2.9%
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Economic Adviser Education

Schools

Thunderbird School of Global Management

9.1%

Duke University

6.1%

Harvard University

6.1%

Colorado School of Mines

6.1%

Georgetown University

6.1%

Central Michigan University

6.1%

University of Washington

6.1%

University of Chicago

6.1%

Seton Hall University

6.1%

University of La Verne

6.1%

George Washington University

6.1%

State University of New York Albany

6.1%

Louisiana State University and A&M College

3.0%

Meredith College

3.0%

University of Illinois University Administration

3.0%

Kansas State University

3.0%

Colorado Heights University

3.0%

Pacific Lutheran University

3.0%

Bucknell University

3.0%

Francis Marion University

3.0%
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Majors

Business

19.1%

Economics

13.5%

Finance

11.2%

Management

10.1%

Political Science

5.6%

Public Administration

5.6%

Accounting

4.5%

Legal Research And Advanced Professional Studies

3.4%

Business Economics

3.4%

International Relations

3.4%

Mathematics

2.2%

Marketing

2.2%

Philosophy

2.2%

Statistics

2.2%

Geological Engineering

2.2%

Rural Sociology

2.2%

History

2.2%

Agricultural Business

2.2%

Systems Engineering

1.1%

Linguistics

1.1%
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Degrees

Masters

49.2%

Bachelors

26.2%

Other

9.8%

Doctorate

9.8%

Certificate

4.1%

Diploma

0.8%
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Top Skills for An Economic Adviser

  1. Policy Constraints
  2. Financial Accountability
  3. Sector
You can check out examples of real life uses of top skills on resumes here:
  • Conducted interviews with dozens of stakeholders in government and the private sector to elicit issues and design ideas.
  • Advised Iraqi Ministry of Finance and Ministry of Planning to improve program effectiveness.
  • Developed a community and economic development strategy focusing on how the community could maximize the resources to achieve sustainable economic growth.
  • Worked with local artisans to strengthen organizational development, revenue sales and client networkingthrough a variety of business skill transfers.
  • Managed & developed communication programs & materials; communicated with internal & external customers & entities on communication & outreach activities.

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