How to Be Economic Researcher - Job Description, Skills, and Interview Questions

Sep 30, 2023 / 5 Minutes Read / By Albert

How to Become

Professional Organizations

FAQ

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The global economy has been greatly impacted by the COVID-19 pandemic, with economic activity in many countries slowing or declining. This has led to a sharp rise in unemployment, with millions of people losing their jobs, and a decrease in demand for goods and services. This, in turn, has put pressure on businesses, leading to significant losses in profits and revenues.

Furthermore, the pandemic has caused market volatility, with stock markets around the world falling sharply. These developments have had a significant effect on the global economy, reducing economic growth, and threatening a potential recession.

Steps How to Become

Obtain a Bachelor's Degree. To become an economic researcher, a bachelor's degree in economics or a related field such as political science, mathematics, or finance is typically required. Coursework should include classes in economics, mathematics, and statistics.
Gain Research Experience. Many employers prefer to hire economic researchers with prior research experience. This can be gained through volunteer work, internships, or independent research projects.
Pursue a Master's Degree. A master's degree in economics or a related field can give applicants a competitive edge when applying for economic researcher positions.
Obtain Certification. Professional economic associations, such as the National Association for Business Economics, offer certification for economic researchers. Requirements for certification often include having a minimum level of education and experience, passing an exam, and submitting a resume and references.
Consider Doctoral Degree. Earning a doctoral degree in economics may be beneficial for those who want to pursue advanced research and teaching positions.
Network. Networking with other economists, attending conferences, and joining professional organizations can help economic researchers stay current on the latest developments in their field and increase their chances of finding employment.

The economic recession has had a significant effect on the job market, leading to a decrease in the number of available positions and an increase in the level of competition for those that remain. This has resulted in employers expecting more from potential new hires, such as higher levels of education, specialized skills, and higher levels of experience. This has made it increasingly difficult to get a job without the relevant qualifications and has caused many people to invest in their education in order to become more competitive in the job market. This investment has helped to create a more skilled and qualified workforce, which in turn has helped to revitalize the economy and create new jobs.

You may want to check Economic Data Analyst, Demographic Analyst, and International Trade Economist for alternative.

Job Description

Financial Analyst
Economic Forecaster
Market Researcher
Statistical Analyst
Data Scientist
Economics Professor
Business Intelligence Analyst
Economics Consultant
Investment Banker
Economic Analyst

Skills and Competencies to Have

Strong quantitative and analytical skills
Advanced knowledge of economics, econometrics and economic theory
Knowledge of statistical software packages, such as SAS, SPSS and STATA
Ability to interpret and analyze data from surveys and other sources
Excellent communication skills, both oral and written
Ability to develop and maintain relationships with internal and external stakeholders
Ability to work independently and as part of a team
Ability to work under pressure and meet tight deadlines
Ability to deliver presentations to internal and external audiences
Knowledge of economic policy, macroeconomics, microeconomics and international economics

Having a strong analytical and problem-solving ability is essential for any economic researcher. This involves the ability to break down complex problems into manageable pieces, identify underlying causes and effects, and find solutions. Furthermore, the researcher should have a deep understanding of economics and the tools used to analyze data, such as econometric models, statistical software, and market research techniques.

strong communication skills are essential for an economic researcher to effectively communicate their findings to others. Finally, the researcher should be able to work independently and collaboratively with other researchers to develop economic policies and strategies.

Research Associate, Energy Economist, and Statistical Analyst are related jobs you may like.

Frequent Interview Questions

What experience do you have conducting economic research?
How do you go about finding reliable sources of data for your research?
Describe the types of economic research you have conducted in the past.
What methods do you use to analyze data and draw meaningful conclusions?
How do you stay current on new economic developments and theories?
What challenges have you faced while conducting economic research?
How do you stay organized while working on complex economic research projects?
What techniques do you use to present economic data in a meaningful and understandable way?
How can economic research be used to inform decision making within an organization?
What techniques do you use to ensure the accuracy of your economic research conclusions?

Common Tools in Industry

Econometrics Analysis. This tool provides statistical analysis of economic data to make predictions and uncover relationships among different variables. (eg: testing for correlations between GDP growth and employment levels)
Macroeconomic Modeling. This tool is used to simulate the effects of various economic policies on the macroeconomy. (eg: estimating the impact of a tax cut on economic output)
Economic Forecasting. This tool is used to predict future economic conditions. (eg: projecting GDP growth in the next quarter)
Computable General Equilibrium Modeling. This tool is used to evaluate the impact of policy changes on equilibrium prices, quantities, and welfare. (eg: simulating the effects of a carbon tax on production and consumption)
Financial Modeling. This tool is used to analyze and forecast the performance of financial investments. (eg: estimating the return on a new stock portfolio)
Data Visualization. This tool is used to present data in graphical form, making it easier to identify trends and correlations. (eg: plotting inflation and unemployment rates over time)

Professional Organizations to Know

American Economic Association (AEA)
National Association for Business Economics (NABE)
Economic History Association (EHA)
Society of Labor Economists (SOLE)
International Association of Applied Econometrics (IAAE)
Royal Economic Society (RES)
American Finance Association (AFA)
National Bureau of Economic Research (NBER)
European Association for Evolutionary Political Economy (EAEPE)
World Economics Association (WEA)

We also have Commodity Economist, Quantitative Developer, and Economic Writer jobs reports.

Common Important Terms

Economic Development. The process of improving the economic well-being and quality of life of a region or country by increasing its production and consumption levels.
Economic Theory. A set of assumptions, frameworks, and methodologies used to analyze and understand economic behavior and the production, distribution, and consumption of goods and services.
Macroeconomics. The branch of economics that studies the behavior and performance of an economy as a whole. It looks at aggregate measures such as GDP, unemployment, inflation, and trade balance.
Microeconomics. The branch of economics that studies the behavior and performance of individual markets, such as labor, housing, and agriculture.
Econometrics. A branch of economics that uses statistical techniques to study economic phenomena.
Economic Modeling. The application of mathematical techniques to economic data in order to develop a predictive model of the economy.
Game Theory. A branch of economics that studies strategic decision-making in situations where the outcome depends on the choices of multiple actors.
Financial Economics. A branch of economics that studies how financial markets work and how they affect economic activity.
International Economics. A branch of economics that studies how countries interact economically with one another, including trade, investment, and currency markets.
Labor Economics. A branch of economics that studies the supply, demand, and compensation of labor, including wages, benefits, and working conditions.

Frequently Asked Questions

What is an Economic Researcher?

An Economic Researcher is a professional who studies the production and distribution of goods, services, and resources in an effort to understand how economic systems function. They use economic theory, statistical methods, and mathematical models to analyze data and develop solutions to economic issues.

What skills are needed to be an Economic Researcher?

To be an effective Economic Researcher, one must possess strong analytical, quantitative, and communication skills. Additionally, knowledge of economics, econometric techniques, and computer programming are essential for successful research.

What type of degree is needed to become an Economic Researcher?

Most employers require a minimum of a Master's Degree in Economics or a related field. Some employers may also require a Ph.D.

What are the salary expectations for an Economic Researcher?

According to the U.S. Bureau of Labor Statistics, the median annual wage for economists was $105,020 in May 2019.

What type of job opportunities are available for Economic Researchers?

Employment opportunities for Economic Researchers can be found in both the public and private sector. Examples of job titles include Research Analyst, Financial Analyst, Policy Analyst, and Data Analyst.