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

Apr 28, 2020 / 5 Minutes Read / By Albert

How to Become

Professional Organizations

FAQ

Links

The need for economic studies analysts has been growing in recent years, due to the increasing complexity of the global economy. Companies and organizations are relying more and more on economic studies analysts to provide insight into trends, forecasts, and the potential impacts of policy decisions. To become an effective analyst, it is important to have a strong understanding of economics, finance, and statistics, as well as the ability to interpret data and make sound decisions.

In addition, strong organizational and communication skills are also essential, as analysts must be able to present their findings in a clear, concise manner. With the demand for economic studies analysts expected to continue to grow, those interested in pursuing this career path should be prepared to develop their skills in these areas.

Steps How to Become

Earn a Bachelor's Degree. The first step to becoming an economic studies analyst is to earn a bachelor's degree in economics. This degree will provide the foundational skills necessary to begin an entry-level economic studies analyst career.
Get Relevant Work Experience. Employers typically require an economic studies analyst to have some relevant work experience in economics or a related field. Internships or volunteer positions can provide invaluable experience and help to build a strong resume.
Take Professional Development Courses. Economic studies analysts must stay up-to-date on trends and developments in the field. Professional development courses can help keep economic studies analysts current on new technologies and methods.
Consider Graduate Education. In some cases, employers may require an economic studies analyst to have a master's degree in economics or a related field. Graduate education can provide more advanced skills and knowledge in the field, which can help to increase career opportunities.
Become Certified. Becoming certified as a professional economic studies analyst can give candidates an edge in the job market. The Certified Economic Studies Analyst (CESA) certification is offered through the National Association of Economic Studies Analysts (NAESA). The certification requires applicants to pass an exam, have relevant work experience, and hold a bachelor's degree in economics or a related field.

In order to stay ahead and remain competitive as an Economic Studies Analyst, it is essential to stay up-to-date on the latest economic trends and best practices. This is achieved by continually researching the latest developments in the industry, attending seminars and webinars, networking with other professionals, and engaging in conversations with industry peers. Additionally, developing and refining core economic research and analytical skills, such as data analysis, modeling, forecasting, and problem solving, is paramount for staying ahead in the field. Ultimately, by consistently honing these skills and seeking out opportunities to learn, Economic Studies Analysts can remain competent and keep up with the ever-evolving industry.

You may want to check Studies Officer, Quality Studies Manager, and Studies Analyst for alternative.

Job Description

Conduct economic research and analysis to support decision-making.
Analyze macroeconomic trends and develop models to forecast economic performance.
Collect, analyze, and interpret economic data to identify trends, patterns, and relationships.
Prepare reports and presentations on economic data and findings.
Develop economic policy recommendations for government and private sector entities.
Monitor government policies, programs, and initiatives as they relate to the economy.
Collaborate with other departments to ensure that economic considerations are taken into account in projects.
Track and report on the progress of economic indicators.
Develop strategies to improve economic efficiency and competitiveness.
Participate in committees and task forces to coordinate economic analysis.

Skills and Competencies to Have

Strong analytical and problem-solving skills
Detail-oriented, with excellent organizational and research abilities
Ability to interpret and analyze economic data, such as GDP or employment figures
Knowledge of economic theories, models, and concepts
Ability to use relevant software tools for data analysis and visualization
Excellent communication and interpersonal skills
Ability to work independently and as part of a team
Proficiency in the use of Microsoft Office Suite (Word, Excel, PowerPoint)
Ability to present complex economic issues in a clear and concise manner
Knowledge of macroeconomic and microeconomic principles and practices

Having strong analytical skills is a key requirement for an economic studies analyst, as it allows them to collect and interpret data to assess the impact of economic trends on a given market or industry. Having the ability to draw meaningful conclusions from data is essential for making informed decisions about the current and future economic conditions. Analysts must also be able to identify trends in the data that could affect their analysis, as well as any correlations and relationships between different economic indicators.

Finally, they must be able to communicate their findings effectively to their clients and other stakeholders, both verbally and in writing. With these skills, economic studies analysts can help businesses make the best decisions possible in times of economic uncertainty.

Clinical Studies Associate, Studies Manager, and Research Studies Specialist are related jobs you may like.

Frequent Interview Questions

What experience do you have in economic studies?
What have you done to stay up-to-date on the latest economic trends?
How do you handle complex economic data sets?
What methods do you use to analyze economic data?
How do you identify and address potential gaps in economic research?
What techniques do you use to identify and forecast economic trends?
How do you stay organized when working with economic data sets?
What strategies do you use to interpret economic data?
How do you ensure accuracy when forecasting economic trends?
How do you collaborate with other stakeholders to develop economic reports?

Common Tools in Industry

Excel. Excel is a powerful spreadsheet program used for data analysis and visualization. It can be used to organize, analyze, and create charts from large data sets. (eg: Creating a chart to show the correlation between two variables in a data set).
STATA. STATA is a statistical software package used for data analysis and forecasting. It can be used to analyze data from surveys, experiments, and simulations. (eg: Analyzing survey data to create a regression model).
R. R is an open-source programming language used for statistical computing and graphics. It can be used to create statistical models and visualizations. (eg: Creating a linear regression model to predict future economic trends).
SAS. SAS is a software suite used for statistical analysis, predictive analytics, and data mining. It is used for analyzing large data sets and creating powerful visualizations. (eg: Generating customer segmentations using customer survey data).
Tableau. Tableau is a popular data visualization tool used for creating interactive dashboards and reports. It can be used to present complex data in an easy-to-understand format. (eg: Creating an interactive dashboard to show economic trends over time).

Professional Organizations to Know

National Association for Business Economics (NABE)
American Economic Association (AEA)
Association for Public Policy Analysis and Management (APPAM)
International Institute of Forecasters (IIF)
American Statistical Association (ASA)
American Finance Association (AFA)
International Association for Energy Economics (IAEE)
Society for Economic Measurement (SEM)
Network of European Economic Policy Research Institutes (NEPRI)
American Real Estate and Urban Economics Association (AREUEA)

We also have Clinical Studies Manager, Case Studies Manager, and Studies Coordinator jobs reports.

Common Important Terms

Macroeconomics. The study of the overall functioning of an economy, including factors such as economic growth, inflation, and unemployment.
Microeconomics. The study of individual economic behavior and decision making, including topics such as consumer demand, production, and market structure.
Econometrics. The application of statistical methods to analyze economic data and develop models to forecast economic behavior.
Public Economics. The study of the economic effects of government policies, including taxation and government spending.
Economic Modeling. The use of mathematical models to analyze economic phenomena, such as demand and supply curves, pricing, and economic growth.
Game Theory. A branch of mathematics that studies strategic decision-making in situations where players interests conflict.
Financial Economics. The study of how financial markets operate and how financial instruments are priced.
Industrial Organization. The study of the structure and behavior of firms and industries, including topics such as competition and pricing.
International Economics. The study of international trade, foreign exchange markets, and other international economic activities.
Development Economics. The study of economic development in less-developed countries, including topics such as poverty reduction and economic growth.

Frequently Asked Questions

Q1: What is an Economic Studies Analyst? A1: An Economic Studies Analyst is a professional who analyses economic data and trends to provide insights into the current state of the economy. They use quantitative and qualitative methods to assess the impact of policies, regulations and other economic issues. Q2: What skills are necessary to be an Economic Studies Analyst? A2: To be an effective Economic Studies Analyst, one must have strong analytical, problem solving, and research skills as well as a deep knowledge of economics, finance, and statistics. They must be able to interpret and analyse data from multiple sources, think critically about economic issues, and have excellent communication skills. Q3: What is the average salary for an Economic Studies Analyst? A3: According to PayScale, the average salary for an Economic Studies Analyst is $64,967 per year in the United States. This figure can vary based on experience, employer and other factors. Q4: What types of organizations hire Economic Studies Analysts? A4: Economic Studies Analysts can be found in a variety of organizations, including government agencies, financial institutions, consulting firms, think tanks, and universities. Q5: What are some of the duties of an Economic Studies Analyst? A5: The duties of an Economic Studies Analyst include researching economic trends and conditions, conducting quantitative and qualitative analysis, forecasting economic activity, preparing reports and presentations, and advising senior management on economic matters.