Professional Skills Needed By Economists
Christian Broda is the current MD of Duquesne Capital Management and has previously worked as a professor in the University of Chicago and Booth School of Business. His students always came up to him for career advice after they received their economics degree. Economists usually get jobs in banks, think tanks, governmental departments, accountancy firms, insurance firms, consultancy companies, and NPOs. Clearly, there are many career options for economists but in order to be successful in any of these careers, there are some professional skills that candidates need.
Here are some professional skills that are a must for any economist –
Formal Communication – Communication doesn’t simply refer to knowing how to dole out criticism and appreciation at the right time. It also means the ability of an economist to present their findings in a way that is understood by everyone. Economics involves a lot of complex and complicated data, and this skills is essential.
Numeracy Skills – In order to handle the complex data in Economics, great numeracy skills are expected from economists. During an economics degree, students are taught about various statistical tools and analytical methods. During actual jobs, this theoretical knowledge is put to test. This skill is so important that statistics related questions are also common in job interviews.
Problem Solving Mindset – Economists need to be able to extract data and draw logical conclusions from them. These conclusions must have proper backing from tested methods and theories. After that, economists must also offer recommendations because simply pointing towards a flawed scenario is not enough. All this requires a problem solving mindset in an economist.
Computing Ability – Economists use various specialized software programs during their work. These include analytical software programs and reporting tools and economists must be adept at using them.
Great Time Management – During the job, economists have a set time frame and they must finish their assigned tasks during that time. This is true for almost any economic job in the industry. Even research economists have to follow deadlines, lest their findings become irrelevant.
Astounding Analytical Skills – This is the biggest and most important part of an economist’s skill set. It ties all the other skills together. There is only so far that theoretical knowledge can take an economist. It is all about using that knowledge and putting it to good use. Raw data often has a lot of useless information but economists need to spend time on research to ensure that the useful data is foraged from that data dump.
It is not just important to possess the skills mentioned above but economists must be able to showcase their talents and skills in practical situations. For instance, Christian Broda is on the board of various economics journals and organizations, and has also published a wide variety of articles to demonstrate his ability to critically analyze economic situations.