Becoming an economist is as simple as graduating with an economics degree. Working as an economist in a professional capacity, however, is another story entirely. Economics as a field is vast, meaning that you will want and need to specialize early on in a specific subject if you want to become an established leader in the field. This guide will help you understand how to get from ground zero to your dream job role, from theoretical to applied to the many nuanced types of economics that lie in-between.
The difference between economics and applied economics
The first thing you need to understand is that there is a difference between economics vs. applied economics. Though they go hand-in-hand, economics is the theoretical approach to how societies function and applied economics is using those theoretical models in real-world settings. For the most part, economists work in research, while applied economists can work in many different places, from a business to the government.
Deciding on your focus
Before you start, you need to know what field of economics you want to focus on. Economics is the same as Chemistry or Mathematics. It is a large umbrella term for many different subsections. You need to know your focus so that you can either adapt what you learn or focus on it directly.
There are some exceptions, of course. Earning a degree in applied economics does not mean you need to decide what area you want to focus on. Instead, it works for teaching you the models and how you can use them to apply to the situation at hand.
Where to learn and train
Economics is unlike business or management. It is a very technical field and, as such, requires formal education. You could jump right in with an undergraduate degree or earn a master’s. Earning a master’s is particularly important for those who have already established a career and have responsibilities. You can transition your career into economics without having to take time out from your career.
While taking time away to pursue a degree is not going to hurt your career prospects, it is not an option that everyone has. If you need to be employed for legal reasons or have financial responsibilities, quitting even to earn a degree can be a bad idea. Thankfully with online degrees, you can earn the degree of your dreams while continuing your education.
Tips for helping you land your first analyst job
Having a direction and getting the skills and qualifications is essential, but none of it will immediately get you a job. To get your first analyst job, you will need to brush up on your resume, leverage your network, and use any and all resources afforded to you by your university. If you want to improve your career prospects further, consider how you can use your experience and knowledge to build your personal brand. If you can get out there as a leading thought figure in your field, you can use that platform to help open doors.
