Business economists study how markets distribute their resources like land, raw materials, human resources, capital etc. for creating goods and services. Business economists are hired by an exhaustive variety of organizations that include investment corporations, government agencies, banks, nor-profit organizations, think tanks, non-banking financial corporations and others.
The common duties of a business economist include data collection, report analysis, utilization of modeling techniques, study of business forecasts and making reports.
How to become a business economist:
A master’s degree in Economics is the minimum requirement. Some positions require a PhD. The master’s degree takes at least two years to complete after the four-year bachelor’s degree. A PhD takes at least four years.
Besides the strong mathematical and analytical skills, business economists must have strong technology and computer skills because most of the economic analyses these days are done by computer software and applications. Economists have to prioritize their tasks and pay attention to details.
Business economist career courses, training and programs:
There are some courses that prepare intending candidates as a business economist. The courseware includes econometrics, macro and microeconomics, accounting, calculus, and statistics.
Business economist career schools/colleges, education:
An economist has to be academically sound. A sound knowledge of the area of specialization is thus very important. In high schools, a candidate can take mathematics, analytics and finance that would give him a solid foundation to pursue economics for graduation and masters.
Top 5 colleges/universities:
University of California, Berkeley
New Jersey State University, Rutgers
Michigan State University
Florida State University
Business economist job opportunities, salaries/pay:
The employment outlook for business economists is good and stable. The US Bureau of Labor Statistics have projected that the employment in the said field is expected to grow by 7-8 percent in the next few years. Over half of the economists are employed by government agencies. The average annual earnings of a business economist is $87,110.
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