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By Scott Cawfield
School of Business
Centennial College

Economics Skills,
Qualifications, and Abilities
Among the most
sought-after skills in economics graduates are
analytical skills, clarity, organization, research ability (especially
in senior jobs), and quantitative skill. A knowledge of economics is often
considered central to success in fields such as banking, financial analysis
and advising, government research, and business management positions.
What the employer often seeks is not just someone who can understand and
explain economic concepts, but someone who can relate economic knowledge
to an interdisciplinary environment, to explain economic factors to other
professionals, and help the firm to profit as a result. Business is, in
effect, an interdisciplinary activity involving marketing, communications,
finance/economics, problem solving, and leadership skills.
The skills listed
below are acquired from a study of economics; however, they are applicable
in many occupational settings. A banker, a business analyst/writer, and
an entrepreneur will all have to employ analytical skills on a daily basis
to reach their particular goals, though often in different ways.
Communications
Skills
Occupational Possibilities
in Economics
The study of economics
gives you a wide range of occupational choices, notably in the banking/finance,
business, education and communications, and government/public management
career areas. Economists in the banking sector are frequently interviewed
by the television news networks to give the latest spin on the statistics
of the day, the current state of the market, or short-term prescriptions
for policy action. In business, people with economics knowledge are frequently
sought for executive training positions, and many senior-level managers
have taken courses in economics and finance. The preferred educational
route for senior-level positions in business is frequently an undergraduate
degree in economics or economics and political science, topped off with
a Master's degree in Business Administration. In teaching positions, usually
the entry-level qualification is an M.B.A., M.A., or Ph.D.
(the latter in hand or in progress is preferred). In communications positions
related to the economy (e.g., an analyst on a television public affairs
show), only an undergraduate course concentration in economics may be
required. In government management positions, deputy ministers and senior-level
management are often recruited on the basis of an undergraduate or graduate
degree in economics, or combinations of economics and political science/public
policy course concentrations.
The following careers
frequently require economics training:
Banking and Finance
Careers
Salary Expectations
A 1996 Statistics
Canada study of the average annual earnings of government managers involved
in economic analysis showed that they earned $58,695 per year. Economists
and economic policy researchers and analysts made $58,578, while economic
development officers and marketing researchers earned $49,793. University
professors with tenure can expect to make $68,000 to $80,000 annually.
The average income for all occupations that year was $37,556.

Other Job-Specific
Suggestions
If you already have
an economics degree or specialization, you may want to visit careermosaic.com
or monster.com during your job search. And, don't forget that the career
counsellors at the university or college you graduated from will likely
have some helpful suggestions, and possibly even have profiles of graduates
who are employed in economics and related fields. You should ask if you
can contact them for networking, as they may be able to help you find
a job. If you want to branch out to other careers, a career services librarian
or consultant will be able to help you identify key alternatives.
The
author wishes to thank Natasha Ramlochan
of the Career Services Department of the University of Toronto for
her assistance in providing research for this section. The research
for the first and second sections is from University of Toronto files
on economics careers. |

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