Why did you become an economist?
Economist - job description, studies, training, salary and perspective in economics
Do you have good math skills as well as a strong organizational talent and are you very interested in economic forecasts? Perhaps then a career as an economist is the right choice for you. An economist deals with economic issues and researches cross-company and macroeconomic problems.
The study of economics includes areas of business administration and economics. You will learn how econometric methods are used to analyze economic and economic models and / or to make forecasts of further economic developments.
During your studies you can specialize in certain areas and thus plan your future career path. There are opportunities for specialization, for example, in the areas of management consulting, controlling, financial market analysis or asset consulting.
As an economist, you have a broad knowledge of different economic theories, methods of corporate management and numerous other areas. For this reason, numerous fields of activity and industries are open to you.
The professional opportunities range from an academic career to activities in public administration or with social security agencies, insurance companies and credit institutions to management positions in industrial and service companies.
Video about studying and working as an economist
Salary as an economist
As an economist, you have numerous professional fields in different industries open to you. The amount of your income therefore depends on a number of factors, including work experience, the location of the employer and the size of the company, as well as your degree and position within the company. As a career starter, you can expect an average starting salary of 3,600 euros gross.
Work experience plays a major role in this profession, and you will benefit from a salary increase over time. Another aspect for the amount of income is whether you are paid according to the tariff. If this is the case, you can expect gross remuneration of 4,240 to 4,770 euros per month. In the area of management consulting, the monthly salaries for economists are 5,000 euros and more.
Studies and training as an economist
Possible courses of study as a prerequisite for later work as an economist are economics, economics or economics (political economy). The bachelor's degree has a standard period of six months; depending on the university, the course can also be designed for nine semesters.
Upon successful completion, you will receive the title Bachelor of Science (rarely: Bachelor of Arts). If you are aiming for a management position, you should then complete a master’s degree with which you can specialize in thematic areas. This course usually lasts four semesters.
During your studies you will acquire extensive knowledge in the fields of business administration and economics, you will acquire differentiated knowledge of topics such as corporate management and labor market policy and you will deepen basic knowledge in statistics, accounting and law. In the course of your studies you will get to know important analysis methods as well as different models and theories.
The common course contents in economics include topics such as:
- economic theory
- economic policy
- business law
- Sales and finance
- Financing and investment
- corporate governance
- Micro and Macroeconomics
- Business English
At many universities, internships and special excursions such as company tours are now part of the course. A stay abroad during your studies is particularly recommended, as this significantly increases your chances of finding a managerial position in an international company.
Properties and requirements for the economy
If you want to work as an economist, you must have completed an undergraduate degree. For access to the course you need the subject-specific or general higher education entrance qualification and with the technical college entrance qualification you can start studying at a university of applied sciences.
Since this field of study is generally very popular, some universities also have their own admission procedures. If you would like to take on managerial responsibility at a later date, depending on the intended career path, a master’s degree is required in addition to the Bachelor’s degree.
You should have an understanding of mathematics, an analytical mindset and an interest in business contexts. Commercial skills as well as a pronounced willingness to perform and work are also advantageous for this profession.
A careful way of working, determination and perseverance as well as a sense of responsibility and a customer-oriented work attitude are particularly important.
Application as an economist
When applying, diligence is a particularly important aspect. Spelling and grammar should be absolutely flawless. You should formulate your application letter individually, as this shows your interest in the job and the company.
So that you stand out from the other applicants and increase your chances of getting the dream job, you should describe your knowledge and skills and explain why you are the ideal candidate. Find out exactly in advance about the job description and the company so that you are absolutely convincing with your description.
In your résumé you list important data, your school career, internships and secondary employment in key points. A stay abroad during your studies also belongs on this list. Your language skills, IT skills, special skills and hobbies are also important. In addition, relevant copies of certificates are of course part of the mandatory application documents.
Tips and templates for preparing applications!
Trends and career prospects for the job description
Economists often work at universities, state statistical offices or in other areas of public administration. You are also active in market and opinion research institutes, management consultancies or at insurance companies and credit institutions.
Since graduates of economics can work as qualified specialists in a variety of different industries, your career prospects as an economist are excellent.
With a master’s degree, you significantly increase your chances of finding a lucrative management position. You can specialize in certain areas with further education and training and acquire extensive knowledge of topics such as controlling or sales. You improve your career opportunities and can, for example, train to become an auditor.
If you want to pursue a scientific career at a university, a doctorate is usually required and as a university professor you need a habilitation. You can also strive for self-employment as an economist, setting up your own management consultancy or a freelance activity as a consultant in the field of economics is conceivable.
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