What does an Economic Analyst do?
Published 4 min read
An economic analyst is a professional who studies and analyzes economic trends and offers recommendations to businesses, governments, and individuals. They may work in a variety of fields, such as finance, marketing, or consulting. Economic analysts use data and statistical analysis to identify trends and make predictions about future economic conditions. They may also develop economic models to forecast the impact of proposed policies or projects.
Economic Analyst job duties include:
- Conduct economic research and analysis on a variety of topics.
- Prepare reports, presentations, and recommendations based on economic research findings.
- Monitor economic trends and developments at the national, regional, and global levels.
- Analyze data to identify relationships and trends.
- Develop forecasting models to predict economic activity.
- Advise clients on investment strategies and decisions.
- Provide consulting services on economic issues.
- Teach economics courses at the college level.
- Write articles or books on economic topics.
Economic Analyst Job Requirements
An Economic Analyst typically needs at least a bachelor's degree in economics, although a master's degree is often preferred. Many employers also require Economic Analysts to be certified through the American Institute for Certified Planners. In terms of experience, most employers prefer candidates who have at least two years of experience working in an economic analysis-related field.
Economic Analyst Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Finance
- Budgeting
- Forecasting
- Financial modeling
- Business strategy
- Business planning
- Data analysis
- Economics
- Statistical analysis
Related: Top Economic Analyst Skills: Definition and Examples
How to become an Economic Analyst
There are a few key steps to become an economic analyst. Firstly, it is important to have a strong foundation in mathematics and economics. Secondly, it is helpful to get experience in the field through internships or working in entry-level positions. Finally, it is necessary to obtain a professional designation, such as becoming a Chartered Financial Analyst (CFA).
Those who want to become an economic analyst need to have strong math skills. Many economic analysts use mathematical models to forecast future economic activity. As such, a strong background in mathematics is essential for this career. In addition to math, those interested in this career should also have a solid understanding of economics. A bachelor’s degree in economics is typically required for most entry-level positions.
In addition to academic credentials, those interested in becoming an economic analyst should also consider gaining some experience in the field. Internships or entry-level jobs can provide valuable insight into the day-to-day work of an economic analyst. These experiences can also help build important skills, such as data analysis and report writing.
Finally, obtaining a professional designation, such as becoming a CFA, can also be helpful for those interested in becoming an economic analyst. Professional designations can signal to potential employers that an individual has the skills and knowledge necessary for the job. In addition, many professional organizations offer resources and networking opportunities that can be beneficial for career development.
Related: Economic Analyst Resume Example
Related: Economic Analyst Interview Questions (With Example Answers)