Economist
What does an economist do?
An economist studies how people, businesses and governments make decisions about money and resources. They collect and analyse data on prices, employment, trade, interest rates and spending, then build models to explain trends, forecast future changes and provide advice. That advice might shape a government budget, an interest rate decision, a company's pricing strategy or the case for a new road or hospital.
Economists work for federal and state government departments, the Reserve Bank and other regulators, banks and financial institutions, consulting and professional services firms, industry associations and research institutes. Many economists specialise in areas such as health, labour markets, energy, agriculture or the environment. Their work is typically office based and combines research, data analysis and report writing with presenting findings and recommendations to decision-makers.
Is a career as an economist right for me?
A career in economics may suit you if you are curious about why markets, prices and policies behave the way they do, and you enjoy using data to answer big questions. You need strong mathematical and statistical skills, comfort with uncertainty, and the ability to explain complex findings to people who are not economists. It's beneficial to have an interest in current affairs, policy and markets.
Other skills and attributes you may need in the role include:
An ability to analyse and interpret information.
Clear written and verbal communication skills, supported by strong interpersonal skills.
A sound awareness and understanding of industry and trends.
The ability to take initiative, demonstrate personal drive, and maintain a professional attitude.
Problem-solving and decision-making
The ability to identify issues, evaluate options, and make informed decisions.
Proficiency in using technology, digital tools, and relevant software.
How to become an economist
Every journey to study is individual, but most economists start with a bachelor degree that includes a focus in economics, finance, mathematics or statistics. Honours or postgraduate study is common in this field, and it is often what opens graduate programs at government departments, central banks and consulting firms. Strong data skills will help you stand out at every stage.
Here's a typical path to becoming an economist:
- Complete a bachelor degree with study in economics, finance, mathematics or statistics.
- Build strong data skills, including statistics and tools such as Excel, R or Python.
- Consider honours or postgraduate study in economics, which many employers look for.
- Apply for graduate programs or analyst roles in government, banking, research or consulting.
- Develop a specialisation, such as health, labour, environmental or financial economics, as your career grows.
Professional memberships
There is no licence required to work as an economist. Employers look at your qualifications, your analytical and writing skills, and your record of research or advice. Membership of a professional body such as the Economic Society of Australia is optional, but it can help with networking and professional development.
How long does it take to become an economist?
A Bachelor of Business majoring in Financial Economics takes three years of full-time study, or two years on UniSQ's accelerated pathway, part-time equivalent. A Bachelor of Science with the Mathematics and Statistics major also takes three years full time, and builds the quantitative skills economic modelling relies on.
An alternative pathway is to complete a four-year UniSQ double degree in business and science, where you can combine your studies in finance, financial economics, mathematics and statistics, and develop the analytical, quantitative and economic expertise needed for entry-level economist roles across government, industry and consulting. A double degree allows you to complete your studies in less time than it would to study both degrees separately.
Many economists then add an honours year or a master's degree in economics, which usually takes one to two years. Senior economist and policy adviser roles generally follow several years of analysis work.
Start your journey with UniSQ
Build a foundation for a career in economics with a UniSQ business or science degree and develop the analytical and evidence-based decision-making skills sought by employers in business, government and policy development.
Responsibilities and work settings
Collecting and analysing economic and financial data.
Building models to forecast trends such as growth, prices and employment.
Assessing the economic impact of policies, projects and regulations.
Writing reports, briefing notes and policy advice.
Presenting findings to executives, ministers, clients or the public.
Banks and financial institutions
Accounting, consulting and professional services firms
Agricultural and agribusiness organisations
Data analytics and artificial intelligence organisations
Government agencies, departments and councils
Research institutes and research centres
Universities and higher education providers
Mining and resources companies
Economist FAQs
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