Skills and Abilities Required as an Economist

By | October 4, 2020

In the society today there are Skills and Abilities Required as an Economist. Reasons being that there are so many opportunities that abound for graduates of economics. And to tap into these opportunities there are element (skills and abilities) that must be possessed.

Given that economics is a course that cuts across so many areas and can fit into any sector such as health, oil and gas, development, energy, investment, etc. There are, however, some very vital skills that you need as an economist no matter the aspect of it you choose to specialize in. Let’s look at these skills and abilities one after the other.

Skills and Abilities Required as an Economist

Skills and Abilities Required as an Economist

  • Mathematical Skills
  • Analytical Skills
  • Presentation Skills
  • Communication skills
  • Microsoft proficiency
  • Research Skills
  • Curiosity

Mathematical Skills

Economics as a course requires that you take courses that relate to mathematics as there as a fusion between economics and maths; that’s why you see these courses have similar courses like “operations research.” In the field of economics, you need to be well-grounded in mathematics as you would be employing a lot of mathematically skills to solve even real-life situations. Mathematical skills will be useful in calculations. This will be a great one for those looking to working in the banking sector.  Mathematical skills could also be in the form of hard skills, something like the ability to use excel as well as other calculative software proficiently.

Analytical Skills

You would be working with a lot of data such as time-series data, panel data, etc. As such you would need to develop your analytical skills; reasoning and logic. Economists are critical thinkers and as such you must be ready to wear that cap at all times as an Economist. In economics, data are important for business growth. Your ability as an economist to analyse data is also important. this is one of the core reason you are an economist. you need to carefully examine data to determine the next line of action. You also need to advise your organisation or client on what to do to improve the current economic situation. However, all of this will depend on how good you are in analysing data.

Presentation Skills

Economics is a course that requires that you inform the populace about certain issues they may not understand; you may need to break these points in a lay man’s understanding. For example; after running your analysis on any of the economic or statistical software like “Eviews” or “Stata”; a person who isn’t grounded in that area may find it difficult to interpret the results. As an Economist; you need to be able to communicate these results in a manner in which they will understand. Another example is in the area of derivatives; a layman may not understand the figures and how they are interested to guide an investor; an Economist needs to dissect it to make people easily understand. As an economist; you would be needing to do a lot of analysis which would require that you come out and present your findings.

Communication skills: (Writing or Oral)

As an Economist; you also need to horn the skill of writing! A lot of graduates in economics find themselves in the research department of organisations; this is when this skill comes to play. communication skills are also important in selling yourself to an organisation. You need these skills to associate better with colleagues and superior persons in the organisation. without these skills, your presentations skills may not surface. One can hardly separate presentation and communication both go hand in hand. Communication skills are something anyone should possess as it is very helpful in an organisation.

Microsoft proficiency

Since you are going to be working with computers a lot; your Microsoft profile needs to be top-notched. Become better at using excel, word, access and PowerPoint.

Research Skills

Economics involves a lot of research; you would need to do a lot of factual findings to support certain claims as such you need to horn your skill in the aspect of research. A lot of economics end up in the academics, writing journals and research papers to establish and refute certain claims. Economics as a course involves that you’d be doing a lot of policy review and if you haven’t horned the aspect of research; you may find it difficult to thrive in a clime where you are tasked with conducting lots of research.

Curiosity

Economists are curious people as they like to understand the why of many situations that arise within an economy. Curiosity is what has birthed many of the economic theories that are widely upheld. For this reason; you need to develop curiosity as an economist for you to adequately question beliefs and come up with better ideas. Learn to questions things. Build that hunger to know why things happen the way they do. As an Economist, you will excel in your research works if you are curious about things. Economists want to learn more, they are never okay with knowledge, they question things that are not clear to them. This s curiosity and it is a great skill you should possess as an economist.

Conclusion

Having learned the Skills and Abilities Required as an Economist in this changing world, we want to hear from you. What do you think we can add to these skills. kindly is the comment box to add your contribution as well as questions for us. We do be glad to get to reply all. Also, do well to follow us on our Twitter community where we help graduates with job post as well as other job tips.

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