How Does an Economist Spend a Workday?
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Work Day
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It is hard to describe a typical work day of an economist because where he or she works determines what the work day is like. Here are two scenarios: the work days of an economist who works at a financial institution and another who is an academic.
An economist at a financial institution, whether it is a major bank or the Federal Reserve, engages in research and works to spot trends in economic activity and to use this information along with models to predict economic behavior. She then provides advice on business decisions based on these models. The economist would usually prepare reports of her research.
An academic economist spends her time on research, teaching and writing. This involves preparing and designing classes, grading papers, as well as carrying out ongoing research. Some also work as consultants to outside institutions such as governments, corporations and international organizations.
How to Become an Economist
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There is no professional standard for being designated an economist. Therefore, any one who carries out the activities outlined above can be legitimately called an economist. However, the most respected economists who have the biggest impact on economic policy almost always have graduate training, and most, if not all, have Ph.D.s. It takes about six years on average to obtain a Ph.D. in economics.
If you are interested in becoming an academic or working at the highest levels in government when it comes to economic policy, getting a Ph.D. is important. If you would like to receive the minimum education and rise through the ranks in the corporate sector, then a bachelor's degree in economics will suffice.
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