Economist - Career Advice - Banking Finance and Insurance

Banking, Finance & Insurance

Agricultural & Resource Economist
Transport Economist - on a separate page within On the Job

Economists study and predict trends and changes in financial, labour and trade markets. They study economic factors, such as taxation levels, wage rates, employment figures and exchange rates, and use their findings to prepare forecasts and provide advice to businesses and governments on possible courses of action. Economists may study the broad global economic situation, providing advice to governments and multinational corporations, or they may examine the economy of a single, small firm to provide advice on how to maximise profits and determine the level of demand for a product or service. Future Growth Static

Economists perform economic research and analysis, and develop and apply theories relating to the production and distribution of goods and services and people's spending behaviour.

Economists advise and provide forecasts to governments and businesses on matters such as taxation levels, wages and prices, employment and unemployment, imports and exports, and interest and exchange rates.

They investigate international or national economic situations, or particular features such as industries or regions.

ANZSCO ID: 2243

Specialisations:

Applied Industry Economist - studies the economic aspects of industry structure and performance, specialising in sectors such as agriculture or manufacturing.
Econometrician - uses economic theories, statistical methods and forecasting techniques to develop models. They feed data on possible future economic situations into models to see the likely results and wider implications of particular actions and advise industry or government on possible costs resulting from their policy decisions.
Economic Forecaster - a person or organization that makes economic forecasts by using various economic variables and indicators
Environmental Economist - studies the environmental impact of projects and advises industry and government on environmental and natural resource management regulations. Environmental economist conduct analysis related to environmental protection and use of the natural environment, such as water, air, land, and renewable energy resources. They also advise on the government's responsibilities in terms of international agreements and treaties about the environment.
Financial Economist - advises on investment and lending policies by studying economic trends and policy. They study the effects of government legislation and policy change on the financial system, and evaluate the economic and financial aspects of investment projects by preparing financial models and budget plans.
Health Economist - analyse data, make assessments and provide advice on the cost-effectiveness of medicines, medical devices and diagnostic tests. They also evaluate the benefits of new or proposed public health policies to the health service and the public.
Labour Market Economist - studies the economic aspects of proposed government policy and its possible effects on the labour market. They recommend improvements in techniques for settling labour disputes and related problems to government agencies, business organisations or industrial groups. They study matters such as labour legislation, unemployment benefits, industrial accident provisions, education, collective bargaining, trade unions and industrial factors, and their impact on the labour market.
Mineral Economist - is an academic who investigates and promotes understanding of economic and policy issues associated with the production and use of mineral commodities
Resource Economist - analyses policy and issues related to natural resource industries such as minerals, fisheries and forestry. This includes supply and demand of resources and how their extraction affects the environment.
Taxation Economist - studies sources of government income, the methods of expenditure and the effect of taxation and fiscal policy upon national income and overall business activity.
Transport Economist - studies the efficiency, financial organisation and interaction of systems such as railways, air transport, shipping, trucks, buses and cars. They examine the allocation of private and government resources to transport systems and the implications of fuel production and importation. They also study the effects of regulation, development and the application of demand models, as well as analyse the implications of investment proposals in the transport industry.

Women in Economics

(Source: RBA)

Did you notice a few more specialisations here?

Did You Know?
Gigi Foster is one of Australia's leading economics communictors and a Professor at the UNSW School of Economics. She was named 2019 Young Economist of the Year by the Economic Society of Australia

Knowledge, skills and attributes

Suits people with good attention to detail who can communicate complex ideas clearly. Skills in statistical analysis are important.

an excellent understanding of business and economic theory
good research skillsable to think logically and analytically
the ability to analyse complex information and statistics
good communication skills, with the ability to explain complex issues to non-economists
able to discuss views clearly
able to write concisely - report writing skills
good at mathematics and and computer skills

Duties and Tasks

As an economist, your research would help governments or businesses to develop policies and plan financial strategies. Your work would vary according to whether you were advising the government or business sector, but typical tasks would include:

analyse information and data on the economy and make economic forecasts - prepare forecasts, analyse trends and advise on economic issues
monitor past and present economic issues and trends
create mathematical models to predict future economic developments
develop economic policies and theories
study the effects of government economic and monetary policies, expenditure, taxation and other budgetary controls on the economy and the community
investigate international and national economic situations and trends
identify opportunities to improve efficiency and international competitiveness
advise Government, businesses or organisations on economic matters
help formulate government economic policies
researching information from a variety of sources
research, analyse and record the effects of government labour market programmes on economic and industrial growth
investigate the types of goods and services that are produced and consumed in Australia and in other countries
study industrial relations issues such as wage fixation and the effect of industrial disputes on productivity
provide management personnel with economic information and advice
write reports on research findings and give presentations
write reports for the press
make presentations at forums or public events
In university-based jobs you may also teach students as well as carrying out research work.

Did You Know?

Professor Leslie Melville was the Central Bank's first Economist.

In 1930, when officials from the Bank of England came to Australia to assist Australian governments with their budgetary problems, they found that the original Commonwealth Bank, then Australia's central bank, did not have an economist on its staff. They urged the Bank's Governor to appoint a qualified economist and recommended Leslie Melville, Professor of Economics at the University of Adelaide. Melville joined the Bank in March 1931 [age 29].

Some two decades later, when he left to become Vice-Chancellor at the Australian National University, Dr HC Coombs wrote to him saying that he had 'made a contribution to the theory and practice of central banking with is without equal in the world'.

As an aside... in his matriculation year he topped the state [NSW] in mathematics.

(Source: RBA)

Working conditions

Economists work in office environments in businesses, government departments and universities. They usually work regular office hours, however when working to a strict deadline, e.g. when annual reports are due, overtime may be necessary. Economists often conduct research and write reports independently, however, in larger organisations they may work as part of a team - each member may specialise in a particular field. Travel may be required.

Tools and technologies

Economists use computers to conduct research and prepare reports. They must ensure that they keep their knowledge of economic issues current, such as interest rates and import and export figures, which requires them to read regular reports from government departments and other economists. To examine economic trends, they must also be able to use historical data, so that they can map changes over time and make predictions about future movement.

Education and training/entrance requirements

To become an economist you usually have to complete a degree in economics at university. To get into these courses you usually need to gain your HSC/ACT Year 12. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required. Most universities in Australia offer degrees in economics. Postgraduate qualifications may improve your employment prospects.

Employment Opportunities

Economists are employed by federal, state or territory government departments; employer organisations and trade unions; financial institutions (for example, banks and insurance companies); other commercial organisations; and private consulting firms.

Employment of economists is projected to grow about as fast as the average for all occupations.

Businesses and organisations across many industries are increasingly relying on economic analysis and quantitative methods to analyse and forecast business, sales, and other economic trends.

Demand for economists should grow as a result of the increasing complexity of the global economy, additional financial regulations, and a more competitive business environment. As a result, there will be strong demand for economists in private industry, especially in management, scientific, and professional consulting services.

Competition for available positions is strong and postgraduate study is recommended to improve employment prospects.

Graduates often find work in administration, management and marketing.

The demand for economists depends on the level of government and private research and analysis, as well as economic activity levels.

Banking, Finance & Insurance

Agricultural and resource economists study and apply economic principles to the use and management of resources in the agricultural, fisheries, forestry and other primary industries. Future Growth Strong

Agribusiness analysts undertake economic or financial analysis on trends and changes within the agriculture industry.

ANZSCO ID: 224311

Alternative names: Agribusiness Analyst

Knowledge, skills and attributes

an analytical mind and ability to think logically
good oral and written communication skills - the ability to communicate technical information to non-technical people
good at mathematics
organisational and time management skills
well developed computing skills
the ability to analyse and research information
strong problem-solving skills
to have a strong interest in agriculture and the environment

Old Farm Gate - what is the economics behind replacing it?
(Source: Pinterest)

Duties and Tasks

Agricultural and resource economists may perform the following tasks:

undertake research into factors that affect farm costs and market returns, such as the availability of farm credit, the way farms are established and operated, the potential cash return from crop sales and the distribution of farms in a particular region
explore ways of raising the incomes and efficiency of primary producers
conduct economic studies into areas such as livestock production, forestry, field crops, wool, cotton, fruit and winemaking
examine and report on existing or alternative methods of grading, processing, storage, sale, marketing and transport of agricultural products
monitor, review and report on rural conditions and domestic and overseas agricultural, economic and political developments that affect the efficiency of the agricultural sector
interpret data on price, yield, stability, future investment risk trends, economic influences, and other factors
apply models of economic behaviour to areas such as crop or livestock pricing, and disease outbreaks
assess the past and/or potential future impacts of policy changes (proposed or actual) on the farm sector and the wider economy
advise on the appropriate management of natural resources
conduct analyses and make recommendations to government and industry on economic issues and/or policies affecting the supply, demand and price of agricultural produce and resources
prepare technical reports and statistical charts
in a bank, provide financial analysis in relation to credit, loans or investments in a variety of agribusiness sectors

Working conditions

Agribusiness analysts typically work full time and have standard work schedules. Agribusiness analysts usually work in offices, and may also be required to work in the field on occasions. They usually work in a team with other agribusiness specialists.

Agribusiness analysts might work in corporate farming enterprises; banks, pastoral houses or primary producer organisations; or in roles in international agencies and government departments.

Tools and technologies

use various econometric modelling software and techniques to produce reports

Kangaroo Island recovering after fire
Australian Army clear damaged fencing on Kangaroo Island during Operation Bushfire Assist 2019 - 2020
Think about the economics of bushfires in Australia!
(Source: The Islander Online)

Education and training/entrance requirements

To become an agribusiness analyst you usually have to complete a bachelor's degree in agribusiness, agriculture & resource economics, or business/economics with a major in agribusiness. To get into these courses you usually need to gain your senior secondary school certificate or equivalent. English, biology, chemistry, mathematics and physics would be appropriate subjects to study prior to university.

To become an agricultural and resource economist you usually have to study agricultural science, agricultural economics, agribusiness, resource economics or a related degree at university. To get into these courses you usually need to gain your HSC/ACT Year 12. Prerequisite subjects, or assumed knowledge, in one or more of English, mathematics and chemistry are normally required.

A number of universities in Australia offer degrees in these areas.

Universities have different prerequisites and some have flexible entry requirements or offer external study.

Employment Opportunities

Employment of agribusiness analysts is projected to grow about as fast as the average for all occupations.

Job growth in the agricultural and agribusiness sectors generally is expected to be driven by the demand for better production and yields, stronger risk management understanding, new food products and food security.

Agribusiness analysts will be well positioned to work in a broad range of companies looking to assist agribusiness practitioners to improve efficiencies in production and business management.

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) in Canberra is the largest employer of agricultural and resource economists in Australia. Public sector demand mainly arises from the need to replace staff that leave the occupation. There is also a demand for agricultural and resource economists in the private sector, particularly in agribusiness, banking and consulting. As many positions are part time or seasonal, agricultural and resource economists often work as consultants in a related field. Job opportunities arise from new technologies and farming practices, as well as the development of new products.

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