Economists are the engines of business

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

From the end of the last century to this day, the profession of an economist remains the most fashionable. The crisis has made some adjustments to the popularity of this speci alty. Is it easy for economists to find a job, is it worth it for graduates to enter universities in this direction?

Many applicants strive to enter economic institutions, but not everyone knows exactly what functions an economist performs and what is the meaning of his work. What is the profession of an economist? Let's look into this in more detail.

Economist - who is this?

Speaking in general, economists can be classified as specialists who ensure efficient economic activity in the work of enterprises and companies. Most often, this profession is related to marketers, financiers, accountants, managers.

Economists are people who are always in high demand at those enterprises where it is necessary to conduct a constant analysis of economic activity, it is required to correctly calculate finances, control the expenditure of funds. This profession is always needed, it can confidently be attributed to highly paid. Due to the fact that there are many related directions,the scope of activities is quite wide. For example, an economist-manager is a highly qualified specialist employed in the areas of business administration. Even in the last century, the concept of a manager appeared, when assistants (managers) were invited to enterprises. The manager had to clearly plan and organize all the work at the enterprise, teach people, distribute responsibilities, in general, know everything necessary for the well-coordinated work of the team. Now, in a large organization, there are managers in every department, they are responsible for some narrow area, for example, an advertising manager, a sales manager, or an economist manager.

What do you need to know?

Economist is a profession, the basis for which is a higher economic education. Further, for a particular direction, it is necessary to have an appropriate set of knowledge. For a financial analyst, one thing is needed, for statistics - another, for financial management - a third. In general, any economist must have an analytical mindset, have mathematical thinking, be assiduous and scrupulous in work, and be able to quickly concentrate in any situation. Often, for career growth, an economist needs to know foreign languages. And certainly fluency in English will positively affect the salary level.

What do economists need to know?

Economists are professionals who are well versed in complex legal acts, resolutions, orders and orders. They are simply obliged to study all new methodological materials on audit, accounting, analysiseconomic activity. Must:

• Understand the intricacies of planned economic work.
• Know the procedures for developing financial annual plans for the future, various business plans.
• Understand all record keeping.
• Know the procedure for developing materials of financial, labor costs.
• Know all methods of statistical accounting and economic analysis.
• When introducing new technologies and techniques, an economist must determine their economic efficiency.
• When drawing up contracts, know the rules for processing materials, ways and methods for carrying out computational work.
• Clearly know and follow the time and procedure for reporting.
• Study foreign and domestic experience in the rational organization of the economy in production under market conditions.
• Know market-based farming methods, production techniques, operating techniques for equipment.
• Study the basics of labor legislation, rules and regulations for labor protection.

Economists are employees who must be guided in their activities by the developed job descriptions. Appoints and dismisses an economist in accordance with the order of the head of the enterprise.

Main responsibilities

The duties of economists cover a wide field of activity, because the profession intersects with accounting, management, and financial activities. Specific responsibilities depend on the specifics of the enterprise, distributionfunctions between departments, from other business features. In some companies, economists work on business plans, somewhere they act as accountants, conduct cost-benefit analysis, determine spending levels. It even happens that economists are engaged in investments, calculate business prospects, and solve strategically complex tasks. It would seem that there are many directions - this is complexity. But on the other hand, higher economic education provides an opportunity to build a career in many areas of business.

Prospects, salaries of economists

Economists are people who look far ahead. Each of them starts with an ordinary position, but many successfully move up the career ladder, becoming department managers or business managers. A novice specialist may well expect to earn from 800 to 1000 dollars. Often the salary depends on the specifics of the company's activities: in the food and construction business, salaries reach up to $1,500. Income increases when experience appears and there is an increase in the career ladder. Experienced economists receive income from the enterprise from 1500 to 3800 dollars. Although a lot, of course, depends on the specifics, size and profitability of the company (much more modest amounts are also possible). If you have analytical thinking, working with numbers is your forte, you are assiduous, scrupulous, then the speci alty of an economist will definitely suit you.