www.graduateopportunities.com >> industry snapshots 43
economics
Overview Economics is a social science that studies how individuals, businesses and communities solve the problem of allocating or distributing resources such as goods, services, money, labour, knowledge, time and capital. There are very few aspects of our lives that cannot be analysed from an economic perspective; it is a field of study and work that appeals to many.
An economics degree, or an economics major as part of a general degree (arts or commerce, for example), is highly valued in many professions and industries. Opportunities for economics graduates (or those with an economics component to their degree) are particularly strong in banking and finance, business analysis, law, journalism and public policy.
The work Economists work in the private and public sectors. Work in the former often involves analysis of domestic and international market developments, while work in the latter is more likely to focus on the role of government in policy and regulation of markets.
Economists may perform the following tasks: research and analyse the production and distribution of goods and services; formulate government economic policies and provide advice in relation to specific economic issues; assess the impact of monetary policies, expenditure and taxation on economic conditions; identify opportunities to improve efficiency and international competitiveness;
prepare forecasts and analyse trends; and provide recommendations on specific economic issues.
Many federal government departments and agencies regularly recruit economics graduates, including: the Reserve Bank of Australia, Australian Bureau of Statistics, Australian Treasury, Australian National Audit Office, Australian Prudential Regulation Authority, and the Australian Competition & Consumer Commission, to name a few.
There are also many international opportunities for economics graduates, with agencies like the Organisation for Economic Cooperation and Development, the World Bank and the International Monetary Fund requiring economists for their core activities.
What you need economics degree or economics major within a general degree (e.g. arts, commerce)
strong analytical, quantitative and mathematical skills data processing and statistical modelling skills
computer science training is beneficial. GCA and Graduate Opportunities thank the Reserve Bank of Australia for assistance with this industry snapshot. For more information, visit
www.rba.gov.au.
industry at a glance:
www.joboutlook.gov.au
money matters:
graduate salary ranges for selected relevant occupations($)
Economist: 47 - 55k 33% female economists
14% employment growth between 2009-10
Financial Advisor/Manager: 50 - 65k Intelligence/Policy Analyst: 50 - 59k Management/Organisation Analyst: 48 - 68k
Figures from the Australian Graduate Survey 2009, GCA. Ranges refer to the middle 50 per cent of salaries for bachelor degree graduates with permanent residency, in full-time employment in Australia late ‘08-early ‘09.
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