Economists perform economic research and analysis, develop and apply theories about production and distribution of goods and services and people's spending and financial behaviour, and provide advice to governments and organisations on economic policy issues.
Also known as: Economic Analyst.
Specialisations: Agricultural Economist, Econometrician, Economic Forecaster, Environmental Economist, Health Economist, Labour Market Economist, Mineral Economist, Taxation Economist.
Earnings are median for full-time non-managerial employees paid at the adult rate, before tax, including amounts salary sacrificed. These figures are a guide only and should not be used to determine a wage rate.
Source: ABS Survey of Employee Earnings and Hours (cat. no. 6306.0), Customised Report.
The Department of Employment, Skills, Small and Family Business estimates the likely change in number of workers over the next 5 years. Future growth is the likely percentage change, compared to all other occupations. Possible ratings are
A lower unemployment rate shows people who work in this job are less likely to be out of work than people who work in other jobs.
Employment size is the number of workers who do this as their main job.
Sources: ABS Labour Force Survey (custom trend) for 4-digit occupations (e.g., ANZSCO ID 1112) and 2016 Census for 6-digit occupations (e.g., ANZSCO ID 111211). As the figures come from different sources, the 6-digit figures may not sum to match the 4-digit totals.
Skill level ratings are based on the range and complexity of job tasks. In general, the higher the skill level, the more formal education and training, previous experience or on-the-job training needed to be good at the job. Entry level jobs often need no prior training or experience. Possible ratings are
Full-time workers usually work 35 hours or more a week (in all their jobs combined).
Average full-time hours is the actual hours worked in this job per week, by people who work full-time hours in all of their jobs combined.
This is the average age of all workers in this job. See the Prospects page for the full age profile.
The number of people working as Economists (in their main job) grew very strongly over the past 5 years and is expected to grow over the next 5 years: from 6,300 in 2018 to 6,700 by 2023.Job openings can come from new jobs being created, but most come from turnover (workers leaving).There are likely to be around 5,000 job openings over 5 years (that's about 1,000 a year).
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A bachelor degree in economics is needed to work as an Economist. Many Economists complete postgraduate studies.
Membership with The Economic Society of Australia may be useful.
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Employers look for Economists who have strong attention to detail, can communicate clearly with a wide variety of people and can work well in a team.
These are important topics, subjects or knowledge areas.
Arithmetic, algebra, geometry, calculus, or statistics.
Economics and accounting, the financial markets, banking and checking and reporting of financial data.
English language including the meaning and spelling of words, rules of composition, and grammar.
Curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Skills can be improved through training or experience.
Thinking about the pros and cons of different ways to solve a problem.
Reading work related information.
Writing things for co-workers or customers.
Using maths to solve problems.
Talking to others.
Workers use these physical and mental abilities.
Write in a way that people can understand.
Communicate by speaking.
Listen to and understand what people say.
Read and understand written information.
Add, subtract, multiply, or divide.
These are kinds of activities workers regularly do in this job.
Looking at, working with, and understanding data or information.
Compiling, coding, categorizing, calculating, tabulating, auditing, or checking information or data.
Keeping up-to-date with technology and new ideas.
Looking for, getting and understanding different kinds of information.
Using information to work out the best solution and solve problems.
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.The skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 19-3011.00 - Economists.
Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.
The physical and social demands workers face most often are shown below.
Use electronic mail.
Talk with people face-to-face.
Have freedom to make decision on your own.
Have freedom to decide on tasks, priorities, and goals.
Work indoors with access to heating or cooling.
Work values are important to a person’s feeling of satisfaction. All six values are shown below.
Job security and good working conditions. There is usually a steady flow of interesting work, and the pay and conditions are generally good.
Work alone and make decisions. Workers are able to try out their own ideas, make decisions on their own, and work with little or no supervision.
Results oriented. Workers are able to use their strongest abilities, giving them a feeling of accomplishment.
Advancement and the potential to lead. Workers are recognised for the work that they do, they may give directions and instructions to others, and they are looked up to in their company and their community.
Supportive management that stands behind employees. Workers are treated fairly by their company, they are supported by management, and have supervisors who train them well.
Serve and work with others. Workers usually get along well with each other, do things to help other people, and are rarely pressured to do things that go against their sense of right and wrong.
Interests are the style or type of work we prefer to do. All interest areas are shown below.
Ideas and thinking. Searching for facts and figuring out problems in your head.
Following set procedures and routines. Working with numbers and details more than with ideas, usually following rules.
Starting up and carrying out projects. Leading people and making many decisions. Sometimes require risk taking and often deal with business.
Working with forms, designs and patterns. Often need self-expression and can be done without following rules.
Practical, hands-on work. Often with plants and animals, or materials like wood, tools, and machinery.
Working with people. Helping or providing service to others.