This is a detailed guide on Economics degree job description, schools, program, and cost.
Many economics graduates do not know how important their degrees and knowledge are to corporate firms.
As a graduate of Economics, or an aspiring economist, your degree can boost your employability in many sectors.
In this article, we will tell you the Economics Degree description, the best school to study Economics, economics program, and the cost of studying Economics in the University.
What Is Economics
Economics is a social science that has to do with the production, distribution, and consumption of goods and services.
It shows how individuals, corporations, governments, and nations come up with plans about how to distribute scarce resources for production, distribution, and consumption.
The study of economics is generally broken down into two disciplines which are macroeconomics and microeconomics.
Macroeconomics is the branch of economics that deals with the pattern, performance, behavior, and decision-making of the whole economy.
The two main areas of macroeconomic research are long-term economic growth and shorter-term business cycles.
Microeconomics is the study of individuals, households, and corporations’ nature in decision making and allocation of resources. It generally pertains to markets of goods and services and deals with individual and economic issues.
Who Is An Economist
An economist is someone who researches the availability of resources in society and their production or output.
They create financial and economic forecasts and models, and they survey how societies and markets distribute resources, such as land, raw materials, human labor, and capital to create goods and services.
Economists research economic issues; conduct surveys and collect data.
They also evaluate the data using mathematical models, statistical techniques, and software.
Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI).
Why You Should Study Economics
An economics course will give you an in-depth knowledge of core economic theories and how to apply them to the real business world.
Moreover, economics is a widely recommended field of study that provides an alternative to an Accounting and Finance degree as it offers similar career opportunities to graduates.
As an economist or one who has an economics degree, you can work in job roles within a range of industries, such as:
What You Can Do With Economics Degree
There are so many things you can use your economic degree to do. Read to the end to gain some insight. With your economics degree, you can become one of the followings
- Financial risk analyst.
- Data analyst.
- Financial planner.
- Economic researcher.
- Financial consultant.
- Investment analyst.
- Business manager,
- Retail merchandiser,
- Pricing analyst,
- Financial consultant and salesperson.
Economists Job Description
The economist job description describes the overall tasks an economist is expected to carry out in an organization.
Below are the economist’s job description
1. Organizations are always on the lookout for highly analytical problem solvers with a financial background for the position of Economist.
2. They examine reports from research using mathematical models and statistical techniques.
3. They develop economic plans which are used in forecasting trends and creating policies.
4. They provide advice and consultation related to economics to businesses, private, and public corporations and government agencies.
5. They assemble data gotten from research areas like employment, productivity, wages, and distribution.
6. They make use of available resources to maximize profit.
7. They work closely with the managers of private or public organizations and government agencies to know their needs and establish a scale of preference in the process.
8. Economists conduct extensive research on the production and distribution of goods and services and also write a detailed report at the conclusion of the research.
9. They conduct numerous research and collect data which is analyzed to know the current market problems and make recommendations on ways to improve efficiency.
10. Economists are needed by corporations, individuals, and the government for assistance in managing their finances for greater benefits.
11. Economists are expected to detect problems that may arise from production, which may affect the economic value of a product.
12. They are current with trends and make changes where necessary to enhance financial operations.
13. Economists make use of the scale of preference to know the greatest need of an organization. This helps them meet the important needs first before considering the less important ones.
14. Economists are responsible for assessing market trends, advising corporations and governments on economic decisions
15. They develop economic models and create company policies to reflect models
16. They create professional rating presentations and design advanced research projects
17. They keep up to date on the latest economic policy
18. They supervise analyst work to ensure precision.
19. They make use of numbers to statistically evaluate issues concerning the economy.
20. They use logic and reasoning to contemplate the possible economic situation of a business.
21. They can communicate the results of a survey to upper management in clear terms for crucial decision-making.
22. They prepare reports and charts to predict market trends.
23. They evaluate various industries such as the environment, health, education, and development.
Economics Degree Skills
To become a successful economist, you must possess these skills
- Analytical skill.
- Communication skill.
- Critical-thinking skill.
- Mathematics skill.
- Writing skill.
- Thinking logically and critically.
- The ability to simplify complex issues and extract the relevant pieces of information.
- Data analysis.
- Written and spoken communication.
- Problem-solving skill, using your initiative.
- Time management.
- Commercial and cultural awareness.
- Teamwork and interpersonal skills.
Best Universities To Study Economics In Nigeria
So many Federal, State, and Private accredited Universities in Nigeria offer Economics courses. Below are the few ones we’ve mentioned.
- University of Ibadan, Ibadan.
- Bayero University, Kano.
- Michael Okpara University Of Agriculture, Umudike.
- University Of Ilorin, Ilorin.
- Ahmadu Bello University, Zaria.
- University Of Nigeria, Nsukka.
- Nnamdi Azikiwe University, Awka.
- Kaduna State University, Kaduna.
- University of Uyo, Akwa Ibom State, etc.
Best schools to study Economics Abroad
Below are the best universities to study economics abroad
- Harvard University, USA.
- Massachusetts Institute of Technology, USA.
- London School of Economics and Political science, U.K.
- University of Chicago, USA.
- Princeton University, USA.
- Yale University, USA.
- University of Oxford, UK.
- National University of Singapore, Singapore.
- University of California, Los Angeles, USA.
- The University of Warwick, etc.
Economics Undergraduate Program
Before you are given admission to study economics in the university in Nigeria, you must first of all write and pass WAEC or NECO examination and also write and pass jamb by having the cutoff mark for the economics course.
Moreover, the cutoff mark to study Economics differs in each university.
The Economics undergraduate program is four years and after that, you are awarded a B.Sc. on completion.
Economics Postgraduate Program In Nigeria
The economic post-graduate programs in Nigeria are:
- Doctor of Philosophy (Ph.D. (Economics)
- Master of Philosophy (M.Phil.) (Economics)
- Master of Science (M.Sc.) (Economics).
To do your master’s degree in Economics, you must, first of all, have a good first degree in Economics obtained from any good university in Nigeria. You will also present your transcript before processing your application.
For you to be admitted into the philosophy degree program in economics, you must first complete your master’s degree program in economics and obtain an average score of not less than 55%.
To enroll in the Ph.D. program, you must first of all complete your master’s degree program in Economics or your master’s of philosophy in Economics with a minimum average score of 60%.
You can also enroll in online economics courses offered by top universities in the world. Coursera and Alison also offer online economics programs that can be beneficial to you.
Cost of Studying Economics In The University
The total cost of getting an economics degree in the University varies from University to university. Each University has its cost of tuition fee, so you need to visit the university portal of your choice to ascertain their tuition fee for the economics degree program.
Importance Of Studying Economics
These are the important reasons why you should study economics
1. Economics Influences Everything
Economics problems such as tax and inflation, interest rate and wealth, energy and the environment, Inequality, and emerging markets, influence our daily lives. However, economics gives answers to health, political and social issues that affect families and communities.
2. Economics Influences Industries
Corporations and industries rely on economics for product analysis and development, pricing techniques, and how to advertise.
Moreover, studying economics can create a variety of career choices across sectors of the economy, from manufacturing to agriculture to banking and consultancy
3. Economics Facilitates Business Success
Understanding consumers’ behavior is necessary for business growth. Economists use theories and prototypes to predict consumers behavior and evaluate business strategies.
4. Economics Will Broaden Your Vocabulary
Economics course will allow you fluency in fundamental terms needed to understand how the market works.
Moreover, even though you don’t use these words often in your present role, studying economics terms will grant you a better knowledge of market dynamics and how they apply to your organization.
5. Economics Will Help You Evaluate Your Spending Habit
Economics will educate you on how your organization and its market behave, and, you’ll also gain insight into your spending habits and values.
6. You Will Be Better-Prepared for Graduate Business School
Studying economics will help you make better decisions in both your personal and professional life and also equip you with the problem-solving skills and technical knowledge needed to prepare for an MBA.
However, an MBA generally includes courses in finance, accounting, management, marketing, and economics.
Economics is an important field of study with a variety of opportunities. If you are planning to study economics, you have just chosen a good career path.
That is all on Economics degree job description, schools, program, and cost.