The idea of economic science encompasses all parameters, theories and study techniques related to the factors of production of a society. Through a set of tools, economic science intends to describe the behavior of companies, individuals and nations regarding their material resources .
Specialized terminology speaks of economic sciences, as there are several disciplines specific to this scientific branch. Anyway, it is said that economics is a science because it uses the scientific method. It should be noted that the scientific method began with the observation of reality and from the data obtained, several hypotheses were created that were finally contrasted and allowed the development of an explanatory theory.
The characteristics of this discipline
In physical and experimental sciences, an aspect of reality is usually studied, such as the atom, velocity, inertia and energy . However, in economics it is necessary to analyze reality in its complexity. In other words, this scientific discipline has a social and political dimension .
Economic studies, like other scientific disciplines, observe the phenomena of reality.
The set of phenomena has some kind of relationship to each other. These relationships are those that allow establishing laws (such as the law of supply and demand). When there is a set of laws, it is possible to speak of an economic theory. In this sense, every theory tries to explain a wide range of phenomena.
Traditional science can predict certain phenomena (for example, meteorology tells us the weather in a very approximate way). This mechanism is not exactly the same in economics, since specialist economists cannot yet determine what the economic reality will be from a series of data, as in any economic context there is a high component of uncertainty.
Economic science is divided into two divided areas: microeconomics and macroeconomics
Microeconomics is focused on the study of small economic agents (for example, individuals and families) and how they interact with each other. The set of all individual decisions that make up the market is what makes up the macroeconomy.
Macroeconomics studies general variables such as inflation, unemployment or CPI. On the other hand, microeconomics is focused on the economic behavior of companies, employees and their consumers.
Areas of expertise in Economic Sciences
Economists can practice their profession in three major fields: in the private sector, in public administration and in the academic world . See, below, what are the opportunities found in these spaces.
The financial market is the best-known employer. The economist works in traditional banks, investment banks, stock exchanges, asset managers and fintechs, for example. These spaces hire professionals to calculate, interpret and organize numbers . The objective is to discover how the analyzed variables impact the financial institution.
Companies from different productive branches also employ economists, who carry out diagnoses to find problems that affect the organization’s results. Knowing what hinders financial, economic and administrative activities, the Economic Sciences professional recommends solutions to maximize the company’s resources .
In the public sector, the economist finds opportunities in the areas of planning, finance, budget and assistance in city halls, state governments and the federal government. Its performance is essential to guarantee good management and the proper use of public resources.
In addition to the classic role of economist, graduates in Economic Sciences can apply for positions such as Internal Control Agent, Administrative Analyst, Tax Auditor, Financial Analyst and Planning Analyst .
Economists can also pursue an academic career as a professor and researcher at public and private universities. As a professor, he is responsible for teaching disciplines in Economic Sciences, Accounting Sciences, Actuarial Sciences, Administration , Financial Management, Financial Administration, Production Engineering and Foreign Trade.
As a researcher, he produces scientific knowledge by carrying out studies on topics related to Economic Sciences . But, be careful: to work with higher education, it is necessary to attend a postgraduate course . This happens because universities require that candidate professors or researchers have lato sensu and/or stricto sensu graduate degrees .
The job market for graduates in Economic Sciences
Now that you’ve informed yourself about the areas of expertise, you should have some questions in mind. What jobs are offered? Is there enough vacancy in this market? Will I get an opportunity quickly?
The answers to these and other questions are good. The job market for those studying Economic Sciences is vast and offers different opportunities . Let’s understand this better!
Jobs and vacancies for economists
Opportunities are usually announced in a specific way, that is, according to the position to be occupied . Therefore, instead of searching for “vacancy for economist”, search for the desired function:
- variable income analyst;
- investment analyst;
- equity compensation and settlement analyst;
- fixed income analyst;
- operations analyst;
- financial planning analyst;
- corporate finance analyst;
- risk analyst;
- financial economic analyst;
- financial analyst.
These positions are just a few examples and are usually accompanied by terms that indicate the level of experience — Junior, Full and Senior. But don’t forget that there are many other roles that economists can fill.
The skills required by the market
To do well in this career and win a great job in the market, as we have seen, it is important to develop some skills. Mastery of a second language is essential, such as English , and in some cases knowledge of Spanish is also required.
Having good logical reasoning to give answers as reliably as possible is crucial. Showing dynamism and the ability to adapt to changes in the economy and having ease with mathematical calculations are also essential
The activities carried out by the professional
During the work routine, the economist develops several activities. He is responsible for issues related to the assets of institutions, companies and people , carrying out plans for the preservation and expansion of this capital. But know that it doesn’t stop there. See other functions performed by the professional!
Economic viability of projects
Before expanding the business, every company needs to carry out a plan . From there, the economist conducts market studies on project activities, analyzes the financial health of the corporation, available resources, profitability and investment payback time.
The economist may also be responsible for financial guidance , indicating the best time for a person or company to make an investment. In addition to analyzing the ideal time, the professional advises on funding sources, interest rates and types of financing. For this, it is fundamental to elaborate scenarios and perspectives and to know the market and its variations.
It is quite common for companies to carry out audits of their processes with the intention of guaranteeing the quality of the corporation’s management . In addition to the quality of the products, this process is essential for the company’s commercial life.
Economists can act in the management audit by analyzing cash flow, identifying nonconformities and abnormalities. Thus, they assess the institution’s financial health and, in the end, point out which aspects should be improved and which actions need to be taken.