A CHOSEN CAREER IN ECONOMICS

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2 Economics is a social science concerned with the study of how individuals, businesses and communities solve the problem of allocating their limited resources (where resources is taken to mean time, money, labour, knowledge, capital and other natural resources ) to satisfy their unlimited wants (Economics, Graduate Careers Australia, n.d.). Since economics describes how people allocate scarce resources, economics explains why and how people trade for their mutual benefit. As economic behaviour most often takes place in the context of markets, economics is also a study of markets and the welfare consequences of market transactions. Economics is of special interest to governments because they have the potential to greatly influence economic decision-making and therefore social welfare. Economists are typically responsible for analysing either how markets are operating or how markets ought to be operating. For example, private sector economists often analyse developments in domestic and international markets to understand the ramifications for the firm or industry in which they operate. In contrast, public sector economists are concerned with analysing whether and how governments should intervene in the operation of markets in order to maximise social welfare. In many cases, the analysis involves making recommendations about how governments can better participate in and regulate markets. Visit myfuture.edu.au and search Economist under the Occupations tab for more information about the specialities within Economics and further information regarding the day to day tasks and duties of an Economist. 2 EMPLOYERS The opportunities within Economics are endless and can take you all over the world. Many Australian Government agencies recruit graduate and/or postgraduate Economists. According to Graduate Careers Australia (n.d.) and the Australian Productivity Commission and the Australian Government Treasury, some major recruiters of economics graduates include: The Australian Government Treasury recruits around 50 graduates every year, a number of whom are economists. Graduates are responsible for providing advice for sound macroeconomic policy, including monetary and fiscal policy, labour market issues, taxation, retirement income policies, and promoting competition in markets for financial services and other goods and services. The Reserve Bank of Australia recruits around 40 graduates every year, many of whom are economists. Graduates contribute to formulating and implementing monetary policy, maintaining financial system stability and promoting a safe, efficient payments system. The Productivity Commission recruits a number of economists every year. Graduates undertake research on economic and social infrastructure, competition policy and regulation, trade, environmental and natural resource matters, and general economic policy. The Australian Bureau of Agricultural and Resource Economics recruits about 50 graduates each year, a number of whom are economists. Graduates undertake research and analysis into Australia s agricultural, fishing, forestry, energy and minerals industries.

3 The Australian Competition and Consumer Commission recruits about 30 graduates every year, many of whom are economists. Graduates are responsible for monitoring and enforcing the Trade Practices Act 1974 and regulating national infrastructure services, to promote competition and fair trade for the benefit of consumers and business. The Australian Fair Pay Commission also recruits a number of economists. Graduates undertake research to set and adjust federal minimum wages to promote the economic prosperity of the people of Australia. Australian Bureau of Statistics Graduate Program: economic graduates work in a number of business areas including the Economic Statistics Group (ESG), Population Statistics Group (PSG) and the Methodology Division (MD). ESG graduates assist in the production of critical economic indicators like the quarterly GPD, CPI and balance of payments statistics. PSG produces social and labour statistics that provide a picture of the social and economic well-being of the Australian population, labour force participation figures, household income and expenditure statistics. The Methodology Division s main activities include developing new ways of measuring socioeconomic concepts and developing better methods for detecting and displaying relationships between economic variables. The ABS also employs generalist graduates who have a major in economics. There are also many international opportunities for economics graduates. Economists can gain employment overseas throughout the world in a number of prestigious organisations, such as The World Bank, Asian Development 3 Bank, Organisation for Economic Cooperation and Development. OCCUPATIONAL ROLES Both MyFuture and the Job Guide are Australian Government websites that provide Australian based up-to-date occupational information. The Curtin Careers Centre recommends students refer to these websites when researching various occupations of interest to them. The following definitions are taken directly from these websites in an effort to provide students with accurate occupation information (Economics, MyFuture n.d.; Economics, Job Guide n.d.). Econometrician An econometrician uses economic theories, statistical methods and forecasting techniques to develop models. They feed data on possible future economic situations into models to see the likely results and wider implications of particular actions and advise industry or government on possible costs resulting from their policy decisions. Environmental Economist An environmental economist studies the environmental impact of projects and advises industry and government on environmental and natural resource management regulations. They also advise on the government s responsibilities in terms of international agreements and treaties about the environment. Financial Economist A financial economist advises on investment and lending policies by studying economic trends and policy. They study the effects of government legislation and policy change on the financial system and evaluate the economic and financial aspects of investment projects by preparing financial models and budget plans.

4 Labour Market Economist A labour market economist studies the economic aspects of proposed government policy and its possible effects on the labour market. They recommend improvements in techniques for settling labour disputes and related problems to government agencies, business organisations or industrial groups. They study matters such as labour legislation, unemployment benefits, industrial accident provisions, education, collective bargaining, trade unions and industrial factors, and their impact on the labour market. Resource Economist A resource economist analyses policies and issues related to natural resource industries such as minerals, fisheries and forestry. This includes supply and demand of resources, and how their extraction affects the environment. Taxation Economist A taxation economist studies sources of government income, the methods of expenditure and the effect of taxation and fiscal policy upon national income and overall business activity. Transport Economist A transport economist studies the efficiency, financial organisation and interaction of systems such as railways, air transport, shipping, trucks, buses and cars. They examine the allocation of private and government resources to transport systems and the implications of fuel production and importation. Transport economists also study the effects of regulation, development and the application of demand models, as well as analyse the implications of investment proposals in the transport industry LABOUR MARKET INFORMATION For relevant and up-to-date labour market information refer to Source:joboutlook.gov.au Economics graduates can expect competitive salaries that compare well to salaries within other fields. According to The Good Universities Guide 2009, economics graduates in 2006 earned an average of $45,446. Generally speaking economics graduates are highly paid professionals who achieve enviable salaries. The top economists in Australia command salaries in the hundreds of thousands of dollars. GRADUATE AND VACATION WORK Graduate programs are available to final year students and recent graduates. Applications can open as early as February/March of each year. Programs range from one year to three years in duration, depending on the discipline. Graduate programs generally offer training and development, job rotation through various departments of the organisation, challenging roles, mentoring, and social and networking opportunities. Vacation programs are available to penultimate and final year students and can be offered in either winter or summer. Winter programs are generally four weeks in duration and summer programs can be up to twelve weeks. Vacation programs offer paid positions and training pertinent to your discipline and may also lead to selection for a Graduate Program. Applications are generally open in Semester I for Winter Vacation Programs and this can tie in with the advertising of the Graduate Programs. Summer programs are often advertised midyear, June to August. 4

5 Please note these dates are just a guide. Please refer to company websites and job search engines for accurate up-todate information regarding recruitment deadlines. PROFESSIONAL ASSOCIATIONS As an Economics student you need to be aware the following professional body: The Economic Society of Australia (ESA) 5

6 REFERENCES Australian Government Treasury (n.d.) asp?contentid=318&titl=careers (accessed December 14, 2011) Australian Productivity Commission (n.d.) (accessed December 14, 2011) Economics, Graduate Careers Australia, n.d. CareerPlanningandResources/careerprofiles/Economics/index.htm (accessed December14, 2011). Economics, Job Guide (n.d). Economist (accessed December 14, 2011) Economics, MyFuture(n.d). Employment/Occupations/Details.aspx?Anzsco=224311B (accessed December 14, 2011) Good Universities Guide (2009). NpgodVBX6Sw (accessed December 14, 2011) Contacting the Careers Centre... Feel free to visit us at Building 303 us at Give us a call on (08) Or visit our website at Stay connected to the Careers Centre with Jobs and Events Connect. Access new jobs posted daily, workshop information, special events and employer presentations. 6