Being an Economist: 21+ Pros and Cons

An economist is a person who studies economic issues such as supply and demand, savings and investments, and international trade. He is a professional and practitioner in the social science discipline of economics.

He is an expert who studies the relationship between a society’s resources and its production or output. They conduct research and apply economic analysis to the ways society uses resources like land and other raw materials to produce goods and services. 

Advantages of being an EconomistDisadvantages of being an Economist
Critical and Independent ThinkingStrong Job Competition
Jobs Available in Multiple SectorsMath
Nice PayTendency to Over Think
Social Tools InfluenceWrong Decisions and Arguments
Understanding of the Market EconomyNot the Best Forecast
DemandBoring and stressful

Advantages of being an Economist

Critical and Independent Thinking

Critical thinking is especially important in today’s era of the internet filled with information overload and fake news.

Economists being critical thinkers will always be sceptical of facts. Independent thinking allows them to undergo their analysis.

Jobs Available in Multiple Sectors

An economist has the option to work in a wide range of industries like government, management, research, etc. As economists are required in almost every field related to monetary transactions, there is a high demand for a diverse range of jobs. Amongst the economics major, students can choose from a broad range of specialized fields.

Of possible specializations, economic statistics, environmental economics, applied microeconomics, and economics of education economists can choose. As per available online surveys, econometricians study economic phenomena, while macroeconomists evaluate how markets function.

Moreover, behavioral economists observe how economic decisions get affected by cognitive and emotional factors. Macroeconomists study the total activity affecting the economy, while international economists analyze trade between nations.

Other economists include financial economists who study saving and investing, while public finance economists analyze the role of governments in the economic process.

Nice Pay

Economists usually have higher average salaries than most professionals. As economics majors provide a valuable service and people are paying a little extra for it.

According to the available online surveys, economics professors earned an average of USD 11620 per year in 2021, while economists earned an average of USD 13500.

Social Tools Influence

Nowadays, influential people talk a lot about economics. One needs at least some economic knowledge to be in their social circle. Prominent businessmen or influential politicians talk about economics, interest rates, oil price, etc. all the time.

Many economists even have the power to manipulate the current economic issues to their interests. If one is really an experienced & knowledgeable Economist, he can talk his way out & gain respect from people from all walks of life.

This can be in a small office, forums to a huge international conference, or even during political campaigns. Many Economists or politicians can also manipulate the current economic issues to their own interest

Understanding of the Market Economy

An economist makes one understand how a market operates. Market economy knowledge is useful in understanding how demands are created and how businesses play the role of fulfilling those demands by offering or supplying those needs.

Many people may think that they can make more money again by investing in the same trust funds that previously provided them with high returns.

All the models report the same finding. Finance & Statistics are also part of Economics

Demand

Economists are required everywhere. They are needed in colleges, universities, banks, rating agencies, securities firms, etc.

Many organizations pay an experienced Economist up to 5 figures. Economists are an asset to society given their high ability to influence the standard of living of an average man on the street.

Increasing the interest rate can put a borrower into worse debt, reducing personal income tax if done significantly can help businesses everywhere to grow, etc.

Disadvantages of being an Economist

Strong Job Competition

Strong job competition is there amongst economists. There is always a possibility that someone better in terms of degrees or soft skills could get the job. Many positions require a master’s or doctoral degree.

Thus, one has to groom them enough and face the competition. With the advent of tools and applications, a young economist can easily outsmart a mid-level economist. An experienced economist always has an edge.

Artificial intelligence also poses a serious threat to this profession. This tough competition translates into a lower hike in pay and even led to a reduction in pay.

Math

While one is learning about people and how they function economically, math plays a huge role in economics.

One has to learn advanced formulas so this career is not for those who don’t like math. The minimum educational requirement to be an economist is a bachelor’s degree in economics.

While most jobs, though, require several additional years in school to complete either a master’s degree or a Ph.D. in economics. 

Tendency to Overthink

Being an Economist can sometimes be prone to think too theoretically that too more than necessary.

This overthinking nature leads to simple issues being twisted. It could even lead to not having enough sleep. It may also bring private costs to the bearer e.g., not having enough sleep as thinking too much over the night.

An economist usually thinks about several aspects of simple situations. It consumes time and money.

Wrong Decisions and Arguments

Often economists make mistakes that lead to wrong decisions. It may cost a lot to those seeking their advice.

Moreover, economists have a sophisticated view regarding any issue which may be completely different from how an ordinary person perceives which leads to never-ending arguments.

And the worst-case scenario is a debate with another economist.  This is largely due to too many assumptions & oversimplifications. 

Not the Best Forecast

Job opportunities as economists are only projected to grow by 5 percent through 2022 as per available online surveys. As the global growth rate for all occupations is 11 percent, demand for an economist is growing much slower than average.

In comparison with similar occupations, demand for market research analysts is projected to grow by 20 percent through 2022, while jobs for actuaries will grow by 21 percent, and financial analyst jobs will increase by 23 percent.

However, statisticians will experience a 15 percent increase in demand for their services, while political scientists will see an 11 percent increase in job growth.

Boring and stressful

The job of an economist is monotonous and boring. They have to repeatedly go through charts and excel generated by the system.

They also have to keep a keen eye on the market. It is very boring. This job is full of stress as he has responsibility. His mistake can cost society.

economist pros cons

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