VI Международная студенческая научная конференция Студенческий научный форум - 2014

Russian society has reached the stage of international integration which influenced on all spheres of life and especially on the country’s economy. The global transformation of production strategies and labour market, the expansion of economic activity increase the requirement in competent economists capable for the constant professional development. The economists’ activity determines the various levels of organization in any society – be they political, social or economic.

According to the Longman dictionary economist is someone who studies the way in which money and goods are produced and used and the systems of business and trade.

While economist careers are expected to grow in the foreseeable future, the field will most likely see slower than average growth. Many of those with bachelor’s degrees in economics will seek employment in related fields. Many firms are choosing to use specialized titles rather than using the general position of economist. Many economists will be employed in positions such as micro-economist, macro-economist, financial economist, labor economist or more specialized areas of the field. All of these specialties will require a high level of quantitative and critical thinking skills. Anyone holding postgraduate degrees will have the best career outlook in this field.

The main objective of this research work is to examine and summarize the information about economists’ careers.

Other objectives are:

• to study the particular features of the economists’ activity and their training;

• to determine the main types of the economists;

• to work out and analyze the questionnaire about the future profession for the Bachelors of Economics, studying at Kumertau branch of Orenburg State University

Methodology

The theoretical research was most based on sources of Internet, textbooks, journals, dictionaries. The experimental part of the study was based on the questionnaire and its analysis including the use of tables and graphs with the calculations of percentages and illustration the results in the diagrams.

1 ECONOMISTS’ TRAINING

Many jobs in the private industry and most opportunities for advancement require at least a master’s degree, often a Doctor Degree. Many schools offer graduate programs in specific areas of economics like advanced theory, international economics, demographic economics, or econometrics, and so students should find a school with the right program for them. Many schools also offer undergraduate degrees in economics. Undergraduate students should take advantages of the courses in their school to gain skills in mathematics, especially statistics, designing surveys, preparing presentations, or computer science. Also, many graduate students gain valuable experience in internships at governmental departments, business, or consulting or researcher firms.

Bachelor’s degrees are generally qualification for entry-level jobs like research assistants, trainee positions for management, or sales positions in most areas and corporations like consulting firms or government departments. As positions increase in the amount of responsibility required, the amount of education required increases as well. Thus, master’s degrees are often needed for higher-level jobs in research or management. Most applicants for economist positions will have an advantage if they have strong research, quantitative, or computer skills. Many top positions require a Doctor Degree. Also, the heads of many businesses and governmental agencies have economic knowledge, even if “economist” isn’t in their job title.

In order to be on the faculty at a community or junior college, an applicant needs at least master’s degree. A master’s degree, coupled with a strong background in economic theory, mathematics, statistics, and econometrics, provides the basis for acquiring any specialty within the economics field. Economists who are skilled in quantitative techniques and their application to economic modeling and forecasting, and who also have good communications skills, should have the best job opportunities.

Bachelor’s degree holders may face competition for the limited number of economist positions for which they qualify. However, they will qualify for a number of other positions in which they can take advantage of their economic knowledge by conducting research, developing surveys, or analyzing data. Many graduates with bachelor’s degrees will find jobs in industry and business as management or sales trainees or as administrative assistants. Bachelor’s degree holders with good quantitative skills and a strong background in mathematics, statistics, survey design, and computer science also may be hired by private firms as researchers. Some will find jobs in government.

Economists have many other skills besides their schooling that make them successful. They are detail-oriented and have good analytical skills. Much of an economist’s work consists of long-term data analysis and problem solving, so perseverance and patience are advantageous. Also, many economists work independently, so it is important that they be self-motivated and disciplined.

2 ECONOMOSTS’ TYPICAL WORK ACTIVITIES

Economics favors quantitative skills and critical thinkers. The employment rate for economists is projected to grow at the rate of the current average, with the largest area of growth being private industry, especially in the areas of consulting and economic research. A master’s or Doctor’s degree is recommended for prospective economists to be competitive.

Basically what economists do is analyze how people create goods and services by allocating limited resources like raw materials, land, technology, and labor. They do this by researching and monitoring things like exchange rates, business trends, taxation, employment rates, inflation, and costs of materials. They then try to find trends and develop predictions based on the data.

Economists use many different methods for collecting that data. They might survey random samples or use math and statistical models. Economists not only need to collect data, but communicate it in an effective manner so companies can make informed decisions for so the media can communicate it to the world at large. For this reason economists spend a lot of their time making reports like charts or graphs.

Economists take the theories and trends they find and apply them to benefit many different organizations and industries. Many corporations require the skills of microeconomists, like projecting customer demand or product sales, both of the client firm and their competitors to maximize profit. These economists also review new legislation, like minimum wage requirements or tariffs, and how it will affect their client. Large business with many smaller branches might also have economists assess the economy of countries where branches exists or where they are looking to open new branches. Smaller businesses often hire economists as consultants or those who work in research firms. Consulting firms provide a large proportion of the macroeconomic study and prediction by gathering many different statistics, compiling large databases, finding trends. These firms often publish their findings.

The federal government also employs a large percentage of economists. They generally conduct surveys and gather data. For example, the Department of Labor studies salaries, industry growth, employment rates, and safety issues. The Department of Commerce looks at the manufacture, allotment, and use of goods and services both domestic and international. Employees of the government also use economic data to forecast the consequences of new legislation or policies, such as Social Security, tax increases or cuts, increasing the budget deficit, trade regulations, or communications.

While the general economic principles remain consistent throughout the entire career field, many people in economists careers will specialize and work in more focused economic disciplines.

3 TYPES OF ECONOMISTS

There are three general categories of economists: business economists, government economists and academic economists. Each type of economist applies the economic approach to decision making in a different setting.

Business economists work in manufacturing, mining, transportation, communications, banking, insurance, retailing, investment, and other types of organizations. They also work in trade associations and consulting organizations.

Government economists are hired by federal, state and local governments. They serve in a wide variety of positions involving analysis and policy making.

A bachelor’s degree in economics is a good qualification for an entry position. Higher positions are open when you obtain a graduate degree. There are jobs for labour, international, development, and population economists, as well as micro- and macroeconomists.

In order to teach at a college level an economist has to have Doctor’s degree in economics. Faculty members usually teach, conduct research and have administrative responsibilities. Many academic economists also consult businesses or government.

Non-profit sector needs the expertise of professional economists. Economists working for such groups are expected to analyze issues and to write about them in a simple way which can be understood both by the average citizen and by elected lawmakers and government bureaucrats responsible for making and implementing policy.

Though all economists need to be familiar with general principles, most economists specialize. The skills and knowledge gained in each of these areas are often applied to other fields like agriculture, medicine, education, law, energy, and environmental protection.

Specialization of economists is represented in the form of the table.

Table-1

Specialization of economists

4 QUESTIONNAIRE AND ITS RESULTS

To study the information about our profession we’ve offered some questions for the Bachelors of Economics at Kumertau branch of Orenburg State University.

The questions were concerned our university and our future profession. The text of the questionnaire is represented in the appendix (Appendix 1).

The total number of questionnaire participants was 45. After the analysis of the form we’ve got the following results:

1) 64,8 % of students have chosen their future profession according to their interests; 7,2 % - according to their abilities and skills; 7,2 % - according to financial situation of my family and 24,5 % according to advice of parents / teachers / relatives / friends / etc.;

2) 81,7 % of participants like studying and teaching at Kumertau branch of Orenburg State University; 2,7 don’t like and 16,2 % couldn’t answer this question.

1. 48,6 % of students want to continue their education after the graduation of the University; 10,8 % of students have no wish to continue their education and 40,6% gave the answer “I don’t know’.

2. As for the sphere of work, 64,9 % of participants would like to work as business economists; 8,1 % as government economists, 13,5 % would like to work in a banking system and 2,7 % in a taxation sphere; 10,8 % would prefer to own their firm.

3. The most interesting thing in the economists’ work is: 27,9 % - work with finances; 27 % - different calculations; 13,5 % – communication with people; 10,8 % – all kinds of activities; 8,1 % – work with documents; 5,4 % – knowledge of economic computer programmes and 5,4 % couldn’t answer this question.

The results of the questionnaire in the form of tables and diagrams are represented in the appendix (Appendix 2).

Also we’ve studied the information of the graduates’ further education and employment. The results were as follows: 50 % of the graduates continue their education at Orenburg State University; 42,8 % of the graduates work in accordance with their qualification and 7,2 % work in the sphere which is not related with economics.

To conclude we are to say that the students of Economics are interested in their future profession and most of them plan to continue their education. According to the form’s results the most preferable sphere of economists’ activity is business. But the graduates’ employment results had shown that the job opportunities are depended upon the intention to improve the educational level and the work experience.

CONCLUSION

Economic education prepares for a career in any organization. Economists are needed in government organizations, unions, associations, banks and all other organizations. Naturally, an important need for economists is in business. While the general economic principles remain consistent throughout the entire career field, many people in economists careers will specialize and work in more focused economic disciplines. In accordance with the graduates’ employment and bachelors’ interest in high level of education we must say that studying at our university opens a wide range of career options for the economists.

GLOSSARY

Bachelor’s degree – a first university degree

Career – a job or a profession that you have been trained for, and which you do for a long period of your life

Doctor’s degree – the highest level of degree given by a university

Economist – someone who studies the way in which money and goods are produced and used and the systems of business and trade

Economy – the system by which a country’s money and goods are produced and used, or a country considered in this way

Economics – 1) the study of the way in which money and goods are produced and used; 2) the way in which money influences whether a plan, business etc will work effectively

Employment – 1) the condition of having a paid job; 2) the act of paying someone to work for you; 3) the number of people who have jobs

Job – 1) a regular paid work that you do for an employer;

2) something that you are responsible for doing;

3) a particular thing you have to do, considered as work

Master’s degree – a university degree that you can get by studying for one or two years after your first degree

Macroeconomics – the study of large economic system such as those of a whole country or area of the world

Microeconomics – the study of small economic systems that are part of national or international systems

Postgraduate – someone who is studying at a university to get a master’s or a doctor’s degree

Profession – 1) a job that needs a high level of education and training; 2) all the people who work in a particular profession

Questionnaire – a written set of questions which you give to a large number of people on order to collect information

Specialization – 1) an activity or subject that you know a lot about;

2) the practice of limiting your interests or activities to one particular subject

BIBLIOGRAPHY

1. Агабекян, И.П. Английский для экономистов / И.П. Агабекян, П.И. Коваленко. – Изд. 5-е, доп. перераб. – Ростов н/Д: Феникс, 2005. – С. 300-301.

2. Агабекян, И.П. Английский язык для экономистов: учебное пособие / И.П. Агабекян, П.И. Коваленко, Ю.А. Кудряшова. – М.: Проспект, 2009. – С. 35-36, 116-121.

3. Longman Dictionary of Contemporary English / [director, Della Summers]. – New ed. – Harlow: Pearson Education Limited, 2003. – P. 499.

4. http://www.careeroverview.com/economist-careers.html

5. http://www.jobbankusa.com/career_employment/economists

6. http://www.onlinedegrees.org/calculator/occupations/economists

7. http://www.ymsite.com/books/eepie/studies.htm

APPENDICIES

Appendix 1

Questionnaire for the students of Economics

Please answer the following questions:

1. I’ve chosen my future profession

1. according to my interests

2. according to my abilities and skills

3. according to financial situation of my family

4. according to advice of parents / teachers / relatives / friends / etc.

1. Do you like studying and teaching at Kumertau branch of Orenburg State University?

1. Yes

2. No

3. I don’t know

4. _____________________________________________________________

1. I’m going to continue my education after the graduation of the University

1. Yes

2. No

3. I don’t know

4. _____________________________________________________________

1. After the graduation of the University I’ll work as a _______________________________________________________________

1. The most interesting thing in the economists’ work is ______________________________________________________________________________________________________________________________

Appendix 2

The results of the questionnaire

№	Questions	Answers		percentage
1	I’ve chosen my future profession	A	according to my interests	64,9
			according to my abilities and skills	5,4
		C	according to financial situation of my family	5,4
		D	according to advice of parents / teachers / relatives / friends / etc.	24,3
2	Do you like studying and teaching at Kumertau branch of Orenburg State University?	A	Yes	81,74
			No	2,7
		C	I don’t know	16,2
3	I’m going to continue my education after the graduation of the University	A	Yes	48,6
			No	10,8
		C	I don’t know	40,6
4	After the graduation of the University I’ll work as a ……	business economist		64,9
		bank economist / bank manager		13,5
		owner of my firm		10,8
		government economist		8,1
		taxation inspector		2,7
5	The most interesting thing in the economists’ work is ……	work with finances		29,7
		different calculations		27,0
		communication with people		13,6
		all kinds of activities		10,8
		work with documents		8,1
		knowledge of economic computer programmes		5,4
		I don’t know		5,4

The results of the questionnaire

Question 1:

I’ve chosen my future profession

Question 2:

Do you like studying and teaching at Kumertau branch of Orenburg State University?

Question 3: I’m going to continue my education after the graduation of the University

Question 4:

After the graduation of the University I’ll work as a ……

Question 5:

The most interesting thing in the economists’ work is ……