ECONOMICS-CAREER INFORMATION SUMMARY
WHAT IS ECONOMICS AND WHO IS AN ECONOMIST?
Economics is the branch of knowledge concerned with the production, consumption and transfer of wealth. It is the study of how scarce resources are allocated to fulfill the infinite wants of consumers.
An Economist is someone who studies the production and distribution of resources, goods, and services. Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, or exchange rates. Others analyze the effect of taxes, inflation, or interest rates.
WHERE DO ECONOMISTS WORK?
Being an economist offers opportunities to work with all types of data and a wide variety of companies. As an economist, you may choose to work in a variety of businesses, Banks and industries, including academia, Government ministries as planners but they are mostly recognized as Economists at Ministry of Finance, Commerce and Trade Industries, National Development Planning. They also work for Bank of Zambia (BOZ), Zambia Revenue Authority (ZRA) and Energy Regulation Board (ERB) they also work as economists for corporate institutions like Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH) and industrial Development Corporation Zambia Limited (IDC) as well as non-governmental organisations like the United Nations, World Vision etc.
At the ministry of finance they carry titles such as Economist, budget analyst and principal economist as well as senior economist as the last rank before they start taking positions of managers and senior managers the same applies at the ministry of commerce and Bank of Zambia except for budget analyst titles. At IDC they have titles like Junior Analyst, Analysts and senior analysis, At ZRA they are called Economists, Tax inspectors/ Revenue Inspectors.
WHAT TASKS ARE INVOLVED IN THE WORK?
Economists that work at the Bank of Zambia collect and analyze data about the Zambian economy, including employment, prices, productivity and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.
In a commercial bank the Economists are mostly a part of the markets and investment research teams. Financial markets are largely data driven and economic data of any country has a substantial impact on a country’s currency as well as other markets (bond markets, stock market). One of the key roles of the economist in a bank is to analyze all the economic data published from time to time and provide inputs to traders, investors, sales team and others) on the impact the economic data will have on the markets
Economists working for corporations help managers and decision makers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.
Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues such as forecasts.
WHAT IS THE WORK SCHEDULE OF AN ECONOMIST?
The work schedule of an economist is influenced by many factors but most economists work independently in an office on full-time. In addition to working full time at a business or ministry some economists do consult part-time.
For the Economists in banks their work require overtime hours. Banks open at 8am and close at 4pm only for customers but there is too much work to do behind closed doors that make them knock off at 8pm.
At government ministries, corporations and other companies’ economists work full time during regular business hours normal hours from 8am to 5pm.
For economists that work for consultancy firms and NGOs as Survey Researchers and Market Research Analysts occasionally work overtime to meet deadlines.
WHAT DOES THE JOB MARKET LOOK LIKE?
The biggest employing sector for economists is the Government because every ministry needs economists as Economists, investment officers, budget analysts as well as planners.
The financial sector such as the Back of Zambia, Commercial banks as well as non-financial sectors like insurance companies are the second largest employers of economists in Zambia.
The corporation and Non-governmental organisations are another employer of economists.
In general, job opportunities for Economists are plenty and good. But Job prospects are only best for those with a master’s degree or Ph.D. because they poses strong analytical skills, and experience using statistical analysis software.
Most economists need a master’s degree or Ph.D. However, some entry-level jobs primarily in government are available for workers with a bachelor’s degree.
WHAT OTHER PROGRAMS OF STUDY CAN MAKE SOMEONE AN ECONOMIST?
To work as an Economist, actuarial scientists, Mathematicians and Statisticians are alternatives because they can do quantitative research analysis.
WHERE CAN I STUDY ECONOMICS, FOR HOW LONG, TO EARN WHAT QUALIFICATION?
In Zambia there is the University of Zambia, The Copperbelt University, University of Lusaka and Mulungushi University as the only reputable universities that offer a degree program in Economics. Economics degrees run for four years.
WHAT SUBJECTS WILL THE PROGRAM COVER?
At the university of Zambia at first year one When one enrols into university to study Economics, they are non-quartered, they will do a course combination that includes micro and macroeconomics, mathematics for social sciences as pre requisites for economics combined with any two social science courses like Development, Demography, public Admiration and a cut-off point is set for one to major in economics at second year.
At other universities like CBU, UNILUS and Mulungushi university, economics at first year is direct.
WHAT MODES OF STUDY ARE AVAILABLE?
Economics is offered only on full time and part time as well as distance basis at UNZA, CBU, UNILUS and Mulungushi.
WHAT ARE THE ENTRY REQUIREMENTS?
Entry depends on the levels of competition in the University. Typically, they look for 8 points in 5 subjects and below which should include Mathematics, English and any three social Science subjects.
WHAT SORT OF CAREER-PERSONALITY MATCH IS REQUIRED?
To enjoy being an Economist, you need to be a person who enjoys mathematics and statistics based subjects. In your first year you will learn these and you need to pass them. After graduation, to enjoy work, you need to be a person who loves research science because economists Research economic issues and Analyze data using mathematical models, statistical techniques and present research results in reports, tables, and charts. All that needs some good analytical skills and an interest in learning how to use Microsoft office and statistical packages. You learn about them on the job as well as in school in the final year.
SALARY RANGES AND WHAT CONTROLS IT
Entry level salaries for a graduate as of 2020 started from 6000zmw to 7000zmw in Government and they are standardized for all civil servants who hold a bachelor’s degree, it only rises as one gets promoted. At the bank of Zambia and other corporations the entry level ranges from 10,000zmw to 15000zmw. As one gains experience and changes companies, salaries can increase with 5 years’ experience and more. All these figures are monthly net salaries.
WHAT ARE THE FUTURE ADVANCED QUALIFICATIONS AVAILABLE AND WHY?
Once you study Economics, you may decide to pursue a master’s degree in Economics (master of art with economics), economics with finance masters of business Administration. Marketing etc. A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of detailed research in a specialty field. An advanced degree is sometimes required for advancement to higher level positions and one with a master’s degree can become a lecturer at the university.
