An econometrician is responsible for developing an interpreting short and long-term evaluation models of economics. They are the true scientists and prognosticators of the economics world. Their focus is on how to predict economic realities based on current trends and their tools are simulations and computer models. They are responsible for making recommendations to planning departments, serving as a resource advisor to internal departments and senior management, and constructing and maintaining databases that will be used to help develop future plans regarding economic growth and stability.
An econometrician is required to apply both basic and advanced economic principles to real world situations via the use of computer models and advanced simulations. They often show visually how certain decisions will affect others, predict the validity of certain actions, and keep their eye on economic trends and patterns. Someone who wants to work in this field must be highly analytical, able to think outside the box to find solutions, and be a systematic and scientific thinker. An econometrician is really a mathematician who applies his knowledge to the world of economics.
Typical EducationThe typical education for an econometrician is to get a four-year degree in either math or economics and obtain the Bachelor’s degree. Some go on to continue with a graduate degree (Master’s or Ph.D.) in this field to increase their knowledge and experience and get more advanced or higher paying jobs.
An Alternate Route
To be an econometrician, you should obtain at least the Bachelor’s degree. However, there are some limited roles you could play in this field with just some coursework in the field of math and statistics, or economics. This would depend on the circumstances and the situation.
Steps to Take to Become an Econometrician
â€‹If you have the mathematical and analytical skill set, here are some steps to take to become an econometrician.
1) Get a four-year degree in math or economics. Economics and mathematics are at the core of doing a good job as an econometrician. In addition, it would help to take some elective coursework in liberal or applied sciences, such as consumer science, political science, or any field which crosses over with the field of economics.
2) Get experience in the financial arena. Take some small jobs as a financial advisor in different contexts and get experience in creating budgets, advising people on financial decisions, and handling money. While the career is primarily theoretical and not practical, it still helps to get as much experience in different areas as possible to prepare yourself for the different scenarios that will come up.
3) Study the global and local financial markets and trends. Subscribe to a good financial magazine, or watch money shows such as Moneyline or others which deal with the financial trends of the day. Economics is in a constant state of flux, so it helps to keep up with the goings on of the economic world on every level as much as you can, so that you will be able to better advise people.
4) Become an expert. The econometrician is an expert in economics and statistics. They also have a knack for computers, since they are responsible for showing people models and predictions based on generated computer simulations, etc. Take some computer design classes or other elective in college or after college to get good at formulating hypotheses and using the software to illustrate your predictions.
5) Network with the financial world. Use social media to connect with people on different levels of financial and economic growth. Corporate executives, government agencies, and public sector officials are all good people to network with. Then if a position comes available, they may call on you to help.
If you have a strong interest and aptitude in economics, statistical probabilities, and even computer-generated models, this career may be for you. You will spend most of your time compiling data, interpreting it, and predicting the outcome of various economic or financial situations for private, public, and government-level individuals and institutions. Get to know the economic market as much as possible, get your degree in economics or math, and get going. Start by signing up for your first class. We need financial experts! Perhaps, you will be one of them tomorrow!